Tuesday, September 30, 2008

Wall Street, R.I.P.: The End of an Era, Even at Goldman

Ok, call me a geek but this article was a very interesting read. It lays out specifics of the Wall Street collapse, but for the most part is about Goldman Sachs, in a way I've never read before. I'm sure you all get the gist of what happened but this gives specifics on just how much the big players borrowed on their equity. Bear Stearns, for example, borrowed 33 dollars against every dollar of equity they had. No wonder they failed. Do you think they would have let mainstream America borrow 33/1? Not in a million....

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