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SATURDAY, NOVEMBER 21, 2009
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NEWS ABOUT: finance

finance stories: 78 news summaries

1 - 20 of 78 Stories | 1 2 3 4 Next >>

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NATE SILVER

Bank Reform Shatters Usual Party Lines

Next big domestic issue will be 'fascinating' to watch

Oct 22, 09 11:37 AM CDT
(Newser) - Once health care reform is “settled,” Nate Silver writes, the White House will be searching for a new domestic issue. Card check is too hard, immigration will have to wait for 2012’s “younger, more diverse electorate,” and gay rights is a slog. The winner, in... More »

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finance • Republican Party • domestic policy • financial sector • Obama administration • banking industry • Nate Silver • President Obama • Tea Party • bank reform

Don't Fight Reform, Obama Warns Wall St. at NYC Dinner

Still, president reminds finance industry, 'we're in this together'

Oct 20, 09 9:15 PM CDT
(Newser) - At a fundraising dinner tonight in New York attended by (among others) the sorts of financial types who could afford the $30,400-per-couple entry fee, President Obama wagged a finger at Wall Street. “I would ask that you join us in passing what are necessary reforms,” he said... More »

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Wall Street • finance • financial crisis • fundraising • President Obama • dinner • financial reform

the imperial mayor

 In New York, No One 
 Matters But Bloomberg 

Political foes gone, power elite diminished, moneyed mayor calls all the shots

Oct 19, 09 11:14 AM CDT
(Newser) - Say what you will about Michael Bloomberg—the perfect mayor for New York in a financial crisis or arrogant billionaire who's pretty much bought an unprecedented third term—above all, Chris Smith writes, he is “a one-man Establishment.” A perfect storm of his personal fortune, the vagaries of... More »

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New York City • Michael Bloomberg • finance • recession • mayor • term limits • financial crisis • power elite • Establishment

Madoff on Fooling SEC: 'Just Be Casual'

Ponzi schemer taped giving associates tips to dodge regulators

Sep 10, 09 5:11 PM CDT
(Newser) - The most important thing to remember if you want to fool the SEC is to act casual, Bernie Madoff told executives at Fairfield Greenwich Group. “You don't want them to think you're concerned about anything,” the Ponzi scheme mastermind said in a phone call taped in 2005, CNN ... More »

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fraud • Massachusetts • federal investigation • finance • SEC • federal prison • SEC commissioners • Bernard Madoff • Fairfield Greenwich Group • Bernard L. Madoff Investment Securities • regulator • Securities and Exchange Commission

UPDATED

 Madoff Moved 
 to NC Prison 

With transfer, con man begins his 150-year sentence

Jul 13, 09 2:30 PM CDT
(Newser) - Bernard Madoff was transferred today from Manhattan’s Metropolitan Correctional Center to a prison in Butner, NC, to serve out his 150-year sentence, sources tell CNBC. Madoff’s attorney had requested that the 71-year-old convicted Ponzi schemer do his time at Otisville in upstate New York. The prison system tries... More »

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fraud • prison • New York • finance • Ponzi scheme • con man • Bernard Madoff • prison sentence

ANALYSIS

How Board Games Screwed Up Your Fiscal Sense

Games teach excessive lending, scarce saving

Jun 16, 09 3:50 PM CDT
(Newser) - It’s really no wonder Americans fouled up the financial system—fiscal irresponsibility was instilled in us at an early age by board games, observes Caitlin McDevitt for the Big Money. Among the poor lessons imparted by money games:
  • In Monopoly, the game’s bank can never go bust—
... More »

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social responsibility • list • finance • board games • housing crisis • Monopoly • financial crisis • The Game of Life • PayDay • Mall Madness

 From Ashes of Recession, 
 a Reshaped Fed Will Rise 

The Fed stands to gain some powers and lose others

May 18, 09 9:55 AM CDT
(Newser) - Among the myriad things that will be reshaped by the current economic crisis is the Federal Reserve, the Wall Street Journal reports. The steps the Fed has taken to stave off further economic turmoil have made it more vulnerable than it has been in years: If a lasting recovery takes... More »

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Ben Bernanke • Federal Reserve • finance • recession • financial institutions • bailout • financial crisis • Economic Recovery Advisory Board

 Feds Seize Madoff's Boats 

Yacht, motorboat part of his $823M fortune

Apr 1, 09 12:41 PM CDT
(Newser) - US Marshals seized two boats belonging to jailed schemer Bernie Madoff today, the AP reports. The vessels—a 55-foot yacht and a 24-foot motorboat that were docked at separate Florida marinas—were part of the $823 million in assets Madoff and his wife had accumulated by the end of last... More »

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fraud • crime • finance • Ponzi scheme • yachts • Bernard Madoff

College Grads Facing Worst Job Market in 7 Years

Experts say situation unlikely to improve by fall

Mar 4, 09 6:10 PM CST
(Newser) - Employers will hire 22% fewer graduates this spring compared to last year—making this year’s dropoff the largest since the 9/11 attacks and the dot-com bust devastated the economy in 2002, BusinessWeek reports. And the situation could worsen, with 46% of employers unsure if hiring levels will rebound... More »

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business • finance • economy • job • college graduates

OPINION

US Risks 'Lost Decade' With Zombie Banks

Japan's mistake of liquidity vs. solvency being repeated: Baker

Mar 2, 09 2:52 PM CST
(Newser) - Japan’s economic troubles in the 1990s—the so-called “lost decade”—provides a cautionary tale for America’s current problems, writes James Baker, a Reagan Treasury Secretary, in the Financial Times. Japan used piecemeal bailouts and implicit guarantees to insolvent banks rather than swift action. So the “... More »

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finance • financial markets • credit crisis • FDIC • James Baker • financial crisis • recession depression

Finance Geeks Behind Crisis Hard at Work on a Fix

The inventors of the CDO turn their math minds to better valuations of assets

Feb 23, 09 11:04 AM CST
(Newser) - The finance-desk math wizards who created the securities behind the market meltdown are now betting they can think their way out of the mess, the Wall Street Journal reports, working to design new systems for pricing bad assets fairly so governments can buy them off of banks’ balance sheets. “... More »

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finance • mortgage backed securities • collateralized debt obligations • securitized loan pools • valuation • financial crisis • toxic assets

analysis

Stimulus in the Bag, Obama Rethinks Strategy

President will push hard for the agenda he wants

Feb 13, 09 11:15 AM CST
(Newser) - President Obama got his way, more or less, on the stimulus, but the process demonstrated Congress' abiding disinterest in bipartisanship. For future big-ticket items—and there are a lot of them—the president will take a tougher approach, Mike Allen and Jonathan Martin write for Politico. Chief of staff Rahm... More »

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stem cell research • health care • Barack Obama • energy • finance • Rahm Emanuel • economic stimulus package • bipartisanship • Obama administration • President Obama

MARKET Open


 Stocks Drop on 
 Alcoa Downer,
 Bernanke Calls
 for More Bailout 
 

Bernanke sounds all pessimistic

Jan 13, 09 8:48 AM CST
(Newser) - Stocks took a modest drop at the open, in the wake of a grim report from Alcoa and even grimmer words from Ben Bernanke, who said the strength and timing of the global recovery are “highly uncertain,” and that Obama’s stimulus won’t produce sustainable results without... More »

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Ben Bernanke • stock market • Bank of America • Alcoa • finance • Nasdaq • Citibank • Dow • S&P 500

Obama Names Budget Director, Vows Reform

Names new budget director

Nov 25, 08 12:49 PM CST
(Newser) - Even as he pushes a massive stimulus package, Barack Obama will trim back other parts of the federal budget, the president-elect promised today. “We cannot sustain a system that bleeds billions of taxpayer dollars on programs that have outlived their usefulness,” he said. “We simply cannot afford... More »

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Barack Obama • finance • budget director • budget reform • President Obama

 Credit Chill Spreads to Russia 

Georgian war spooked foreign investment, destabilized economy

Oct 8, 08 4:31 PM CDT
(Newser) - The credit crisis has officially reached Russia, revealing just how fragile the Russian economy is, BusinessWeek reports. Stocks fell so much this week that the government today suspended both exchanges to stem further loss. But the country's reliance on foreign cash—disappearing as investors flee—is bound to affect more... More »

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Russia • Vladimir Putin • Georgia • finance • bank • investment • credit • credit crisis • economy • financial crisis

Credit Crunch Shuts Down State, City Projects

Projects shelved as municipal bond
market dries up

Oct 1, 08 6:56 AM CDT
(Newser) - The credit crisis is squeezing the life out of local governments, reports the New York Times. Cities and states have found themselves shut out of bond markets for the last 2 weeks, and big projects, from new hospitals to highway repairs, are being shelved or delayed. Analysts believe the days... More »

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finance • credit crisis • bond market • cities • municipal bonds • state governments • city government

 10 Films About Nasty Business 

Hollywood takes a cynical approach to bankers

Sep 29, 08 4:10 PM CDT
(Newser) - Wall Street executives have it tough these days, but Hollywood has rarely gone easy on guys in suits. USA Today lists 10 definitive films about them:
  • Stagecoach (1939): Like all John Ford movies, this one makes a banker look bad.
  • Splendor in the Grass (1961): A 1930s investor
... More »

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Wall Street • Hollywood • business • finance • movies • banks

OPINION

Goodbye Cheap Money, Hello Recession

The end of easy credit marks a new era, writes Pearlstein

Sep 18, 08 10:06 AM CDT
(Newser) - On paper, the losses from the credit crisis are probably "the greatest destruction of financial wealth that the world has ever seen," writes Steven Pearlstein. But the trillions that have disappeared aren't the biggest casualty of the last year. Rather, says the Washington Post columnist, we are undergoing... More »

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finance • recession • credit market • credit crisis • financial crisis

Paulson, Wall Street Execs Let Lehman Die

11th-hour meeting exhausted all possible rescue options for investment firm

Sep 15, 08 4:39 PM CDT
(Newser) - As the dust settles on Wall Street, details of the final frantic negotiations on Lehman Brothers reveal that Henry Paulson’s opposition to a government bailout ultimately sealed the investment bank’s fate, the Journal reports. Paulson summoned an emergency meeting of 30 Wall Street executives Friday to definitively state... More »

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Wall Street • Henry Paulson • debt • finance • acquisition • Lehman Brothers • credit crisis • financial crisis

Tough Times Ground
Hedge Fund High-Fliers

Specialized investment industry dragged back to earth by shaky market

Sep 12, 08 12:41 PM CDT
(Newser) - The recent market turmoil has taken a good deal of the shine off of hedge funds, as managers are unable to reproduce their heretofore exemplary results in poor market conditions, the New York Times reports. The average hedge fund lost 4% this year, the worst overall results in the industry’... More »

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finance • hedge fund • investment • credit market • endowment • pension funds • investment banks • hedge funds

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