Posts Tagged ‘Wall Street’

Market Correction

August 22, 2015

Market Correction

On Friday Wall Street deflated with a mighty belch, as the Dow dropped over 500 points, the worst one-day loss since 2008. Overall there’s been a 10 percent drop from the May 19 peak, so it’s officially a “Market Correction.

Why? Some blame it on the fears about the instability of China’s economy, others on the EU and Greece, or the Fed, or the low price of oil and other commodities, or the Zodiac.

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Fender

September 30, 2012

Fender

The Fender company makes electric guitars that have become American icons. The firm is “being buffeted by powerful forces on Wall Street,” writes Janet Morrissey:

“A private investment firm, Weston Presidio, controls nearly half of the company and has been looking for an exit. It pushed to take Fender public in March, to howls in the guitar-o-sphere that Fender was selling out. But, to Fender’s embarrassment, investors balked. They were worried about the lofty price and, even more, about how Fender can keep growing.

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Fat Profits

July 18, 2012

Fat ProfitsObesity is a growing global pandemic, the fifth greatest cause of death. Unlike other mass health threats though, the problem is worse in the wealthiest countries. Hey — what a chance to make a buck! A guy could make a killing.

In a Bank of America Merrill Lynch Global Research report, “Globesity – The Global Fight Against Obesity,” Sarbjit Nahal observes:

“Global obesity is a mega-investment theme for the next 25 years and beyond. Obesity may be the most pressing health challenge facing the world today and efforts to tackle it will shape thinking by policy makers and in boardrooms around the world.”

From a press release:

“Medical costs for treating obese patients are 40 percent higher than for non-obese patients. Treating obese patients comes at a higher premium than treating smokers. Obesity adds 50 percent to annual medical costs, while smoking adds 20 percent. High levels of global childhood obesity and growing obesity in emerging markets will further increase global costs.”

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High-Crime Neighborhood: Wall Street

May 22, 2012

High-Crime Neighborhood: Wall Street

“It is no exaggeration to say that since the 1980s, much of the global financial sector has become criminalised, creating an industry culture that tolerates or even encourages systematic fraud. The behaviour that caused the mortgage bubble and financial crisis of 2008 was a natural outcome and continuation of this pattern, rather than some kind of economic accident.

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JPMorgan Chase: Banking as Betting

May 15, 2012

JPMorgan Chase: Banking as Betting

JPMorgan Chase & Co. had an awkward moment recently when it bet its hedges instead of hedging its bets. This resulted in a $2 Billion loss, some management changes, and loss of CEO Jamie Dimon’s ability to lobby against Wall Street reform with a straight face.

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Wall Street Scoundrels Skip Jail

February 18, 2011

Wall Street Scoundrels Skip Jail

“Nobody goes to jail,” notes Matt Taibbi. “This is the mantra of the financial-crisis era, one that saw virtually every major bank and financial company on Wall Street embroiled in obscene criminal scandals that impoverished millions and collectively destroyed hundreds of billions, in fact, trillions of dollars of the world’s wealth — and nobody went to jail.”

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Wall Street and the Economy

September 6, 2010

Wall Street and the Economy

From Robert Reich:

“The stock market has as much to do with the real economy as the weather has to do with geology. Day by day there’s no relationship at all. Over time, weather and geology interact but the results aren’t evident for many years. The biggest impact of the weather is on people’s moods, as are the daily ups and downs of the market.

The real economy is jobs and paychecks, what people buy and what they sell. And the real economy — even viewed from a worldwide perspective — is as precarious as ever, perhaps more so.”

 

More here.

Have a happy Labor Day.

 

 

Image by Mike Licht. Download a copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com

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Sharron Angle: Privatize Social Security

August 14, 2010

Sharron Angle: Privatize Social Security

Nevada Republican senatorial candidate Sharron Angle wants to privatize Social Security and trust Wall Street with seniors’ retirement funds. After all, says the Tea Party favorite, Chile’s right-wing dictator Augusto Pinochet did it.

We are not sure if General Pinochet shared Ms. Angle’s views on abolishing the Department of Veterans Affairs and Medicare, but both approve of juntas

 

Hat Tip: Alex Pareene.

Image by Mike Licht. Download a copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com

Comments are welcome if they are on-topic, substantive, concise, and not boring or obscene. Comments may be edited for clarity and length.

Add to: Facebook | Digg | Del.icio.us | Stumbleupon | Reddit | Blinklist | Twitter | Technorati | Yahoo Buzz | Newsvine

Wall Street’s Bailout Bonuses

July 23, 2010

 Wall Street's Bailout Bonuses

Kenneth Feinberg, Special Master on Compensation Reform, cited 17 financial firms for “ill-advised” excessive payments to their executives while taxpayers were bailing their companies out with TARP funds. He called this “bad judgement.” Total of the bonuses and other executive payouts: $1.6 billion.

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Penny-Ante Fine for Goldman Sachs

July 16, 2010

Penny-Ante Fine for Goldman Sachs

Goldman Sachs Group agreed to pay $550 million in federal fines and damages after misleading investors. That’s what Goldman earns in two weeks, points out the Washington Post‘s  Matt Miller.

Goldman admitted only that its marketing information about the Abacus deal could have been a bit clearer (or weasel words to that effect). The Wall Street firm’s stock price rose after the announcement, adding more than $3 billion to Goldman’s market value, so the payout essentially made the firm $2.5 billion in one day.

There. That should teach them.

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