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April 2008
- Paydays That Make Even Wall Streeters Blush
  
  newser | New York Times | Apr 16, 08 11:16 AM CDT
  
  Some Wall Street hedge-fund managers earned billions betting against the market last year, with the top of the class, John Paulson, shaking loose $3.7 billion, the New York Times reports. With the US median family income at $60,500, the booty embarrassed even some of his Wall Street peers. “It’s not illegal,” said Pimco's CIO. “But it’s ugly." More »
  
  Tags
  
  subprime mortgages • Wall Street • hedge fund • executive compensation • George Soros • John Paulson • James Simons
- Volatile Market Hooked on Testosterone
  
  newser | Daily Telegraph (UK) | Apr 15, 08 4:25 AM CDT
  
  The buying and selling of the world's wealth is at the mercy of aggressive men and their hormonal fluctuations, neuroscientists have discovered. While that doesn't come as a big surprise, the study isolates the major role that testosterone plays in making boorish traders exceptionally bullish—and the part the hormone cortisol plays in slumps, reports the Daily Telegraph . More »
  
  Tags
  
  stock market • Wall Street • men • hormones • testosterone • bear market • medical studies • risky trading • bull market • masculinity • hormone therapy
- $6B From Outside Investors Will Shore Up Wachovia
  
  newser | Wall Street Journal | Apr 13, 08 10:48 PM CDT
  
  Ailing bank Wachovia will get a $6 billion-$7 billion shot in the arm from outside investors, the Wall Street Journal reports. Specifics of the capital infusion, designed to help the company recover from the credit crisis, haven’t been finalized. Details may be revealed when the company reports first-quarter earnings Monday; it moved the announcement up from Friday without explanation. More »
  
  Tags
  
  credit crisis • Wall Street • Wachovia • Washington Mutual • sovereign wealth funds • private equity firms • mortgage loans
- Vulture Investors Circle Wall Street
  
  newser | New York Times | Apr 4, 08 12:58 PM CDT
  
  Like shoppers stalking deals at Filene’s Basement, savvy Wall Street vulture investors are swooping in to find deals among the carcasses of companies and investments felled by the subprime contagion, reports the New York Times . They're betting big—Blackstone Group just raised $10.9 billion from investors to buy distressed real estate—that many companies had to unload good investments in all the chaos. More »
  
  Tags
  
  credit crisis • Wall Street • subprime crisis • investing • credit market chaos
- Troubled US off the Rails: Poll
  
  newser | New York Times | Apr 4, 08 3:53 AM CDT
  
  The vast majority of Americans are pessimistic about the nation's future and believe the problem-plagued US is heading in the wrong direction. More than 80% believe that “things have seriously gotten off on the wrong track.” That's the highest dissatisfaction rate since the New York Times/ CBS News poll began in the early 90s. The grim findings could spell big trouble for Republicans in November. More »
  
  Tags
  
  Barack Obama • Hillary Clinton • John McCain • George W. Bush • Iraq war • US economy • recession • Wall Street • globalization
- Real Estate Slump Strikes Manhattan
  
  newser | Bloomberg | Apr 2, 08 3:25 PM CDT
  
  Manhattan real estate prices hit record highs in the first quarter of 2008, but sales declined, showing that the housing crunch is starting to affect the island, Bloomberg reports. The average price of a Manhattan apartment was $1.7 million, up 33.5% from last year, the New York Times reports, but sales for the same period fell 34%, the most in 18 years. More »
  
  Tags
  
  Wall Street • housing crisis • home prices • home sales • Manhattan • real estate values • New York real estate
March 2008
- Lehman Is Selling $3B in Shares
  
  newser | Bloomberg | Mar 31, 08 7:25 PM CDT
  
  Lehman Brothers is selling $3 billion in new shares to allay fears after its stock dropped 42% this year, Bloomberg reports. "We still maintain that we don't need capital, but we've realized that perception is the dominant issue in today's markets,'' said CFO Erin Callan. Lehman fell up to 48% this month on rumors that it lacked cash and faced a Bear Stearns-style meltdown. More »
  
  Tags
  
  US economy • stock market • Wall Street • subprime crisis • Bear Stearns • Lehman Brothers • investment bank • weakening economy • share price • securities
- Treasury Wants Mega-Fed to Monitor Markets
  
  newser | New York Times | Mar 28, 08 10:14 PM CDT
  
  The Treasury wants a newly empowered Federal Reserve to monitor market stability and swoop in on institutions that threaten it, the New York Times reports. If approved by lawmakers, the Treasury plan would merge a jumble of regulatory agencies and combine the SEC with the Commodity Futures Trading Commission. But the plan also reduces or maintains current regulation in many cases—elements sure to provoke battles with Democratic lawmakers. More »
  
  Tags
  
  Federal Reserve • Wall Street • SEC • Henry Paulson • financial markets • regulations
- Investors Urge Reluctant Fed to Buy Mortgage Debt
  
  newser | Bloomberg | Mar 24, 08 12:50 PM CDT
  
  The best way for the Fed to help reverse the sagging economy is for it to buy some of the $6 trillion in outstanding mortgage-backed securities that have Wall Street so nervous, investors say. The move would ease the credit crunch but put taxpayers at risk. It’s an option the Bush administration has been reluctant to take, reports Bloomberg. More »
  
  Tags
  
  Bush administration • Federal Reserve • Wall Street • Ben Bernanke • mortgage crisis • mortgage backed securities • Treasury Department • credit market chaos • government backing • bond
- Lawmakers Gird for Battle Over Wall Street Reforms
  
  newser | New York Times | Mar 23, 08 8:04 AM CDT
  
  Lawmakers are debating how to regulate and oversee financial institutions to prevent another Bear Stearns near-catastrophe. But exactly what that solution should look like depends on who's doing the proposing. President Bush and Wall Street say that Washington's heavy hand could hamstring the industry’s ability to innovate, reports the New York Times. Democratic lawmakers contend it’s time to tighten controls to prevent future meltdowns. More »
  
  Tags
  
  Congress • recession • Wall Street • Bear Stearns • Goldman Sachs • regulation
- Hedge Funds Cash In on Collapse of Bear
  
  newser | Wall Street Journal | Mar 20, 08 9:25 AM CDT
  
  The epic collapse of Bear Stearns didn't mean bad news for everyone on Wall Street—several big hedge funds made a mint off it, the Wall Street Journal reports. The funds essentially placed bets that Bear would stumble, then raked in millions when the security firm's shares took a nosedive. The SEC is investigating to make sure profiteers did not have insider knowledge of the coming collapse. More »
  
  Tags
  
  Wall Street • Bear Stearns • SEC • hedge fund • short selling • Harbinger Capital
- Goldman Drops 53%, Beats Analysts' Estimates
  
  newser | Bloomberg | Mar 18, 08 7:54 AM CDT
  
  Goldman Sachs today beat analysts' dire predictions even though it reported a 53% drop in first-quarter profits—the worst falloff since 1999—after a $2.1 billion writeoff, reports Bloomberg. Analysts had expected the Wall Street brokerage to see profits drop more than 60%. Goldman said net income was $1.51 billion, down from $3.2 billion a year earlier. More »
  
  Tags
  
  credit crisis • Wall Street • Goldman Sachs • writedowns • income • earnings
- Will Lehman Be the Crunch's Next Victim?
  
  newser | MarketWatch | Mar 18, 08 4:52 AM CDT
  
  After a collapse of confidence sank Bear Stearns last week, some traders are betting that Lehman Brothers will be the next victim of the credit crunch. Its stock went on a rollercoaster ride yesterday—plunging 40% at one point and closing down 19%, the biggest fall since the firm went public. But analysts, wary of giving vultures more reasons to circle, are watching what they say about the brokerage firm, Marketwatch reports. More »
  
  Tags
  
  Wall Street • subprime crisis • Bear Stearns • Lehman Brothers • financial markets • brokerage
- JP Morgan CEO Emerges as Wall Street Force
  
  newser | Wall Street Journal | Mar 17, 08 12:08 PM CDT
  
  JP Morgan Chase CEO James Dimon is a hands-on boss who writes out a detailed to-do list each morning and has managed to keep his company healthy while many of its rivals are ailing or even critically ill, reports the Wall Street Journal. Dimon's focus has been on creating a bank strong enough to withstand any crisis. Investors say he’s succeeded. More »
  
  Tags
  
  Wall Street • Bear Stearns • Citigroup • JPMorgan Chase • James Dimon • Alan Schwartz
- Investors Ask: Who's Next?
  
  newser | Financial Times (UK) | Mar 17, 08 6:54 AM CDT
  
  Wall Street, reeling over JP Morgan’s bargain-basement purchase of Bear Stearns, is anxiously watching to see “who’s next” to succumb to the continuing credit squeeze, reports the Financial Times. As investment banks prepare to release first quarter results this week—led by Goldman Sachs and Lehman Brothers tomorrow—the mood is grim. “Short-sellers could have a field day with bank stocks this week,” said one banker. More »
  
  Tags
  
  Wall Street • subprime crisis • Bear Stearns • Citigroup • JPMorgan Chase • Goldman Sachs • Lehman Brothers
- JP Morgan Buys Bear Stearns for $2 a Share
  
  newser | Wall Street Journal | Mar 16, 08 6:35 PM CDT
  
  JP Morgan has agreed tonight to buy Bear Stearns for a scant $2 a share, a bargain-basement price—stock closed at $30 a share—that demonstrates the urgency of staving off the collapse of the venerable investment bank and widespread panic in financial markets, the AP reports. The Bush administration and Federal Reserve have reportedly approved the all-stock sale, which was rushed today under federal oversight to avoid Stearns filing for bankruptcy, the New York Times reports. More »
  
  Tags
  
  stock market • Wall Street • Bear Stearns • acquisitions • JPMorgan Chase • Asian markets • James Dimon
- Bernanke Tosses Out His Rule Book
  
  newser | New York Times | Mar 16, 08 9:19 AM CDT
  
  With a recession and worsening meltdown on Wall Street looming, Fed chief Ben Bernanke has dumped textbook central bank economic policy, reports the New York Times. Last week's bailout of Bear Stearns, for example, seemed to fly in the face of his previous reluctance to rescue big institutions. And it came in the same week the Fed made $200 billion available to investment banks and another $100 billion for banks and thrifts. More »
  
  Tags
  
  Federal Reserve • recession • Wall Street • Ben Bernanke • Bear Stearns • interest rate • credit market
- Wounded Bear Scrambles for a Savior
  
  newser | Wall Street Journal | Mar 15, 08 3:38 PM CDT
  
  What's next for Bear Stearns? A Wall Street institution for the better part of a century, it is now scrambling to find a buyer. Its best hope is JP Morgan, which provided a temporary lifeline yesterday along with the Fed. But other possible suitors include Citibank and HSBC, the Wall Street Journal reports. In a sign of the times, the Journal notes that Bear's single biggest asset might be its building—the Madison Avenue digs could fetch $1.2 billion. More »
  
  Tags
  
  Federal Reserve • Wall Street • subprime crisis • Bear Stearns • JPMorgan Chase • Citibank • HSBC • emergency funding • Madison Avenue
- JP Morgan, Feds Bail Out Bear Stearns
  
  newser | Wall Street Journal | Mar 14, 08 9:25 AM CDT
  
  Bear Sterns has reached out to rival JP Morgan Chase and the Federal Reserve Bank of New York for emergency funding to reassure investors concerned about the struggling investment bank's deteriorating liquidity, the Wall Street Journal reports. The move is a startling indicator of how hard the subprime virus has hit US credit markets and financial firms. More »
  
  Tags
  
  Wall Street • subprime crisis • Bear Stearns • JPMorgan Chase • liquidity • Federal Reserve Bank of New York • Alan Schwartz
- Most Economists Say Recession Is Here
  
  newser | Wall Street Journal | Mar 13, 08 5:00 PM CDT
  
  A cascade of bleak financial news has convinced most economists in a Wall Street Journal poll that the US is already in a recession. The results are markedly more negative than a similar survey only five weeks ago, and much of the foul mood can be traced to last week’s dismal employment report. “The evidence is now beyond a reasonable doubt,” said one. Of the 51 economists polled, 71% said recession had arrived. More »
  
  Tags
  
  recession • Wall Street • economy • retail sales • unemployment • interest rate cut • payrolls • downturn

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