Hedge funds and banks to make money managing bailout (brokerage, investment, trust)

[fxtrader]

This is a news quote from Bloomberg.
Black Rock and Pacific Investment Management Co. submitted proposals to manage troubled mortgage- backed securities in the biggest portion of the U.S. Treasury's $700 billion financial-rescue program.
State Street, Bank of NY Mellon and Northern Trust Corp. bid to handle record-keeping and custody services for the Treasury. Northern Trust made a joint bid with NYSE Euronext, the owner of the New York Stock Exchange, the people said. The deadline for proposals was yesterday at 5 p.m. New York time.
It looks to me that some of the same companies that put us in this mess will now profit from it. Wow, thats a surprise!

[harris123]

Most people are unfamiliar with the evolution of financial management over the years. It began as a clubby old boys network, who you knew mattered more than what you knew. It evolved over time. Starting in the late 1970s, retail stock brokerage became a telemarketing sales business. Although that model is clearly changing, there is still trillions of assets under management today that got that way via the cold call.

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harris

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