Wall Street

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Wall Street Braces for Dismal Bonuses

Worst since '08, but average still hits $101K

(Newser) - Poor little Wall Street: The New York Post is reporting that the 2012 bonus season is likely to be a lean one—at least by the Street's standards. It seems your average Wall Streeter will be taking a 16.5% hit over last year's bonuses, and a 50%...

Obama Won the &#39;Makers,&#39; Romney the &#39;Takers&#39;
Obama Won the 'Makers,' Romney the 'Takers'
OPINION
Dec 5, 2012 1:52 PM CST

Obama Won the 'Makers,' Romney the 'Takers'

Harold Meyerson: Techies went for president, bankers for Romney

(Newser) - A look at this year's political contributions makes a few generalizations safe: If an employee of Google or Microsoft donated to a candidate, it was probably Barack Obama. If an employee at Goldman Sachs or Morgan Stanley did, it was probably Mitt Romney. In short, Silicon Valley loves Obama...

Sandy May Have Ruined Billions in Bearer Bonds

Wall Street could lose $70B, source says

(Newser) - Add this to Superstorm Sandy's damages: billions of dollars in soaked bearer bonds that may never be recovered, the New York Post reports. The storm surge flooded a huge underground vault in New York, sousing 1.3 million bond and stock certificates with water, sewage, and diesel. Now a...

OK, Obama, Now Can We Get Tough on Wall Street?
OK, Obama, Now Can We
Get Tough on Wall Street?
OPINION
Nov 12, 2012 12:55 PM CST

OK, Obama, Now Can We Get Tough on Wall Street?

His 2nd term is a chance to do it right: William Cohan

(Newser) - Back when President Obama took office in 2009, many assumed he'd reform the Wall Street system that had just blown a hole in the economy. "It turned out we were either naïve or stupid," author William Cohan writes at Bloomberg . Instead, Obama's administration was stocked...

Obama: Romney's a Bullsh***er

President gives wide-ranging cover interview with 'Rolling Stone'

(Newser) - President Obama sat for a wide-ranging cover interview with Rolling Stone, and took a not-very-subtle jab at his opponent right off the bat, reports Politico , which notes the president's "genuine disdain" for Mitt Romney. When told by his interviewer that his 6-year-old told him to tell the president,...

Goldman Sachs 'Traitor' Rips Wall Street Culture

But critics question Greg Smith's insider account

(Newser) - After rocking the financial world with a New York Times op-ed condemning Goldman Sachs' culture, former company VP Greg Smith is back with a full book : Why I Left Goldman Sachs: A Wall Street Story, out today. Going public was the "only way" to "change the system" that...

Tom Brady to Jamie Dimon: 'Hang In There'

CEO of America's biggest bank gets a profile in Vanity Fair

(Newser) - When the firestorm around JPMorgan's "London Whale" scandal was burning hottest, Jamie Dimon got a surprise call from Tom Brady. "Hang in there," the Patriots quarterback told him. "I was surprised he even knew who I was, to tell you the truth," Dimon says....

Wall Street&#39;s Fear: Senators Who Know Things
Wall Street's Fear: Senators Who Know Things
OPINION
Sep 28, 2012 1:55 PM CDT

Wall Street's Fear: Senators Who Know Things

Bankers want no part of 'expert' Elizabeth Warren, Dave Sirota writes

(Newser) - Get Wall Street executives drunk enough, and David Sirota of Salon is pretty sure they'll confess that they like their legislators to be incurious and ill-informed. How does he know? Because one former Lehman Brothers trader recently admitted as much in a recent Businessweek piece on the Massachusetts Senate...

Wall Street Traders Turn to ... Astrology?!

Thousands subscribe to star-based finance newsletter

(Newser) - Wall Street is a sophisticated place full of smart, savvy professionals who make decisions based on rational criteria … like whether or not Mercury is in retrograde. An astrology-based financial newsletter has drawn a couple thousand subscribers, Marketplace.org reveals. Another has at least 300 traders subscribed, for the low-low...

Occupy, One Year Later: Fizzling or Thriving?
Occupy, One Year Later: Fizzling or Thriving?
opinion roundup
Sep 17, 2012 1:04 PM CDT

Occupy, One Year Later: Fizzling or Thriving?

Observers weigh in on the movement's impact

(Newser) - Occupy Wall Street celebrated its first anniversary today not so much with a bang as with a whimper— police and press outnumbered protesters . Reactions from both sides of the fence:
  • In the Daily Beast, Matt Taylor says the movement has "fizzled" as organizers, too worried about being "co-opted"
...

Wall Street Has Plenty of Democrat Pals, Too
Wall Street Has Plenty
of Democrat Pals, Too
OPINION
Sep 12, 2012 12:32 PM CDT

Wall Street Has Plenty of Democrat Pals, Too

They know how to 'tow the line,' too: Gary Weiss

(Newser) - Yes, Wall Street would love to see Mitt Romney win in November, writes Gary Weiss at TheStreet , but Weiss wants to debunk the "conventional wisdom" that the financial services industry and Democrats don't get along. New York Sen. Kirsten Gillibrand is a case in point. She's a...

Probe Targets Finance Firms Over 'Sneaky' Strategy

Bain Capital gets a subpoena

(Newser) - Do private equity firms like Bain Capital use a sly strategy to avoid paying hundreds of millions in taxes? That's what New York Attorney General Eric Schneiderman aims to find out. In recent weeks he issued subpoenas to more than a dozen companies, including Bain, TPG Capital, and Sun...

24% of Wall Street Execs: We Need to Break the Law
24% of Wall Street Execs:
We Need to Break the Law
survey says
Jul 10, 2012 7:37 AM CDT

24% of Wall Street Execs: We Need to Break the Law

New survey finds many consider illegal or unethical behavior necessary

(Newser) - Well, this explains a lot: A new survey of 500 senior Wall Street executives found that 24% said that unethical or illegal behavior was not only acceptable, but even necessary in order to achieve success in their business. Other highlights from the survey, conducted by whistleblower law firm Labaton Sucharow,...

Google CEO: 'Nothing Seriously Wrong With Me'

Larry Page sends email about health after skipping shareholders meeting

(Newser) - Wall Street was abuzz today with rumors about Google CEO Larry Page's health after he skipped yesterday's shareholder meeting and the company said he'd miss two upcoming events as well. So much so that Page wrote an email to employees to say that "there is nothing...

Wall Street Defects to Romney en Masse

He's out-fundraised Obama in the financial sector by a ludicrous margin

(Newser) - Wall Street is behind Mitt Romney, and it's quite literally voting with its dollars. Romney is clobbering President Obama when it comes to financial-sector donations, raising $37.1 million to just $4.8 million, Politico reports. That might not sound surprising given Romney's financial roots, but many of...

&#39;Masters of the Universe&#39; Sure Have Fragile Egos
'Masters of the Universe'
Sure Have Fragile Egos
paul krugman
May 25, 2012 1:08 PM CDT

'Masters of the Universe' Sure Have Fragile Egos

It would be funny, if it weren't so 'shameful': Paul Krugman

(Newser) - Paul Krugman has some choice words today for the titans of Wall Street, who can't seem to take a little criticism from the president. "It has, in a way, been funny to see how childish and thin-skinned the Masters of the Universe turn out to be," he...

Facebook IPO Ends Flat: Right Back at $38

Shares don't fare as well as expected

(Newser) - Facebook's big day is over, though its IPO didn't meet Wall Street's expectations. Some highlights:
  • Rise and fall: Shares opened at $38, rose quickly to $42, then sank again to $38 before underwriters stepped in to keep the price up, reports the Wall Street Journal . Shares closed
...

Heads Roll at JPMorgan Over $2B Trade Loss

CEO Jamie Dimon will accept at least three resignations

(Newser) - JPMorgan's disastrous $2 billion trading loss has officially claimed its first casualty. Chief Investment Officer Ina R. Drew, a 30-year veteran of JPMorgan and one of Wall Street's most prominent women, retired today, the AP reports. Drew was responsible for overseeing the disastrous trades. Executives say she ordered...

Why Obama Won't Nail Wall Street 'Crooks'

Even Eric Holder is linked to elite financial world

(Newser) - With President Obama's campaign officially underway , two journalists examine why his promise to end "business as usual" on Wall Street has amounted to more, well, business as usual on Wall Street. "Casting Romney as a plutocrat will be easy enough," write Peter Boyer and Peter Schweizer...

Bank of America Laying Off Elite Bankers

Cost-cutting to hit Merrill's top earners

(Newser) - Bank of America plans to lay off 2,000 of its highest paid employees in its investment banking, commercial banking, and non-US wealth management units, sources tell the Wall Street Journal . Those operations just happen to be the ones that expanded with BofA's acquisition of Merrill Lynch, which has...

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