Wall Street banned from European deals?
Some countries are not allowing Wall Street firms to participate in upcoming bond issuances.
Normally, Wall Street firms would be racking up the frequent flyer miles getting these big-money deals in place. But not this time, because some European countries are banning Wall Street from participating.
"For the first time in five years, no big U.S. investment bank appears among the top nine sovereign bond bookrunners in Europe," writes the Guardian's Elena Moya.
Goldman Sachs (GS) is gone. So is JP Morgan (JPM). At least Morgan Stanley (MS) made it to the No. 10 spot.
"Governments do not have the confidence that the excessive risk-taking culture of the big Wall Street banks has changed and they still cannot be trusted to put the stability of the financial system before profit," said one European parliament lawmaker.
Instead, these countries are letting European banks have all the action.
Too bad, because getting in on these bond issuances would have meant big money for the banks involved. Banks take a percentage of the total deal as a cut, that that could mean tens of millions of dollars out of Europe.
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