Related Topics
Investing, Philadelphia Style
Land ownership once was the only practical form of savings, until banking matured in the mid-19th century. Philadelphia took an early lead in what is now called investment and still defines a certain style of it.
Dislocations: Financial and Fundamental
The crash of 2007 was more than a bank panic. Thirty years of excessive borrowing had reached a point where something was certain to topple it. Alan Greenspan deplored "irrational exuberance" in 1996, but only in 2007 did everybody try to get out the door at the same time. The crash announced the switch to deleveraging, it did not cause it.
Banking Panic 2007-2009 (1)
Mankind hasn't learned how to control sudden wealth, whether in families, third-world countries, or the richest nation in history. The world banking crisis of 2007 is the biggest example yet.
NBC pulled the original of this Saturday Night Live video from their Web site and replaced it with this edited version.
NBC deleted the section in which Herbert and Marion Sandler described swindling their clients and ultimately Wachovia. The original video had a caption that described the couple as "People who should be shot." Furthermore, the actor portraying Herbert Sandler said "And thank you, Congressman Frank, as well as many Republicans for helping block Congressional oversight of our corrupt activity."
Herbert and Marion Sandler sold Golden West Financial Corp to Wachovia in 2006 for $24 billion, precipitating Wachovia's failure and eventual sale to Wells Fargo.
Originally published: Thursday, December 25, 2008; most-recently modified: Sunday, July 21, 2019