Wall Street

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Protesters Rip Manhattan Foreclosure Auction

They demand moratorium on evictions

(Newser) - New Yorkers protested an auction yesterday of hundreds of foreclosed homes, claiming the forced evictions plaguing the nation in this economic downturn are illegal, and demanding a moratorium. "Banks get bailout out, people get thrown out," read signs held aloft by demonstrators." Their rage was not directed...

ABC Bets You Can Laugh at Recession
ABC Bets You Can Laugh at Recession
Mar 6, 2009 11:47 AM CST

ABC Bets You Can Laugh at Recession

Sitcom pilots follow a failed Wall Street exec, fired young bankers

(Newser) - Have you heard the one about the Wall Street millionaire who lost his job because of the collapsing economy, then had to actually hang out with his family?  ABC is hoping you will want to next fall, when Kelsey Grammer will star as that modern-day Mr. Mom. The untitled project...

Obama: It's a Great Time to Buy Stocks

(Newser) - As if he didn't have enough to do, President Obama is now taking a stab at being the nation's stockbroker. Asked about yesterday's huge sell-off, Obama said that it's "potentially" a great time to buy stocks. Presidents usually shy away from such advice, notes Eamon Javers of Politico, given...

Americans See a Lot of Bull on Wall Street

Most in poll give execs low grades for ethics, honesty

(Newser) - The executives who run Wall Street are bankrupt—at least, morally, say Americans in a new poll. Nearly 60% gave them poor grades for dishonesty and unethical behavior, Reuters reports. Most also blame the executives for Wall Street's mess. “We can’t act like it’s the fault of...

Only One Fund Manager Made Money in 2008

But repeating the feat this year could prove tricky for Forester

(Newser) - Of the 8,200 stock mutual funds in the United States, only one—Forester Value—managed to turn a profit in 2008. With a gain of just 0.4%, Thomas Forester has become a minor celebrity in the financial world, and brokers are suddenly eager to sell his tiny fund...

Grads: Be Glad You're Finally Free of This

Wall Street's collapse is a blessing in disguise

(Newser) - The best asset an imploded Wall Street is providing this year’s college grads is their freedom, Ellen Goodman writes in the Boston Globe. During the boom, bright students streamed to Wall Street, but those days seem over. Sure, without a phalanx of white-collar recruiters after them, many have no...

NYC Wants to Turn Laid-Off Bankers Into Entrepreneurs

Bloomberg unveils $45M program

(Newser) - With the Wall Street mess taking a heavy toll on New York City's economy, Mayor Bloomberg is launching a program to retrain laid-off investment bankers and make the city a mecca for entrepreneurs and foreign financial firms. The city plans to spend $45 million in federal and city money to...

Autoworkers, Bankers Have a Lot in Common
Autoworkers, Bankers Have a Lot in Common
OPINION
Feb 18, 2009 9:11 AM CST

Autoworkers, Bankers Have a Lot in Common

Exorbitant pay of both brought down their respective industries

(Newser) - They may not seem all that similar, but Detroit’s autoworkers and Wall Street’s bankers have the same story, writes Steven Pearlstein in the Washington Post. From the 1950s up until, say, yesterday, "autoworkers were the aristocrats of the blue-collar world, (and) Wall Street traders and investment bankers...

Oil Slips Below $35 a Barrel
 Oil Slips Below $35 a Barrel 
Feb 17, 2009 11:47 AM CST

Oil Slips Below $35 a Barrel

Prices drop almost 8%; stocks down early on Wall Street

(Newser) - A new batch of lousy economic news dragged oil prices down nearly 8% today as signs from across the globe pointed to a prolonged and painful recession. Light, sweet crude for March delivery fell $2.87 to $34.64 a barrel on the New York Mercantile Exchange after settling at...

Mum Execs Suspected Madoff in 2005

(Newser) - A number of Wall Street executives were convinced Bernard Madoff's investment scheme was a scam as early as four years ago, but never reported their suspicions to anyone but friends and family, according to SEC documents. Concerns by executives from Citigroup and Goldman Sachs are revealed in an extensive dossier...

Banks Will Find Ways Around Obama's Pay Cap
Banks Will Find Ways
Around Obama's Pay Cap
Analysis
Feb 7, 2009 12:57 PM CST

Banks Will Find Ways Around Obama's Pay Cap

(Newser) - Barack Obama’s attempt to curb executive pay may please the outraged investing public, but banks will find the loopholes—and possibly create even more vexing problems in the future, writes Jason Zweig of the Wall Street Journal. To begin with, the rule won’t dent the pay of traders,...

Watch Wall Street Pay Swing Down From Stratosphere

Finance bigwigs' income to match doctors, lawyers

(Newser) - President Obama’s $500,000 salary cap may herald a new era on Wall Street, in which pay for financial executives is aligned with doctors’ and lawyers’ compensation. Wall Street income is cyclical, it turns out, and a recent study found that it only surged—relative to that of peers...

Skirting Pay Cap Will Be a Piece of Cake

Obama proposal leaves wiggle room, and Wall St. usually good at finding it

(Newser) - The squeeze on big paydays for executives of bailed-out banks will probably leave Wall Street plenty of wiggle room. Consultants on executive pay say the caps imposed by President Obama yesterday will probably apply only to a few executives—not star traders, brokers, and salespeople who routinely earn whopping pay...

See Full List of Madoff Victims (Sandy Koufax, Too)

(Newser) - Baseball legend Sandy Koufax has joined the list of Bernie Madoff's victims, the New York Post reports. And the Dodger great isn't even the only pitcher: former Met Tim Teuful is an unwelcome teammate. A complete list of victims in the $50 billion Ponzi scheme was made public today after...

I'd Rather Say I'm in Porn: Shunned Wall Streeter

Financial types feel they're unfairly 'vilified' in crisis

(Newser) - Working on Wall Street used to have glamor to it—but now, saying you work at JPMorgan or Goldman Sachs immediately establishes you as “one of them,” the New York Times reports. Wall Streeters are facing a new pariah status, and many believe they’re taking an unfair...

Wall Street's Hottest Jobs? Lehman Bros

Bankruptcy experience is the skill set of the future, execs say

(Newser) - Wall Street's hottest jobs in 2009 are coming from its biggest disaster of 2008—Lehman Brothers, the Wall Street Journal reports. Lehman still has billions of dollars in assets and contracts to untangle and restructure, and Wall Street's legions of laid-off execs are keen to get a piece of the...

Wall St. Braces for Lower Pay, Less Risk-Taking

Gov't, public pressure forces shift in expectations

(Newser) - With the new president joining the chorus of outrage against bonuses for bailed-out Wall Street firms, bankers are grappling with the notion that long-held pay expectations will have to change, the Wall Street Journal reports. Eager to avert government crackdown, firms are expected to shrink and perhaps defer bonuses, to...

Obama: $18B in Wall Street Bonuses 'Shameful'

President says he, Geithner will press executives on issue

(Newser) - President Obama denounced huge bonuses to Wall Street executives as “the height of irresponsibility” given the country’s economic hardship, the AP reports. Responding to news that financial firms paid out $18 billion in bonuses last year, Obama described the firms’ actions as “shameful” and vowed that he...

Wall Street Bonuses Fall 44%
 Wall Street Bonuses Fall 44% 
Jan 28, 2009 4:58 PM CST

Wall Street Bonuses Fall 44%

State may lose $1B in tax revenue

(Newser) - Wall Street firms still dished out end-of-year bonuses in 2008, but they were a lot smaller. Cash bonuses fell 44% from the year prior, from a total of $33 billion to $18 billion, Reuters reports. That drop may take $1 billion in tax revenue from New York state, which is...

Crisis Brings Day Traders Back to Wall Street
Crisis Brings Day Traders Back to Wall Street
GLOSSIES
Jan 27, 2009 3:34 PM CST

Crisis Brings Day Traders Back to Wall Street

Risk-loving market riders experience new heyday

(Newser) - Some traders like to buy and hold positions based on rational market fundamentals. Then there’s Peter Milman, who’s constantly making—or losing—tens of thousands of dollars, perched over his computer making a furious stream of bets like an arcade pinball wizard. Day traders like Milman are having...

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