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Will Self on Question Time discussing the financial crisis.

I understand sales in consumer products where there is a tangible product, but in Investment banking what are they selling? and how do they sell something intangible. Please help I am a student interest in the sales field as a whole, and may be interested in the finance sales field.

Who’s going to give the best return in Mutual Funds, a bank or an investment company? Who’s less likely to have all the fees that come along with me investing in mutual funds?

I plan to move to London and work for a major investment bank. How many vacation days should I be expectine to get?

We speak with Nomi Prins, an author and former investment banker at Bear Stearns, and Max Fraad Wolff, an economist and writer. A year ago, Treasury Secretary Henry Paulson predicted the fallout from the subprime mortgage crisis was “largely contained.” But now, Alan Greenspan is admitting the current economic crisis will likely be the most wrenching since the end of the Second World War. And then, there’s the occupation of Iraq, which has just entered its sixth year. The Nobel Prize-winning economist Joseph Stiglitz projects the war will cost at least $3 trillion. We’re joined right now by two guests. Nomi Prins is with us. She’s a former investment banker turned journalist. She used to run the European analytics group at Bear Stearns. She is the author of two books: Other People’s Money: The Corporate Mugging of America and Jacked: How “Conservatives” Are Picking Your Pocket. She’s now a senior fellow at the think tank Demos. Max Fraad Wolff is an economist and writer. He is an instructor at the Graduate Program in International Affairs, New School University, here in New York. He’s a frequent contributor to the Huffington Post, Asia Times and The Indypendent. We welcome you both to Democracy Now! Nomi Prins, this story is personal for you. You worked at Bear Stearns. www.democracynow.org

Can someone tell me in as simple terms as possible as to why the investment banks are crashing out like the lehman brothers recently? what economic phenomenon is causing this? How is it related to the credit crunch?

According to today’s (Sept 22) NY Times, “Both banks already have limited retail deposit-taking businesses, which they plan to expand over time. Morgan Stanley had $36 billion in retail deposits as of Aug. 31 and Goldman Sachs had $20 billion in deposits. ”

I thought that ony banks could accept deposits, not investment banks. (Obviously this will be different after they convert themselves to bank holding companies, as now planned.) Under current law, how are Goldman and Morgan Stanley able to accept deposits?

They do offer money market mutual funds, but these are uninsured investments, not “deposits”.

Thanks.

What does an investment banker do that other bankers do not? How is someone deemed qualified to be an investment banker?