Wall Street

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Wall Street's Latest Gambit Might Re-Wreck the Economy

Salon's David Dayen: Massive home-rental scheme is dangerous

(Newser) - Remember the phrase "mortgage-backed securities" and stories about how they helped send the economy into a tailspin? Well, Wall Street has a new and not-so-improved version, this time involving rental homes, writes David Dayen at Salon . Private equity firms such as Blackstone have been buying as many single-family homes...

Hedge Fund Pleads Guilty, but Tycoon Gets Off

Firm hit with record fine after 'unprecedented' insider trading

(Newser) - SAC Capital pleaded guilty to all five counts in the damning criminal complaint against it yesterday, agreeing to a total of $1.8 billion in penalties, the largest haul ever for an insider trading case. The plea marks the end of an 11-year case, and marks the first time "...

SEC: Giving Up on Financial Crisis Prosecutions?

Commission passes on prosecuting major hedge fund

(Newser) - You might want to stop holding your breath waiting for the SEC to bring the hammer down on more financial crisis ne'er do wells, because the commission appears to be winding down crisis-related investigations. That's what the Wall Street Journal has concluded after getting word from sources that...

Snapchat's Biggest Fans: Teens and ... Bankers?

Wall Street apparently loves the self-destructing messages

(Newser) - It's the happening social media app that swept through high schools across the country, and now it's coming for … Wall Street? Yes, financiers are going absolutely nuts for Snapchat, the service that lets you send photos, with messages attached, that will self-destruct soon after they arrive, sources...

Meet the Drug That's Powering Wall Street

Prescriptions for Modafinil up 10-fold in decade

(Newser) - Cocaine may no longer be the drug that fuels Wall Street. Instead, traders and start-up entrepreneurs looking to work hard rather than party hard are increasingly turning to a Modafinil—a "smart drug" said to have inspired the film Limitless, in which a writer pops a pill that allows...

Hedge Fund to Pay Record $614M for Insider Trading

SAC Capital agrees to settle with the SEC

(Newser) - Two affiliates of a major hedge fund agreed today to pay $614 million in the biggest-ever insider trading settlement on Wall Street, the New York Times reports. One affiliate of SAC Capital, CR Intrinsic, agreed to pay $600 million after a worker was accused of using confidential data on drug...

Apple Is Like a Failing Religion
 Apple Is Like a Failing Religion 
OPINION
Feb 13, 2013 1:57 PM CST

Apple Is Like a Failing Religion

And Tim Cook isn't infallible, Heidi Moore argues

(Newser) - Tim Cook had a difficult job to do at yesterday's Goldman Sachs conference. It would be hard for any CEO to explain why a company's share price has lost a third of its value in six months. But Cook "is not just any CEO," points out...

Wall Street Braces for Dismal Bonuses

Worst since '08, but average still hits $101K

(Newser) - Poor little Wall Street: The New York Post is reporting that the 2012 bonus season is likely to be a lean one—at least by the Street's standards. It seems your average Wall Streeter will be taking a 16.5% hit over last year's bonuses, and a 50%...

Obama Won the &#39;Makers,&#39; Romney the &#39;Takers&#39;
Obama Won the 'Makers,' Romney the 'Takers'
OPINION
Dec 5, 2012 1:52 PM CST

Obama Won the 'Makers,' Romney the 'Takers'

Harold Meyerson: Techies went for president, bankers for Romney

(Newser) - A look at this year's political contributions makes a few generalizations safe: If an employee of Google or Microsoft donated to a candidate, it was probably Barack Obama. If an employee at Goldman Sachs or Morgan Stanley did, it was probably Mitt Romney. In short, Silicon Valley loves Obama...

Sandy May Have Ruined Billions in Bearer Bonds

Wall Street could lose $70B, source says

(Newser) - Add this to Superstorm Sandy's damages: billions of dollars in soaked bearer bonds that may never be recovered, the New York Post reports. The storm surge flooded a huge underground vault in New York, sousing 1.3 million bond and stock certificates with water, sewage, and diesel. Now a...

OK, Obama, Now Can We Get Tough on Wall Street?
OK, Obama, Now Can We
Get Tough on Wall Street?
OPINION
Nov 12, 2012 12:55 PM CST

OK, Obama, Now Can We Get Tough on Wall Street?

His 2nd term is a chance to do it right: William Cohan

(Newser) - Back when President Obama took office in 2009, many assumed he'd reform the Wall Street system that had just blown a hole in the economy. "It turned out we were either naïve or stupid," author William Cohan writes at Bloomberg . Instead, Obama's administration was stocked...

Obama: Romney's a Bullsh***er

President gives wide-ranging cover interview with 'Rolling Stone'

(Newser) - President Obama sat for a wide-ranging cover interview with Rolling Stone, and took a not-very-subtle jab at his opponent right off the bat, reports Politico , which notes the president's "genuine disdain" for Mitt Romney. When told by his interviewer that his 6-year-old told him to tell the president,...

Goldman Sachs 'Traitor' Rips Wall Street Culture

But critics question Greg Smith's insider account

(Newser) - After rocking the financial world with a New York Times op-ed condemning Goldman Sachs' culture, former company VP Greg Smith is back with a full book : Why I Left Goldman Sachs: A Wall Street Story, out today. Going public was the "only way" to "change the system" that...

Tom Brady to Jamie Dimon: 'Hang In There'

CEO of America's biggest bank gets a profile in Vanity Fair

(Newser) - When the firestorm around JPMorgan's "London Whale" scandal was burning hottest, Jamie Dimon got a surprise call from Tom Brady. "Hang in there," the Patriots quarterback told him. "I was surprised he even knew who I was, to tell you the truth," Dimon says....

Wall Street&#39;s Fear: Senators Who Know Things
Wall Street's Fear: Senators Who Know Things
OPINION
Sep 28, 2012 1:55 PM CDT

Wall Street's Fear: Senators Who Know Things

Bankers want no part of 'expert' Elizabeth Warren, Dave Sirota writes

(Newser) - Get Wall Street executives drunk enough, and David Sirota of Salon is pretty sure they'll confess that they like their legislators to be incurious and ill-informed. How does he know? Because one former Lehman Brothers trader recently admitted as much in a recent Businessweek piece on the Massachusetts Senate...

Wall Street Traders Turn to ... Astrology?!

Thousands subscribe to star-based finance newsletter

(Newser) - Wall Street is a sophisticated place full of smart, savvy professionals who make decisions based on rational criteria … like whether or not Mercury is in retrograde. An astrology-based financial newsletter has drawn a couple thousand subscribers, Marketplace.org reveals. Another has at least 300 traders subscribed, for the low-low...

Occupy, One Year Later: Fizzling or Thriving?
Occupy, One Year Later: Fizzling or Thriving?
opinion roundup
Sep 17, 2012 1:04 PM CDT

Occupy, One Year Later: Fizzling or Thriving?

Observers weigh in on the movement's impact

(Newser) - Occupy Wall Street celebrated its first anniversary today not so much with a bang as with a whimper— police and press outnumbered protesters . Reactions from both sides of the fence:
  • In the Daily Beast, Matt Taylor says the movement has "fizzled" as organizers, too worried about being "co-opted"
...

Wall Street Has Plenty of Democrat Pals, Too
Wall Street Has Plenty
of Democrat Pals, Too
OPINION
Sep 12, 2012 12:32 PM CDT

Wall Street Has Plenty of Democrat Pals, Too

They know how to 'tow the line,' too: Gary Weiss

(Newser) - Yes, Wall Street would love to see Mitt Romney win in November, writes Gary Weiss at TheStreet , but Weiss wants to debunk the "conventional wisdom" that the financial services industry and Democrats don't get along. New York Sen. Kirsten Gillibrand is a case in point. She's a...

Probe Targets Finance Firms Over 'Sneaky' Strategy

Bain Capital gets a subpoena

(Newser) - Do private equity firms like Bain Capital use a sly strategy to avoid paying hundreds of millions in taxes? That's what New York Attorney General Eric Schneiderman aims to find out. In recent weeks he issued subpoenas to more than a dozen companies, including Bain, TPG Capital, and Sun...

24% of Wall Street Execs: We Need to Break the Law
24% of Wall Street Execs:
We Need to Break the Law
survey says
Jul 10, 2012 7:37 AM CDT

24% of Wall Street Execs: We Need to Break the Law

New survey finds many consider illegal or unethical behavior necessary

(Newser) - Well, this explains a lot: A new survey of 500 senior Wall Street executives found that 24% said that unethical or illegal behavior was not only acceptable, but even necessary in order to achieve success in their business. Other highlights from the survey, conducted by whistleblower law firm Labaton Sucharow,...

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