Wall Street

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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...

Job-Hunting Execs Find It Tight at the Top

Financial crisis leads to surplus of six-figure jobseekers

(Newser) - Laid-off execs scrambling to find new six-figure salaries are facing fierce competition, Time reports. Thousands of high-end white-collar jobs have vanished recently, and many more are expected to go. Some top-level vacancies are still appearing, as execs retire or change jobs, but companies looking to fill their most powerful positions...

Wall Street's Doom Years in the Making
 Wall Street's Doom 
 Years in the Making 
GLOSSIES
Nov 27, 2008 4:00 PM CST

Wall Street's Doom Years in the Making

Liar's Poker writer saw this coming long ago, and so did some contrarian money men

(Newser) - When he wrote Liar’s Poker in 1989, Michael Lewis figured the end of Wall Street was near. After all, it had hired him, a 24-year-old with neither experience nor interest in finance. “Sooner rather than later,” he writes in Portfolio, “someone was going to identify me,...

Thrift Helped Get Us Into This Mess
 Thrift Helped 
 Get Us Into 
 This Mess 
OPINION
Nov 25, 2008 10:09 AM CST

Thrift Helped Get Us Into This Mess

"Wealth effect" is playing out in reverse

(Newser) - Three factors are playing into the financial crisis, and it's time to recognize the culprit that accompanies the burst housing bubble and banking meltdown, Robert J. Samuelson writes in the Washington Post. The wealth effect—"the tendency of people to adjust their spending as their wealth changes"—...

Ailing Biotech Firms Need Shot in the Arm

Flatlining economy threatens breakthrough medical research

(Newser) - For the first time in years, the biotech industry is in desperate need of a lifeline, Bloomberg reports, as the economic crisis threatens to shove companies into bankruptcy and derail the development of potentially life-saving drugs. “I’m looking down the barrel of a gun,” admitted one CEO....

Ignore Market Until February
 Ignore Market Until February 
OPINION
Nov 20, 2008 5:43 PM CST

Ignore Market Until February

End-of-year effects cause distorting swings

(Newser) - The stock market can be a great synthesizer of millions of individual judgment calls about economic growth, government policy, and world events, writes Andy Kessler in the Wall Street Journal. But it’s also subject to end-of-year distortions, especially in down times like these. What's an investor to do? "...

Companies Desperate to Roll Back Pension Support

A 2006 law requiring firms to replenish pension loses may be latest victim of meltdown

(Newser) - Wall Street’s meltdown has diminished the value of US pension funds by $250 billion and cash-strapped companies are asking lawmakers to give them relief from rules that require them to make up the losses, reports the New York Times. The rules, designed to strengthen the pension system in the...

Goldman Bosses Take a Pass on Bonuses

Wall Street's meltdown prompts top 7 execs to settle for $600,000 base pay

(Newser) - After an abysmal year, Goldman Sachs' top seven executives—including CEO Lloyd Blankfein—will give up their 2008 bonuses, totaling tens of million of dollars, reports the Wall Street Journal. The decision could force other execs on Wall Street to follow suit, reducing some of the pressure on investment banks...

Bailout Flip-Flop Diminishes Paulson
 Bailout Flip-Flop 
 Diminishes Paulson 
ANALYSIS
Nov 13, 2008 7:54 PM CST

Bailout Flip-Flop Diminishes Paulson

(Newser) - Henry Paulson’s recent about-face on his plans for the $700 billion bailout do not bode well for his legacy, write Bloomberg's Rebecca Christie and Matthew Benjamin. Perhaps most damaging is not the change of mind, but what it says about his initial plans. “This is a flip-flop,”...

Fed Won't Say Where $2T in Loans Went

Money is in addition to $700B Wall St. bailout; collateral unclear, too

(Newser) - The Federal Reserve has lent more than $2 trillion to financial institutions under programs without congressional oversight—and will not disclose to whom or under what terms, Bloomberg reports. The loans are separate from the $700 billion congressionally approved bailout package. Investors and citizens are concerned that the collateral given...

Wall Street Sets Up Shop in DC
Wall Street
Sets Up
Shop in DC
Nov 8, 2008 11:59 AM CST

Wall Street Sets Up Shop in DC

Firms descend on Washington to work on the bailout

(Newser) - With Washington the focal point of the financial crisis, consulting, real estate, and legal firms are moving from New York to DC, the Washington Post reports. Financial firms see vast opportunities to advise DC companies on the bailout bill and fight for Treasury contracts. Why relocate? “Our business is...

Wall Street's Bonus Season 'Not Going to Be Pretty'

Experts are predicting cuts of 20%-50%

(Newser) - For the second consecutive year, Wall Streeters are likely to see their wallets lightened by bonuses projected to be down 20% to 50% from a year ago, reports the Wall Street Journal. And while everyone is likely to be a little blue, the biggest loss of green may be among...

Out of Work on Wall St.? Call This Number

But feisty employment lawyer tells clients not to sue these days

(Newser) - Tens of thousands of Wall Street workers are jobless these days, which means good business for Jeffrey Liddle. The New York employment lawyer, known for winning millions in damages for out-of-work bankers and brokers, has seen an influx of clients lately. But now he's telling clients not to sue ex-bosses:...

Exxon Mobil Shatters Own Record With $14B Profit

Company earned $14.8B last quarter

(Newser) - Exxon Mobil breezed by its own record for the biggest quarterly profit for a US corporation, earning $14.83 billion in the third quarter. Bolstered by this summer's record crude prices, net income jumped nearly 58%, or $2.86 a share, for the world's largest publicly traded oil company. Exxon...

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