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FRIDAY, NOVEMBER 27, 2009
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NEWS ABOUT: Wall Street

Wall Street stories: 371 news summaries

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 Dow Hits 10,000 
 for First Time in Year 

Markets propelled by strong earnings from Intel, JPMorgan

Oct 14, 09 12:31 PM CDT
(AP) - The Dow Jones industrial average reached 10,000 today for the first time since Oct. 7, 2008. The milestone, which triggered a whoop from the trading floor, was buoyed by surprisingly strong earnings reports from Intel and JPMorgan. The latter stoked the market's optimism as it handily beat Wall Street's... More »

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stock market • Wall Street • NASDAQ • investors • Dow Jones • S&P 500

JPMorgan Earns $3.6B, Despite Loan Losses

Market soars as investment profits give bank strong 3rd quarter

Oct 14, 09 9:02 AM CDT
(AP) - JPMorgan Chase reported strong third-quarter earnings today as its thriving investment banking business more than offset rising consumer loan losses that the bank warned would continue. The company, the first of the big banks to report, showed a $3.59 billion profit, or 82 cents per share. But it also... More »

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stock market • Wall Street • earnings reports • corporate earnings • financial services • financial sector • JPMorgan Chase

 Wall Street 
 Forking Out 
 Record Pay 

Pay at top firms expected to hit $140B as markets rebound

Oct 14, 09 5:36 AM CDT
(Newser) - Major financial firms have bounced back from the brink of meltdown and are on course to hand out their biggest-ever pay packages this year. The total payout at the big banks and securities firms will hit $140 billion this year, according to Wall Street Journal projections based on revenue figures... More »

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Wall Street • executive compensation • Goldman Sachs • bank • financial institutions • executive bonuses

Wall Street Cleverly Carves Up Bad Assets

So cleverly, in fact,
that regulators are getting worried

Oct 1, 09 7:31 AM CDT
(Newser) - Wall Street’s financial magicians have come up with a way to transform toxic assets into shiny new ones. In popular new deals called “re-remics,” a sour mortgage-backed security is split in two, one containing all the good mortgages, the other all the bad, the Wall Street ... More »

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Wall Street • accounting • mortgage backed securities • ratings agencies • re-remic

(Newser) - Matt Taibbi, who portrayed Goldman Sachs as evil personified in a much-discussed Rolling Stone article over the summer, has the bank in his sights again. In his blog on True/Slant, Taibbi accuses Goldman of misleading and purposely confusing lawmakers about the practice known as naked short selling as new financial... More »

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Wall Street • Goldman Sachs • Rolling Stone • short selling • banking industry • naked short selling • Matt Taibbi

ANALYSIS

Rise in Mergers 
Signals Fresh Confidence 

Chief execs becoming more bullish about recovery prospects

Sep 29, 09 3:00 AM CDT
(Newser) - Mergers and acquisitions activity is still way down from pre-financial crisis levels, but a recent flurry of big deals suggests America's chief executives are regaining confidence in their own businesses. Recent mergers have involved strategic buys by big companies instead of the debt-fueled private equity buys seen a couple of... More »

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private equity • Wall Street • mergers and acquisitions • merger • US economy • Xerox • financial crisis • Affiliated Computer Services

Wall Street Doing Its Best to Buy Schumer

Hands NY Dem $1.65M as vote looms on new financial regulations

Sep 28, 09 10:07 AM CDT
(Newser) - With a vote looming on Barack Obama’s plan to revamp financial regulations, Wall Street has shoveled $10.6 million into Senate campaign chests this year. Most of that money, $7.7 million, has gone to Democrats, and more than 15% has gone to one man: Chuck Schumer. Schumer’s... More »

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Wall Street • Charles Schumer • Richard Shelby • bank regulation • Kirsten Gillibrand • financial reform

Volcker: Obama Plan May Lead
to More Bailouts

Former Fed chief
faults strategy
of 'too big to fail'

Sep 24, 09 5:27 PM CDT
(AP) - A top White House economic adviser says the Obama administration's proposed overhaul of financial rules preserves the policy of "too big to fail" and could lead to future bailouts. Former Fed chief Paul Volcker told Congress that by designating some companies as critical to the broader financial system, the... More »

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Wall Street • General Motors • Paul Volcker • AIG • bailout • bank regulation • Obama administration • Wall Street bailout

Obama Vows
to End 'Fat'
Exec Bonuses

Summers sees
'death panel' tactics from reform foes

Sep 19, 09 9:44 AM CDT
(Newser) - President Obama used his weekly radio address today to promise a continued crackdown on risky investment schemes that result in "fat executive bonuses" on Wall Street, reports Reuters. Obama pledged to use next week's G20 summit in Pittsburgh to push for sweeping reform of the world's financial markets. "... More »

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Wall Street • Larry Summers • G20 • President Obama • executive bonuses • financial reform

 NYC Unemployment Hits 10.3% 

City given grant to help laid-off Wall Street workers retrain

Sep 18, 09 7:10 AM CDT
(Newser) - The Big Apple's unemployment rate hit double digits last month for the first time since 1993, the New York Times reports. At 10.3%, the rate is now higher than the national rate of 9.7%. State officials say continuing layoffs on Wall Street are to blame for the rise,... More »

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Wall Street • New York City • recession • unemployment • financial sector • job training

 Fed Plans 
 to Oversee 
 Bankers' Pay 

Sweeping new rules will let central bank reject risky compensation plans

Sep 18, 09 5:48 AM CDT
(Newser) - A wide-ranging plan by the Federal Reserve to limit executive pay would allow government regulators to probe private financial institution's pay practices—and let the Fed block any policy it thinks may encourage undue risk. The plan is still being formulated and won't be finished for weeks, but it requires... More »

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Wall Street • executive compensation • Federal Reserve • bonuses • compensation • risky trading • clawback • executive bonuses

 Day Traders Jump Back 
 Into the Game 

Low interest rates entice small, leveraged players

Sep 16, 09 8:07 AM CDT
(Newser) - Trading volume is rising on Wall Street, but it’s not because of renewed confidence from long-term investors. The surge has instead been powered by a 14% jump from online brokerages like Charles Schwab and TD Ameritrade, and much of the money has been funneled into volatile parts of the... More »

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investing • stock market • Wall Street • E*Trade • TD Ameritrade • Charles Schwab Corp • Leverage • traders

(Newser) - President Obama visited Wall Street’s historic Federal Hall today, on the anniversary of Lehman Brothers' collapse, to make the case for the financial regulatory reforms wending their way through Congress. He spoke of the need for “strong rules of the road” for the financial system. “History cannot... More »

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Barack Obama • Wall Street • Lehman Brothers • regulation • bank regulation • Obama administration • financial crisis • President Obama

 Obama Turns to 
 Wall Street Reform 

NY visit will push for "fundamental change" to financial rulebook

Sep 14, 09 6:52 AM CDT
(Newser) - As Washington wrangles over what shape health reform might take, President Obama heads to Wall Street today to remind it that financial reform is far from being forgotten, reports the Washington Post. On the one-year anniversary of Lehman Brothers' implosion, the president will push financial overhaul as urgent in order... More »

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Barack Obama • Wall Street • financial crisis • Timothy Geithner • financial reform

ANALYSIS

 Post-Lehman, 'Washington 
 Is the New Wall Street' 

Nation's political and financial capitals

Sep 13, 09 11:38 AM CDT
(Newser) - For decades, more than just 228 miles separated Wall Street from Washington, as financiers cast a casual eye at government regulators. But a year after Lehman Brothers’ dramatic implosion, the nation’s financial and political capitals are forging a new, closer relationship that has some concerned, David Cho, Steven Mufson,... More »

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Wall Street • Citigroup • business • Washington • Lehman Brothers • JPMorgan Chase • bank regulation

OPINION

Obama Should Have Put Wall Street on Trial

But he didn't, and now GOP fat cats can somehow play populist

Sep 8, 09 8:22 AM CDT
(Newser) - How can rich fat cats like Glenn Beck and Rush Limbaugh pretend to be populists, while tarring Barack Obama as the establishment? Because Barack Obama missed his chance to strike a blow for the little guy and prosecute Wall Street, writes communications professor Jon Taplin. Instead, he listened to Wall... More »

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Barack Obama • Wall Street • Rush Limbaugh • Glenn Beck • populism • Larry Summers • financial crisis • Timothy Geithner • executive bonuses

Stung by Polls, Obama Plans Health Care Offensive

Prez open to dropping public option

Sep 2, 09 11:57 AM CDT
(Newser) - President Obama is heading into autumn with a new strategy in hand: He’s going to get specific on what he wants in health care legislation, reports Politico. He is expected to lay out details in a major address soon, and he will reiterate that he's willing to let the... More »

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Afghanistan • Wall Street • politics • health care reform • David Axelrod • strategy • President Obama

OPINION

 Meet Wall 
 Street's Most 
 Shameless 
 Failures 

'Mulligan Club' keeps hustling disastrous securities

Sep 2, 09 10:00 AM CDT
(Newser) - You'd think the men who hyped and traded the financial instruments responsible for the recession wouldn't be allowed to touch another dollar. Instead, they’re “charter members of Wall Street's Mulligan Club,” Steven Pearlstein writes in the Washington Post, buying and trading the same "crappy securities" like... More »

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Wall Street • recession • securities • financial institutions • trading firm • RBS

OPINION

 Post-Crisis Wall Street 
 Suffers Convenient Amnesia 

With bailouts, Treasury went too easy on financial industry

Aug 13, 09 11:22 AM CDT
(Newser) - We keep hearing that “Wall Street as we know it ended” in September 2008, but in fact, “the great upheaval of last fall may not have been severe enough,” writes David Weidner in the Wall Street Journal. The government formed a financial “death panel,” choosing... More »

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Wall Street • bailout • JPMorgan Chase • banks • Wall Street bailout

 US Banks Hiring Again 
 After Layoffs, Bailouts 

But headhunting 'selective,' notes banker

Aug 11, 09 7:25 AM CDT
(Newser) - After cutting thousands of jobs over the past two years, American banks are rushing to fill them again as business picks up, Reuters reports. “Back in March and April, no one really knew if the investment banking business was going to exist again," said a search firm exec.... More »

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Wall Street • Citigroup • Bank of America • Goldman Sachs • Morgan Stanley • employment • JPMorgan Chase • banks • financial crisis • hiring

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