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The 3 men who steered the US through the 2008 crash think we’re forgetting lessons from the crisis
Three men who played a central role in the US response to the 2008 financial crisis have voiced concern that the country may be forgetting the lessons learned from the crisis.
Former Treasury Secretaries Henry Paulson and Timothy Geithner, and former Federal Reserve Chair Ben Bernanke took part in a roundtable last week to mark the 10th anniversary of the 2008 financial crisis, The New York Times reported. Paulson was head of the Treasury when the crisis struck in 2008, Geithner was head of the New York Fed during the crisis then took over at the Treasury under Obama, and Ben Bernanke was Federal Reserve Chairman during throughout the crisis.
“It is important that people focus on the lessons… We are not sure people remember everything they need to remember,” Paulson said.
A throwaway comment from Goldman Sachs’ CFO shows how automation is changing Wall Street
Goldman Sachs CFO Marty Chavez on Tuesday provided a window into the dramatic shift taking place across Wall Street as technology touches everything from trading to investment banking.
The CFO’s comment, made during a second quarter earnings call with analysts, suggests that the firm is beginning to move away from a decades-old focus on the compensation ratio.
The significance of the comment cannot be overstated at a firm where the ratio has been a key metric, both for insiders as well as investors, since its beginnings as a public company in 1999.
Bitcoin’s mad 10% spike could have been a short squeeze
The huge spike in bitcoin‘s price on Tuesday may have been driven in part by a squeeze on leveraged short sellers, according to market commentators.
Bitcoin jumped more than $US600, or about 10%, in a short amount of time on Tuesday. The cryptocurrency broke above $US7,000 for the first time in about a month thanks to the rally. It remained above that level on Wednesday, trading up 1.13% against the dollar, at $US7,397.86, at noon BST (7 a.m. ET).
Tuesday’s rapid price surge didn’t appear to correlate with any immediate news, and some market commentators have pinned the rise on a short squeeze.
“The assumption is this is a combination of some sort of short squeeze and some new money coming in” to the market, Mati Greenspan, an analyst with the trading platform eToro, told Business Insider in a phone interview on Wednesday.
In markets news
- Berkshire Hathaway is jumping after Warren Buffett signals buybacks are coming
- Analysts can’t agree whether Britain is heading for a ‘BINO’ Brexit or a ‘disorderly’ no deal
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