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Trader Talk
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Is it fair to pit Wall Street against the auto makers?
I'm not one to defend "Wall Street," but the senators at the auto hearing noting that we have given billions to the financial industry and have been giving the auto companies a hard time with their request for money are missing several important points:
1) Lehman went out of business;
2) Bear Stearns was dismantled and given to JP Morgan [JPM
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3) many other businesses — including Washington Mutual [WM
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4) the stock of an AVERAGE financial company is down 60 percent this year;
5) tens of thousands of people have been and are being laid off in the financial services industry;
6) each and every one of these companies is making massive changes to their business plans.
Seems to me we have already made some pretty severe demands on the financial services industry.
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CNBC Investor Tools:
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CNBC's Names in the News:
General Motors [GM
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DuPont [DD
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AT&T [T
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Questions? Comments?
- Wall Street Fears Dodd Bill
- Have Loan Losses Peaked for European Banks?
- Dow Industrials at New Highs—But Other Indices Lag
- Risk Trade Is Back On
- HMOs Up Despite Looming House Vote
- What The Street Thinks of The Jobless Report
- Friday It's All About Jobs, Jobs, Jobs
- October Retail Sales—The Good, Bad and Ugly?
- When Good News = Good News
- Retail And Jobs Lift Mood
Data is a real-time snapshot *Data is delayed at least 15 minutes