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The emperor's clothes

April 29, 2010

One of the problems with the latest mess is that the financial press and more specifically financial bloggers have built up a considerable amount of “[wall] street cred” through accurate and intelligent reporting on the financial crisis. In one sense, it’s amazing that they were able to gain such a foothold (I humbly include TGR) […]

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Because a little marketing goes a long way

October 16, 2009

From the WSJ's back page: Why bother? Despite posting a strong third quarter, Goldman Sachs Group went to extra lengths to put gloss on the results. The first bullet point in its earnings release says the firm ranked No. 1 in global mergers and acquisitions announced in the year through Sept. 25. That's according to […]

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Morgan Stanley's missing month

April 23, 2009

Morgan Stanley took a page from the Goldman playbook and disappeared their month of December and it's $1.3B loss. For some reason, the WSJ decided to write an actual article about it, whereas GS's December loss was only worthy of a blog post.

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The Tragedy of Citigroup, in III Acts

February 23, 2009

Deus ex machina, literally "god from the machine," refers to a literary device in which a miraculous turn of events occur, solving a conflict. The origin of the phrase is from ancient Greek theatre (though, they probably said it in Greek), in which actors portraying gods were lowered to the stage via crane (hence, a […]

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