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Entries tagged "history"Case challenges constitutionality of recovery planRead the headline and mull it over a bit. Is it about the Troubled Asset Relief Program from today or about the National Recovery Administration from 75 years ago? Suckers, bulls and bear market bottomsStress tests are so last week it's not funny. Now we're onto other topics: inflation fears, concerns over Treasury yields and, the big subject, is this a bear market rally or what? When Iridium called it quitsOn this date in deal history, the bankrupt satellite phone service announced plans to hang up service after Craig McCaw backed out of a deal to buy it. Why Congress may not want a new Ferdinand PecoraIn Tuesday's New York Times, the estimable Ron Chernow lobbies for Congress to find a new Ferdinand Pecora to investigate "the origins of the current crisis." In truth, Chernow, like Pecora in the '30s, appears less interested in that large and complicated subject and more in dragging Wall Street to the bar and tossing a midget in its lap. There is no doubt that the cigar-chomping Pecora did reveal a number of seamy practices on Wall Street, but what Pecora did not do (despite an illustration for Chernow's piece that effectively deifies him) was reveal the deeper origins of the... Big Three: Chrysler, not really all that bigThe media has been batting around the old chestnut of the Big Three a lot in light lately. The phrase, however, is clearly dated. Sure, General Motors Corp. and Ford Motor Co. are massive enterprises worthy of the "big" label, but Chrysler? Chrysler has long played second fiddle to its bigger rivals, but today more than ever it simply doesn't rank with them. Nonetheless, Chrysler remains in our minds a member of the Big Three, not just here in the U.S., but abroad as well, which is odd given the company's limited distribution outside North America. ... Today's J.P. Morgan candidate? Jamie DimonEarlier in the week, I picked apart a New York Times story comparing investor Warren Buffett to financier J. Pierpont Morgan Sr. Maybe the Times could have made a better case that Jamie Dimon, the latter-day chief of the House of Morgan's successor bank, J.P. Morgan Chase & Co., is his true heir -- at least that's the impression given by The Wall Street Journal, CNBC and various bloggers. ... Searching for signs of the dreaded 'D' wordThe latest issue of Time magazine features a photo of a 1930s soup line with the words "The New Hard Times" emblazoned across it, asking in smaller print whether we've reached "The End of Prosperity?" Curiously enough, the word depression, the dreaded "D" word, appears in smaller type near the bottom of the cover, and is easy to miss. Ready for the gas pipe now? Well, as dire as that cover seems, the story it refers to, by Harvard professor Niall Ferguson, offers a very different picture. It turns out that Ferguson is no Nouriel Roubini, the New York... Rewind: Hedge funder Hendry on why we'll be down for 25 yearsScottish financier Hugh Hendry, CIO of hedge fund Eclectica Asset Management, has reared his head again, but instead of bringing his message of gloom and doom to Reuters, he's sharing it with The Wall Street Journal. Last April, Hendry appeared at a London conference saying much the same thing he told the Journal. And despite the five month interval, and recent market upheaval, a post by The Deal's editor in chief Robert Teitelman on Hendry's earlier comments still seem relevant. Teitelman's post comes after the break. - Matthew Wurtzel ... Goldman, Morgan Stanley and the ironies of life on Wall StreetThere are, to say the least, ironies about the most recent bombshell: that Morgan Stanley and Goldman, Sachs & Co. were turning themselves into commercial banks. There's the historical irony that we've essentially reconstructed a pre-Depression universal banking system. There's the irony laced with schadenfreude of all those commercial bankers sent into retirement over the last few decades because they were too set in their lending ways (too old, too inflexible, too dull) to become investment bankers, as the most elite investment banks seek protection behind commercial banking's thick screen of regulation. There is an irony laced with absurdity... How does Paulson rank among The Greats?Though his mercurial rescue of the global financial is still a work in progress, some observers are beginning to speak of Henry M. Paulson Jr. as one of the great secretaries of the Treasury. It's a lofty claim, and he'll be worthy of the title if his rescue package succeeds. But he also has some strong competition from others who took on the top financial post in more trying times. It's difficult, especially with the crisis roiling on, to assign Paulson a position in the all-time league tables. ... Returning to the houses of oldAs some on Wall Street like MatlinPaterson Global Advisers LLC chairman Mark Peterson contemplate the possibility of another Depression, the financial industry is in the process of rebuilding the great financial houses that were split asunder in 1933 by the Glass-Steagall Act. ... KKR IPO story emblematic of moribund PE marketThere's no clearer symptom of how utterly lifeless the private equity market has become than Thursday's prominently placed piece in The Wall Street Journal's C section that Kohlberg Kravis Roberts & Co. hasn't given up on the notion of going public.... Top tagsYou have executed a tag search on Dealscape. 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