Wall Street

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Street Foresees Very Good Year
Street Foresees Very Good Year  
Nov 13, 2007 12:44 PM CST

Street Foresees Very Good Year

Amid chaos, $28B in earnings marks the second best in history

(Newser) - Despite $45 billion in subprime writedowns, rolling CEO heads, and an $84 billion drop in market value, Wall Street will somehow post its second-most-profitable year ever, reports Bloomberg. “As the bombs are dropping and the mines are exploding, it's a bit of a surprise,'' said an investment banker....

Wall Street Bonuses In for a Fall
Wall Street Bonuses In for a Fall
Nov 7, 2007 3:50 AM CST

Wall Street Bonuses In for a Fall

Extra pay could drop in half for some senior bond traders

(Newser) - Wall Street's multi-million-dollar bonuses are likely to take a hit for the first time in five years, with extra pay dropping in half for some senior sellers of mortgage-backed securities, according to the Wall Street Journal. Traders in stocks and commodities are expected to do better than those working with...

Rubin Named Chairman of Citigroup
Rubin Named Chairman of Citigroup
Nov 4, 2007 6:00 PM CST

Rubin Named Chairman of Citigroup

Prince out; company to report $8-11B more in writedowns

(Newser) - Citigroup CEO and Chairman Charles Prince resigned today, clearing the way for former US Treasury Secretary Robert Rubin to be named chairman, the Wall Street Journal reports. Sir Win Bischoff was named interim chief executive. Citigroup also plans to report $8-$11 billion in mortgage-related writedowns, on top of the $2....

Prince to Resign From Citigroup
Prince to Resign From Citigroup
Nov 2, 2007 7:36 PM CDT

Prince to Resign From Citigroup

CEO takes 'very unusual move' after bleak third quarter earnings and SEC probe

(Newser) - Growing pressure on Citigroup Inc. is prompting CEO Charles Prince to end his four-year rein this weekend. Bleak third-quarter earnings and an SEC probe of Citigroup's accounts have amped up existing frustration at the financial services company. Prince has "stepped up and done the right thing without forcing the...

How to Weather a Roman &aacute; Clef
How to Weather a Roman á Clef
Nov 2, 2007 12:05 PM CDT

How to Weather a Roman á Clef

What do you do when the villain in your ex-employee's novel seems awfully familiar?

(Newser) - Lauren Weisberger's thinly veiled tell-all, The Devil Wears Prada, raked Vogue editor-in-chief Anna Wintour over the coals. Wall Street speared Ivan Boesky. Survive an embittered underling's shenanigans with these tips from Portfolio:
  1. Request an advance copy from the author, not the publisher.
  2. Get together with your legal and PR teams.
...

Embattled Merrill Chief Stepping Down

O'Neal will announce departure; Fink leading contender for CEO

(Newser) - Merrill Lynch CEO Stan O’Neal has decided to step down, the Wall Street Journal reports, after days of speculation about his likely ouster following $8 billion in writedowns for the bank, and reports that he had discussed a merger with Wachovia without board authorization. The list of potential successors...

Shake-up Rocks I-Banking Unit After Deep Losses

Bank of America hires new unit president, announces lay-offs

(Newser) - After last week’s dismal report card for its investment arm, Bank of America replaced that unit’s president and announced a slate of reforms to recharge the business. Gene Taylor abruptly retired and will be replaced by Brian Moynihan, the bank’s president of Global Wealth and Investment Management,...

Amazon Reports Large Increase in 3Q Sales

Despite 313% jump, stock drops in after-hours trading

(Newser) - Amazon reported strong increases in third-quarter sales, citing once again its low pricing and free shipping for success. But investors may have been hoping for an even larger increase, because Amazon's share prices fell over 8% in after-hours trading. The company netted a profit of $80 million for the quarter,...

Note to Dems: Use Health Care to Woo Business

American Prospect says reform key to pilfering GOP support

(Newser) - The GOP is losing its grip on the big-business vote, and Democrats need to seize the opportunity to move in, argues the American Prospect's Paul Waldman. Health-care reform is the perfect peg for the left to woo Wall Street, and with single-payer systems far cheaper than the current mess, wise...

Economy Slows, Stocks Surge: What Gives?

'Teflon investors' are relying on the good news

(Newser) - Stocks are surging while classic indicators are signaling slump — so what gives? The answer, reports the Washington Post, lies in a bright jobs report and spiking Standard & Poor's 500-stock index. Backers are dissing the bad news as fast as they can finance, says the Post: "Call them...

Market Still Partying After Cut
Market Still Partying After Cut
Sep 19, 2007 9:36 AM CDT

Market Still Partying After Cut

Rallies continue off of big Federal Reserve rate slash

(Newser) - Wall Street kept the party going today, as the Federal Reserve’s half-point rate cut kept pushing stocks up. Financials even shrugged off disappointing earnings from Morgan Stanley, which posted a more-than-expected 17% drop in net income for the quarter, the Wall Street Journal reports. The Dow rose 58.04...

Subprime Crisis Sparks a Spate of Legal Battles

Investors, homeowners, banks head to court, but obstacles lie ahead

(Newser) - The troubles plaguing Countrywide and Bear Stearns’ hedge funds will move from the boardroom to the courtroom. Homeowners and banks are suing mortgage lenders, shareholders are suing funds, the SEC is investigating executives, and Congress may conduct hearings into credit agencies' practices. The current mess ensnares “an incredible range...

Wall Street Funds Chinese Spy Upgrade

Hedge funds offer $150M helping hand to Beijing Big Brother

(Newser) - Wall Street money is fueling the high-tech upgrade of China's police state, the New York Times reports. US hedge funds have poured $150 million into Chinese surveillance companies that are developing the latest in government spookware, from face-recognition technology to behavior-recognition software that can spot a disturbance before it begins.

Job Losses Don't Add Up to Recession... Yet

Analysts say 4-year-low might be caused by teachers on vacation

(Newser) - Eye-popping job numbers rippled through Wall Street yesterday, but analysts pooh-pooh recession fears as premature. “I think it is important we take a deep breath before screaming ‘A recession is now around the corner!’” one expert says. Four thousand lost jobs may be the worst depletion...

Wall Street Up, Up, and Away for Holiday Weekend

Investors thank Bush, Bernanke for gains

(Newser) - On the eve of the holiday weekend, the major markets jumped today, riding encouraging comments by President Bush and Ben Bernanke to broad advances that pushed their monthly gains above 1%. The Dow, which saw 28 of 30 stocks rise, finished up 119.01 points, closing at 13,357.74....

Fed Chief to Address Market Uproar
Fed Chief to Address
Market Uproar
Aug 30, 2007 5:02 AM CDT

Fed Chief to Address Market Uproar

Wall Street will be craining for clues on possible rate cut

(Newser) - Tomorrow, Ben Bernanke will make his first speech since turmoil erupted in the world's financial markets early this month. As Wall Street listens for clues about whether interest rates will be cut next month, the Fed chief be walking a tightrope, the Washington Post observes. If he appears indifferent, panic...

New-Home Sales Grow, Spur Wall St.
New-Home Sales Grow, Spur Wall St.
Aug 24, 2007 11:21 AM CDT

New-Home Sales Grow, Spur Wall St.

But new figures don't fully reflect credit market's impact, analysts say

(Newser) - New-home sales grew 2.8% last month, delivering an unexpected bit of good news to investors still reeling from the credit crunch. But the housing market, which had been rebounding in recent months from a slump, will likely show renewed weakness after he mortgage crisis dust settles, Bloomberg reports.

Stocks Stall Amid Continued Anxiety
Stocks Stall Amid Continued Anxiety
Aug 23, 2007 4:33 PM CDT

Stocks Stall Amid Continued Anxiety

Traders watch, wait as Fed weighs interest rate cut

(Newser) - The Dow dipped a quarter-point to close at 13,235.88 today as investors continue to fret over the possibility of a Fed interest rate cut. The S&P 500 dropped 1.57 to 1,462.5, and the Nasdaq fell 11.10 to 2,541.70. Home Depot led...

Online Brokers Play 'Let's Make a Deal'

E*Trade, Ameritrade renew talks on merger that could jolt industry

(Newser) - Though past merger talks were never consummated, online stockbrokers E*Trade and TD Ameritrade are again in "serious discussions" over a union, the Wall Street Journal reports. A consolidation would create a dominant player in online trading, reducing competition and perhaps ratcheting up costs for consumers. One source estimates the...

Wall Street Bonuses To Sink
Wall Street Bonuses To Sink
Aug 22, 2007 12:31 AM CDT

Wall Street Bonuses To Sink

Market crisis hits paychecks

(Newser) - The credit crisis, which has surged across the global financial infrastructure like a tsunami, washing away millions of share prices, is about to hit one of Wall Street's most hallowed traditions —the fat bonus. The extra pay for all but an elite few may be cut for the first...

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