Wall Street

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Wall Street Loses Sex Appeal as Big Guns Struggle
Wall Street Loses Sex Appeal as Big Guns Struggle
Analysis
Jan 27, 2009 12:34 PM CST

Wall Street Loses Sex Appeal as Big Guns Struggle

Talented people risk little by trying out academia, government

(Newser) - The gravitational pull of Wall Street on the nation's best and brightest students has weakened dramatically, Andrew Ross Sorkin writes in the New York Times, as ridiculous pay packages and the thrill of risk-taking give way to layoffs and anxiety. "The whole cult and ethos of Wall Street, which...

Downturn Threatens 100K Charities

(Newser) - The economic crisis isn’t just hurting Wall Street executives—it also spells dark times for the charities they once supported, the Wall Street Journal reports. The number of US nonprofits climbed from about 750,000 a decade ago to more than a million today, but watchers say 100,000...

Thain to Leave BofA After Record Losses

(Newser) - Former Merrill Lynch CEO John Thain, who became a top exec at Bank of America when the firms merged last year, will resign from his position, CNBC reports. The move comes a week after Bank of America posted its first quarterly loss in 17 years, widely attributed to poor information...

Madoff Scandal Turns Up Heat on Financial Advisers

Loophole lets Madoff types profit from bad advice, they say

(Newser) - Wall Street advisers and brokers are tussling over the details of a looming regulatory overhaul as Washington takes steps to prevent another Bernard Madoff scandal, Bloomberg reports. Advisers want brokers who counsel clients to be subject to the same oversight they’re under; currently, their brokerage counterparts can profit by...

Obama Team Warns: No Magic Wand for Banks

Geithner will testify without a plan, take time to get it right

(Newser) - While the world watched Barack Obama take the oath of office yesterday, on Wall Street shares in the big banks plummeted as much as 29% as the markets took the worst pounding in inaugural history. Yet when Tim Geithner appears before a Senate committee today, the incoming Treasury secretary will...

Huckabee Keeps On Running
 Huckabee
 Keeps On
 Running 
Glossies
Jan 17, 2009 11:31 AM CST

Huckabee Keeps On Running

Calls for great moral awakening

(Newser) - Almost a year removed from the presidential campaign trail, Mike Huckabee is as busy as ever, with a Fox News show, a book tour, and a crowded speaking schedule. Tagging along with "the most likable politician I've ever met" as he visits suburban New Jersey, AJ Jacobs of Esquire ...

Feds' Bank Aid Smacks of Nationalization
Feds' Bank
Aid Smacks of Nationalization
ANALYSIS
Jan 16, 2009 9:18 AM CST

Feds' Bank Aid Smacks of Nationalization

Washington may have no choice but to take majority stakes

(Newser) - The federal government may be forced to effectively nationalize some of America's biggest banks, a notion gaining traction as Bank of America and Citigroup teeter on the brink of insolvency. While Washington has shown extreme reluctance to take ownership stakes in corporate banks, it may now have no choice, the...

Ruth Madoff: Accomplice or Another Victim?

Both possibilities hard to believe, friends say of inseparable couple

(Newser) - Bernard Madoff and his wife, Ruth, have been married for nearly 50 years and are practically inseparable. They worked together, and the outgoing blonde with the all-American look attracted friends to his hedge fund, the New York Times reports. So did she know or didn't she? "It’s hard...

Stockbrokers in High Demand on Back-to-Basics Wall St.

Some, unlike disgraced investment bankers and traders, even command bonuses

(Newser) - With investment bankers and trading desks disgraced by crippling losses, the everyday stockbroker is enjoying a renaissance as Wall Street firms look to stay relevant to customers and investors, the Wall Street Journal reports. The likely deal between Morgan Stanley and Citigroup that would create the world’s largest brokerage...

Wall Street Dominates List of Inaugural Donors

Big banks (yeah, those big banks) have bundled huge donations for the bash

(Newser) - Private donations to defray the cost of Barack Obama's inauguration festivities total $27.3 million—and large donors, including Wall Street executives flush with bailout cash, chipped in $24.8 million, the Wall Street Journal reports. That runs counter to the vow to remain independent of special interests that led...

Jail Ruling Looms After Madoff's Bling Gifts

Prosecutors charge he violated bail by scattering assets

(Newser) - Accused Wall Street swindler Bernard Madoff is enjoying what could be his last hours of luxury inside his palatial $7 million New York apartment after prosecutors demanded his bail be revoked for sending some $1 million in jewelry to family and friends, Reuters reports. Madoff is due in court Thursday...

SEC Probed Madoff 8 Times, Came Up Empty

Congress questions watchdog's ability to keep up with fraud

(Newser) - Congress begins a probe today into why federal regulators who examined Bernie Madoff's investments eight times in 16 years failed to sniff out his decades-long $50 billion Ponzi scheme. Among those in the hot seat is Barack Obama's appointee for SEC chair. Mary Schapiro was involved in several of the...

Thieves Return Madoff Statue, Lesson Attached

Note suggests 'swindler' return his plunder, too

(Newser) - The thieves who nabbed a $10,000 copper statue from fraudster Bernard Madoff's swank Florida home have returned it, along with this note: "Bernie the Swindler, Lesson: Return stolen property to rightful owners." The advice was penned by "The Educators," whose inspiration may be a German...

Battered Markets Crawl Into 2009
 Battered Markets
 Crawl Into 2009 
ANALYSIS
Jan 1, 2009 9:22 AM CST

Battered Markets Crawl Into 2009

2008 finishes as the worst year for the Dow since 1931

(Newser) - Weary relief that 2008 was finally over greeted the final bell at the New York Stock Exchange yesterday, but shaken investors worry about what 2009 holds, the New York Times reports. The final tally confirmed that the year was the worst for stockholders since the Great Depression. Stock plunges across...

All New York Will Feel Wall Street's Pain

Mayor rolls out plans to hike taxes, cut services and ax 20,000 city jobs

(Newser) - All American cities are facing budget shortfalls because of the recession, but Wall Street's meltdown has decimated New York City's tax base, Michael Bloomberg said yesterday in announcing plans to slash 20,000 city jobs, cut services and raise taxes.  The aim is to reduce an expected $4 billion...

Sloppy Lehman Bankruptcy Killed Billions in Value

Speedy process leaves creditors hanging

(Newser) - Had Lehman Brothers been more careful in its bankruptcy filing, it could have held on to as much as $75 billion that was destroyed in the process, the firm’s head restructuring agents say. A better-planned filing would have allowed the sale of some assets outside of court proceedings and...

Madoff's Claim He Acted Alone 'Preposterous'

Fraud experts say the $50 billion scam was too complicated

(Newser) - Fraud experts following the Bernard Madoff probe say his claim that he alone executed a Ponzi scheme that fleeced investors out of some $50 billion is “preposterous,” reports Reuters. "The amount of transactions, the number of dollars that are involved in the Ponzi, I just don't see...

Madoff Investor Kills Himself
 Madoff Investor Kills Himself 
Dec 23, 2008 1:44 PM CST

Madoff Investor Kills Himself

Hedge fund head who lost $1.4B committed suicide

(Newser) - A hedge fund founder whose firm lost $1.4 billion in Bernie Madoff's Ponzi scheme was found dead in his Manhattan office today, an apparent suicide, reports the New York Times. Rene-Thierry Magon de la Villehuchet, 65, had been trying to recover money for European clients of Access International Advisors,...

Why We Can't Take Cruise Seriously
 Why We Can't 
 Take Cruise Seriously 
OPINION
Dec 22, 2008 1:43 PM CST

Why We Can't Take Cruise Seriously

Nazi role won't be a career-changer a la Nicholson, Newman

(Newser) - The prospect of Tom Cruise as a renegade Nazi has moviegoers snickering already, and with good reason, Stephen Metcalf writes for Slate. No one expects Cruise to pull off a mid-career tour de force as the giants who came before him did. “Place Cruise next to Nicholson, Newman, and...

Stocks Begin Holiday Week Mixed
 Stocks Begin 
 Holiday Week Mixed 
MARKET OPEN
Dec 22, 2008 9:17 AM CST

Stocks Begin Holiday Week Mixed

Fed cuts, auto loan offer boost

(Newser) - Stocks opened mixed today after China cut interest rates and Toyota predicted its first loss in 71 years, the Wall Street Journal reports. Toyota’s US shares dropped 3% after its bleak forecast, and General Motors (16%) and Ford (7%) both fell. The Dow ticked up after the bell but...

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