Wall Street banks have their hand out

Top Wall Street banks are sensitive to being seen as beholden to foreign investors, notes the New York Times. So while the big money seems to be coming from abroad, we are starting to see some domestic bailout partners--the likes of Davis Select Advisors, T. Rowe Price and the state of New Jersey. New Jersey's chief investment officer approached both Citigroup and Merrill and agreed to invest $400 million in Citigroup and $300 million in Merrill. The kinds of coupon rates that these banks are now offering are indeed attractive, worth even giving up voting rights. This is all about the money, not governance. Still, there is no guarantee that these banks can turn things around. They may end up sucker bets after all.  

For more:
- here's a New York Times article