Wall Street Culture Not Likely to Change
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bear stearns, wall street March 23rd, 2008Culture of Risk on Wall Street Not Seen Changing Amid Bear Stearns Downfall
NEW YORK (AP) — Wall Street investment bankers got another lesson about the dangers of risk-taking this past week with the downfall of Bear Stearns Cos. The question now obviously is, how long will it last?
Those bankers, many of whom lived through market debacles like the dot-com bust at the start of this decade, turned out to have very short memories. And so analysts believe the sale of Bear Stearns to JPMorgan Chase & Co. for a stunning $2 per share ultimately won’t have that much of an impact on how Wall Street conducts business.
In fact, bankers and traders are under even more pressure to reap big returns because of the ongoing credit crisis, and risk is just part of the game.
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