Sunday, April 12, 2009

Hook, Line, and Sinker

Or, NYT, maybe they're just rats leaving sinking ships?

There is an air of exodus on Wall Street — and not just among those being fired. As Washington cracks down on compensation and tightens regulation of banks, a brain drain is occurring at some of the biggest ones. They are some of the same banks blamed for setting off the worst downturn since the Depression.

Top bankers have been leaving Goldman Sachs, Morgan Stanley, Citigroup and others in rising numbers to join banks that do not face tighter regulation, including foreign banks, or start-up companies eager to build themselves into tomorrow’s financial powerhouses. Others are leaving because of culture clashes at merging companies, like Bank of America and Merrill Lynch, and still others are simply retiring early.

Most of the article doesn't really support this story of tighter regulation and crackdown on's about people leaving failing big firms for new smaller firms. Nothing to do with the bailout, really.