Several states are reporting this morning that average gas prices have crept up slightly, despite the fact that oil consumption has dropped and refiners are operating below capacity. The Miami Herald blames the price creep on Wall Street speculators who are optimistic that the economy is getting better, which in turn will lead to increased gas consumption. [More]
wall street
What Can $20 Billion In Wall Street Bonuses Really Buy?
By 2.24.10
After hearing Tuesday’s news that — only a year after an unprecedented federal bailout of the banking industry — Wall Street banks had rewarded their executives with over $20 billion in bonuses in 2009, we did a quick look around to see what else is worth that much cheddar. [More]
Bankers Back To Congratulating Themselves, Bonuses Up 17%
By 2.23.10
In these tough times, it’s easy to forget about the struggling bankers out there as you dodge their SUVs on your walk to the unemployment office. So it’s a good thing they have someone looking out for their financial interests — themselves. [More]
Are Corporate Boards Ruining American Businesses? This Book Says Yes
By 1.15.10
The new book Money for Nothing looks at corporate boards: how they’re frequently hand-picked and ruled by the CEOs they’re supposed to keep in check, how they’re sidelined by various conflicts of interest and lack of accountability, and how the worst ones have massively screwed shareholders. [More]
If Wall Street Ran The Airlines
By 12.23.09
The Baseline Scenario has written a pitch-perfect article that pretends financial industry types are now speaking for the airline industry. It’s filled with appeals to the free market, and lots of threats about how the American Way of Life will collapse if we can’t let passengers sit for more than three hours on tarmacs. [More]
Fake Steve Jobs Rants About The Decline Of American Quality
By 12.14.09
While reading articles about the iPhone and AT&T this morning, I came across Fake Steve Jobs, which I haven’t read in a long time. On Saturday Fake Steve Jobs had a phone call with an even more fake Randall Stephenson of AT&T, and the fake conversation reaches a brilliant, hilarious Network-level rant against big business about halfway through. [More]
Goldman Secretly Bet On Housing Crash
By 11.2.09
A 5-month investigation by McClatchy Newspapers has found that Goldman secretly bet on the housing crash, went out and pimped the dickens out of assets it knew were junk, and may have broken securities laws in doing so. McClatchy found that Goldman…
New Michael Moore Movie Tackles Wall Street
By 8.26.09
Love or hate Michael Moore, he will not go away. A trailer for his upcoming movie, Capitalism: A Love Story, is now online; as is this interview with Moore in the Hollywood Reporter.
Either Have The Temerity To Hold Stocks Or Get Out Of The Market
By 8.9.09
One of the first studies of the recent market splat found that the investors most likely to be crushed thought they were investing for the long haul, only to be forced into cashing out at the worst possible time. According to the study, cleverly titled “When Everyone Runs for the Exit,” there are only two good ways to react to a liquidity crisis: hold onto your portfolio and trust that it will recover, or fold immediately to limit your losses.
Malcolm Gladwell Deeply Offends Wall Street By Comparing Them To Overconfident Gamblers
By 7.28.09
If you’re looking to see the collapse of Bear Stearns explained using the British defeat at Gallipoli as an example of disastrous overconfidence, you can do no better than Malcolm Gladwell‘s new piece in the New Yorker. Be forewarned, however, that Wall Street apparently thinks it’s a load of crap.
New Consumer Agency May Steal SEC's Thunder
By 5.21.09
After the bang-up job the Security and Exchange Commission did to prevent Wall Street shenanigans from plunging the economy into the abyss, the White House is looking to form a new commission to step in and do the SEC’s job.
Nation's Only State-Owned Bank Earns Record Profits, Wall Street Salivates
By 3.30.09
The Bank of North Dakota is the only state-owned bank in America. It also reaped record profits last year. [Mother Jones] (Photo: afiler)
AIG To Use Bailout Cash To Pay $165 Million In Bonuses. Yes, Seriously
By 3.15.09
So, those guys at AIG who underwrote trillions of dollars worth of credit default swaps backed by securitized mortgages? The ones the Times says were “at the very heart of A.I.G.’s worldwide conflagration?” They’re taking $165 million of our bailout money for bonuses. Because if we don’t pay them, these people—described by AIG’s government-appointed Chairman Ed Liddy as the “best and brightest talent”—will apparently leave to go ruin some other country’s financial system, and we can’t have that. Liddy acknowledged that the bonuses were “distasteful and difficult” before saying that he had “grave concern about the long-term consequences” of not paying up.
Gray Lady To Wall Street Failures: Why Not Become A Clown?!
By 2.22.09
Hey, Wall Street failures, have you considered an exciting new career as a document shredder? How about working as a butler? Ok, ok. Would you work as a clown? Seriously! According to the Times, it’s a perfectly valid “career option” for washed up investment bankers. “Even sad clowns are a hoot at a birthday party.” And the Times is full of other helpful suggestions…
NYC Mayor Wants To Spend $45 Million Retraining Investment Bankers
By 2.18.09
New York City Mayor Michael Bloomberg wants to spend $45 million in government money retraining investment bankers, brokers and others who have lost jobs on Wall Street, says the New York Times.
Gee, How Much Does A Bailed Out Executive Make, Anyway?
By 2.4.09
The New York Times is reporting that the Obama administration announced a $500,000 pay cap that prohibits bonuses for any companies that take additional taxpayer assistance.
Government Imposes $500,000 Executive Pay Cap On Bailed-Out Companies
By 2.4.09
President Obama and Treasury Secretary Tim Geithner have announced a $500,000 maximum wage for employees of companies that receive taxpayer support. The rule will only apply to companies that receive future bailout funds. Oh, also, you’re going to be bailing out more companies.
Despite Economic Disaster, Wall Street Collected $18.4 Billion In Bonuses
By 1.29.09
Bonuses are for a job well done, right? Well, despite the economic disaster, it seems that the folks on Wall Street rewarded themselves with $18.4 billion in bonuses in 2008, which is around the same amount as they received in 2004 — when the Dow was “flying above 10,000, on its way to a record high,” says the New York Times.
