As we round the bend into the holiday season, the media is no doubt preparing an onslaught of year- end round-up stories pointing out the highs (there were a few….) and lows (there were a lot…) that the financial services industry went through.
What a “Manic Monday” it is in the news today! Bouncing off this weekend’s buzz on the passage of the House Bill on healthcare, this week we are highlighting news on healthcare, deal flow in the retail sector, and recent market highs. The M&A sector is heating up with positive trends in the retail sector, and we look forward to learning more as the ongoing coverage on the healthcare bill develops.
Trust in financial institutions is at generational lows – of course it is. But one might think that, as the economy starts to lift, so will trust in its institutions. Nope. A November 2009 study by Maritz (client) indicates that the number of people who say they “do not trust” their bank has actually risen in the past six months, from 23% in April of 2009 to 36% this month. It’s getting worse.
There is no denying it: the face of the financial industry has changed immeasurably in the past 12-months. If the collapse of both Lehman Brothers and Bear Stearns was a shock, then the news that Bernard Madoff, the well respected financier and former head of the NASDAQ had masterminded what some refer to as “largest investment fraud in Wall Street history” was astounding. What was even more astonishing was that it took the regulators so long to smell a rat.
To coin ESPN is it Monday yet? Yes it is and to start the week off we have a round-up of the latest and greatest news in the banking, management and bankruptcy sectors. Enjoy!