Wall Street

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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...

Warren Buffett: Cut Taxes, But Not for the Rich

Billionaire slams tax system, Wall Street 'casino' pay

(Newser) - Finance wiz Warren Buffett believes taxes should be cut—but not for him or other wealthy Americans. The 80-year-old investor, speaking at the Most Powerful Women summit in Washington, said it's absurd how he pays the lowest rate of tax of anybody in his office, including the cleaning lady, CNN...

AIG Reaches Deal to Repay Government
AIG Reaches Deal to Repay Government
Sep 30, 2010 12:01 PM CDT

AIG Reaches Deal to Repay Government

US will eventually no longer own the company

(Newser) - AIG said today it's reached a deal to repay billions of dollars it received during the credit crisis. The plan could return a profit to taxpayers who footed the bill for AIG's near collapse in September 2008 and will eventually remove the government as majority owner. AIG became a lightning...

Investors Flee Wall St., Bet on the Farm

Farmland has outperformed S&P 500 since recession

(Newser) - While Wall Street fiddles and the rest of the real estate market largely fizzles, there's a new hot commodity that has investors flocking to it: Farmland, reports the LA Times. Average farm real estate prices have doubled over the last decade, unlike, say, Florida condos, and many Americans and foreigners...

Obama Takes on Disgruntled Wall Streeters

Says 'big chunk of country thinks I've been too soft on you'

(Newser) - President Obama insisted he was not “anti-business” today, as he was confronted with several angry businesspeople in a town hall-style event on CNBC . “I have been amused over the last couple of years by this sense of me beating up on Wall Street,” Obama said. “Most...

Obama: Warren Will Fight for Middle Class

President taps adviser to set up consumer protection agency

(Newser) - President Obama named Wall Street critic Elizabeth Warren a special adviser today and tasked her with setting up a new agency to look out for consumers. Calling Warren "one of the country's fiercest advocates for the middle class," Obama said the new bureau would end abusive practices. "...

Democrats Hammer GOP on Wall Street Ties

Pat Toomey's taking especially heavy fire

(Newser) - As the midterms heat up, expect to hear the words “Wall Street” a lot. Democrats are hammering Republicans on their ties to Wall Street, no matter how tangential, and on their party’s opposition to financial reform legislation, the LA Times reports. Republicans, meanwhile, speak angrily about bailouts and...

Big Banks Still Think We're Chumps
 Big Banks 
 Still Think 
 We're Chumps 
OPINION
Sep 13, 2010 10:42 AM CDT

Big Banks Still Think We're Chumps

Citigroup hasn't learned its lesson from financial crisis

(Newser) - Have the big banks learned their lesson from the financial crisis? Not a chance, writes Charlie Gasparino in the Daily Beast . Citigroup’s recent attempt to bar a well-respected financial analyst from questioning its executives about accounting practices, plus new documents proving the bank’s top brass knew about its...

Surprise: Finance Bill Forces Diversity on Wall Street

Wording makes firms prove 'fair inclusion' of women and minorities

(Newser) - Turns out that hidden inside the massive financial reform bill that was signed into law last week were a few words that appear to give the government new leverage to push Wall Street firms to hire more women and minorities. The bill gives the government the right to terminate contracts...

Wall Street Dumps Dems: Donations Down 65%

Upset about financial reform, banks keep their cash

(Newser) - Democrats are feeling the wrath of a financial sector scorned. Wall Street donations to the Democrats’ two congressional campaign committees are down 65% from the 2008 election cycle, the Washington Post reports. Big donors in general are staying away, giving just $49.5 million, compared to $81.3 million in...

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