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Romania expected to weather the international financial storm wellUpdated: 23-09-2008 |
"Investors no longer trust the institution of the investment bank. Goldman Sachs is attempting to prevent a total loss of faith. Without naming names, further bankruptcies are possible, not only in the financial area, but also among corporations, as financing becomes more expensive," according to a declaration for Business Standard by Nicolae Alexandru-Chidesciuc, Senior Economist of ING.
His statement comes after the announcement by the Goldman Sachs and Morgan Stanley giants, the only two to seem to have weathered the sub-prime crisis, that they will abandon investment activities to become U.S. Federal Reserve regulated bank holdings. The decision marks the end of an era dominated by independent investment banks on Wall Street, following the bankruptcies filed by Bear Stearns and Lehman Brothers, and the takeover of Merrill Lynch.
Business Standard
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