September 23, 2008

Today's Front Pages Analysis

Wall Street and Washington problems are Page One news around the world

The Wall Street problems and the delay in resolving such issues as oversight of the bailout are Page One stories here, there and everywhere.

The Wall Street Journal Asia, published in Hong Kong, leads with “Japanese suitors swoop in on U.S. investment banks,” while adding below, “Wall Street era comes to an end,” a reaction with echoes elsewhere.

The South China Morning Post, also published in Hong Kong, reports that a Japanese firm “snaps up Lehman’s Asia operation,” The Telegraph in Calcutta, India, tells its readers, “Era of banking high-rollers ends,” while DNA in Mumbai, India, notes the “Death of investment banking on Wall St.” even as Manila Standard Today in the Philippines says, “Goldman, Morgan: End of an era.”

In Europe, Die Presse in Vienna has a banner headline simply stating, “End of an era on Wall Street.” That is also noted in The Wall Street Journal Europe in Brussels with the lead “Goldman, Morgan moves end an era on Wall Street,” while reporting that that “Russian crisis may fuel wave of acquisitions.” In Paris, La Tribune pulls out some of its biggest type to lead with “Non, la crise n’est pas finie,” which sounds almost as bad in English — “No, the crisis is not finished.” Der Tagesspiegel in Berlin says that “America must help itself,” while Financial Times Deutschland in Hamburg leads with Wall Street burying an era. El Pais in Madrid leads with the end of the investment banking era in Wall Street.

Meanwhile, in Istanbul, Today’s Zaman sees a rainbow with words from the prime minister believing that the “global crisis will bring opportunities for Turkey.”

In Sydney, Australia, the Financial Review plays up “US bail-out fuels relief rally” and The New Zealand Herald in Auckland agrees with its lead story “Big bailout puts shares on road to recovery.”

The Vancouver Sun in Canada tells U.S. neighbors to the north that “Washington and Wall Street complicit in financial crisis,” which we’ve read from time to time in the Lower 48.

Gene Mater is a Freedom Forum media consultant.

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