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December 9, 2008
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Editor's Viewpoint
  • Looking back at 2008
     
    Sean McMahon, editor of the SIFMA SmartBrief
    Throughout 2008, it has been a pleasure to bring you the SIFMA SmartBrief each day -- delivering the industry news that matters most to your business. Part 1 of this SIFMA SmartBrief special year-end report rounds up the most important trends, stories and events of the past year. Part 2, which will hit your inbox Thursday, will provide a glimpse into what's in store for 2009.

    The landscape of the financial-services industry seemed to change at a breakneck pace throughout 2008. The first half of the year saw the spread of the credit crunch and JPMorgan Chase's acquisition of Bear Stearns dominate the headlines. Things really began to heat up in September and October as news of regulators and firms stepping up efforts to respond to the crisis seemed to break seven days a week. The government's decision to take Fannie Mae and Freddie Mac into conservatorship was followed by the collapse of Lehman Bros. Then came major industry consolidation in the form of Bank of America's acquisition of Merrill Lynch, Wells Fargo's takeover of Wachovia and JPMorgan Chase's work with the FDIC to acquire Washington Mutual. Eventually, the spotlight turned to Capitol Hill and the fight to pass the Troubled Asset Relief Program. How firms respond to the legislation -- such as Goldman Sachs' and Morgan Stanley's moves to become holding companies -- and the evolving way in which TARP is implemented should continue to make headlines well into 2009.

    This year's Annual Meeting was once again a huge success as we were able to peer into the minds of speakers that included former Treasury Secretary Lawrence Summers, New York City Mayor Michael Bloomberg and Assistant Secretary for Financial Markets Anthony Ryan. SIFMA's Troubled Asset Relief Program summit also offered insight from Sen. Charles Schumer and Interim Assistant Secretary of the Treasury for Financial Stability Neel Kashkari.

    It was an unforgettable year, indeed. And now, here's what was most important to YOU in 2008.

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  Best of 2008 
  Your Favorite SmartQuotes 
It is our responsibilities, not ourselves, that we should take seriously."
--Peter Ustinov,
British actor and writer
When one door closes, another opens; but we often look so long and so regretfully upon the closed door that we do not see the one which has opened."
--Alexander Graham Bell,
American inventor
In any moment of decision the best thing you can do is the right thing, the next best thing is the wrong thing, and the worst thing you can do is nothing."
--Theodore Roosevelt,
26th president of the U.S.
The most successful people are those who are good at Plan B."
--James Yorke,
mathematics and physics professor
We are what we repeatedly do. Excellence, therefore, is not an act but a habit."
--Aristotle,
ancient Greek philosopher
Pick battles big enough to matter, small enough to win."
--Jonathan Kozol,
American nonfiction writer and educator
Most companies don't exercise patience during the hiring process. There is no development system that is going to compensate for making a bad hire."
--Eric Foss,
CEO of Pepsi Bottling
You must be the change you wish to see in the world."
--Mahatma Gandhi,
Indian political leader
Service is the rent we pay for being. It is the very purpose of life, and not something you do in your spare time."
--Marian Wright Edelman
children's activist
  

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