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 ;
3) many other businesses — including Washington Mutual — have been absorbed with big losses of money and personnel;
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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