Wall Street

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Europe Applauds Bank Crackdown; Markets Swoon

Bank shares hit hard by pledge to curb risk-taking

(Newser) - European leaders today lauded President Obama's plan to limit the size and risk-taking of the nation's banks, but stock markets worldwide were rattled. Asian markets fell sharply today and European markets opened down, following a 213 point drop in the Dow yesterday, its biggest 2-day loss since March. Europeans said...

Dems May Cave on Consumer Agency
Dems May Cave on Consumer Agency 
Jan 19, 2010 9:43 AM CST

Dems May Cave on Consumer Agency

Proving they serve banks, not families, says Elizabeth Warren

(Newser) - Senate Democrats are signaling that they're willing to drop the independent Consumer Financial Protection Agency to get financial reform passed, but they'll have to go through bailout watchdog Elizabeth Warren to kill it. The fight over the independent agency is a showdown between the banks' interests and those of American...

Why Wall Street Gets Paid So Damn Much
 Why Wall Street Gets 
 Paid So Damn Much 

Robert Samuelson
Jan 18, 2010 9:21 AM CST

Why Wall Street Gets Paid So Damn Much

And why it's probably bad for society

(Newser) - Wall Street bankers may be a greedy lot, but their eye-popping bonuses are the result of math, not avarice. “Most of us are paid based on what we produce,” explains Robert Samuelson in the Washington Post. “By contrast, Wall Street compensation levels are tied to the nation’...

Wall Street May Fight Tax All the Way to Supreme Court

Lobbyists argue that it's unconstitutional to target big banks

(Newser) - Wall Street’s main lobbying firm has hired a big-time Supreme Court litigator to look into bringing a federal case against the Obama administration’s proposed big-bank tax, arguing that it is unconstitutional. The group sent an email to legal departments across Wall Street saying that the tax could be...

Obama to Wall Street: 'We Want Our Money Back'

President talks tough, pledges to get 'every single dime' back

(Newser) - Barack Obama made with the tough talk today in announcing his proposal for a tax on big banks, pledging to recover “every single dime” the taxpayers spent bailing out Wall Street. “We want our money back, and we’re going to get it,” Obama declared. “If...

Obama Needs to Ditch the 'Wall Street Liberal' Label

A fight with big banks would best help his reputation

(Newser) - "Wall Street Liberal" is pretty much the worst label you could stick on a politician: The left has no great love of Wall Street, while the "liberal" part ticks off the right. Bad news, then, for President Obama—who is actually neither liberal nor a Wall Street darling—...

Wall Street Bonuses Ripe for Tea Party Rage

Big finance could face populist pitchforks

(Newser) - Bailed-out Wall Street execs handing themselves hefty bonuses this month should prepare for outrage not only from Dems inside the Beltway but from tea partiers, who hold their first convention in Nashville next month. The rage that has been focused on big government and health care reform could easily swing...

Wall Street Weighs Huge Bonuses Vs. Public Wrath

Small signs of restraint as bonus season begins with record profits

(Newser) - Wall Street this week enters that cash free-for-all known as bonus season with quite the dilemma hanging overhead: How to distribute the billions in record-breaking profits reaped this year without incurring public wrath? Goldman Sachs expects to give out an average of $595,000, the New York Times reports, and...

Brokers Ditch Big Firms, Hang Out Shingles

Exodus sees decline in big Wall Street's share of client money

(Newser) - Independent financial advisers are gaining on the big Wall Street firms in managing personal assets, as more brokers leave companies they see as unreliable or tarnished. Those heading for the exits are taking many of their clients with them, creating a net outflow in 2009 of about $188 billion in...

10 Lies Wall St. Told Us in '09
 10 Lies Wall St. Told Us in '09 
OPINION
Dec 29, 2009 9:13 AM CST

10 Lies Wall St. Told Us in '09

It's been a bumper year for BS from the big banks, writes Nomi Prins

(Newser) - As Wall Street happily trots off into 2009's sunset, same old bad habits in tow, things aren't looking so hot on Main Street—no matter the crocks the bankers sold us, writes Nomi Prins at AlterNet . Here's some of Wall Street's finest whoppers of the year.
  • The economy has improved.
...

No-Show Bankers Show Who's on Top
No-Show Bankers Show Who's on Top
andrew ross sorkin
Dec 15, 2009 7:28 AM CST

No-Show Bankers Show Who's on Top

With bailout funds repaid, Wall Street snubs the president

(Newser) - Obama’s meeting with top bankers yesterday spoke volumes about the new power dynamic between Washington and Wall Street—and not in the White House’s favor. Three top bankers, Lloyd Blankfein, John Mack and Richard Parsons, called in rather than showing their faces. Their excuse was weather that had...

Obama Prods 'Fat Cat' Bankers on Reform, Loans

Meeting sparsely attended thanks to weather

(Newser) - Less than 24 hours after jabbing at "fat cat bankers," Barack Obama rounded up every one of them he could find and prodded them to lend more, modify mortgages, and get behind financial reform methods. "America's banks received extraordinary assistance from American taxpayers to rebuild their industry,...

Winners, Losers in Bank Reform Bill

Big banks and securities firms face tougher standards

(Newser) - The financial reform bill now on its way to the Senate is the biggest such effort since the Great Depression. The Wall Street Journal runs down who wins and loses, beginning with the Winners:
  • Mortgage lenders: The bill doesn't allow bankruptcy judges to adjust the terms of first mortgages.
  • Credit
...

House Passes Financial Regulations Overhaul

Bill passes 223-202, with Senate to act next year

(Newser) - The House today passed a sweeping overhaul of financial regulations that would govern Wall Street and reconfigure the power of the agencies overseeing the banking system. The vote was 223-202, with nearly all Republicans in opposition because of fears over too much government intrusion. The bill is designed to address...

Goldman Won't Dole Out Cash Bonuses

Top execs will get stock that can't be cashed for five years

(Newser) - No cash bonuses for top Goldman Sachs executives this year. Instead, the Wall Street giant will pay its 30 top execs bonuses in the form of restricted stock that can't be cashed for five years. And the company can get the shares back if the performances they were based on...

'I Did Not Anticipate a Crisis of This Magnitude'
'I Did Not Anticipate a
Crisis of This Magnitude'
bernanke's rough day
Dec 3, 2009 5:45 PM CST

'I Did Not Anticipate a Crisis of This Magnitude'

Fed chief takes a beating but seems to have support for new term

(Newser) - Ben Bernanke took some serious lumps today on Capitol Hill, but he still seems to have the support he'll need to get a second term as chief of the Federal Reserve. "I did not anticipate a crisis of this magnitude," he told members of a Senate panel during...

Sen. Sanders Puts Hold on Bernanke Nomination

Independent's move could force Dems to scrape up 60 votes

(Newser) - Saying that Ben Bernanke is too tied to the roots of the current financial crisis and too beholden the institutions that helped cause it, Sen. Bernie Sanders put a hold on the nomination process for a second term for the Federal Reserve chief. The Vermont independent’s move—not much...

Bank of America Will Repay $45B TARP Loan

Move will help bank rid itself of government restrictions

(Newser) - Bank of America is joining the ranks of banks that have repaid their TARP loans. The bank will repay $45 billion to the Treasury Department to begin ridding itself of restrictions on pay and other matters. BofA plans to raise $20 billion in capital to beef up its reserves and...

Bloggers on JPMorgan Chase CEO Replacing Geithner: Nah
Bloggers on JPMorgan Chase CEO Replacing Geithner: Nah
NO DIMON IN THIS ROUGH
Nov 23, 2009 10:00 PM CST

Bloggers on JPMorgan Chase CEO Replacing Geithner: Nah

Jamie Dimon not in tune with Obama, too invested in big banks

(Newser) - A report today that JPMorgan Chase CEO Jamie Dimon has the inside track to replace Timothy Geithner as Treasury Secretary is getting mostly guffaws online, with even the conservative Wall Street Journal admitting that Dimon’s way too much an insider for the job just now. Indeed, chuckles Daniel Indiviglio...

Goldman Bonuses Irk Investors, Too

Shareholders question need for $20B in bonuses

(Newser) - With Goldman Sachs on course to hand out the highest bonuses in its history, it's not only furious populists who are complaining; investors, too, are getting into the act. Major shareholders, who have stayed out of the executive compensation controversy until now, are calling for the bank to cut back...

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