finance news stories on Newser

Bankers Giving Banking a Bad Name

Kevin Spak — Thu, 19 Jan 2012 13:29:05 CST

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 capital to efficient uses....

Global Bank Rules 'Anti-US': JPMorgan CEO

Matt Cantor — Mon, 12 Sep 2011 11:40:06 CDT

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 accumulating special capital equal...

Bank Charges for Deposits as Investors Panic

Rob Quinn — Fri, 05 Aug 2011 04:59:00 CDT

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...

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

Emily Rauhala — Thu, 22 Apr 2010 07:53:45 CDT

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," he says in...

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

Harry Kimball — Thu, 18 Mar 2010 10:55:00 CDT

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 now as we are...

The 10 Best Wall Street Blogs

Harry Kimball — Thu, 25 Feb 2010 10:13:02 CST

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 the stockpickers or pure...

Just Call These New Rules 'The Lloyd Blankfein Act'

Nick McMaster — Thu, 21 Jan 2010 17:43:01 CST

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 algorithmic trading." As one...

House Passes Financial Regulations Overhaul

Fri, 11 Dec 2009 14:14:11 CST

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...

Help Wanted: No Madoffs Need Apply

Harry Kimball — Thu, 10 Dec 2009 11:40:07 CST

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, is...