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Tag: Wall Street

Rally

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Posted on Mar 11, 2009 READ MORE


Wall St. bull
AP photo / Mary Altaffer

Socialism Without a Soul

Newt Gingrich is right: “It is European socialism transplanted to Washington.” How else to describe an economy in which the government controls the entire financial center and is now supplying life support for the auto industry?

Posted on Mar 10, 2009 READ MORE


Wall Street signs
Rob Young

Geek Love Endures on Wall Street

Despite the apparent reality that it’s not possible to precisely quantify everything under the sun, particularly when it comes to human behavior, the worrisome trend of “quants”—experts from physics and other scientific fields—infiltrating Wall Street firms to apply their skills to the stock market is still in effect.

Posted on Mar 9, 2009 READ MORE


Stone interview
truthdig.com

Oliver Stone: The Director’s Cut

The renowned filmmaker visited USC’s Annenberg School for Communication on March 3 to talk with Truthdig editors Robert Scheer and Kasia Anderson and their students about “Wall Street,” his 1987 classic—suddenly all too relevant again—and to give a panoramic take on his body of work and what the future holds for the movie industry.

Posted on Mar 9, 2009 READ MORE



Wikimedia Commons / Paul Sparkes

Dow Slides Below 7000, No End in Sight

The Dow Jones industrial average fell to 6763.29 Monday. In less than a year and a half, the market has lost more than half of its value. More bad news from the financial sector has some analysts worried that rock bottom is still a long way away.

Posted on Mar 2, 2009 READ MORE


Thiermann

90-Year-Old Madoff Client Goes Back to Work

Even though this CBS report seems to want to make a feel-good story out of this one, it’s more the stuff of nightmares, despite 90-year-old Ian Thiermann’s good-natured take on his fate. After being retired for 30 years, Thiermann discovered that he’d lost his entire retirement fund due to Bernie Madoff’s shenanigans, and now Thiermann is working for $10 an hour in a California supermarket.

Posted on Feb 27, 2009 READ MORE


Stanford
AP photo / Lefteris Pitarakis

Stanford’s Billions Are MIA

The troubles of alleged rip-off artist Sir R. Allen Stanford are piling up in a big way: Not only does he stand accused of defrauding some 50,000 customers via his Stanford Financial enterprise, but now it seems that authorities are able to account for only $250 million of the $8.2 billion in assets that Stanford’s bank said it had.

Posted on Feb 27, 2009 READ MORE


Monopoly Man
amnesta.net

Wall St. Scams a Go-Go

This information should shock no one by this point, but it seems that there are more tales of alleged fraud emerging from the general direction of Wall Street. Move over, Bernie Madoff.

Posted on Feb 26, 2009 READ MORE


trading floor
AP photo / Richard Drew

And Now for Some Financial News That’s Not Utterly Disastrous

This just in: Not everything is completely awful in the financial arena. Rejoice—stocks went up a little bit! Even if it’s just because Fed Chair Ben Bernanke assured Wall Street that our nation’s banks won’t be nationalized soon, and even if the 2 percent rise happened a day after the Dow dipped to 12-year lows.

Posted on Feb 24, 2009 READ MORE


Turn a Harsh Light Onto the Banks

It’s reaching the point where desperate measures—brutal honesty and complete transparency—may be the only way to bring the economy out of its kamikaze dive. If so, this won’t be pretty.

Posted on Feb 23, 2009 READ MORE



collage: Flickr (epicharmus) / Google

Dow and Out on Wall Street

The Dow hasn’t been this low since “Titanic” won Best Picture, appropriately enough. Investors, apparently convinced the worst is yet to come, sent stocks tumbling to a 12-year low on Monday. The Dow sank to a depth of 7114.78.

Posted on Feb 23, 2009 READ MORE


High Ideals in Low Times

  If freedom is just another word for no high-flying jobs left for new college graduates to lose, it opens room for risk-taking. And—dare I say it?—idealism.

Posted on Feb 18, 2009 READ MORE


Geithner
AP photo / Lawrence Jackson

No Tough Love for Wall Street

What an insipid anticlimax! Rising to “a challenge more complex than our financial system has ever faced,” Treasury Secretary Timothy Geithner promised on Tuesday to give trillions more to the very folks who profited from that malignant complexity.

Posted on Feb 10, 2009 READ MORE


mortgage crisis

CEOs Were Bailed Out, Homeowners ... Not So Much

Robert Greenwald’s filmmaking team has zeroed in on the ongoing mortgage crisis in this clip illustrating the stark contrast between the fate of Wall Street bankers and that of struggling homeowners after the initial bailout money was doled out—without any requirements that those who benefited the most account for the funds or be accountable to people trying to save their homes.

Posted on Feb 10, 2009 READ MORE


Feed Wall Street

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Posted on Feb 10, 2009 READ MORE    


Dear Wall Street

The reason you are such a big story is that you’ve stolen our money. Or at least that’s how most of the country sees it. You think those auto executives looked bad when they flew into Washington on their private jets? Just you wait.

Posted on Feb 4, 2009 READ MORE


Bonus

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Posted on Feb 4, 2009 READ MORE


geithner
AP photo / Pablo Martinez Monsivais

Runaway Wall Street

It is instructional that only one of the three tax-challenged Obama appointees has survived public scorn to claim a high position in the new administration. Oddly enough, it is Treasury Secretary Timothy Geithner, the man who will collect our taxes, whose career has not been stunted by his failure to pay them.

Posted on Feb 4, 2009 READ MORE



Flickr / respres

Produce the Note

Rep. Marcy Kaptur has a solution for beleaguered homeowners facing foreclosure: Dare Wall Street to produce the loan note that was bundled, securitized, sold and resold.

Posted on Feb 3, 2009 READ MORE


Marie Antoinette
Lie Louis Périn-Salbreux

Who Knew Bankers Were This Stupid?

Earth to Wall Street: It’s over, people. You had a terrific run, better than you deserved, but now you’d be wise to pay attention to those citizens outside, the ones with the pitchforks and the torches.

Posted on Feb 2, 2009 READ MORE


Barack Obama

Obama Blasts ‘Shameful’ Bonuses

The president is famous for his even disposition, but he appears to be flat-out pissed at the news that Wall Street bankers showered themselves with bonuses while helping drive the economy into a ditch.

Posted on Jan 29, 2009 READ MORE


pigs
Flickr / treehouse1977

Bankers Took Home Billions While Wall Street Burned

If you’re in a good mood, you may just want to skip this bit of news from The New York Times: “Despite crippling losses, multibillion-dollar bailouts and the passing of some of the most prominent names in the business, employees at financial companies in New York ... collected an estimated $18.4 billion in bonuses for the year.” Update

Posted on Jan 29, 2009 READ MORE


Left, Right & Center

‘Left, Right & Center’: Obamarama; Bad Bankers; a Kennedy Is KO’d

Well, here he is, our new Mr. President. How did Barack Obama fare in his first few days in office? Meanwhile, Wall Street flounders, and Caroline Kennedy’s Senate bid falls short at the 11th hour. The “Left, Right & Center” team takes a crack at this week’s news. Audio fixed

Posted on Jan 23, 2009 READ MORE


Geithner and Summers
AP photo / Lawrence Jackson

Wall Street Robber Barons Ride Again

Why rush to throw another $350 billion of taxpayer money at the Wall Street bandits and their political cronies who created the biggest financial mess since the Great Depression? And why should we taxpayers be expected to double our debt exposure when the 10 still-secret bailout contracts made in the first round are being kept from the public?

Posted on Jan 13, 2009 READ MORE


Left, Right & Center

‘Left, Right & Center’: Will Obama Take On Wall Street?

Is President-elect Barack Obama proposing a stimulus package that will actually deliver? What’s going to happen next in the Middle East? These are unanswerable questions, but the “Left, Right & Center” team offers prognostications about what may lie in store on the domestic and international fronts.

Posted on Jan 9, 2009 READ MORE


ENTER_ALT_TEXT
flickr.com / Presidential Inaugural Committee

Wizards of the Inauguration

While Barack Obama banned corporations and big donors from funding his inauguration so as to not trammel the public celebration, the big event’s multimillion-dollar bill is instead being footed by Wall Street executives and other financial employees acting as fundraisers. Abracadabra—no more special interests.

Posted on Jan 9, 2009 READ MORE


Madoff
AP photo / Jason DeCrow

An Insanity Plea for Madoff?

It might seem a stretch, but fallen financier Bernard Madoff’s legal team may be “exploring an insanity defense,” according to the New York Daily News.

Posted on Dec 28, 2008 READ MORE


Madoff Investor Found Dead in N.Y.

The co-founder of one of Bernard Madoff’s biggest corporate clients, Access International Advisers, was found dead of an apparent suicide on Tuesday morning in his New York office.

Posted on Dec 23, 2008 READ MORE


Obama appointees
AP photo / Gerald Herbert

Tough Road Ahead for New Economic Appointees

On Thursday, President-elect Barack Obama introduced three top financial appointees who will help him with the unenviable task of revamping the government’s economic regulatory system and “crack[ing] down on this culture of greed and scheming that has led us to this day of reckoning,” as Obama put it.

Posted on Dec 18, 2008 READ MORE


Horlick
epws-shanghai.org

Wealthy Investors Lose Fortunes in Wall Street Scam

Although the full extent of the damage from broker Bernard Madoff’s alleged super-swindle has yet to be determined, it’s clear by now that the collapse of his vast pyramid scheme may spell utter disaster for several of his top investors—some of whom might not know yet that they’re broke.

Posted on Dec 13, 2008 READ MORE


Madoff
streetinsider.com

Top Broker Busted for $50B ‘Ponzi Scheme’

Here’s yet another candidate for the expanding collection of Tales from the Dark Side of Wall Street (is there any other side?): The Wall Street Journal reported Friday that Bernard L. Madoff, a top trader for nearly five decades who has served as chairman of the Nasdaq Stock Market, was arrested this week after his sons turned him in for engineering an elaborate “Ponzi scheme.”

Posted on Dec 12, 2008 READ MORE


Obama's defense team
AP photo / Pablo Martinez Monsivais

Will Obama Stay the Course?

I do so want to believe that Barack Obama is on the right track. His brain is big, his style fresh, his pronouncements both logical and compelling, and it does feel good to have a president-elect elicit universal respect rather than make the world cringe.

Posted on Dec 2, 2008 READ MORE


Summers and Obama
AP photo / Charles Dharapak

Obama Chooses Wall Street Over Main Street

Maybe Ralph Nader was right in predicting that the same Wall Street hustlers would have a lock on our government no matter which major party won the election. I hate to admit it, since it wasn’t that long ago that I heatedly challenged Nader in a debate on this very point.

Posted on Nov 25, 2008 READ MORE


Financial Meltdown Capzle

Financial Meltdown 101

Getting a grip on the economic catastrophe that rocked the country during the fall of 2008 is no easy feat, what with so many players, back-room deals, bills, upswings and meltdowns to consider. Updated

Posted on Nov 24, 2008 READ MORE



Flickr / LoopZilla

Fed to Rescue Another Shaky Bank

What’s a hundred billion dollars between capitalists? The Fed and the Treasury are once again throwing good cash after bad business. This time the culprit is Citigroup, which could get bailed out—courtesy of you—to the tune of $100 billion. And with that, we’d like to announce that Truthdig is officially too big to fail. Update: Done deal.

Posted on Nov 23, 2008 READ MORE



finance.google.com

Dow-nward Spiral

In a little over two weeks, the Dow has tumbled more than 2,000 points as bad economic news continues to pile up. Word on Thursday that jobless claims hit a 16-year high, combined with a dreary outlook for Detroit and a lack of confidence in major financial institutions, helped drive the DJIA down to 7,552.29.

Posted on Nov 20, 2008 READ MORE


Financial Boom

Share
Posted on Nov 16, 2008 READ MORE    


Cummings

Fun With Bailout Hearings: Know Your Treasury Chumps

It’s clear from this monologue by Rep. Elijah Cummings that, when he wonders aloud if Neel Kashkari is a “chump” for enabling companies like AIG to hand out huge executive bonuses while seeking federal bailout money, Cummings already knows the answer.

Posted on Nov 15, 2008 READ MORE


Obama

The Presidency, Transparency and You(Tube)

President-elect Barack Obama made his first weekly video address via YouTube this weekend. What’s it about?  “Make no mistake—this is the greatest economic challenge of our times,” he says. Oh. Right.

Posted on Nov 15, 2008 READ MORE


How to Stabilize the Stock Market

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Posted on Nov 13, 2008 READ MORE



Collage: Meutia Chaerani / Indradi Soemardjan and Shealah Craighead / White House

Paulson Revises Bailout Strategy

“I will never apologize for changing a strategy or an approach if the facts change,” explained Treasury Secretary Henry Paulson, who has retreated from his original plan of buying up near-worthless mortgage securities with taxpayer funds. Instead, Paulson will continue to pump money into troubled banks in exchange for equity, a scheme that has proved more expeditious and popular.

Posted on Nov 12, 2008 READ MORE


Obama
AP photo / Morry Gash

Morning Again in America

It’s time to gush! Later for the analysis of all the hard choices faced by our next president, Barack Obama, but for now, let’s just thrill, unabashedly, to the sound of those words.

Posted on Nov 4, 2008 READ MORE


McCain
AP photo / Gene J. Puskar

Just How Dumb Are White Males?

Let me now defend white males. We can’t possibly be as dumb as the polls showing we are John McCain’s most reliable voting base would indicate.

Posted on Oct 28, 2008 READ MORE



tickertapedigest.com

What Goes Down ... Dow Up 10 Percent

The Dow shot up 889.35 points on Tuesday, a welcome respite from Wall Street’s month of plunges. Things could still get a lot worse: While some buyers snapped up what looked like bargain stocks, others said they expected a major drop before things get better.

Posted on Oct 28, 2008 READ MORE



Flickr / BohPhoto

New York Times Endorses Barack Obama

This news isn’t going to make certain members of the Republican Party like the Gray Lady any more than they already do, which is not at all: The New York Times’ editorial board has officially endorsed Barack Obama for president.

Posted on Oct 23, 2008 READ MORE



commons.wikimedia.org

Brokers Gone Wild: Market Closes Up

The Dow gained 401.35 points Thursday but had volatile swings through most of the day. Investors, The Wall Street Journal reports, are still trying to figure out what stage of suck the economy is in.

Posted on Oct 16, 2008 READ MORE


AIG logo
listphile.com

N.Y. Attorney General Goes After AIG

It would seem imprudent, given the government’s recent and unprecedented bailout of companies such as insurance giant AIG, for the likes of AIG to even entertain the idea of hefty executive payouts.

Posted on Oct 16, 2008 READ MORE


Bank Crisis
AP photo / Mary Altaffer

Finding a Way Out After the Bailout

Wall Street has yet to recover after the economic shocks of recent weeks. Why? Two problems. One we already know: The “plan,” even with revisions, is deeply flawed. The second problem has not been mentioned all that much because it’s pretty scary: Put simply, we have no idea what we’re doing.

Posted on Oct 15, 2008 READ MORE



commons.wikimedia.org

What Goes Up ... Dow Plummets 733

It seems like only a couple of days ago that the Dow jumped 936 points. The market went back to freaking everyone out on Wednesday, with a sobering drop of 733.08 points. Stimuli and bailouts aside, it appears that we’re in for a substantial recession.

Posted on Oct 15, 2008 READ MORE


Gordon Gekko
lasvegasvegas.com

Greed: Still Good?

What would Gordon Gekko, the ruthless corporate raider from Oliver Stone’s 1987 classic cautionary tale “Wall Street,” have to say about the current state of the American economy? Well, we just might find out.

Posted on Oct 14, 2008 READ MORE


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