finance

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BofA Just Showed How Easy It Is to Lose $4B

Is bank too big to keep track of its assets?

(Newser) - Bank of America canceled a planned share buyback program today, after realizing that it had made a tiny little accounting error—and by "tiny little," we mean "$4 billion." "The market's reaction, with about $10 billion of BofA's market value wiped out, was... More »

Sorry Ladies, Frat Brothers Run Wall Street

Bloomberg reveals 'fraternity pipeline' that boosts brothers

(Newser) - The finance industry isn't just dominated by men. It's run by frat brothers who use a "fraternity pipeline" to push their brothers forward over other job candidates, Bloomberg reports. In an investigation, it reveals how bankers help out their buddies, including one case in which an Alpha... More »

Google Shares Break $1K

At a high of $1,007.40 after strong Q3 results

(Newser) - Google "big milestones" and this story should show up: Google's stock soared to its highest price today, breaking the $1,000 mark for the first time. (Today's peak thus far has been $1,007.40 per share.) That squashes the previous July peak of $928, CNN... More »

JPMorgan Report Brings Back Calls to Break Up Banks

'Epic breakdown' in oversight led to $6B loss

(Newser) - A Senate subcommittee report on JPMorgan Chase has slammed America's biggest financial institution so hard for trying to hide $6 billion in losses tied to the "London Whale" fiasco that business analysts are once again talking about the need to break up the biggest banks, reports Bloomberg . JPMorgan... More »

Personal Finance Tips for 2013

Stop eating out, haggle with your cable company, and 'imagine you're dead'

(Newser) - The Wall Street Journal has some "smart money" tips on how to save in 2013:
  • Stop eating out: That $10 sandwich you ate for lunch today would have cost $2 if you made it at home. Unless you earn $96 an hour after taxes, then you should think about
... More »

Hey, Baby: What's Your Credit Score?

Financial history becoming a bigger factor in dating decisions

(Newser) - Forget about your sign, the new hot first date question is, "What's your credit score?" As the New York Times reports, more and more daters are getting questions about their financial history, and in some cases, a weak credit score (under 660) could yank some of those fish... More »

Bankers Giving Banking a Bad Name

Nicholas Kristof hopes young idealists can save American capitalism

(Newser) - Nicholas Kristof was dumbfounded when, during a recent college lecture, a student asked him if banking jobs were immoral. "I've been sympathetic to the Occupy Wall Street movement, but look, finance is not evil," he writes in the New York Times . It's an essential force, allocating... More »

Global Bank Rules 'Anti-US': JPMorgan CEO

Jamie Dimon suggests US exit Basel group

(Newser) - A new set of international banking regulations are “anti-American,” the CEO of JPMorgan Chase tells the Financial Times —so much so that the US should seriously consider quitting the regulatory group that set the rules. The Basel group’s new regulations require banks to balance risk-taking by... More »

Bank Charges for Deposits as Investors Panic

Banking giant slaps fee on major accounts

(Newser) - So many big investors are fleeing stock market turmoil for the safety of bank accounts that money market rates have dropped below zero and large amounts of cash have become a nuisance for at least one institution. Bank of New York Mellon, which specializes in handling cash for corporations and... More »

Obama to Banks: Quit 'Furious' Fight Against Finance Reform

Regulation will be good for Wall Street and Main Street

(Newser) - President Obama will today ask the banks to call off their "furious efforts" to block his proposed financial regulatory overhaul. "I believe that these reforms are, in the end, not only in the best interest of our country, but in the best interest of our financial sector,"... More »

Boehner to Bankers: Beware Pro-Reform 'Punk Staffers'

Still, House minority leader says bill will take a year to pass

(Newser) - John Boehner gave comfort to an “enthusiastic” gathering of bankers yesterday, telling them that even if the Senate passes financial reform legislation it will languish in the House for many moons. “It’s just as likely that we’ll be talking about the same issue a year from... More »

The 10 Best Wall Street Blogs

More than ever, experienced insiders are scooping news organizations

(Newser) - Many high finance blogs just “stink,” David Weidner writes, but discerning “Wall Street junkies” can depend on a few that engage top talent and often scoop major news organizations. He runs down 10 of the best news and analysis sites in the Wall Street Journal , “skipping... More »

Just Call These New Rules 'The Lloyd Blankfein Act'

Part of Obama's proposed regulations are aimed at Goldman and its CEO

(Newser) - One part of the new financial regulations proposed by President Obama today could be called the "Lloyd Blankfein Act" because it's aimed squarely at Goldman Sachs and its "unrepentant CEO," writes Daniel Gross. The proposal would prevent banks from taking FDIC-insured deposits and then doing "funky... More »

House Passes Financial Regulations Overhaul

Bill passes 223-202, with Senate to act next year

(Newser) - The House today passed a sweeping overhaul of financial regulations that would govern Wall Street and reconfigure the power of the agencies overseeing the banking system. The vote was 223-202, with nearly all Republicans in opposition because of fears over too much government intrusion. The bill is designed to address... More »

Help Wanted: No Madoffs Need Apply

Even those cleared of wrongdoing can't find finance work

(Newser) - Add his former employees to the list of of Bernard Madoff's victims—and that includes his sons. Wherever it appears, the Madoff name on a résumé is toxic for those trying to continue to work in finance, experts say. Mark Madoff, who worked for his father for 20 years,... More »

Bank Reform Shatters Usual Party Lines

Next big domestic issue will be 'fascinating' to watch

(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 »

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

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

(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 »

In New York, No One Matters But Bloomberg

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

(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 »

Madoff on Fooling SEC: 'Just Be Casual'

Ponzi schemer taped giving associates tips to dodge regulators

(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 »

Madoff Moved to NC Prison

With transfer, con man begins his 150-year sentence

(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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