Wall Street

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Stocks Open Way Down, Dow Sinks 300+

 Forget Yesterday's 
 Gains: Dow Down 400+ 
MARKETS
Aug 10, 2011 10:59 AM CDT

Forget Yesterday's Gains: Dow Down 400+

Underlying fears about the global economy weigh heavily

(Newser) - Moan. Here we go again. Yesterday's big gain was largely erased at the opening bell today—and was pretty much entirely erased by 11am EST—over fears about the global economy. The Dow fell as much as 446 points, and is currently down around 400 points. Nasdaq and the...

Stock Rally Stutters
 Stock Rally Stutters 
Aug 10, 2011 4:38 AM CDT

Stock Rally Stutters

Falling futures mean we're not out of the woods

(Newser) - Global stocks were up early today following an uptick on Wall Street in the wake of the Fed's pledge to keep interest rates low. But it wasn't clear if the rebound would hold. Asia rates climbed and modest hikes marked Britain's FTSE 100 index (up .2%) and...

Three Busted in Naked Wall Street Flash Mob

Performance art intended to call for more transparent finance

(Newser) - For five surreal minutes yesterday morning, Wall Street looked like a nudist colony. At 7am, people all along the street whipped off their clothing, as part of a performance art piece called “Ocularpation: Wall Street.” Artist Zefrey Throwell tells the New York Times that the piece was intended...

Stocks Fall on Debt Fears
 Stocks Fall on Debt Fears 
Jul 25, 2011 9:19 AM CDT

Stocks Fall on Debt Fears

Dow was down 101 points at open

(Newser) - Stocks are falling after congressional leaders failed to agree on a deal to raise the nation's debt limit to avoid default. At the opening bell today, the Dow Jones industrial average fell 101 points, or 0.8%, to 12,575. The Standard & Poor's 500 was down 12,...

Halliburton Earnings Shoot Up 54%

Oil giant credits strong demand

(Newser) - Halliburton says the expansion of oil and natural gas drilling in North America helped boost company earnings by nearly 54% in the second quarter. Revenue also hit a company record for the period. The Houston oil services giant reported earnings of $739 million, or 80 cents per share today, with...

Bernanke Clarifies Stimulus Talk, Markets Tumble

Fed isn't ready to take action soon

(Newser) - Wall Street semantics: Yesterday, Ben Bernanke appeared before Congress and mentioned the word "stimulus." His remarks were widely interpreted to mean that the Fed was poised to take action to bolster the economy, and the markets rose in response. Today, Bernanke resumed testimony and made clear the Fed...

Frank Rich: Obama's Been Too Soft on Wall Street Because of Ivy League Bias
Obama's Risky Soft Spot:
Ivy league White Guys
Frank Rich
Jul 5, 2011 12:53 PM CDT

Obama's Risky Soft Spot: Ivy league White Guys

Frank Rich: They're preventing him from going after Wall Street

(Newser) - Former Times columnist Frank Rich makes his debut in New York magazine today with a harsh assessment of President Obama's handling of the aftermath of the economic meltdown. Obama has been way too soft on Wall Street, argues Rich, who complains of a "stunning lack of accountability for...

Madoff: I'm a 'Human Pinata'
 Madoff: I'm a 'Human Piñata' 
Jun 29, 2011 1:13 PM CDT

Madoff: I'm a 'Human Piñata'

Thinks he doesn't deserve to die in prison

(Newser) - There are probably at least a few former investors who wish this was literal: Bernie Madoff says the judge in his Ponzi scheme trial made him the "human piñata of Wall Street" when he dished out a 150-year sentence. Madoff tells the New York Times Judge Denny Chin'...

Goldman Axing US Staff, Hiring in Singapore

Move seen as bet against US economy

(Newser) - Goldman Sachs is planning a major hiring spree in Singapore, even as it prepares to slash its headcount in the US to cut costs. The financial giant is so worried about criticism over the job shift that it has taken the unusual step of notifying lawmakers about its hiring plans,...

Banks Duped Credit Unions Into Deadly Bonds: Feds

JP Morgan, Royal Bank knew investments were risky: suits

(Newser) - In one of the most aggressive such actions to date, the feds are suing two financial institutions for talking credit unions into bad-risk bonds that ended up destroying the companies. JP Morgan Chase and the Royal Bank of Scotland talked five credit unions into investing in $3 billion in mortgage...

Madoff Is Wall Street's Hot New Investment

Banks buying up Ponzi claims to cash in later

(Newser) - The wizards of Wall Street have found a way to turn Bernard Madoff into a hot investment. Big banks have been buying up the claims of the victims of Madoff's massive Ponzi scheme, offering scammed investors a fraction of what they are owed in the hopes of making big...

Facebook to Go Public With an Estimated Worth of $100B
Facebook Prepping for
$100B IPO in Early 2012
sources say
Jun 13, 2011 2:29 PM CDT

Facebook Prepping for $100B IPO in Early 2012

Notoriously private company to finally share its financial status, sources tell CNBC

(Newser) - Facebook is just about ready to change its IPO status to "public," sources tell CNBC . The social networking behemoth, which had previously kept its financial numbers under lock and key, will likely go public in the first quarter of next year at a valuation of $100 billion. Because...

For 2012, Obama Wants 'Fat Cats' Back on His Side

The president reaches out to Wall Street donors

(Newser) - President Obama—who famously angered Wall Street executives by calling them “fat cats,” the New York Times reminds us—is now courting those same executives in his quest for re-election campaign contributions. He kicked off the push by hosting two dozen of them, many longtime donors, at the...

Billionaire Convicted in Huge Insider Trading Case

Raj Rajaratnum of Galleon Group guilty on all counts

(Newser) - A former Wall Street titan was convicted today of making a fortune by coaxing a crew of corporate tipsters to give him an illegal edge on trades in technology and other stocks. Prosecutors called it the largest insider trading case ever involving hedge funds. Sri Lanka-born Raj Rajaratnam was convicted...

Banks Profited by Loaning Fed Money Back to ... Feds

They charged bigger interest rates on cheap money from Uncle Sam

(Newser) - Crisis-walloped banks aided with federal loans likely made a fortune by lending the same money back to the federal government at substantially higher interest rates, a new report indicates. The study by the Congressional Research Service supports complaints that the largest banks essentially engaged in taxpayer-financed arbitrage by cashing in...

Long Banks' Worst Enemy, Warren Now Courts Them

'She's listening' as she sets up Consumer Financial Protection Bureau

(Newser) - Elizabeth Warren is the longtime bane of the banking industry's existence, but as she prepares the new Consumer Financial Protection Bureau, the woman who once slammed Wall Street's finest as "the people who drove the car off the cliff" is now killing them with kindness. In many cases, they’...

Germans Close to Buying NY Stock Exchange

Cradle of US capitalism about to fall to Deutsche Börse

(Newser) - The raucous cathedral of American capitalism, the New York Stock Exchange, is about to be bought by the Germans. If regulators approve the deal, the acquisition of NYSE Euronext (which owns the NYSE) by Deutsche Börse AG (which owns the Frankfurt stock exchange) would create the world's largest financial...

Wall Street Pay Hits Record $135B

And revenues hit record, too

(Newser) - Wall Street shouldn't have much to grumble about: Total pay at publicly traded banks and securities hit a new high of $135 billion last year, reports the Wall Street Journal. That's up 5.7% from 2009 figures. "Things are shifting back to where they were before," says a...

Al-Qaeda's Next Target: Bankers?

Wall Street gets warning from the feds

(Newser) - Wall Street and its bigwigs may be al-Qaeda’s next target. The FBI confirmed that major financial institutions have been briefed on threats gleaned from an al-Qaeda magazine and blogger, and insisted those threats were general in nature. But WNBC has learned officials are concerned that some executives’ names have...

Did Bankers Go to Jail for Causing Great Depression?

No, although a couple were charged and some were embarrassed

(Newser) - The government could soon prosecute a few Wall Streeters who allegedly played a role in the financial crisis, and the commission that uncovered those at fault was modeled on a similar probe after the Great Depression. So did anyone who precipitated that collapse ever go to jail? Nope, writes Brian...

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