Wall Street

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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...

Wall Street to Slash 21K Jobs
 Wall Street to Slash 21K Jobs 
Apr 30, 2012 7:51 AM CDT

Wall Street to Slash 21K Jobs

Downsizing binge will rival that of financial crisis

(Newser) - Wall Street's job creators aren't exactly living up to that billing. The market is soaring, and so are bank profits, but financial firms are preparing for a massive round of layoffs, analysts tell Fortune , estimating that the banks will cut nearly 21,000 jobs. That would be a...

Obama Just Legalized Fraud
 Obama Just Legalized Fraud 
Matt Taibbi
Apr 10, 2012 9:12 AM CDT

Obama Just Legalized Fraud

Matt Taibbi on why the JOBS Act 'couldn't suck worse'

(Newser) - Did you enjoy the dot-com bubble? Well, expect a replay on an even bigger scale, because last week President Obama signed a bill that, according to Matt Taibbi of Rolling Stone , "will very nearly legalize fraud in the stock market." The JOBS Act is ostensibly designed to make...

Bank of America Is a Crime Syndicate
 Bank of America Is 
 a Crime Syndicate 
Matt Taibbi
Mar 14, 2012 1:55 PM CDT

Bank of America Is a Crime Syndicate

Matt Taibbi: It's 'ripping off virtually everyone'

(Newser) - Matt Taibbi gives Bank of America the " vampires squid " treatment today, savaging "the ultimate Too Big to Fail bank" as "a hypergluttonous ward of the state whose limitless criminal conspiracies we'll all be paying for until the end of time," in a lengthy Rolling ...

Inside Bankers&#39; &#39;Malaise&#39; Over Slashed Bonuses
Inside Bankers' 'Malaise'
Over Slashed Bonuses
in case you missed it
Mar 3, 2012 7:00 PM CST

Inside Bankers' 'Malaise' Over Slashed Bonuses

Wall Street workers finding it difficult to get by, or so they say

(Newser) - Wall Street bankers received smaller bonuses this month, and it is really hard for them. If you're having trouble dredging up any sympathy, perhaps that's because you just don't understand what it's like to be in the 1%: "People who don’t have money don’...

'Gordon Gekko' Working for FBI

Michael Douglas tapes public service ad on Wall Street evils

(Newser) - The "greed is good" money man who everyone loved to hate in the movie Wall Street has turned a new leaf. He's now working for the FBI, reports MSNBC . "Gordon Gekko," aka Michael Douglas, is doing a public service announcement for the FBI cautioning consumers to...

Dow Passes 13K Mark
 Dow Passes 13K Mark 
Feb 21, 2012 10:34 AM CST

Dow Passes 13K Mark

Last time it did so: May 20, 2008

(Newser) - Huge milestone today: The Dow crossed the 13,000 mark, the first time since before the 2008 financial crisis that it has done so. The last time it made it above that milestone was on May 20, 2008, four months before Lehman Brothers went under. Behind today's bump: the...

Hey, Wall Street: Shut Up About Bonuses
 Hey, Wall Street: 
 Shut Up About Bonuses 
Matt Taibbi
Feb 9, 2012 1:06 PM CST

Hey, Wall Street: Shut Up About Bonuses

Matt Taibbi says bankers are still overpaid

(Newser) - Matt Taibbi was incredulous when he read a recent New York piece in which Wall Street denizens whined that Dodd-Frank was limiting their bonuses. "I watch what I spend," one banker lamented, "but my girlfriend likes to eat good food," which adds up fast. "Quelle ...

SEC Letting Big Banks Skirt Fraud Penalties
SEC Letting Big Banks
Skirt Fraud Penalties
NYT analysis
Feb 3, 2012 7:13 AM CST

SEC Letting Big Banks Skirt Fraud Penalties

'New York Times' analysis finds 350 instances of banks getting free passes

(Newser) - The Securities and Exchange Commission has repeatedly allowed Wall Street's biggest banks to avoid penalties specifically intended to punish and deter fraud, a New York Times analysis of SEC records reveals. Over the past decade, the SEC has on almost 350 occasions granted waivers exempting big financial companies from...

Romney Should Be Proud of Bain Work

Bain and companies like it saved America: Daniel Henninger

(Newser) - Mitt Romney shouldn't distance himself from his work at Bain Capital during the 1980s, writes Daniel Henninger at the Wall Street Journal . In fact, he should embrace it, because Bain and companies like it rescued the country. Forget the caricatures of 1980s Wall Street as the decade of greed....

Lehman Lives on— and It's Getting Bigger

Financial giants refuse to die, Steven Davidoff explains

(Newser) - You might remember Lehman Brothers from its starring role in kicking off 2008's financial crisis by declaring bankruptcy, and hence, you might think it is dead and buried. But you'd be wrong, writes Steven Davidoff in the New York Times : Lehman is actually still shambling around, zombie-like, and...

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