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Activist Investor Wants to Scrub Entire Yahoo Board

Starboard says it's got 9 nominees to take over for floundering Internet company

(Newser) - Yahoo's entire board of directors should be swapped out, per an activist investor, and the AP reports that Starboard Value is going to nominate nine new board members Thursday, ratcheting up tensions between itself and the beleaguered Internet giant. The Wall Street Journal says it reviewed a letter from...

Feds: Man Used Stolen Funds to Freeze His Wife

Whileon Chay indicted, thought to be on the run in Peru

(Newser) - A man being charged with running a Ponzi scheme out of New Jersey is not only accused of squirreling away $5 million of his customers' money, reports Bloomberg , but he allegedly spent it on some pretty standard and pretty strange stuff. Whileon Chay, 38, "would show up to meet...

Noah's Ark Park in Danger of Sinking

Feel like buying $29M in unrated municipal bonds?

(Newser) - A Noah's Ark theme park set to break ground in Kentucky in March could soon be crushed—not by a mountain of water, but by a lack of investor interest, Bloomberg reports. Building a full-scale ark replica at the biblical Ark Encounter park—set to open in April 2016—...

Hey, Buddy, Wanna Buy Stock in a Football Player?

We're back in an era of crazy investments: Kevin Roose

(Newser) - Hang on to your wallets, folks, because "the age of bull---- investments is back," declares Kevin Roose at New York . The collapse of 2008 put a damper on things, but today the financial world is filled with crazy schemes and iffy start-ups designed to separate suckers from their...

As Default Looms, Investors Scurry to Unload US Bonds

Banks steer clear of short-term US debt

(Newser) - Worried over the possibility of default, investors and banks aren't taking chances: They're selling off billions of dollars of US debt, the Wall Street Journal reports. Banks have cut their government debt holdings by some 50% in the past two weeks, New York's Federal Reserve says. Additionally,...

Cat Picks Better Stocks Than Money Managers

Feline's portfolio rises by 4.2%

(Newser) - Investors, it's kitty-cat time: A contest that pitted stock-picking professionals against finance students and a cat named Orlando wrapped up last month—and Orlando won, the Guardian reports. Starting last January, each team invested an imaginary sum worth about $7,900 and was allowed to swap any stocks every...

SEC Warns Netflix CEO Over Post on Facebook

Agency says it's not the same as informing investors

(Newser) - Netflix finally got some happy headlines this week thanks its Disney deal , but the SEC has likely spoiled the good mood of CEO Reed Hastings with an unusual lawsuit threat. The agency notified the company that it might file a civil suit because of a Facebook post and blog entry...

Icahn Sours at Taste of Netflix's 'Poison Pill'

Slams stock move as 'poor corporate governance'

(Newser) - Billionaire investor Carl Icahn isn't happy with Netflix's plan to avoid a takeover, and he told the SEC as much yesterday. In a filed statement, he called the company's share-diluting "poison pill" decision "an example of poor corporate governance," the Los Angeles Times reports....

Despite Rising Dow, People Still Scared of Stocks

'I think we've lost another generation'

(Newser) - Stocks have reached new heights lately, but it's been a lonely climb. A host of investors have soured on the market, pulling a net $138 billion out of it since March 2009, the Wall Street Journal reports. That makes it the first time since 1981 that stock investment has...

Winklevosses Sink $1M in New Social-Network Venture

They back Divya Narendra's investment site with $1M

(Newser) - It seems their much-publicized battle with Mark Zuckerberg hasn't put the Winklevoss twins off social networking for good. Instead, Tyler and Cameron Winklevoss have invested $1 million in another social site: SumZero, a site created in 2008 by their fellow Facebook-fighter Divya Narendra and another Harvard grad. The site,...

SEC: National Radio Host Misleads Investors

Ray Lucia's plan won't provide seniors 'income for life': regulators

(Newser) - Popular radio host Ray Lucia says his investment plan can "generate inflation-adjusted income for life"—but the SEC says that claim is misleading, and wants to stop him from using it, the Los Angeles Times reports. According to the SEC, the nationally syndicated Lucia "performed scant, if...

Veil of Secrecy Hangs Over Tootsie Roll Industries

Elderly CEO won't hint at succession plans

(Newser) - What's going on at Tootsie Roll Industries? The world may never know, at least if the company's elderly executives have their way. Tootsie Roll refuses to talk to journalists, won't hold quarterly earnings calls, and sends out poorly-scanned PDFs as earnings releases, the Wall Street Journal observes....

Meet Google's First Investor: A Stanford Academic

David Cheriton is worth $1.3B

(Newser) - The first person to write a check for Google is still a full-time academic—probably the richest one in the world, notes Forbes : David Cheriton's net worth is $1.3 billion. The computer science professor is an expert investor in tech startups; indeed, the $100,000 check he wrote...

Zuckerberg's Hoodie: Gleeful Snub to Wall Street?

One analyst thinks it's a 'mark of immaturity'

(Newser) - On the first day of Facebook's IPO roadshow yesterday, Mark Zuckerberg showed up to a meeting with potential investors wearing a hoodie—a wardrobe choice that one Wall Street analyst says is a glaring "mark of immaturity," reports Bloomberg . "He’s actually showing investors he doesn’...

Groupon Shares Going Gangbusters on Day One

Thanks, but no thanks, says Henry Blodget

(Newser) - Groupon is having a big debut as a public company. The stock was selling for about $30 a share at the market's open today, way above the $20 IPO price the company set last night, reports the Wall Street Journal . Which means that, on paper anyway, the company is...

Psychopaths More Cautious Than Stockbrokers
Psychopaths More Cautious Than Stockbrokers
Study says
Sep 27, 2011 11:00 AM CDT

Psychopaths More Cautious Than Stockbrokers

Stock traders prove more reckless, ruthless in simulations, tests

(Newser) - Don’t call rogue traders like Kweku Adoboli a psycho—because that may not be fair to psychos. A new study from the University of St. Gallen in Switzerland pitted a group of stockbrokers against a group of actual psychopaths in various computer simulations and intelligence tests, and found that...

Investors, Not Laborers, Are Now the Heroes

EJ Dionne: Today should really be called 'Capital Day'

(Newser) - "Labor Day" is a misnomer, and we're the ones who have made it so, writes EJ Dionne for the Washington Post . Today, and every day in America, we no longer celebrate workers "as the real creators of wealth." We reserve the highest praise for "capital,...

For 2012, Obama Wants 'Fat Cats' Back on His Side

The president reaches out to Wall Street donors

(Newser) - President Obama—who famously angered Wall Street executives by calling them “fat cats,” the New York Times reminds us—is now courting those same executives in his quest for re-election campaign contributions. He kicked off the push by hosting two dozen of them, many longtime donors, at the...

Early Facebook Investors Want Out

A group, including employees, looks to dump shares

(Newser) - In a sign of increasing wariness among Facebook's earliest investors, a group of shareholders is looking to dump $1 billion worth of shares in the social networking company. The sale would value Facebook at more than $70 billion, five sources tell Reuters . The group, which includes Facebook employees, tried...

Goldman to US Investors: No Facebook Shares for You

Only non-US clients can buy in

(Newser) - Want to snatch up some Facebook shares? Tough luck, if you’re an American. Goldman Sachs is limiting the private offering of up to $1.5 billion in shares to non-US clients only. In a statement to the Wall Street Journal , Goldman says the "intense media attention" surrounding the...

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