Wall Street

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Battered Markets Crawl Into 2009
 Battered Markets
 Crawl Into 2009 
ANALYSIS
Jan 1, 2009 9:22 AM CST

Battered Markets Crawl Into 2009

2008 finishes as the worst year for the Dow since 1931

(Newser) - Weary relief that 2008 was finally over greeted the final bell at the New York Stock Exchange yesterday, but shaken investors worry about what 2009 holds, the New York Times reports. The final tally confirmed that the year was the worst for stockholders since the Great Depression. Stock plunges across...

All New York Will Feel Wall Street's Pain

Mayor rolls out plans to hike taxes, cut services and ax 20,000 city jobs

(Newser) - All American cities are facing budget shortfalls because of the recession, but Wall Street's meltdown has decimated New York City's tax base, Michael Bloomberg said yesterday in announcing plans to slash 20,000 city jobs, cut services and raise taxes.  The aim is to reduce an expected $4 billion...

Sloppy Lehman Bankruptcy Killed Billions in Value

Speedy process leaves creditors hanging

(Newser) - Had Lehman Brothers been more careful in its bankruptcy filing, it could have held on to as much as $75 billion that was destroyed in the process, the firm’s head restructuring agents say. A better-planned filing would have allowed the sale of some assets outside of court proceedings and...

Madoff's Claim He Acted Alone 'Preposterous'

Fraud experts say the $50 billion scam was too complicated

(Newser) - Fraud experts following the Bernard Madoff probe say his claim that he alone executed a Ponzi scheme that fleeced investors out of some $50 billion is “preposterous,” reports Reuters. "The amount of transactions, the number of dollars that are involved in the Ponzi, I just don't see...

Madoff Investor Kills Himself
 Madoff Investor Kills Himself 
Dec 23, 2008 1:44 PM CST

Madoff Investor Kills Himself

Hedge fund head who lost $1.4B committed suicide

(Newser) - A hedge fund founder whose firm lost $1.4 billion in Bernie Madoff's Ponzi scheme was found dead in his Manhattan office today, an apparent suicide, reports the New York Times. Rene-Thierry Magon de la Villehuchet, 65, had been trying to recover money for European clients of Access International Advisors,...

Why We Can't Take Cruise Seriously
 Why We Can't 
 Take Cruise Seriously 
OPINION
Dec 22, 2008 1:43 PM CST

Why We Can't Take Cruise Seriously

Nazi role won't be a career-changer a la Nicholson, Newman

(Newser) - The prospect of Tom Cruise as a renegade Nazi has moviegoers snickering already, and with good reason, Stephen Metcalf writes for Slate. No one expects Cruise to pull off a mid-career tour de force as the giants who came before him did. “Place Cruise next to Nicholson, Newman, and...

Stocks Begin Holiday Week Mixed
 Stocks Begin 
 Holiday Week Mixed 
MARKET OPEN
Dec 22, 2008 9:17 AM CST

Stocks Begin Holiday Week Mixed

Fed cuts, auto loan offer boost

(Newser) - Stocks opened mixed today after China cut interest rates and Toyota predicted its first loss in 71 years, the Wall Street Journal reports. Toyota’s US shares dropped 3% after its bleak forecast, and General Motors (16%) and Ford (7%) both fell. The Dow ticked up after the bell but...

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...

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