Wall Street

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House Passes Wall St. Reform; Senate Delays Its Vote

Harry Reid needs time to corral votes

(Newser) - The easy vote is over for financial reform: The sweeping measure that, among many other things, creates a consumer protection agency and puts limits on derivatives trading breezed through the House 237-192. But it won't reach President Obama's desk by July 4 as planned because the Senate has postponed its...

Dems Cave to Scott Brown, Kill Bank Tax

$19B tax ditched in favor of $11B in TARP funds

(Newser) - Scott Brown's threat to vote against the financial regulatory overhaul bill unless Democrats met his demands yesterday succeeded in killing the part of the bill Brown had opposed: a $19 billion tax on big banks and hedge funds. Conceding to Brown and ending a dramatic few days of negotiation, lawmakers...

Wall Street Hiring Jumps
 Wall Street Hiring Jumps 
Jun 29, 2010 4:23 AM CDT

Wall Street Hiring Jumps

Bonuses back in fashion as firms lure execs

(Newser) - Happy days are here again for Wall Street workers. The big banks have gone on a hiring spree over the last few months and competition for the best execs is heating up, sending salaries upwards and spurring firms to start offering perks and hefty bonuses again, Bloomberg reports. Recruiters say...

Reform Isn't Perfect, But Still 'Big and Welcome'

Consumer agency great, but Volcker rule remains 'vague'

(Newser) - The Wall Street reform that emerged from Washington this morning isn't perfect, but all in all this is a "great day," writes financial blogger Felix Salmon at Reuters . The consumer protection agency is overdue, "and while banks won’t have to sell their swaps desks entirely, they...

Lawmakers Hammer Out New Wall Street Rules

Reach compromise on overhaul, create consumer agency

(Newser) - House and Senate negotiators have completed a sweeping overhaul of banking regulations and aim to send it to President Obama by July 4. Lawmakers finished assembling the bill about dawn. Some highlights:
  • It creates a consumer financial protection bureau to police lending (though not auto dealers).
  • Establishes the so-called "
...

Half a Trillion Dollars and Nowhere to Spend It

(Newser) - Seems the titans of Wall Street, and here we mean the private equity buyout shops including Warburg Pincus, Carlyle, TPG, and KKR, have amassed $500 billion to buy companies. Their problem? Not enough to buy and rising prices for what is out there. Plus it's a lot harder to leverage...

Banks Secretly Pleased With Wall Street Reform Bill

It'll curb profits, but won't reduce their power

(Newser) - Despite their public protestations, behind closed doors, Wall Street executives are pretty pleased with how financial reform legislation is shaping up, sources tell the New York Times . “If you talk to anyone privately, there's a sigh of relief,” says one investment banker. “It'll crimp the profit pool...

Senate Finance Bill Could Trim Big Banks' Profits 20%

New rules on derivatives could be costly for Wall Street

(Newser) - To their surprise, the financial reform bill approved by the Senate last night has some real teeth, financial analysts tell the Wall Street Journal . Although specifics depend on what emerges from the confab with the House, some of Wall Street's biggest institutions could see profits decline by as much as...

Senate Passes Wall Street Reform
 Senate Passes 
 Wall Street Reform 
UPDATED
May 21, 2010 5:43 AM CDT

Senate Passes Wall Street Reform

Measure must now be reconciled with House version

(Newser) - Prodded by national anger at Wall Street, the Senate tonight passed the most far-reaching restraints on big banks since the Great Depression. The massive bill would touch Wall Street CEOs and first-time home buyers, high-flying traders, and small-town lenders. The 59-39 vote represents an important achievement for President Obama. The...

GOP Blocks 3 Anti-Wall Street Moves

Senate Republicans slam amendments

(Newser) - Maybe Dems don't have the momentum they thought they had: Senate Republicans yesterday blocked three amendments Wall Street hates. The first and most controversial, known as Levin-Merkley, would have banned commercial banks from trading for their own benefit with taxpayer money. The second would regulate payday loans, while the third...

Clients Lose Big on Goldman's 2010 Advice

Bank profited all last quarter, but its trading tips have stunk

(Newser) - Goldman Sachs made money on trading every single day last quarter, but anybody following its advice wasn't so lucky. Seven of Goldman's nine “recommended top trades for 2010” have been money-losing duds, Bloomberg reports, with the worst of them dropping as much as 14%. “This says that Goldman's...

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
...

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