Wall Street

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Ex-AIG Chair Seeks Cushier Bailout Terms

Greenberg files letter with SEC asking for less 'onerous' deal

(Newser) - With the Fed now injecting capital directly into Wall Street's spiraling banks, AIG's former chairman worries the company got shafted, the Wall Street Journal reports. The insurer will go under if the government doesn't change its bailout terms from a two-year, high-interest loan to 10-year nonvoting preferred stock, Hank Greenberg...

Crisis, Schmisis: Wall Street Sequel Is on

Michael Douglas may be back as Gordon Gekko

(Newser) - Had enough of real-life Wall Street? Well, 20th Century fox has a sequel to the 1987 movie in the works, Variety reports. Michael Douglas hasn't officially signed on, but the story centers on his character, Gordon Gekko, as he gets out of prison. Charlie Sheen's Bud Fox won't make an...

Stocks Don't Kill People, Journos Do
 Stocks Don't Kill 
 People, Journos Do 
analysis
Oct 13, 2008 7:50 PM CDT

Stocks Don't Kill People, Journos Do

(Newser) - The media must beware of linking suicide cases to Wall Street's financial meltdown, Katia Bachko writes in the Columbia Journalism Review. Yet newspapers have already connected murder-suicides in Pennsylvania, California, and India to the crumbling economy, despite warnings from the WHO and other agencies about a "copycat effect."...

Following Herd Out of Market Will Sting in Long Run

No reason stocks won't be back: economist

(Newser) - Ready to pull the plug on the stock market and put all of your money under the mattress? Princeton economics professor Burton Malkiel writes in the Wall Street Journal that you’ll be better off riding out the storm. “No one has consistently made money by selling America short,...

Once-Brash Big Apple Wilts in Crisis

Once-brash Big Apple is reeling from Wall Street crisis

(Newser) - A New York state of mind is giving the city’s big spenders a migraine, the Washington Post reports. Economic meltdown has withered the Big Apple, where private jet and yacht bookings are off, lavish parties are being trimmed, and lofts sit freshly vacant. Worse, the Mets and Yankees are...

How-To Films for Tough Times
 How-To Films for Tough Times 
Oct 12, 2008 5:17 AM CDT

How-To Films for Tough Times

20 cinematic escapes when you're feeling the Great Depression

(Newser) - Nothing lifts a Great Depression like a visit to the talkies. Gawker recommends 20 films to watch on your iPhone while standing in tomorrow's bread lines—assuming you haven't already sold your iPhone.
  • It's a Wonderful Life: How to survive a bank run, and have a Merry Christmas.
  • Grapes of
...

Wall Street's Woes Will Breed Cheaper Gadgets
Wall Street's Woes Will
Breed Cheaper Gadgets
ANALYSIS
Oct 7, 2008 7:16 PM CDT

Wall Street's Woes Will Breed Cheaper Gadgets

Luxury brands will drop prices; digital media apt to boom in downturn

(Newser) - Wall Street's current tremors will be felt in Silicon Valley for years, "worst case, the next decade," John Biggs writes in TechCrunch, and that could be good news for gadget freaks. Though pinched consumers probably won't "be able to stomach even mild extravagances," luxury brands—Apple...

How Much Will Wall Street Pay Itself Now?
How Much Will Wall Street Pay Itself Now?
OPINION
Oct 7, 2008 12:07 PM CDT

How Much Will Wall Street Pay Itself Now?

The banker bonus culture encourages CEOs to take big risks

(Newser) - Richard Fuld has made roughly $480 million since 2000 as he piloted Lehman Brothers to total ruin, according to one congressman at his testimony yesterday. “I have a very basic question,” he said. “Is this fair?” Many shareholders are wondering the same thing, writes Andrew Ross Sorkin...

It's Hard to Go Green With the Economy in the Red

As Wall Street falters, ambitions to fight global warming are being checked

(Newser) - Bad days on Wall Street are bad news for environmentalists, too. The financial crisis doubles as a boon for critics of proposed greenhouse gas regulations, writes Margaret Kriz for Yale Environment 360. In its aftermath, politicians will be loath to pass laws that hike carbon-based fuel prices and wary of...

Paulson Lost Some Cred
 Paulson Lost Some Cred 
ANALYSIS
Oct 4, 2008 5:01 PM CDT

Paulson Lost Some Cred

Demands and attitude have soured a once promising relationship between the administration and lawamakers

(Newser) - Treasury Secretary Henry Paulson may have gotten what he wanted from Congress on the Wall Street bailout, but his performance in selling the deal left lawmakers with a sour taste, the Wall Street Journal reports. Many think his original proposal, which would have granted him virtually unlimited powers, and his...

Sorry, Guys, No Rivalry Between CNBC Babes
Sorry, Guys, No Rivalry Between CNBC Babes
GLOSSIES
Oct 4, 2008 3:47 AM CDT

Sorry, Guys, No Rivalry Between CNBC Babes

Rumors of feuding CNBC anchors greatly exaggerated

(Newser) - The “Money Honey” versus the “Street Sweetie” makes for great headlines, but reports of catfighting between CNBC anchors Maria Bartiromo and Erin Burnett are way overstated, Suzanna Andrews writes in Vanity Fair. “There is not a rivalry,” says Bartiromo, who suggests that the rumors may stem...

Street Shrugs Off Bailout OK
 Street Shrugs Off Bailout OK 
MARKETS
Oct 3, 2008 3:35 PM CDT

Street Shrugs Off Bailout OK

Markets rack up more losses despite bill's passage

(Newser) - Investors were feeling finicky today, pushing stocks higher by 300 points after the House approved the revised $700 billion bailout, then reversing the gains and moving the major indices to sharp weekly losses, MarketWatch says. The Dow dropped 157.15 to 10,325.70. The Nasdaq lost 29.33, finishing...

Playboy Woos Posers Who Lost Shirt on Wall St.

Magazine seeks to make best of bad news with 'Women of Wall Street' special

(Newser) - The bear market could create some new bunnies, Reuters reports, with Playboy seeking females from the financial world to pose for an upcoming "Women of Wall Street feature. The magazine—which ran "Women of Enron" and "Women of WorldCom" specials after those companies folded—says it is...

Bloomberg Wants Third Term
 Bloomberg Wants Third Term 
Sep 30, 2008 4:10 PM CDT

Bloomberg Wants Third Term

Mayor aims to change NYC's term-limits law

(Newser) - New York insiders say Mayor Michael Bloomberg will attempt to change existing laws and run for a third term, the Times reports, with his announcement to come Thursday. After long supporting term limits, Bloomberg, 66, has softened, with the financial crisis seen as a significant motivator. If successful, Bloomberg would...

How Much Is Main St. Willing to Suffer to Punish Wall St.?

The economic hole is deep, and 'we're all in it together': Pearlstein

(Newser) - If people understood how bad the financial situation is, there would be less hostility toward the bailout, writes Steven Pearlstein in the Washington Post. Americans haven't owned up to having helped create the credit bubble that is now deflating, and Wall Streeters haven't owned up to their "greed, arrogance,...

Senate to Tweak Bailout —But not Much

Dissenting Dems, GOP want different changes

(Newser) - Senators are scrambling to revive legislation for the financial bailout after its surprise failure in the House yesterday, but must strike the right balance to attract new House votes without driving away initial supporters, Bloomberg reports. House Republicans want an expanded role for the FDIC in the bailout and for...

How to Protect Your Money
 How to Protect Your Money 
Sep 30, 2008 2:56 AM CDT

How to Protect Your Money

Insured accounts best bet as Wall Street tumbles

(Newser) - After the biggest single-day's loss in Wall Street's history, even Americans whose sole investment is a bank account are nervously scratching their heads. Here are some guidelines to the failed-bailout crisis from the New York Times:
  • What happens next? The market's deep dive may scare Congress into passing the bailout
...

5 Reasons Pols Dissed the Bailout
 5 Reasons Pols
 Dissed the Bailout 
ANALYSIS
Sep 29, 2008 6:08 PM CDT

5 Reasons Pols Dissed the Bailout

A bad sell, partisan wrangling, and an urge to be reelected led to bill's downfall: Pershing

(Newser) - House members were only given a chance to salvage the world economy—why do it? There are several reasons why 95 Democrats and 133 Republicans turned down Henry Paulson's $700 billion bailout plan, Ben Pershing writes in the Washington Post. The simplest? “A lot of members just didn't like...

10 Films About Nasty Business
 10 Films About Nasty Business 
Sep 29, 2008 4:10 PM CDT

10 Films About Nasty Business

Hollywood takes a cynical approach to bankers

(Newser) - Wall Street executives have it tough these days, but Hollywood has rarely gone easy on guys in suits. USA Today lists 10 definitive films about them:
  • Stagecoach (1939): Like all John Ford movies, this one makes a banker look bad.
  • Splendor in the Grass (1961): A 1930s investor doesn't just
...

House Votes on Bailout Package Today

Compromise deal still faces rough fight

(Newser) - The House votes today on the nation's largest government bailout, followed by the Senate as soon as Wednesday, the Washington Post reports. The bipartisan compromise would grant Treasury Secretary Henry Paulson broad latitude to purchase assets at any price from any firm. Free-market Republicans have dropped their opposition, but the...

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