Raining all over Wall Street

And when it rains, it pours…

From CNN Money:

Wall Street was a vastly different world Monday from what it looked like just days earlier, following one of the most harrowing days in the history of U.S. financial industry.

In less than a day, Lehman Brothers, one of the nation's oldest investment banks, filed for bankruptcy - the largest ever announced in the United States. And Bank of America executed a bold and swift $50 billion takeover of Merrill Lynch, while the fate of other brand-name financial institutions remained in doubt.

Wall Street has been broken for years, and I have been calling out the corporate world for creating messes that affect everyone forever. But, damn, I can’t believe that I am agreeing with Sarah Palin (or whoever fed this statement to her to say).

From Associated Press:

"Guys and gals, our regulatory system is outdated and needs a complete overhaul. Washington has ignored this. Washington has been asleep at the switch and ineffective, and management on Wall Street has not run these institutions responsibly and has put companies and markets at risk," Palin said during a rally in Golden, Colorado. "They place their own interests first instead of their employees and the shareholders who actually own these companies."



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