Wall Street

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Madoff Is Wall Street's Hot New Investment

Banks buying up Ponzi claims to cash in later

(Newser) - The wizards of Wall Street have found a way to turn Bernard Madoff into a hot investment. Big banks have been buying up the claims of the victims of Madoff's massive Ponzi scheme, offering scammed investors a fraction of what they are owed in the hopes of making big...

Facebook to Go Public With an Estimated Worth of $100B
Facebook Prepping for
$100B IPO in Early 2012
sources say
Jun 13, 2011 2:29 PM CDT

Facebook Prepping for $100B IPO in Early 2012

Notoriously private company to finally share its financial status, sources tell CNBC

(Newser) - Facebook is just about ready to change its IPO status to "public," sources tell CNBC . The social networking behemoth, which had previously kept its financial numbers under lock and key, will likely go public in the first quarter of next year at a valuation of $100 billion. Because...

For 2012, Obama Wants 'Fat Cats' Back on His Side

The president reaches out to Wall Street donors

(Newser) - President Obama—who famously angered Wall Street executives by calling them “fat cats,” the New York Times reminds us—is now courting those same executives in his quest for re-election campaign contributions. He kicked off the push by hosting two dozen of them, many longtime donors, at the...

Billionaire Convicted in Huge Insider Trading Case

Raj Rajaratnum of Galleon Group guilty on all counts

(Newser) - A former Wall Street titan was convicted today of making a fortune by coaxing a crew of corporate tipsters to give him an illegal edge on trades in technology and other stocks. Prosecutors called it the largest insider trading case ever involving hedge funds. Sri Lanka-born Raj Rajaratnam was convicted...

Banks Profited by Loaning Fed Money Back to ... Feds

They charged bigger interest rates on cheap money from Uncle Sam

(Newser) - Crisis-walloped banks aided with federal loans likely made a fortune by lending the same money back to the federal government at substantially higher interest rates, a new report indicates. The study by the Congressional Research Service supports complaints that the largest banks essentially engaged in taxpayer-financed arbitrage by cashing in...

Long Banks' Worst Enemy, Warren Now Courts Them

'She's listening' as she sets up Consumer Financial Protection Bureau

(Newser) - Elizabeth Warren is the longtime bane of the banking industry's existence, but as she prepares the new Consumer Financial Protection Bureau, the woman who once slammed Wall Street's finest as "the people who drove the car off the cliff" is now killing them with kindness. In many cases, they’...

Germans Close to Buying NY Stock Exchange

Cradle of US capitalism about to fall to Deutsche Börse

(Newser) - The raucous cathedral of American capitalism, the New York Stock Exchange, is about to be bought by the Germans. If regulators approve the deal, the acquisition of NYSE Euronext (which owns the NYSE) by Deutsche Börse AG (which owns the Frankfurt stock exchange) would create the world's largest financial...

Wall Street Pay Hits Record $135B

And revenues hit record, too

(Newser) - Wall Street shouldn't have much to grumble about: Total pay at publicly traded banks and securities hit a new high of $135 billion last year, reports the Wall Street Journal. That's up 5.7% from 2009 figures. "Things are shifting back to where they were before," says a...

Al-Qaeda's Next Target: Bankers?

Wall Street gets warning from the feds

(Newser) - Wall Street and its bigwigs may be al-Qaeda’s next target. The FBI confirmed that major financial institutions have been briefed on threats gleaned from an al-Qaeda magazine and blogger, and insisted those threats were general in nature. But WNBC has learned officials are concerned that some executives’ names have...

Did Bankers Go to Jail for Causing Great Depression?

No, although a couple were charged and some were embarrassed

(Newser) - The government could soon prosecute a few Wall Streeters who allegedly played a role in the financial crisis, and the commission that uncovered those at fault was modeled on a similar probe after the Great Depression. So did anyone who precipitated that collapse ever go to jail? Nope, writes Brian...

Feds Ready to Prosecute in Financial Meltdown

Inquiry panel will name names on Thursday

(Newser) - It might finally be time to pay for a handful of Wall Streeters, as the Financial Crisis Inquiry Commission prepares to name names for possible prosecution, insiders tell the Huffington Post . The panel, which will release three separate reports on Thursday, is turning several cases over to state and federal...

Banks Expected to Dole Out Dividends Again

Rising profits should lead to 'milestone' soon: Analysts

(Newser) - America’s top banks are expected to report yet another quarter of profits, putting them in prime position to start paying dividends again, analysts tell the New York Times . JPMorgan got things rolling today by reporting a 47% increase in profits, notes the Wall Street Journal . It will be followed...

SEC Snooping Around Facebook, Twitter Trades

Booming private exchanges move social networks' shares

(Newser) - The SEC wants information about the surging private stock exchanges that have grown up around top social networks, the New York Times reports. Shares of Facebook, Twitter, Zynga, and LinkedIn are all sought-after commodities—though none of the companies are publicly held. As the exchanges gain popularity, Wall Street investment...

Wall Street May Dish Out Bonuses Early to Avoid Taxes

Executives could lose tens of thousands if paid early next year

(Newser) - Wall Street is worried: If Congress fails to extend the Bush tax cuts for the nation’s highest earners, then any bonuses paid early next year—the normal time frame—will cost a typical worker an extra $40,000 to $50,000 in taxes on a $1 million bonus. So...

Fed Dished $3T in Aid to Foreign Banks

Other beneficiaries included ... Verizon, Harley-Davidson?

(Newser) - The beneficiaries of the Federal Reserve's $3.3 trillion in emergency programs during the financial crisis aren't names you'd expect to see: Foreign banks including UBS and Barclays ranked among the biggest borrowers under the Commercial Paper Funding Facility, sparking more debate over the central bank's role, Bloomberg reports. A...

Feds See Massive Insider-Trading Network

Three-year investigation is among the biggest ever undertaken

(Newser) - You know that gray line that sometimes separates "expert advice" from the crime of insider trading? It's about to get a lot darker. The feds are wrapping up what the Wall Street Journal describes as a huge three-year investigation expected to bring an unprecedented array of charges against everyone...

GM Shares Jump 8% in Wall Street Return

Shares trading for $35.80

(Newser) - And, they're off! General Motors stock jumped from the initial IPO price of $33 per share to $35.80 after GM Chief Executive Dan Akerson rang the opening bell this morning, returning the icon of American manufacturing to life as a publicly traded company. The Dow Jones industrial average rose...

The Real Reason Wall Street Is Voting Republican

The market loves a divided government

(Newser) - Wall Street is giddy over the prospect of a Republican congressional takeover—and not because of the GOP’s pro-business rhetoric. The real reason is that the stock market loves a divided government, writes Costas Panagopoulos of the Christian Science Monitor . Historically, the Dow has climbed an average 11.1%...

GDP Grows 2% in 3Q
 GDP Grows 2% in Q3 
Oct 29, 2010 8:54 AM CDT

GDP Grows 2% in Q3

Growth fits economists' predictions

(Newser) - The economy grew slightly faster over the summer as Americans spent a little more freely: The GDP grew at a 2% rate during the third quarter, in line with what economists had forecast. It marks a slight improvement over last quarter, when the GDP grew at a 1.7% rate....

Wall Street Pay to Break Records (Again)

Pay up 4% from previous record, set last year

(Newser) - Wall Street is set to break the compensation records it set just last year, the Wall Street Journal reports. In a survey of 35 publicly traded securities and investment-services firms, 26 were expected to boost compensation, bringing total pay up to $144 billion—up 4% from last year’s $139...

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