Wall Street

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Congress Arms Finance Reform With Big Guns

Unlike health care, bill is anything but watered down

(Newser) - After the pinball-esque drubbing health reform took before Congress spit it out, it's Wall Street's turn. But, reports Politico , the financial reform bill making its way through the Capitol is actually picking up fangs rather than being rendered toothless. Democrats know they have the wind at their backs, Republicans can't...

How Bankers Are Gaming the US to Get Richer Than God
How Bankers Are Gaming the US to Get Richer Than God
Henry Blodget
May 13, 2010 12:54 PM CDT

How Bankers Are Gaming the US to Get Richer Than God

They're getting taxpayer money on the cheap and loaning it back to us

(Newser) - There wasn't a single day last quarter in which Wall Street's big banks—Goldman Sachs, JP Morgan, Bank of America and Citigroup—lost money trading. How is that possible? Isn't trading supposed to be risky? Not when Uncle Sam is guaranteeing it isn't, explains a steamed Henry Blodget of Business...

SEC Now Thinks Mishmash System Sparked Mayhem

Exchange differences exacerbated plunge

(Newser) - As markets open today, the cause of last week's trading chaos remains unclear, but investigators believe mismatches in rules between the NYSE and newer electronic exchanges, combined with fast, complex computer trading systems, triggered the panic. The sudden drop of a futures contract on the Chicago Mercantile Exchange appears to...

Blankfein to Shareholders: We'll Rebuild Reputation

Goldman Sachs could split up top job today

(Newser) - Lloyd Blankfein faced a room full of Goldman Sachs shareholders today and vowed to rebuild the company's reputation and "renew the core principles that has sustained us for 141 years," reports the Wall Street Journal . He promised to set up a business standards committee and address the questions...

Typo, Glitches, Panic Blamed for Stock Market Mayhem

'Fat finger trade' likely triggered trader panic

(Newser) - What's known in the business as a "fat finger" trade may have been responsible for yesterday's stock market chaos, analysts say. Multiple sources believe a trader at a major firm—possibly Citigroup—hit a "B" instead of an "M" while trading Procter & Gamble shares, selling a...

Nasdaq Cancels Trades From Crazy 20 Minutes
 Nasdaq Cancels 
 Trades From 
 Crazy 20 Minutes 

STOCK MARKET MELTDOWN
May 7, 2010 3:09 AM CDT

Nasdaq Cancels Trades From Crazy 20 Minutes

Swings of over 60% will be wiped out

(Newser) - Nasdaq plans to wipe some of yesterday's wildest stock market activity from the books. The stock exchange operator is canceling trades of 286 stocks that went up or down by over 60% in the 20 minutes beginning at 2:40 pm, Reuters reports. The shares affected include Accenture, which fell...

Ex-Intern Sues Wall St. Boss, Says He Sent Her Porn

Twenty-year-old sues for sexual harassment

(Newser) - An entry-level stockbroker is suing her boss, saying he sent her lewd text messages and a video of a man masturbating. “I saw like a second of it and I just closed it,” Karen Lo tells the New York Daily News . “It was disgusting and pretty inappropriate....

Liberals Push to Toughen Bank Bill

See Goldman troubles as opening to break up banks, restore firewall

(Newser) - The Left is suddenly playing offense in the push for financial reform legislation, with liberal senators preparing a barrage of amendments to beef up the bill. One would break up the nation's six largest banks—Goldman Sachs, JPMorgan, Bank of America, Wells Fargo, Citigroup, and Morgan Stanley—whose combined assets...

17 Most Corrupt Industries
 17 Most 
 Corrupt 
 Industries 
no. 1? not wall street
May 2, 2010 5:17 AM CDT

17 Most Corrupt Industries

Want to retain your honor? Don't get into these professions

(Newser) - Goldman Sachs got you convinced Wall Street is the most corrupt place to work? Not quite: The Daily Beast worked with an anti-corruption research organization to determine the 17 most corrupt industries in America. The top five, along with representative examples:
  1. Utilities: FirstEnergy allegedly covered up a reactor head that
...

Feds Open Criminal Probe Into Goldman Trades

Prosecutors investigate possible securities fraud

(Newser) - Goldman's legal troubles are deepening. Federal prosecutors at the US Attorney's Office in Manhattan have opened a criminal probe into the Wall Street giant's mortgage trading, reports the Wall Street Journal . Prosecutors are looking for evidence of securities fraud but haven't decided whether to bring charges. The SEC, which has...

Why We Need a Bank Tax
 Why We Need a Bank Tax 
OPINION
Apr 28, 2010 9:59 AM CDT

Why We Need a Bank Tax

There will be future bailouts, so make banks pay their share

(Newser) - The recent financial crisis wasn't the first time banks needed a taxpayer bailout, and it won't be the last. That's why a bank tax is the best way to protect taxpayers from the cost of future crises, David Leonhardt writes in the New York Times —better than the current...

Translation: Goldman Sachs to English
 Translation: 
 Goldman Sachs to English 
OPINION
Apr 27, 2010 2:15 PM CDT

Translation: Goldman Sachs to English

Bankers' lingo reveals firm's real intentions, if you know how to read it

(Newser) - The Senate panel investigating Goldman Sachs will have an easier job if it embraces one profound truth, Jonathan Weil writes for Bloomberg : "What you must realize, foremost, is that Goldman's employees speak their own distinct language." Some translations:
  • Sophisticated, as in "among the most sophisticated mortgage investors
...

65% of Americans Back Stricter Financial Controls
65% of Americans Back Stricter Financial Controls
new poll
Apr 26, 2010 9:18 AM CDT

65% of Americans Back Stricter Financial Controls

Even split on Obama's handling of issue, and reining in derivatives

(Newser) - Two-thirds of Americans say they support tighter regulation of banks in a new Washington Post -ABC News poll, and majorities also agree with the two main components of the Senate bill Democrats are poised to introduce this week: more federal oversight of consumer loans (59% to 38%), and making banks...

Krugman: Don’t Cry for Wall Street - NYTimes.com
 Obama, Please Screw the Banks 
Paul Krugman
Apr 23, 2010 10:20 AM CDT

Obama, Please Screw the Banks

President doesn't have to play nice with these guys

(Newser) - Barack Obama went to New York yesterday to beg Wall Street to play nice on financial reform, and Paul Krugman really wishes he hadn't. Obama said reform would ultimately help the financial industry, but Krugman doesn't see the need to play nice with the big banks. “Reform actually should...

Democrats Shackled By Wall Street Ties

Buddying up to financial firms makes it harder to vilify them

(Newser) - Democrats are enjoying having Wall Street as a villain as they push for financial reform, but there's one nagging problem: they've gotten pretty close to Wall Street in recent years. Thanks to some maneuvering from Chuck Schumer and Rahm Emanuel, many Democrats raised a lot of money from Wall Street...

Senators Swarmed by Lobbyists Fighting Finance Overhaul

Regulating derivatives could cost the banks billions

(Newser) - Proponents of greater financial regulation are facing fierce opposition from a swarm of lobbyists, lawyers, and bankers who have descended on the Senate committee whose chair, Blanche Lincoln, introduced the bill to overhaul the derivatives market. It's not the finance but the agriculture committee, the New York Times reports, and...

Post-Madoff SEC Bites Goldman Sachs


 Post-Madoff SEC 
 Bites Goldman Sachs 
analysis
Apr 18, 2010 4:50 PM CDT

Post-Madoff SEC Bites Goldman Sachs

After Ponzi scheme debacle, regulator is back, with bigger fangs

(Newser) - Having let the Madoff scandal unfold virtually under its nose, the SEC sounded an alert with the announcement of its lawsuit charging Goldman Sachs with fraud. "The message: The SEC is back on the job," Greg Gordon writes for McClatchy . "The release is very judgmental about the...

Democrats Defy Wall Street, GOP on Bank Reform

Banks trying mightily to kill restrictions on derivatives

(Newser) - Democrats defied Wall Street lobbyists’ push to kill new reforms on derivative trading yesterday, and got an earful from Republicans for their troubles. Goldman Sachs, JPMorgan, and Morgan Stanley have been leaning heavily on Blanche Lincoln’s Agriculture Committee to scrap a plan to force derivatives—which, incidentally, played a...

Jobs Returning to Wall St. (if Not Main St.)

Banks and brokerages make with the hiring

(Newser) - Who says the job market’s in trouble? Not Wall Street, which after nearly two years of layoffs is in the middle of a bona fide hiring boom. Though the number of financial employees in New York fell by 2,800 in February, that loss comes after two straight months...

Revamped Bonuses Screw Up Wall St. Divorces

Deferred stock payments complicate settlements

(Newser) - Wall Street’s new post-crisis pay structures are making divorce a complicated proposition for many bankers, traders, and executives. To encourage long-term thinking, many bonuses are now composed largely of stock that can’t be converted to cash for years. It’s “throwing a massive monkey wrench into the...

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