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Boston ITer Guest
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Posted: Mon Sep 03, 2007 3:07 am GMT Post subject: Boston's eminent decline (the canary in the coal mine) |
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http://tinyurl.com/298aqn
Excerpt:
Quote: | On Tuesday, the London Times reported that Boston-based bank, State Street Corporation (nyse: STT - news - people ), had an exposure of $22 billion to asset-backed commercial paper conduits. In the wake of the credit debacle, a chill in the commercial paper market has rocked these investments, battering the financial institutions that hold them. Citing regulatory filings, the Times said 17% of State Street's assets reside in these off-balance sheet conduits.
While many investors were aware of State Street's exposure to the subprime crisis,"what is new today, is the magnitude. No one knew that $22 billion was the measure of exposure," Punk Ziegel analyst Richard Bove said Tuesday. |
Ok fellows, how many more top tier MA firms have to buckle before it's obvious that our long term viability is at stake?
Let's face it, Fidelity Investments, Gillette, Boston Scientific, Serono, and a host of others were in decline and standing in line for a Mass exodus (pun intended) but as always, the optimists pointed to State Street, Mass General hospital, and MIT/Harvard as the mainstays of the region. Well, if companies really aren't interested in sticking around then what's stopping us from becoming like New Haven, a ratty post-industrial town with an ivy league college (plus medical center)? Or perhaps at best, Buffalo NY, a rust belt city with colleges, hospitals, and a popular football team? |
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Guest
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Posted: Mon Sep 03, 2007 3:31 pm GMT Post subject: |
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22 Billion? And here I was thinking that State St was a prudent shop and not a speculative operation. |
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Boston ITer Guest
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Posted: Tue Sep 04, 2007 12:47 am GMT Post subject: |
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I think this thread's got everyone speechless.
And as far as I'm concerned, I suspect that many had an inkling of it, back during the whole credo of MA never going down (the standard excuses, cerca 2001 to 2006) which was the main reason for buying in Boston because the region's a magical haven for brains, new enterprises, and blue chip mainstays, a Shangri La for the modern corporate research, development, and propagation.
Sorry folks, that was 1985, not today. |
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john p
Joined: 10 Mar 2006 Posts: 1820
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john p
Joined: 10 Mar 2006 Posts: 1820
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john p
Joined: 10 Mar 2006 Posts: 1820
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