It’s been 30 years since Eddie Murphy and Dan Aykroyd starred in Trading Places, a hit comedy whose big climax involves trading a bunch of frozen concentrated orange juice futures, and you’d be hard-pressed to think of any films about high finance that treated the topic with a sense of humor (though there are certainly some laughable moments in the Wall Street sequel). This baffles the writer of the 1983 film. [More]
Less than 24 hours after his appearance on PBS’ Frontline, where he struggled to explain why his office had brought not one single indictment against a high-level Wall Street executive related to the 2008 financial crisis, Assistant Attorney General Lanny Breuer has reportedly decided to step down. [More]
Belt-tightening is happening everywhere, even on Wall Street, where excess has always seemed to have reigned supreme. A compensation survey says bonuses for financial workers in the district are expected to fall between 20 and 30 percent this year. While those who don’t receive any work bonuses won’t shed tears for Wall Street types, at least this is a sign that the financial world is connected to reality.
Saturday was the fifth of November, and many remembered to take a stand and shut down their big retail bank accounts, transferring their cash to a new credit union account. Here’s a video out of Occupy Portland covering what happened on Bank Transfer Day. Interviewees talk about why they’re switching to a credit union, and how this is just the beginning.
Tomorrow is Bank Transfer Day. By this date, people all across America are shutting down their accounts at large, costly, name-brand banks and transferring their funds to new bank accounts at their local credit union or community bank. Here is an excellent video made in Portland that follows along with several different people as they close their bank accounts and give their reasons for doing so. One person wants to save money, another disagrees with the bank’s foreclosure practices, a third is mad about the bailouts, and the last is a union withdrawing its funds to show solidarity with holding Wall Street accountable.
If you need a catchup-slash-refresher on why those folks down at Occupy Wall Street are so mad at the street they’re occupying, ProPublica has put together a nice juicy primer.
For the first time since the advent of the financial meltdown, and for only the second time since 1999 when it became a publicly traded company, Goldman Sachs has — Gasp! Horror! Shock! — lost some money.
Those who lost money investing with jailed shyster Bernie Madoff will be getting some of their ill-advised expenditures back this week, thanks to the bankruptcy court-mandated liquidation of his estate.
Over 700 Occupy Wall Street protesters were arrested when they marched across the Brooklyn Bridge this weekend, blocking traffic and shooting the movement into the national consciousness.
Going into its 14th day, the Occupy Wall Street protest is not only not fading out, it’s about to get a big injection of support, and bodies. The established New York City labor and community groups who normally organize local marches, rallies and sit-ins, have announced they plan to join up next week.
The Federal Reserve got loan-happy from 2007 to 2010, handing out mega funding to several top banks and brokerage firms, such as Morgan Stanley, Citigroup and Bank of America. The secretive financial agreements were meant to stop the economy from plunging into depression.
A federal judge shot down an appeal from Madoff investors who didn’t just want the money they’d invested back, they wanted the amount of money Madoff said they were worth on paper. The judge said that Madoff’s financial statements were “fictitious” and thus can’t be used as a basis for claims by investors.
Bank of America’s CEO Brian Moynihan posted an email to the company’s intranet telling the rank and file to keep their chins up amidst their sinking stock price and news that they would be sued by AIG for selling crap mortgages.
After swooning on Monday following S&P’s downgrade of US bonds, stocks posted gains on Tuesday as investors saw the over-reaction as a buying opportunity. Now investors look to see what the Federal Reserve policy board might say after their meeting later today.
Global stocks fell broadly Thursday afternoon amid worsening concerns about a global economic cooling and a European debt crisis. Each of the three major US indexes were down, deleting all the gains they had made so far this year.
The Justice Department has managed to nail a hedge fund billionaire believed to be one of the many driving forces behind the financial crisis. The billionaire, the founder of the defunct hedge fund management firm Galleon Group, was convicted on 14 counts of fraud and conspiracy.
Rolling Stone’s Matt Taibbi – the guy who famously referred to Goldman Sachs as “a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money” – has an interesting expose of how the wives of two Morgan Stanley hot shots, though they had no previous financial experience, set up their own investing initiative and got $220 million in bailout funds.