Criminal charges expected for alleged mispricing of mortgage-related securities that resulted in a $2.8bn writedown by the bank at the height of the financial crisis
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Ex-Credit Suisse traders face US charges
Financial Times Stanford Decried Wall Street Greed in 2008 Speech Shown at Trial BusinessWeek 27 (Bloomberg) — R. Allen Stanford, standing trial on allegations he led a $7 billion investment fraud , appeared in an October 2008 video shown to jurors in which he decried “damn greed” on Wall Street as the financial crisis deepened. Stanford Decried Greed in Speech Shown at Trial Bloomberg Video shown of Stanford claiming righteous business practices Houston Business Journal Former R. Allen Stanford director describes reassurance efforts San Antonio Express Fort Worth Star Telegram
Country seen as big growth market for 2012 for the first time since the start of the financial crisis, reflecting rising demand for everything from excavators to truck parts
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Industrial groups see strong US growth
(From swissinfo.ch) — The World Economic Forum’s (WEF) flagship meeting in Davos will this year attempt to close widening gaps between world leaders and different sections of society. The 2012 meeting will be held against the backdrop of the European sovereign debt crisis, continued social unrest in various places in the world and the danger of emerging economies expanding so fast that they overheat. WEF founder and chairman Klaus Schwab told the media on Wednesday that established systems of governance and business are in urgent need of a radical overhaul.
Democrats blame Wall Street as the originator of the financial failure; Republicans blame Fannie Mae and Freddie Mac. The fact that neither could have pulled off this devastating scam without the other seems to occur to no …
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Washington Merry-Go-Round: From 'Cash McCall' to Gordon Gekko
(From Wall Street and Technology) — It is a good time to be an IT professional in the capital markets space. Financial firms indicate that finding and hiring technology talent is the number one priority in 2012, according to a study from eFinancialCareers.com, a network of job sites for professionals in the financial space. “You can’t escape technology because it is the backbone of the firm, it is client service, it is how to complete a transaction,” says Constance Melrose, managing director, eFinancialCareers.com, Americas. “Financial services companies understand that in order to increase business intelligence, or to make smarter trades, or to understand risk, technology sits behind all of those decisions and processes.” The second highest priority after technologists, in terms of activity on eFinancialCareers in December 2011, was quantitative analysts, according to Melrose. “For some, especially in the capital markets space, quantitative analysis is just technology by another name,” she adds. Read more .
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Capital Markets IT Professionals in Strong Demand
The central bank detailed for the first time since the financial crisis how the it will deal with giant banks in distress whose failure could threaten financial stability
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Fed proposes new bank capital rules
Rules that thwart foreign participation in the financial sector and a meddling securities regulator have kept foreign banks on the sidelines
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Chinese ‘hoops’ hold back foreign banks
The regulator’s most recent civil fraud charges the total number of senior executives charged in connection with the financial crisis to 45
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SEC bares teeth with Fannie and Freddie charges
The most enduring legacy of the scandal has been a profound erosion of trust in the financial system
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Slow remedies fail to ease pain of Madoff fraud
In the wake of the financial crisis, bank lending remains depressed and people are turning to peer-to-peer lenders to start small businesses
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Interest soars in US peer-to-peer lending
Democrats Covering up Fannie Mae, Freddie Mac Scam that caused Economic Crisis
US regulator is target more Wall Street firms over the sale of mortgage-linked securities, with hopes of wrapping up probes into the financial crisis soon
AFP British fraud office examining mortgage-backed securities AFP The landmark move had been urged by consumer advocates, who argued that Wall Street banks have not been held responsible for actions that caused the financial crisis. The crisis was sparked when a bubble in US housing prices popped and mortgage-backed … and more
Daily Mail HFMWeek Daily Snapshot – 1 September HFMWeek (blog) A top Goldman Sachs strategist has provided the firm's hedge fund clients with a particularly gloomy economic outlook and suggestions for how these traders can take advantage of the financial crisis in Europe, writes the Wall Street Journal. … Former Wall Street trader sent to prison for five-and-a-half years and ordered … Daily Mail Galleon Group Trader Craig Drimal Sentenced To 66 Months In Prison Forbes all 26 news articles
Survivors of the financial crisis tend to say ‘no, no, no’ to suggestions that they should undergo any form of rehab, writes Gary Silverman
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A summer tale of three cities
A federal judge has dismissed an lawsuit against Bloomberg, the financial data and news company founded by the New York mayor
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Bloomberg discrimination case dismissed
Sydney Morning Herald Africa: US Credit Downgrade- The Chickens Are Coming Home to Roost AllAfrica.com In the aftermath of the fall of Lehman Brothers and the fact that the sub-prime mortgage crisis exposed the securities fraud by the financial houses, for a short time Wall Street was on the defensive. There were dozens of lawsuits filed against the … Wednesday's letters: Ratings fraud goes unpunished Tampabay.com Daly: S&P's history is sordid, dirty New York Daily News Mad rantings about politics, evolution, and microbiology ScienceBlogs (blog) Opinion250 News (blog)
The gold rally gathered pace as growing alarm in the financial markets drove bullion to a series of new records
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Growing alarm drives gold to records
Bets on banks drag on performance this year at hedge fund that made billions from betting on a collapse in mortgage-backed securities during the financial crisis
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Paulson’s flagship fund down 21.6%
The stubborn downturn triggered by the financial crisis has deepened the divide between America’s squeezed consumers and its sprightly ones
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Sales figures hide a tale of two Americas
In the United States, Generally Accepted Accounting Principles (GAAP) are required to be used by public companies so that users of the financial statements can properly interpret results. It makes sense to have a set of rules common to all businesses, such that financial statement users can know what various line items and metrics mean.
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Groupon: Pay no attention to the bottom line
Josef Ackermann, one of the global banking industry’s elder statesmen and a survivor of the financial crisis, to join supervisory board
Commentary: A strong sheriff needed for Wall Street Sacramento Bee … a government agency designed to protect consumers from fraud , abusive practices and deception in the financial arena has finally come into being. That's the good news. The bad news is that Wall Street and its allies in Congress are waging a … and more
Devin Wenig is leaving the company suddenly in a shake-up which the group said was intended to accelerate growth in the financial data business
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Thomson Reuters markets chief to leave
Wall Street needs strong sheriff MiamiHerald.com … a government agency designed to protect consumers from fraud , abusive practices and deception in the financial arena has finally come into being. That's the good news. The bad news is that Wall Street and its allies in Congress are waging a … and more
Regulatory reform: As the American recovery stagnates, pressure is growing to dilute the Dodd-Frank rules that form Washington’s response to the financial crisis, write Tom Braithwaite and Aline van Duyn
Induced Fraud (Crisis by Consensus Series Part III) Scoop.co.nz As the financial environment grew steadily more dominant, civil cohesion eroded and environmental health declined. As Wall Street boomed, those values essential to healthy and sustainable communities were sacrificed on the altar of financial returns. …
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Induced Fraud (Crisis by Consensus Series Part III) – Scoop.co.nz
The hedge fund that made billions from betting on a collapse in mortgage-backed securities during the financial crisis has profited from a recovery in the value of Lehman bonds
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Paulson enjoys $550m Lehman boost
Senator blocks SEC nominees in dispute over relief for alleged Ponzi scheme … Washington Post The nominations come at a time when the SEC is struggling to implement the sweeping Wall Street overhaul that Congress enacted last year in response to the financial crisis. The SEC said last week that it would miss a July target date to write key … Senator Vitter to block SEC nominees Reuters all 33 news articles
Buy-to-let investors are the winners as people turn to renting in the aftermath of the financial crisis
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Housing market: renting on the rise
Bats: Mets' Partner Was Critical of Carelessness on Madoff New York Times (blog) By THE NEW YORK TIMES In January 2009, roughly a month after Bernard L. Madoff's arrest, David Einhorn wrote an opinion article with Michael Lewis, the author who was then working on a book about the financial collapse of Wall Street . … and more
The US bank came perilously close to collapse during the financial crisis, shortly after Vikram Pandit was appointed chief executive, but it has defied expectations and Mr Pandit has landed a $22m package
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Full steam ahead for Citi skipper Pandit
The big, and little, mortgage- fraud news Reuters Blogs (blog) Instead, she concentrates on a much less important piece of news: that New York AG Eric Schneiderman has started asking much the same questions of Wall Street banks that his predecessor Andrew Cuomo was asking earlier on in the financial crisis. … and more
Some US fund managers have been able to take advantage of the financial crisis and make big inroads into the European market
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Funds find happy hunting grounds in overseas markets
Fox News The credit rating hoax CBS News Instead, we are witnessing another brazen scam engineered by the financial establishment–a phony political analysis that blames the victims, Americans at large who lost jobs, homes, savings and security thanks to Wall Street titans. … The S&P debt warning: Wall Street extortionists demand savage cuts World Socialist Web Site Market Mauled As S&P Cuts US Debt Outlook To Negative Forbes (blog) all 3,382 news articles
PRESS DIGEST – Wall Street Journal – April 15 Reuters US securities regulators are in talks with several major Wall Street banks to settle fraud allegations related to mortgage-bond deals that helped unleash the financial crisis. * Hardening positions and harsh political rhetoric are complicating moves by … and more
Independent Online Banks Near Deal With SEC Wall Street Journal US securities regulators are in talks with several major Wall Street banks to settle fraud allegations related to mortgage-bond deals that helped unleash the financial crisis, according to people familiar with the matter. … Banks, SEC in talks to settle mortgage charges: WSJ Reuters Op-Ed: Senate Report details elaborate Wall Street Mortgage Fraud DigitalJournal.com Banks, SEC Near Settling Mortgage Charges TheStreet.com Wall Street Pit
Arcos Dorados, the world’s largest McDonald’s franchisee, sold $1.25bn worth of shares in a US IPO, the most successful Latin American flotation since the financial crisis
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Boost for Brazil’s ‘golden arches’
A former senior Galleon Group executive has testified in defence of his colleague Raj Rajaratnam’s insider dealing trial about the 2008 state of the financial industry
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Goldman was ‘key’ Galleon partner
Jamie Dimon underlined Wall Street’s return to health after the financial crisis by collecting a $5m bonus as part of a $23m pay package for leading JPMorgan Chase in 2010
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Dimon’s pay package rises 51%
Via emergency lending mechanisms recently released data shows that 111 banks the fed tried to keep alive via emergency lending procedures ultimately failed. Please consider the New York Times article Fed Help Kept Banks Afloat, Until It Didn’tDuring the frenetic months of the financial crisis, the Federal Reserve stretched the limits of its legal authority by lending money to more than 100 banks that subsequently failed. The loans through the so-called discount window transformed a …
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Fed Lending Increases Ultimate Cost of Bank Failures; 111 Banks Fed Lent Money to Failed
Calpers and Calstrs, the two largest US pension funds by assets, will launch a new step in their campaign to address the failures of corporate governance that led to the financial crisis
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US pension funds launch director database
Goldman Sachs turned to the Fed’s discount window on multiple occasions following its conversion to a bank holding company at the height of the financial crisis
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Goldman made multiple trips to Fed window
Moneycontrol.com Insider trade trial hears of cheating for 'edge' AFP NEW YORK — Wall Street's most sensational insider trading trial in years heard Tuesday how a former trusted colleague of the accused secretly cheated to reap “a lot of money” for their firm. Adam Smith, a one-time golden boy of the financial world, … Admitted inside trader testifies at NYC trial Wall Street Journal Ex-Galleon manager describes hedge fund pressures Reuters Indian American tipped Rajaratnam about several deals Coal Geology TIME (blog)
The Hindu Potential Galleon Jurors to Be Polled on Wall Street Views Wall Street Journal NEW YORK—Potential jurors in the insider-trading trial of Galleon Group founder Raj Rajaratnam will be questioned about whether their feelings about Wall Street executives and the financial crisis in the US will affect their ability to … Fairness of Wall Street's playing field on trial in hedge fund case Chicago Sun-Times Going after Galleon New York Post Raj case puts hedge-fund returns on trial MarketWatch AFP
The real danger hiding in the financial system is ‘tail risk’ – the possibility that a hedge fund, or even an insurer, might become too big or too reckless
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Monsters that lurk in the shadows of Wall St
The country’s banks survive the financial crisis in far healthier condition than their US and European counterparts due in part to a more conservative lending culture and robust regulation
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Canadian lenders outperform rivals
AIG raised $6.3bn through the sale of shares in its US rival MetLife, in a move that will help the insurer to accelerate the repayment of the US government’s aid during the financial crisis
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AIG sale of MetLife shares raises $6.3bn
Goldman Sachs said it could rack up as much as $3.4bn in losses from the various regulatory and legal proceedings the bank faces following the financial crisis
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Goldman faces legal bill of up to $3.4bn