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'The Run On The Investment Banks Would Appear To Be Over'

Sanity returned to the markets Tuesday. The Fed cut its benchmark rate, US stocks enjoyed their biggest gains in 5 years and Doug Peta, market strategist at J & W Seligman, said that 'the run on the investment banks would appear to be over. It seems certain we are going to finish the week with the four (main US) investment banks we started with, and we couldn't be sure of that (last) Monday morning'. (Source - Bloomberg)

House Of ConMans

The revelation of details of the expenses claimed by UK Members of Parliament has brought public fury on the so-called 'servants of the people', who appear to have abused the system in order to feather their own nests - literally.

Firm Staff Start To Jump Ship

The Financial Times reports that around 50 equity professionals from Dresdner Kleinwort have defected to rivals Evolution and Nomura. Evolution is said to have recruited 46 London-based staff, including the majority of Dresdner's equity sales and trading unit, together with 18 analysts. Commerzbank, which now owns Dresdner, is basically exiting the equities business in London.

Stress Tests - The Results

Stress Test

The official results of the US stress-tests on 19 of the nation's largest financial institutions are in, and the federal government has projected that the banks could sustain losses of up to $599bn in the event that the global economy takes another leg down.