New York Federal Reserve Bank

14 Stories

In Jobs Market, 'The Vibes Have Gotten Worse'

New York Fed survey shows churn in labor market with 1 in 4 respondents seeking new job

(Newser) - More Americans are looking for a new job and expecting to lose the one they have, according to the New York Federal Reserve's July consumer poll , released Monday. The survey, which has been polling roughly 1,000 Americans about work every four months since 2014, found 28.4% of...

Pay Needed to Tempt Workers Away Reaches 10-Year High
Pay Needed to Tempt Workers
Away Reaches 10-Year High
the rundown
Apr 19, 2024 11:47 AM CDT

Pay Needed to Tempt Workers Away Reaches 10-Year High

Average desired wage climbs nearly $8.5K in 4 months, according to New York Fed survey

(Newser) - The lowest compensation job searchers are willing to accept for a new position has increased to the highest level in a decade, even as hiring slows. Job searchers say they require $81,822 in annual compensation, on average, to switch jobs, according to the latest consumer expectations survey , conducted every...

7M of Us Are Behind on Our Car Loans. Is It a Red Flag?
We Haven't Been This Behind
on Car Loans Since 2010
the rundown
Feb 13, 2019 10:35 AM CST

We Haven't Been This Behind on Car Loans Since 2010

NY Fed says more than 7M Americans are 90 days or more behind

(Newser) - Borrowers are behind in their auto loan payments in numbers not seen since delinquencies peaked at the end of 2010, according to the Federal Reserve Bank of New York . More than 7 million Americans were 90 or more days behind on their car loans at the end of last year,...

North Korea May Have Ordered $81M Theft at NY Fed

Investigators find links to 2014 Sony hack: report

(Newser) - Investigators initially suspected the hackers who stole $81 million from the Federal Reserve Bank of New York last year while posing as Bangladeshi bankers weren't actually from Bangladesh. Now, they're apparently pointing the finger at North Korea. While investigators believe Chinese individuals or businesses carried out the attack,...

$1B Bank Heist Thwarted by ... a Typo
 $1B Bank Heist 
 Thwarted by ... a Typo 
IN CASE YOU MISSED IT
Mar 13, 2016 9:41 AM CDT

$1B Bank Heist Thwarted by ... a Typo

Hackers still made off with $81M, say officials

(Newser) - Hackers helped themselves to $81 million from the Federal Reserve Bank of New York last month—but the massive theft could have been far worse if not for a typo, reports Reuters . Investigators say the heist began when the hackers breached the security systems of Bangladesh Bank and then, posing...

Household Debt Takes Biggest Leap Since 2007

And that might mean good things for the economy

(Newser) - US household debt spiked by $241 billion in the fourth quarter, up to $11.5 trillion, according to a new report from the Federal Reserve Bank of New York. It's the biggest increase seen since the financial crisis, and the first on a year-over-year basis. That might actually be...

US Selling Off $18B Stake in AIG

With sale, US will be minority shareholder for first time since bailout

(Newser) - The US government is selling another $18 billion in AIG, a move that will make it a minority stakeholder for the first time since bailing out the insurance giant in 2008, reports the Wall Street Journal . Four other sales since March 2011 have reduced the government's stake in AIG...

Feds Checking Giant Gold Stash

 Feds Open Vault, 
 Double-Check 
 Giant Gold Stash 
in case you missed it
Aug 5, 2012 7:00 PM CDT

Feds Open Vault, Double-Check Giant Gold Stash

Auditors drilling into Uncle Sam's NY Fed holdings

(Newser) - Have Die Hard-style criminal masterminds made off with part of the world's biggest stash of gold? Probably not, but the federal government has been quietly double-checking its holdings in the New York Federal Reserve's vault anyway, the Los Angeles Times finds. The fortress deep below Manhattan holds close...

NY Fed Kept Mouth Shut About Barclay's Libor Scheme

Staffers knew about rate fixing

(Newser) - Barclays admitted that it was rigging Libor to the Federal Reserve Bank of New York back in 2008—and the New York Fed, and its then-head Timothy Geithner, told precisely no one. Geithner has said he sounded the alarm on Libor in 2008, and indeed, the Fed did suggest reforms...

BofA Near $8.5B Deal to Settle Big Investors' Claims

BlackRock, New York Fed lost money on mortgage-backed securities

(Newser) - Bank of America is close to a deal that calls for the lender to pay $8.5 billion to settle claims from a group of heavyweight investors who bought mortgage-backed securities before the housing collapse and lost a ton of money in the process. A person familiar with the discussions...

Fed Report Rakes Geithner Over AIG Bailout

He's accused of handing AIG creditors 'backdoor bailout'

(Newser) - Tim Geithner did a lousy job of looking out for the interests of taxpayers during the AIG bailout last year, according to a report from a federal oversight group. Geithner, then head of the Federal Reserve Bank of New York, made no attempt to renegotiate AIG's debts, effectively giving the...

Fed Knew of AIG Bonuses 5 Months Before Storm

Geithner's New York Fed planned for controversy in Sept. '08

(Newser) - Senior officials at the New York Federal Reserve knew about AIG's plans to pay large bonuses more than 5 months before controversy erupted, according to documents seen by the Washington Post. Correspondence and phone records show that the central bank was working with AIG, lawyers, auditors, and PR firms to...

NY Fed Chair Quits Over Goldman Ties

Friedman upped stake in bank after it fell under Fed supervision

(Newser) - The chairman of the Federal Reserve Bank of New York has abruptly stepped down amid criticism of his ties to Goldman Sachs, the Wall Street Journal reports. Stephen Friedman, who increased his holdings in Goldman after it became a bank holding company under Fed supervision, denied acting improperly. But he...

At NY Fed, Geithner Got Cozy With Wall Street

Geithner's cozy history with the high finance club draws critics' ire

(Newser) - While some feel Treasury Secretary Timothy Geithner has been an aggressive steward of the public trust, some critics point to his days as New York Fed president as proof he’s too cozy with the very banks that crippled the financial system. The New York Times investigates his tenure there,...

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