Blood on Wall Street

Lehmans bust, blue chip Merrills sold to a retail bank, AIG begging the Treasury for $40 billion. Creative destruction on a mega-scale. Lehmans deserved to go to the wall, tough on the employees, c’est la vie.

Capitalism is a system of profit and loss. Nobody should be too big to fail. Wall Street will figure out a way of making money again. Capitalism in crisis? Don’t count on it, there will be new fortunes made clearing up the mess. Meantime, gold looks due a bounce…

UPDATE : Guido’s co-conspirator in Canary Wharf reminds us that Lehman’s offices were cursed opened by Chancellor Gordon Brown only a few years ago.




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Quote of the Day

Dame Laura Cox report into Pestminster slams Bercow and his team…

“I find it difficult to envisage how the necessary changes can be successfully delivered, and the confidence of the staff restored, under the current senior House administration.”

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