Burning Down the House 101
The Federal government takes over the nation’s largest mortgage finance lenders Fannie Mae and Freddie Mac, Bank of America acquires Merrill Lynch, Barclays acquires Lehman Brothers, the Fed provides AIG with a $85 billion two-year loan and bans short selling, JPMorgan buys a branch network of Washington Mutual, Citigroup buys Wachovia at $1 a share, Congress passes a $700 billion mortgage and bank “bailout” or “rescue” package… If you do not have a business background or do not follow the business news, you’re probably thinking, what does this mean and how did we get here?
I sat down with Merrill Lynch Trader Waleed Shoukry and he shared his thoughts on the situation on Wall Street, how this is affecting the American taxpayer, the trader and what this all means.
Following my interview with Shoukry, I interviewed a current Executive MBA student for his thoughts on whether he had noticed any impact of the financial situation on business students.
See here. Your questions/thoughts are welcomed.