Wall Street

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Wall Street Execs Still Fly Private Jets

Costly travel rationalized as time saver

(Newser) - Six ailing Wall Street firms that eagerly took bailout funds still spend thousands to operate fleets of private jets that whisk their executives to company—and personal—events, AP reports. AIG, which scooped up $150 billion from the government, beats its peers with a seven-jet fleet. Fuel alone for a...

All Wall Street a Ponzi Scheme
  All Wall Street a Ponzi Scheme 
OPINION
Dec 19, 2008 8:12 AM CST

All Wall Street a Ponzi Scheme

Wall Street's just a Ponzi scheme too

(Newser) - Bernie Madoff’s $50 billion fraud wasn’t all that different from what his Wall Street peers were up to, writes Paul Krugman in the New York Times. Oh sure, “Madoff allegedly skipped a few steps,” stealing the money without bothering to load up on debt, buy dubious...

Madoff's Wife Under Scrutiny in Ponzi Scheme

(Newser) - SEC regulators are investigating whether Bernard Madoff's wife helped him cook the books in his $50 billion fraud scheme, Bloomberg reports. Investigators say that Ruth Madoff's name has shown up on transactions and that she may have helped track payments and keep secret records. Ruth, 67, has not been charged,...

Madoff Scheme Not Much Worse Than Legal Ones
Madoff Scheme Not Much Worse Than Legal Ones
OPINION
Dec 17, 2008 10:30 AM CST

Madoff Scheme Not Much Worse Than Legal Ones

End of communism let Wall Street become unhinged: Friedman

(Newser) - Wall Street used to be the epicenter of capitalism that the whole world wanted to emulate, but, on a trip to Hong Kong, Thomas Friedman discovers that the American financial establishment has lost its credibility. "We don’t just need a financial bailout," he writes in the New ...

SEC Chief Says His Staff Ignored Madoff Warnings

Cox calls actions 'deeply troubling'

(Newser) - SEC chief Christopher Cox blasted his own agency's failure to detect Bernard Madoff's massive investment-fraud scheme, the Wall Street Journal reports. Cox called it "deeply troubling" that SEC investigators had ignored "credible and specific allegations" dating back to at least 1999. He called on the SEC's inspector general...

Feds Let Lehman Fail—Then Loaned It $138B Anyway

Paulson & Co. say cash was to 'facilitate orderly wind-down' of trades, but questions persist

(Newser) - After refusing to bail out Lehman Brothers, the Federal Reserve funneled $87 billion to a subsidiary through JPMorgan Chase on Sept. 15, then another $51 billion the next day. The feds say they aimed to “facilitate an orderly wind-down” of Lehman’s broker-dealer operations, Andrew Ross Sorkin writes in...

Red Flags Didn't Stop Colossal Madoff Fraud

Steady returns, tiny auditors prompted questions

(Newser) - Bernard Madoff's investment operation—found this week to be a massive Ponzi scheme that lost as much as $50 billion—raised plenty of red flags over the last decade, the Wall Street Journal reports. As far back as 1999, Madoff’s steady returns in wide-ranging markets seemed unrealistic to some...

Big Names Bilked in $50B Madoff Fraud

Swindler was money manager of choice in elite circles

(Newser) - Some of America's wealthiest people are finding themselves a lot poorer in the wake of the Bernard Madoff fund scandal, the Wall Street Journal reports. Madoff strived to become known as the investor of choice in elite circles, and counted New York Mets owner Fred Wilpon and GMAC chairman Ezra...

Dow Creeps Up 64
 Dow Creeps Up 64  
MARKETS
Dec 12, 2008 3:37 PM CST

Dow Creeps Up 64

(Newser) - Stocks were up modestly today as investors balanced continued uncertainty over a Detroit bailout and a longtime Wall Street hand’s arrest with cautious optimism that the market may finally have stabilized, the Wall Street Journal reports. Money manager Bernard Madoff was accused today of a $50 billion swindle, but...

Top Broker Collared for Running $50B Ponzi Scheme

FBI arrests Bernard Madoff; SEC on trail

(Newser) - The FBI has arrested a giant among Wall Street brokers and charged him with bilking his investors of up to $50 billion, the Wall Street Journal reports. Federal agents busted Bernard L. Madoff, a former NASDAQ chaiman, after he admitted to employees that his investment advisory business was a "...

No More Bailouts, Detroit or Otherwise: Learn the Lesson

Yes, there will be pain, but saving irresponsible companies bad for US future

(Newser) - Given the failure of the Wall Street bailout, to think doing the same for Detroit would help the auto industry and America in the long run is fantasy, Kevin O’Brien writes in the Cleveland Plain Dealer. The only thing that will help is to feel the pain. “No...

Definitely Not in Recession: Facial Hair

Laid off from corporate America, guys give razors a pink slip

(Newser) - Beards have become the slim silver lining for men laid off amid the recession. Everyone from out-of-work hedge-funders to the Foo Fighters seems to be hirsute, the Wall Street Journal reports. With proper trimming, facial hair can even be carried to job interviews, but most are indulging in the short-lived...

Factory Sit-In Ends in Victory
 Factory Sit-In Ends in Victory 
Dec 11, 2008 2:44 AM CST

Factory Sit-In Ends in Victory

Workers win severance and benefits

(Newser) - Laid-off workers who occupied a Chicago factory have agreed to end their sit-in after winning severence pay and benefits, Reuters reports. Each of the 200 workers at shuttered Republic Windows and Doors will receive two months pay, accrued vacation and two months health care coverage. The $1.75 million cost...

Nervous Dow Rises 70
 Nervous Dow Rises 70 
MARKETS
Dec 10, 2008 3:24 PM CST

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...

Dow Down 242 on Auto Doubts
 Dow Down 242 on Auto Doubts 
MARKETS
Dec 9, 2008 3:27 PM CST

Dow Down 242 on Auto Doubts

Uncertainty over bailout details gives rally a flat tire

(Newser) - Yesterday’s gains in the market, buoyed by the probable Detroit bailout, slipped away today as details remained uncertain, the Wall Street Journal reports. Though investors are still optimistic about the president-elect’s infrastructure initiative’s impact on raw goods and energy, that sector couldn’t carry the market. The...

Merrill CEO Backs Off $10M Bonus Request

Wall Street climate pressures Thain to forgo year-end check

(Newser) - Under a wave of criticism, Merrill Lynch CEO John Thain today gave up asking for a $5-to-$10 million bonus, the Wall Street Journal reports. New York Attorney General Andrew Cuomo called the request "nothing less than shocking" during an "abysmal year" in which Merrill lost $11 billion. Thain...

The Rich Get Poorer
 The Rich Get Poorer

GLOSSIES
Dec 6, 2008 2:36 AM CST

The Rich Get Poorer

Richest are abandoning homes, jewels ... and some are even broke

(Newser) - Before Wall Street's woes reached Main Street they pillaged Fifth Avenue, the Upper East Side, and the Hamptons, upending the culture of Rich America in the process. Manhattan bankers—some of whom went from multi-millionaires to debtors—are offloading Central Park apartments, high-end art, and private helicopters in a dizzying...

In Poor Economic Climate, Whiskey Sells
 In Poor Economic 
 Climate, Whiskey Sells 
EARNINGS REPORT
Dec 5, 2008 5:16 PM CST

In Poor Economic Climate, Whiskey Sells

(Newser) - Amid dire economic projections, the maker of Jack Daniel’s Tennessee whiskey is having a banner year, the LA Times reports. “We had a nice quarter,” Brown-Forman’s CEO said of sales and income that bested Wall Street estimates. Even a bad employment report today couldn’t sink...

Spitzer: Banks Are Too Big, Let Them Fail
Spitzer: Banks Are Too Big,
Let Them Fail
OPINION
Dec 4, 2008 11:02 AM CST

Spitzer: Banks Are Too Big, Let Them Fail

Instead, back smaller entities, ex-gov says in first Slate column

(Newser) - The government has doled out trillions in rescue funds, but “so far, we are simply rebuilding the same edifice that just collapsed,” writes newly-minted Slate columnist Eliot Spitzer. For years we’ve concentrated capital, creating gigantic “financial supermarkets” that attempted to provide every service for their customers....

Goldman May See $2B Fourth Quarter Loss

Credit downgrades key catalyst in Wall Street titan's loss of value

(Newser) - After dodging many of the bullets that left its Wall Street peers wounded or dead, Goldman Sachs faces a net loss of up to $2 billion for the fourth quarter, the Wall Street Journal reports. The loss of $5 per share is five times worse than analysts feared as the...

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