financial sector

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Banks Will Find Ways Around Obama's Pay Cap
Banks Will Find Ways
Around Obama's Pay Cap
Analysis

Banks Will Find Ways Around Obama's Pay Cap

(Newser) - Barack Obama’s attempt to curb executive pay may please the outraged investing public, but banks will find the loopholes—and possibly create even more vexing problems in the future, writes Jason Zweig of the Wall Street Journal. To begin with, the rule won’t dent the pay of traders,...

I'd Rather Say I'm in Porn: Shunned Wall Streeter

Financial types feel they're unfairly 'vilified' in crisis

(Newser) - Working on Wall Street used to have glamor to it—but now, saying you work at JPMorgan or Goldman Sachs immediately establishes you as “one of them,” the New York Times reports. Wall Streeters are facing a new pariah status, and many believe they’re taking an unfair...

Wall Street's Hottest Jobs? Lehman Bros

Bankruptcy experience is the skill set of the future, execs say

(Newser) - Wall Street's hottest jobs in 2009 are coming from its biggest disaster of 2008—Lehman Brothers, the Wall Street Journal reports. Lehman still has billions of dollars in assets and contracts to untangle and restructure, and Wall Street's legions of laid-off execs are keen to get a piece of the...

Prof Does Math, Finds Banking System 'Insolvent'

(Newser) - A New York University professor who predicted the current economic crisis warns that losses at US banks could climb to $3.6 trillion, leaving the whole system essentially bankrupt, Bloomberg reports. Economist Nouriel Roubini argues that since the system has a base capitalization of just $1.4 trillion, if losses...

Stocks Fall as Bank Woes Trump Obama Hope
 Stocks Fall as Bank Woes 
 Trump Obama Hope 
MARKET Open

Stocks Fall as Bank Woes Trump Obama Hope

Royal Bank of Scotland's troubles ripple across Atlantic

(Newser) - Any excitement on Wall Street about Barack Obama’s inauguration was drowned out this morning by worries over Europe’s banking sector, the Journal reports. The Dow dropped more than 110 points, while the Nasdaq and S&P dropped 2% and 2.2% respectively. Those tumbles track drops in Europe...

Nervous Dow Rises 70
 Nervous Dow Rises 70 
MARKETS

Nervous Dow Rises 70

Commodities, financials move in opposite directions

(Newser) - Markets ended with modest gains today as commodities got a boost and financials dropped, the Wall Street Journal reports. Meanwhile, fears over the struggling auto bailout spurred some flip-flopping, Bloomberg notes. The Dow rose nearly 190 points before settling down to finish up 70 points. The S&P climbed 11...

Market Now Runs on Politics, Not Economics
Market Now Runs on Politics, Not Economics
OPINION

Market Now Runs on Politics, Not Economics

Krauthammer: In bailout era, Democrat fiats are dangerous

(Newser) - Once upon a time, “if you wanted to get rich, you did it the Warren Buffett way,” writes Charles Krauthammer in the Washington Post. “You learned to read balance sheets.” That changed with the Bear Stearns rescue. Today, political maneuvering is what moves the markets, and...

Stocks Jump on Citi Rescue
 Stocks Jump on Citi Rescue 
MARKET Open

Stocks Jump on Citi Rescue

Dow makes triple-digit move in the right direction

(Newser) - Stocks kept Friday’s good mojo going this morning, after the government announced a massive plan to prop up Citigroup. The Dow rose 145 points at the open, as Citi shares leaped 57%, and pulled the rest of the sector with them. Bank of America rose 13%, while Morgan Stanley...

Financial Industry May Shed 350K Jobs

So far, 170,000 positions have been cut worldwide

(Newser) - Job cuts in the financial services sector could hit 350,000 worldwide by the middle of 2009, double the number so far, Bloomberg reports. "This is the financial equivalent of World War II," says the CEO of a major headhunting firm. If he's right, by summer, the industry...

CEOs Took Billions Off the Table Before Bust

15 financial, home building bosses made over $100M

(Newser) - Investors have lost some $9 trillion since last year’s stock market peak, but at the center of the maelstrom, CEOs of some of the worst-performing companies are sitting pretty. Fifteen financial services and homebuilding CEOs have accumulated more than $100 million each in the past 5 years in cash...

Citibank to Cut 50,000 Jobs

 Citibank to Cut 
 50,000 Jobs 

Citibank to Cut 50,000 Jobs

(Newser) - Citigroup plans to slash more than 50,000 jobs, roughly 14% of its workforce, the company announced today, in an effort to shed expenses during the economic downturn. The cuts are in addition to the 23,000 heads that have already rolled this year, Bloomberg reports. Citi stock fell 19%...

Stocks Rise on Opening Bell
 Stocks Rise on Opening Bell 
MARKETS

Stocks Rise on Opening Bell

New Wachovia deal boosts optimism

(Newser) - Stocks climbed higher today, buoyed by Wells Fargo’s deal to snatch Wachovia from Citigroup. The Dow is up more than 100 points in early trading, while the Nasdaq and S&P rose 1.7% and 1.5%, respectively. Seemingly ignored was a worse-than-expected employment report, which showed the sharpest...

Depression, No&mdash;but That Lesson Is Vital
Depression, No—but That Lesson Is Vital
Analysis

Depression, No—but That Lesson Is Vital

As credit outlook deteriorates, most important word is 'trust'

(Newser) - Constant references to the Great Depression aren’t alarmist, but the analogy isn't perfect, either, writes David Leonhardt in the New York Times. "The basic mechanics of how the economy might fall into a severe recession look quite similar to those that caused the Depression," he explains. "...

Senate to Tweak Bailout —But not Much

Dissenting Dems, GOP want different changes

(Newser) - Senators are scrambling to revive legislation for the financial bailout after its surprise failure in the House yesterday, but must strike the right balance to attract new House votes without driving away initial supporters, Bloomberg reports. House Republicans want an expanded role for the FDIC in the bailout and for...

New Rescue Hopes Lift Stocks
 New Rescue 
 Hopes Lift 
 Stocks 
MARKETS

New Rescue Hopes Lift Stocks

Bargain hunters out en masse

(Newser) - Stocks rose at the open today, as traders bet on a new rescue plan and picked over the wreckage of yesterday’s record-setting drop. The Dow rose almost 218 points, while the Nasdaq and S&P were up 2.5% and 2.6% respectively. “After the absolute carnage we...

Charlotte Booms Amid Bust
 Charlotte Booms Amid Bust 

Charlotte Booms Amid Bust

City is second-largest financial center in US, with $2 trillion in assets

(Newser) - As the rest of the nation struggles through the mortgage bust, Charlotte, NC, is experiencing a boom, Time reports. The pro-business Southern city—home of Bank of America and eight other Fortune 500 firms—manages $2 trillion in assets, making it the second-largest financial center in the US behind New...

Stocks Sink; Bush Pledges Deal
 Stocks Sink; Bush Pledges Deal 
MARKETS

Stocks Sink; Bush Pledges Deal

Dow falls over 100 points at open

(Newser) - Socks plummeted today as confidence in the federal bailout program evaporated and investors absorbed the collapse of Washington Mutual. The Dow fell 140 points after the opening bell, while the Nasdaq dropped 2.2% and the S&P fell 1.7%, the Wall Street Journal reports. President Bush gave a...

Raise Your Hand if You Want Part of the Bailout

Lobbying intense as Wall Street firms jockey to profit from rescue

(Newser) - Where there’s $700 billion of government money, there are lobbyists. Financial institutions are jockeying for their piece of the massive bailout bill that’s being rushed through Congress, the New York Times reports, with everyone from insurers to mortgage lenders looking to profit by unloading assets under the most...

Cheer Up! Total Financial Market Meltdown Isn't All Bad

Five reasons to fiddle while Wall Street burns

(Newser) - For a dedicated silver-lining hunter like Michael Lewis, there are plenty of upsides to the total collapse of the US financial system. “A lot of attractive office space seems to be opening up in midtown Manhattan, for instance,” he writes in Bloomberg. Here are five other reasons to...

WaMu Gets OK to Raise Capital as It Seeks Sale

Investor OKs share dilution as beleaguered bank looks for suitors

(Newser) - Washington Mutual is attempting to raise capital or sell itself, the Wall Street Journal reports, and it got a big boost in that effort yesterday from TPG. The private equity firm, which sunk $7 billion into WaMu in April, waived a clause that would have effectively prevented the thrift from...

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