Wall Street

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Geithner to Bankers: Crackdown Is 'War'

Treasury secretary tells Wall Street it must accept regulation

(Newser) - Tim Geithner had tough words for Wall Street bankers yesterday, telling the financial industry's annual conference that they had no credibility to protest new regulation. The Treasury secretary said government had a responsibility to crack down on dangerous practices on the Street and design new laws allowing seizures of institutions...

New Pay Rules May Hurt Banks, but Protect Public
New Pay Rules May Hurt Banks, but Protect Public
Steven Pearlstein
Oct 23, 2009 8:33 AM CDT

New Pay Rules May Hurt Banks, but Protect Public

They'll discourage commercial banks from being investment banks

(Newser) - Steven Pearlstein isn't exactly wowed by the new salary rules being proposed for Wall Street. "Don't get carried away. By themselves, these measures won't prevent future crises, nor will they likely do much to lower the prevailing pay levels on Wall Street or in corporate America." But, he...

Don't Fight Reform, Obama Warns Wall St. at NYC Dinner

Still, president reminds finance industry, 'we're in this together'

(Newser) - At a fundraising dinner tonight in New York attended by (among others) the sorts of financial types who could afford the $30,400-per-couple entry fee, President Obama wagged a finger at Wall Street. “I would ask that you join us in passing what are necessary reforms,” he said...

Dow Falls 51 on Housing
 Dow Falls 51 on Housing 
MARKETS
Oct 20, 2009 3:19 PM CDT

Dow Falls 51 on Housing

Coca-Cola, DuPont earnings disappoint

(Newser) - Stocks fell today on disappointing earnings and a poor housing report. The market got off to a weak start when numbers on new-home construction were weaker than expected. Poor earnings reports from DuPont and Coca-Cola didn’t help, though Caterpillar, which posted a less severe profit drop than expected, boosted...

Wall Street Cools to Dems Despite Bailout

Financial regulation tough talk hurting donations

(Newser) - Some gratitude: Wall Street’s top firms will largely sit out Barack Obama’s lavish Democratic Party fundraiser in New York tonight, with Goldman Sachs, JPMorgan and Citigroup sending a scant half-dozen representatives or fewer. Some Democratic fundraisers and executives tell the New York Times that bailout banks are afraid...

Obama Bigwigs Take Aim at Wall Street

Says execs can't have their bailouts, and their bonuses, too

(Newser) - Wall Street is getting ready to hand out some hefty bonuses, and the Obama administration is already crashing the party, with top aides loudly dressing down execs, framing them as would-be fat cats who only last year were on the public dole. "The bonuses are offensive," says David...

Look Out, Wall Street: Feds Using Wiretaps Now

Insider trading case against Galleon is first to use the tactic

(Newser) - The bad boys of Wall Street better watch their mouths. Federal prosecutors used wiretaps to make their case against hedge fund giant Raj Rajaratnam this week, and they plan to use them again in similar investigations. Wiretaps may be common when going after the mafia, say, or terrorists, but their...

Once-Reserved Goldman Turns on the Charm

Ahead of record result, normally reticent bank puts on a smile

(Newser) - Today's the day: Goldman Sachs is set to announce record profits in the third quarter, projected at $2.17 billion, and with it a compensation pool larger than Wall Street has ever seen. But the golden bank knows a PR disaster when it sees one—and has been mounting a...

Wall St. Dealmaker Wasserstein Dead at 61

(Newser) - Bruce Wasserstein, the CEO of Lazard Ltd. and one of Wall Street's most prominent dealmakers, is dead at 61. He had been hospitalized with an irregular heartbeat on Sunday. Wasserstein had been a fixture on Wall Street since the 1980s. He worked on such landmark deals as Kohlberg Kravis Roberts'...

Dow at 10,000? 'Hold the Cheering'
Dow at 10,000?
'Hold the Cheering'
analysts' reactions
Oct 14, 2009 1:58 PM CDT

Dow at 10,000? 'Hold the Cheering'

It's decent news, but let's not get carried away

(Newser) - The Dow hit 10,000 today, but most analysts aren't exactly falling off their chairs in excitement:
  • Mark Hulbert, MarketWatch: "It would be entirely in investors' rights to feel pretty good about it. But they're not, on the whole. That's surprising, and suggests to contrarian analysts" that a "
...

Dow Hits 10,000 for First Time in Year

Markets propelled by strong earnings from Intel, JPMorgan

(Newser) - The Dow Jones industrial average reached 10,000 today for the first time since Oct. 7, 2008. The milestone, which triggered a whoop from the trading floor, was buoyed by surprisingly strong earnings reports from Intel and JPMorgan. The latter stoked the market's optimism as it handily beat Wall Street's...

JPMorgan Earns $3.6B, Despite Loan Losses

Market soars as investment profits give bank strong 3rd quarter

(Newser) - JPMorgan Chase reported strong third-quarter earnings today as its thriving investment banking business more than offset rising consumer loan losses that the bank warned would continue. The company, the first of the big banks to report, showed a $3.59 billion profit, or 82 cents per share. But it also...

Wall Street Forking Out Record Pay

Pay at top firms expected to hit $140B as markets rebound

(Newser) - Major financial firms have bounced back from the brink of meltdown and are on course to hand out their biggest-ever pay packages this year. The total payout at the big banks and securities firms will hit $140 billion this year, according to Wall Street Journal projections based on revenue figures...

Wall Street Cleverly Carves Up Bad Assets

So cleverly, in fact, that regulators are getting worried

(Newser) - Wall Street’s financial magicians have come up with a way to transform toxic assets into shiny new ones. In popular new deals called “re-remics,” a sour mortgage-backed security is split in two, one containing all the good mortgages, the other all the bad, the Wall Street Journal...

Goldman Nemesis Says Bank Misleading Lawmakers

(Newser) - Matt Taibbi, who portrayed Goldman Sachs as evil personified in a much-discussed Rolling Stone article over the summer, has the bank in his sights again. In his blog on True/Slant, Taibbi accuses Goldman of misleading and purposely confusing lawmakers about the practice known as naked short selling as new financial...

Rise in Mergers Signals Fresh Confidence
Rise in Mergers 
Signals Fresh Confidence 
ANALYSIS
Sep 29, 2009 3:00 AM CDT

Rise in Mergers Signals Fresh Confidence

Chief execs becoming more bullish about recovery prospects

(Newser) - Mergers and acquisitions activity is still way down from pre-financial crisis levels, but a recent flurry of big deals suggests America's chief executives are regaining confidence in their own businesses. Recent mergers have involved strategic buys by big companies instead of the debt-fueled private equity buys seen a couple of...

Wall Street Doing Its Best to Buy Schumer

Hands NY Dem $1.65M as vote looms on new financial regulations

(Newser) - With a vote looming on Barack Obama’s plan to revamp financial regulations, Wall Street has shoveled $10.6 million into Senate campaign chests this year. Most of that money, $7.7 million, has gone to Democrats, and more than 15% has gone to one man: Chuck Schumer. Schumer’s...

Volcker: Obama Plan May Lead to More Bailouts

Former Fed chief faults strategy of 'too big to fail'

(Newser) - A top White House economic adviser says the Obama administration's proposed overhaul of financial rules preserves the policy of "too big to fail" and could lead to future bailouts. Former Fed chief Paul Volcker told Congress that by designating some companies as critical to the broader financial system, the...

Obama Vows to End 'Fat' Exec Bonuses

Summers sees 'death panel' tactics from reform foes

(Newser) - President Obama used his weekly radio address today to promise a continued crackdown on risky investment schemes that result in "fat executive bonuses" on Wall Street, reports Reuters. Obama pledged to use next week's G20 summit in Pittsburgh to push for sweeping reform of the world's financial markets. "...

NYC Unemployment Hits 10.3%
 NYC Unemployment Hits 10.3% 
Sep 18, 2009 7:10 AM CDT

NYC Unemployment Hits 10.3%

City given grant to help laid-off Wall Street workers retrain

(Newser) - The Big Apple's unemployment rate hit double digits last month for the first time since 1993, the New York Times reports. At 10.3%, the rate is now higher than the national rate of 9.7%. State officials say continuing layoffs on Wall Street are to blame for the rise,...

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