Wall Street

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Fed Keeps Interest Rates at Record Low

Economy picking up, but not enough that inflation is a worry

(Newser) - The Federal Reserve says the recession is easing, but that the economy likely will remain weak and keep a lid on inflation. Against this backdrop, the Fed held a key bank lending rate at a record low of between 0% and 0.25%, and pledged again to keep it there...

Goldman Readies Record Bonuses

Recession doesn't curb bank's bounty

(Newser) - A wildly successful first half is pointing to the best year ever for Goldman Sachs, and that means record staff bonuses in the midst of the recession, the Guardian reports. Revenues have soared at the bank, which now has little competition; it promised in April that half of its nearly...

CIA Recruits Laid-Off Bankers
CIA Recruits Laid-Off
Bankers
Jun 19, 2009 9:49 AM CDT

CIA Recruits Laid-Off Bankers

Agency ads urge them to seek higher calling than finance

(Newser) - Down-and-out investment bankers have a new career option: spy. The CIA is actively courting New York’s former financial class, Reuters reports. It’s been advertising in New York and will be holding interviews at a secret location next week. “Finance and business professionals, if the quest for the...

On Financial Reforms, Obama Is No FDR
On Financial Reforms, Obama Is No FDR
OPINION
Jun 18, 2009 12:02 PM CDT

On Financial Reforms, Obama Is No FDR

Proposed regulatory fixes don't actually fix much: Nocera

(Newser) - President Obama is hardly living up to the hype on fiscal regulatory reform, and he's not matching Franklin Roosevelt, either. When FDR reformed financial regulation, he transformed the industry, cheerfully making enemies in the process. Obama has been timid by comparison, writes Joe Nocera of the New York Times: “...

Moore's New Movie Targets Wall St. 'Bloodsuckers'

After Bush, GM, and guns, filmmakers sets sights on 'robber barons' behind crisis

(Newser) - Michael Moore promises to tear chunks out of the people behind the Wall Street meltdown in his new movie, USA Today reports. The documentary filmmaker, who calls the financial crisis "the biggest robbery in the history of this country," is targeting the corporations and politicians responsible. He hopes...

Stocks Jump on Job Report
 Stocks Jump on Job Report 
MARKET Open
Jun 5, 2009 8:46 AM CDT

Stocks Jump on Job Report

(Newser) - Stocks jumped out of the gate this morning after a better-than-expected job report. The Dow rose 76 points, while the S&P and Nasdaq added 0.9% and 0.8%, respectively. The US lost 345,000 jobs in May, a far cry from the 525,000 economists had predicted. Citigroup...

CIA Wants You, I-Banker
 CIA Wants You, I-Banker 
May 28, 2009 3:50 PM CDT

CIA Wants You, I-Banker

(Newser) - The CIA is looking for a few good bankers to track down millionaire bad guys and stymie financial terrorism, the New York Post reports. Ads on Bloomberg Radio ask money whizzes to use their “intelligence for the work of a nation.” The $160,000 salary will probably be...

Liddy to Leave AIG
 Liddy to Leave AIG 
May 21, 2009 4:28 PM CDT

Liddy to Leave AIG

(Newser) - AIG chief Edward Liddy is stepping down after eight months on the job, the Wall Street Journal reports. The government appointed Liddy chairman and CEO last fall after the feds bailed out the insurance giant. Liddy recommended splitting the job into two roles and will remain until his replacements are...

Businessmen Strip Off the Power Suit

As bankers fall out of fashion, so do their stodgy duds

(Newser) - To the list of casualties of the economic crisis, add the three-button power suit. And don't cry for the fashion industry—men are investing in replacements for their cookie-cutter wool security blankets, making men's clothing priced over $100 one of the few bright spots in the bleak retail landscape, reports...

Obama Wants to Tame Wild Derivatives Market

(Newser) - President Obama wants to put the so-called dark markets under control, the New York Times reports, seeking congressional approval to regulate the byzantine world of derivatives trading—which played a large role in the current financial mess. In a letter to lawmakers, Treasury chief Timothy Geithner calls for an oversight...

Time to Stress Out About Stress Tests
 Time to Stress Out 
 About Stress Tests 
OPINION
May 8, 2009 7:22 AM CDT

Time to Stress Out About Stress Tests

Washington is leading us to a second crisis: Krugman

(Newser) - Sure, yesterday's release of the stress tests' results felt pretty anti-climatic. But while bankers might be reassured, Americans have no reason to be, writes Paul Krugman. For the New York Times columnist, the less-than-rigorous stress tests are part and parcel of an Obama administration strategy to "muddle through the...

Brokers Bail on Wall Street
 Brokers Bail on Wall Street 
May 6, 2009 2:46 AM CDT

Brokers Bail on Wall Street

Commissions shrinking as investors turn away from stocks

(Newser) - A rising number of stock brokers are abandoning the industry as markets fall and commissions dry up, the Wall Street Journal reports. More brokers have already departed this year than in any of the last 15 years, and experts expect the exodus to continue as investors shift assets out of...

Gordon Gecko Returns: Wall Street Sequel Is a Go

(Newser) - Will Gordon Gecko have a change of heart? The fictional Wall Streeter who famously declared that "greed is good" in 1987 is returning to the big screen, Access Hollywood and Variety report. Michael Douglas and director Oliver Stone have signed on for the Wall Street sequel, which will catch...

Big Paychecks Are Back on Wall Street

(Newser) - While millions of Americans struggle on reduced paychecks or unemployment, Wall Street is returning to the high salaries of yesteryear, the New York Times reports. Enjoying strong first-quarter profits, six of the most powerful banks have reserved $36 billion to pay workers—suggesting that paychecks and bonuses have recovered for...

How Wall Street Went Hollywood (and Brought Down Our Economy)

(Newser) - During the Great Depression, legend has it a group of Wall Street bankers went to Hollywood to see if it was worth investing in, only to be immediately repulsed by the brazen displays of wealth they saw there. Now that it's the bankers being pilloried for their excesses, writes Neal...

Bankers Leave Street in Rear View; Head for Academia

Execs take teaching jobs amid crisis

(Newser) - With the financial tornado buffeting Wall Street, some of its leading figures are ditching their careers for work in academia, Time reports. Merrill Lynch’s former president is teaching at Yale; Citigroup’s former merger boss headed to Berkeley; a onetime Goldman Sachs exec is now at Harvard. “It’...

In Jarrett, Wall St. Finds Direct Line to Obama

Firms salute efforts of White House 'consigliere'

(Newser) - Valerie Jarrett wears many hats in the White House: “If there’s a consigliere, it’s Valerie,” says the head of President Obama’s transition team. Lately, however, the longtime family friend has chiefly been Obama’s ambassador to big business, Bloomberg reports. She “picks the brains”...

Brain Drain Wallops Wall Street
 Brain Drain Wallops Wall Street 
Apr 12, 2009 3:16 PM CDT

Brain Drain Wallops Wall Street

It's not just the firings: others are leaving for safer jobs

(Newser) - The financial crisis is reshaping not just the landscape of Wall Street, but its face as well, reports the New York Times in a look at the hemorrhaging of the Street's top talent. Layoffs aside, finance's best and brightest—arguably the same daring risk-takers responsible for the recession—are seizing...

In Recession, Teaching, Service Hot Jobs for Grads

Recession will effect talent flow for years to come

(Newser) - The dream of pulling in big bucks just out of college at a prestigious Wall Street job is fading in the face of the recession, and early signs point to public service, government, science, and education as today's emerging hot industries, reports the New York Times. The economy, combined with...

All Those Years We Were Racing to Nowhere

Investors Wasted 12 Years

(Newser) - For years, denizens of Wall Street have been living a frantic existence, sleeping, eating and otherwise living at the office, “because whatever it is that had to happen had to happen immediately, or yesterday,” writes Elizabeth Wurtzel in the Wall Street Journal. And what did this feverish “...

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