Today's Top Videos: Cramer, Downgrades & More...
British bank Barclays said it could acquire some of Lehman Brothers' businesses while economists discuss the future of the financial sector. Following are today's top videos:
S&P Head on the Impact of Downgrades
“It would be helpful to step back and to look at what our role is—we are focusing on credit worthiness of entities. We’re not making investment advice, we’re not talking about pricing, liquidity and volatility.”
—Jay Dhru, Head of Financial Institutions Ratings, Standard & Poor’s
Is Your Money Safe?
“The reality of it is that this has been a long build situation. The debt that has built up has taken many decades. It’s going to take years to fix the problem. So this is not going to be a problem that can be fixed overnight. The AIG rescue plan is like firefighters coming out to put out the fire so it doesn’t spread to other homeowners. We’re not out of the woods yet.”
—Benjamin Halliburton, CIO and Managing Director, Tradition Capital Management
Bob Diamond on Lehman Assets
“It was a very good deal strategically and financially. Strategically, it’s just fantastic. Lehman Brothers has real scale, depth, and tradition here in the U.S.—not as much in Asia and Europe—while Barclays has huge depth and scale in Europe and Africa and in the Middle East. So it’s very complimentary.”
—Bob Diamond, CEO, Barclays
Maria's Market Message
“New readings on manufacturing activity and jobless claims as well as earnings from FedEx could set the tone for trading on Thursday. But it was more fallout in the financial services sector sending stocks down sharply, Wednesday—down 450 points after the Federal government bailed out AIG with a $85 billion loan.”
—Maria Bartiromo, CNBC’s Closing Bell
Stop Trading, Listen to Cramer!
“John Mack is a guy like you and me. He doesn’t believe that short sellers do anything to hurt the market. Do you know how extremely shocking it is for him to say that? He’s right! He’s saying that this is a trying time for the business and everyone’s trying to break Morgan Stanley , and they shouldn’t be able to.”
—Jim Cramer, CNBC’s Mad Money