Denouement on Wall Street

It’s all falling apart.
Bank of America in Talks to Acquire Merrill Lynch
Lehman Inches Toward Bankruptcy After Potential Buyers Drop Out
The WSJ writes:

In a recent note to clients, Oppenheimer analyst Meredith Whitney pointed out that industry revenue was down 63% in the first half of 2008 from the first half of 2007, but expenses were cut by just 10% during that period. Non-compensation expenses, which include buildings and technology, actually rose 25% from the prior year.

Remember when Sunday wasn’t the most newsworthy day on Wall Street.

Posted by Eddy Elfenbein on September 14th, 2008 at 7:08 pm

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