Wall Street Sees ‘No Exit’ From Financial Woes as Bankers Fret

[ProSense]

Wall Street Sees ‘No Exit’ From Financial Woes as Bankers Fret

By Max Abelson

Wall Street executives, facing demonstrators camped for a fourth week in New York’s financial district, say they’re anxious and angry for other reasons.

An era of decline and disappointment for bankers may not end for years, according to interviews with more than two dozen executives and investors. Blaming government interference and persecution, they say there isn’t enough global stability, leverage or risk appetite to triumph in the current slump.

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New rules from the Basel Committee on Banking Supervision will more than double capital requirements for banks. Fixed- income revenue could fall 25 percent under a draft of the Volcker rule, which may outlaw so-called flow trading, according to an Oct. 10 note from Brad Hintz, a Sanford C. Bernstein & Co. analyst. Leverage has been cut by more than half at banks including Goldman Sachs and UBS AG, and an Oliver Wyman and Morgan Stanley (MS) report estimates that regulation may reduce returns on equity by 4 to 6 percentage points.

<...>

Leon Cooperman, the first Goldman Sachs Asset Management CEO and head of hedge fund Omega Advisors Inc. in New York, said Wall Street has been “excessively” blamed and President Barack Obama has “continued to project himself as anti-wealth, anti- business and socialist in his leanings.”

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So the banks are worried that the crisis they created (and are prolonging with the help of Republicans), which devastated millions of Americans, will adversely affect them? Booeffinghoo!

[Hosnon]

1. In other words, Wall Street's Gilded Age is ending. Boo-hoo. nt.

[ProSense]

2. Evidently,

someone is upset by this.

[ladywnch]

3. translation: everybody hates us, nobody likes us. we're going to to the garden and eat worms.

poor babies......It's not their fault....it's government and our fault


Yes, by all means...too much regulation........'leave us alone, we can fix this but you MUST give us a completely free hand.'....."TRUST US"

[Proud Liberal Dem]

4. Hey, what can possibly go wrong?!

:eyes:

[workinclasszero]

5. Look out your windows wall street gangsters

and see what the American people think of you!

[jwirr]

6. This is precious. They complain about global instability - ever heard

of an economic policy being pushed by the Chicago boys? You made most of the world unstable and now you are worried about it? Tough. You boys created this mess and you stole the money of decent law abiding citizens by getting rid of Glass-Steagall and now you are upset because you are only going to make 4-6 points less profit on your equity! Tough.

You have had your time in the sun - now the sun is back in our court. Enough complaining. It is time for you to call off your dogs (rethugs) and start cooperating with what the people want. Regulations to protect the people from all of you and if we can break up the too big to fail banks into smaller units. Preferably local units.

[meow2u3]

7. My hemorrhoids bleed for them

Poor widdle rich banksters. They can't profiteer anymore. They feel so persecuted. :nopity:

Tell that to the homeowners whose houses you stole with your thieving derivative schemes!

[nsd]

8. The last three paragraphs are incredible.

"Bankers aren't optimistic about those gains. Options Group's Karp said he met last month over tea at the Gramercy Park Hotel in New York with a trader who made $500,000 last year at one of the six largest U.S. banks.

The trader, a 27-year-old Ivy League graduate, complained that he has worked harder this year and will be paid less. The headhunter told him to stay put and collect his bonus.

"This is very demoralizing to people," Karp said. "Especially young guys who have gone to college and wanted to come onto the Street, having dreams of becoming millionaires."

********

A 27-year-old who is demoralized because he will make less than $500 K this year? Wow, just wow.

[Hosnon]

9. "Worked harder this year and will be paid less."

Now imagine your salary is $20,000 and not $500,000 asswad.

[renate]

13. no wonder they don't get it

At that income level they live lives that have nothing to do with taking two or three buses to get to a minimum wage job and hoping to get home in time to make the kids dinner before they go to bed. Ergo, those kinds of lives are not real to them. They would make an entertaining premise for a gritty, depressing novel, maybe, but that's it.

It's human nature to not be able to truly understand another person's life until we've walked in their shoes. (I suppose that by the same token we should try to understand that the 27-year-old making $500K and wishing for more really is demoralized. Purely ignorant, but demoralized.)

I hope that soon the 1% will have a little bit more of a clue about what life is like for 99% of us.

[Lucky Luciano]

14. The mentality of that 27 year old and people like him is that

he already made $500K one year, so if he makes the same or less in ANY subsequent year, then that is boring because he's already "Been there. Done that." The exponential growth in their annual income fires them up and gets their adrenaline pumping, so not getting that exponential growth while working harder ends up depressing them.

[polichick]

10. Bank stocks have tanked.

[Beartracks]

11. Why is pro-accountability always portrayed as...

... anti-wealth (whatever that's supposed to mean) and anti-business, all the way to anti-capitalism? Capitalism is useful when it's properly managed and regulated, like the fusion reaction inside a nuclear powerplant. Regulation makes it sustainable so you can benefit from it for a long, long time. If left uncontrolled, however, the reaction grows rapidly and then flames out and dies, and the powerplant is destroyed.

==================================

[thelordofhell]

12. boo fucking hoo

They're wiping their tears with hundred dollar bills......fuck these assholes, they should be in jail!!