financial sector

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Trader Gets 3 Years in First 'Spoofing' Conviction

He was found guilty of 'spoofing' trades

(Newser) - Futures trader Michael Coscia has earned himself a footnote in books about financial crime and a cell in a federal prison for three years after becoming the first person ever convicted of "spoofing" in the US. Coscia, the 54-year-old chief of the Panther Energy Trading firm, was the first... More »

Tim Pawlenty Ditches Romney for CEO Gig

He'll head up powerful financial services lobbying group

(Newser) - Passed over for vice president , Tim Pawlenty is getting out of Team Romney altogether and cashing in: He's stepping down as co-chairman of Romney's campaign to accept a job as CEO of the Financial Services Roundtable, one of the most powerful lobbying groups in DC, the Hill... More »

Knight Capital Gets $400M Rescue Deal

Deal will let firm stay alive after $440M loss

(Newser) - Knight Capital desperately needed somebody in shining armor to come to its rescue after it lost $440 million in 45 minutes last week, and a lifeline has arrived—but at a very heavy cost to shareholders. A group of financial services and private equity firms has agreed to a $400... More »

Libor Scandal Just Bankers' Latest Hit on Reality

Today's corporations 'can't handle the truth': Peter Goodman

(Newser) - Don't be too surprised by the Libor scandal : It's only bankers' latest attempt to alter reality to their own benefit. Instead of acknowledging the troubling truth about Libor rates, Barclays opted to encourage more dangerous behavior by pretending everything was fine. The phenomenon goes beyond banking, writes Peter... More »

Goldman Shares Dive After Exec's Attack

Scathing op-ed costs shareholders $2.2B

(Newser) - Goldman Sachs shareholders had a bad day yesterday thanks to departing exec Greg Smith, who slammed the firm's " toxic and destructive " culture in a New York Times op-ed . The investment bank's shares dived 3.4% in trading yesterday, wiping $2.2 billion off its market value—... More »

Students Revolt Against Big Bank Recruiting

Protests spread across Ivy League campuses

(Newser) - Half of those surveyed in Harvard's class of 2010 went into finance or consulting; at the University of Pennsylvania, the figure was even higher—and some students are fed up with the "brain drain." Inspired in part by the Occupy movement, students have launched protests against recruiting... More »

Sarkozy Unveils 'Robin Hood' Tax

Financial transactions to be taxed starting this summer

(Newser) - With the French presidential election just three months away, Nicolas Sarkozy took to the airwaves last night to tell voters about a tax hike. The president announced a sales tax rise from 19.6% to 21.2% and a new "Robin Hood" tax on financial transactions, the BBC reports.... More »

Citi Cutting 4,500 Jobs

Bank faces 'extremely challenging' conditions, CEO says

(Newser) - Citigroup plans to cut some 4,500 jobs—2% of its global workforce—in the coming months as it "faces an extremely challenging operating environment," CEO Vikram Pandit warns. Pandit, who has cut more than 100,000 jobs at Citi since taking charge in 2007, says regulatory changes... More »

Wall Street Bonuses to Plummet

Falling revenues behind expected 40% plunge

(Newser) - The latest news from Wall Street is likely to leave most ordinary Americans dry-eyed. Year-end bonuses for bankers and traders are expected to be down sharply this year, plunging up to 40% to their lowest level since the financial crisis, according to a closely watched industry forecast. A bond trader... More »

Top Colleges Steer Grads Away from Wall Street

Students, staff encourage grads to expand horizons

(Newser) - For many seniors at elite US universities, Wall Street provides a straightforward path to a job—particularly since big banks often dominate campus recruiting. But recently, fellow students and staff alike have urged graduating classes to consider a wider array of options, the Los Angeles Times reports. A nationwide campaign... More »

Obama Has More Wall St. Cash Than GOP Candidates

Obama, DNC pulling in more cash ... even from firm Romney founded

(Newser) - Despite his moves to tighten regulation of the financial sector, President Obama has more Wall Street money in his war chest than all of the Republican hopefuls combined, the Washington Post finds. Obama's campaign has received $3.9 million in donations from employees of financial firms, compared with $7.... More »

Goldman Axing US Staff, Hiring in Singapore

Move seen as bet against US economy

(Newser) - Goldman Sachs is planning a major hiring spree in Singapore, even as it prepares to slash its headcount in the US to cut costs. The financial giant is so worried about criticism over the job shift that it has taken the unusual step of notifying lawmakers about its hiring plans,... More »

It's Official: No More Overdraft Fees Without Opt-In

Feds go after bank fee 'profiteering'

(Newser) - Say goodbye to the $35 Frappuccino. As of yesterday, if you don't choose to opt-in for overdraft protection, your bank can't saddle you with a hefty fee on the Starbucks beverage you don't actually have enough money in your account for. A new overdraft protection law has come into effect,... More »

Wall Street Hiring Jumps

Bonuses back in fashion as firms lure execs

(Newser) - Happy days are here again for Wall Street workers. The big banks have gone on a hiring spree over the last few months and competition for the best execs is heating up, sending salaries upwards and spurring firms to start offering perks and hefty bonuses again, Bloomberg reports. Recruiters say... More »

Villains of Financial Crisis Hide by Boring Us

Tepid hearings reveal pretty much nothing

(Newser) - If you’re like Peggy Noonan, you devoured CSPAN’s coverage of this week's Financial Industry Inquiry Commission hearings, and you got to see, live, the dramatic testimony of ex-Citigroup CEO Charles Prince. “Let’s be real,” Prince said. “You, for political reasons, both Republicans and Democrats,... More »

Jobs Returning to Wall St. (if Not Main St.)

Banks and brokerages make with the hiring

(Newser) - Who says the job market’s in trouble? Not Wall Street, which after nearly two years of layoffs is in the middle of a bona fide hiring boom. Though the number of financial employees in New York fell by 2,800 in February, that loss comes after two straight months... More »

Financial Reform: 'Punks' Take on Plutocrats

GOP argument against reform is upside-down, writes Paul Krugman

(Newser) - With financial reform on deck, Senate Republicans are busily figuring out how many "can get away with claiming that war is peace and regulating big banks is doing those big banks a favor," writes Paul Krugman in the New York Times . Alabama's Richard Shelby is portraying efforts to... More »

SEC Loses Bid to Help Wall St. Drop Regulation

Judge nixes attempt to loosen rule designed to protect investors

(Newser) - The SEC has lost its bid to scrap a rule established to protect investors after the dot.com implosion. The rule, designed to prevent Wall Street abuses, barred research analysts and investment-banking departments at the same firm from communicating without a lawyer or compliance officer present. The regulator's decision to... More »

Dow Up 3; Financials Climb

Investors predict payroll gains for March

(Newser) - Gains in financial stocks kept the markets afloat today. Both AIG and Citigroup closed up, in part because of a successful offering of $2 billion in trust preferred securities, the Wall Street Journal reports.
  • The Dow gained 2.95 points to close at 10,567.33.
  • The Nasdaq added 18.
... More »

Scott Brown Got Late Push From Wall Street

Financial firms poured $450,000 into his Senate campaign

(Newser) - In the 6 days before the special election for US senator from Massachusetts, employees of financial companies gave a whopping $450,000 to Scott Brown. The donations came just after President Obama proposed a fee on Wall Street’s biggest players to help pay back lost TARP funds. The influx... More »

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