Wall Street

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Who's Who: The Players Remaking Wall St.

(Newser) - The financial world has been rocked to its foundations in a few short days, with a handful of men making momentous decisions. The Wall Street Journal outlines the key players.
  • Henry Paulson. No Treasury chief has wielded such power. He decides whether big firms live or die via federal bailouts.
...

Paulson's New Plan: Buy Bad Wall Street Debt

Treasury chief pushes creation of agency; news lifts markets

(Newser) - The US government is considering the creation of a federal institution that would buy up bad debt from struggling Wall Street concerns, CNBC reports. Treasury Secretary Henry Paulson is reportedly pushing the proposal around Washington. By relieving financial institutions of toxic debt, they could return to lending money as per...

Wall Street's Falling Stars Burn Hollywood

Studios scale back films, lose capital

(Newser) - When Steven Spielberg is feeling a budget pinch, you know the financial crisis is bad. His hunt for financing on a new studio deal gets tougher with each day of bad news from Wall Street, Time reports. With credit as tough to come by in Hollywood as everywhere else, many...

Congress Watches Uneasily as Fed, Treasury Move Boldly

Lawmakers complain of lack of oversight, being left out of loop as feds commit billions

(Newser) - Like sports fans second-guessing officials’ calls, lawmakers are watching uneasily from the sidelines as Treasury and Federal Reserve officials pledge billions of taxpayer dollars to fight Wall Street’s meltdown, the Washington Post reports. And, while many in both parties have been convinced the moves were appropriate, they’re worried...

Cox Has Neutered SEC's Watchdog Role
Cox Has Neutered SEC's Watchdog Role
ANALYSIS
Sep 17, 2008 4:37 PM CDT

Cox Has Neutered SEC's Watchdog Role

Critics say agency has gotten soft, especially against big business

(Newser) - Under chairman Christopher Cox, the US Securities and Exchange Commission has drastically reduced the power of its enforcement division, Portfolio reports. Cox was brought in to “chill it out” after his predecessor was perhaps too zealous for White House tastes. Congress chided Cox for essentially turning down more funding,...

Candidates Get the Economy Wrong: Pundits
Candidates Get the Economy Wrong: Pundits
OPINION
Sep 17, 2008 1:50 PM CDT

Candidates Get the Economy Wrong: Pundits

McCain is out of touch and off-message; Obama is reckless

(Newser) - With the economy in trouble, John McCain and Barack Obama have been talking economics. How are they doing?
  • Not very well, says the Wall Street Journal, declaring that the candidates “appear to know more about Mars than they do about financial markets.” Obama’s offering a return to
...

Fed to Bail Out AIG With $85B Loan

(Newser) - The Federal Reserve is poised to rescue insurance giant AIG with an $85 billion loan, MSNBC reports. In return, the Fed will take an 80% stake in the company, which is one of the world's biggest insurers. The move is a reversal for the US government, but federal officials determined...

Morgan Stanley Profit Dips, But Easily Beats Forecasts
Morgan Stanley Profit Dips, But Easily Beats Forecasts
EARNINGS REPORT
Sep 16, 2008 5:40 PM CDT

Morgan Stanley Profit Dips, But Easily Beats Forecasts

(Newser) - Morgan Stanley reported a 3% percent drop in third-quarter earnings but easily beat Wall Street expectations, Bloomberg reports. The investment bank's profit fell to $1.43 billion, or $1.32 per share from $1.47 billion, or $1.38, a year ago. Analysts expected 78 cents a share. The relatively...

Both Campaigns See Risk, Reward in Wobbly Wall Street

Neither candidate is solid on market crisis, but each can spin it to his strengths

(Newser) - Wall Street’s troubles pose a challenge for both candidates, though because his party hasn’t held the White House for nearly 8 years, Barack Obama has a slight leg up, writes Gerald Seib in the Wall Street Journal. Neither ticket has a strong market background, with John McCain more...

New York, New York, That Teetering Town

Masters of Universe tighten their belts as Wall Street quakes

(Newser) - Amid the financial fallout, even Manhattan's wealthiest consumers are beginning to curb their spending, Reuters reports. Wall Street tremors and belt-tightening by the rich are bound to hit New York City especially hard, and will rock stores, restaurants—and even charities. "We still have not hit the bottom...

Mac: Economy's Strong—Or, Er, Maybe Not

He 'doesn't get it,' Obama responds to McCain's mixed messages

(Newser) - John McCain yesterday appeared to flip flop in his response to the deepening crisis on Wall Street, reports the Washington Post. "The fundamentals of our economy are strong," McCain declared. But just minutes later he said that the "fundamentals of our economy are at risk." A...

Wall Street Woes Will Wallop Tech Sector
Wall Street Woes Will
Wallop Tech Sector
ANALYSIS
Sep 16, 2008 2:02 AM CDT

Wall Street Woes Will Wallop Tech Sector

Drying up of IPOs expected to hit tech ventures especially hard

(Newser) - Troubles hitting the Wall Street giants promise particularly dark days ahead for the tech business world, analysts tell CNET News. The problems are bound to stifle mergers and acquisitions in the tech industry and further dampen the market for initial public offerings. IPOs have already slowed to a trickle—and...

AIG Credit Rating Cut Triggers Mad Dash for Cash

Feds in emergency talks with investment banks to avert another crisis

(Newser) - Insurance giant AIG teetered on the brink of catastrophe last night as ratings agencies downgraded the beleaguered firm's credit ratings, forcing it to raise $14.5 billion to meet debt obligations, reports the Wall Street Journal. Federal Reserve officials were holding emergency talks with Goldman Sachs and JPMorgan Chase in...

Paulson, Wall Street Execs Let Lehman Die

11th-hour meeting exhausted all possible rescue options for investment firm

(Newser) - As the dust settles on Wall Street, details of the final frantic negotiations on Lehman Brothers reveal that Henry Paulson’s opposition to a government bailout ultimately sealed the investment bank’s fate, the Journal reports. Paulson summoned an emergency meeting of 30 Wall Street executives Friday to definitively state...

10 Banks Form $70B Fund to Stave Off Crash

Paulson brokers twin public-private liquidity measures

(Newser) - Ten of the world's largest banks have formed a massive liquidity fund to mitigate the effects of the Lehman Brothers meltdown, reports the Financial Times. All the investment banks will be able to borrow up to a third of the $70 billion fund in order to reduce volatility and stay...

Staggering Wall Street Job Market Takes Another Big Hit

Banks' collapse means loss of 50,000 more jobs

(Newser) - A Wall Street job market that’s already hemorrhaged 100,000 jobs this year now must steel for the loss of 50,000 more as Lehman Brothers and Merrill Lynch—two of its four pillars—tumble at once. “The resume flow will start today like there's no tomorrow,”...

Bank of America to Buy Merrill Lynch for $44B

(Newser) - In a day of toppling dominoes on Wall Street, Bank of America agreed to buy Merrill Lynch for $44 billion, or $29 a share—about two-thirds of what it was worth a year ago and 50% of its highest value in 2007, the Wall Street Journal reports. The deal, struck...

Lehman on Brink as Barclays Backs Out
 Lehman on Brink 
 as Barclays Backs Out 
updated
Sep 14, 2008 2:31 PM CDT

Lehman on Brink as Barclays Backs Out

UK bank walks over proposed shareholder approval

(Newser) - Barclays told federal regulators today that it is walking away from talks to buy all or part of Lehman Brothers. Barclays reportedly balked at a request that shareholders approve the agreement, a process that could take weeks—and left some wondering why the demand came up as late as today....

Wall St. Groans as Lehman Deal Takes Shape

Divided sale may spark ripple of pain through financial industry

(Newser) - A possible deal to salvage Lehman Brothers took shape today but cast a dark mood over Wall Street, the Wall Street Journal reports. Washington refused to save the ailing bank, sparking a plan for either Barclay's or Bank of America to buy "good" Lehman assets while other banks propped...

Feds, Banks Seek Lehman Deal by Tonight

BofA, Barclays balk at bad assets, but bailout not in the cards

(Newser) - Washington and Wall Street continued talks today aimed at solving the Lehman Brothers crisis as early as tonight, the Wall Street Journal reports. Federal Reserve officials still refuse to approve a bailout like the one that enabled JP Morgan to acquire Bear Stearns this summer—but possible buyers like Bank...

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