A CNBC reporter since 1990, Bob Pisani has reported on Wall Street and the stock market from the floor of the New York Stock Exchange for more than a decade. Pisani covered the real estate market for CNBC from 1990-1995, then moved on to cover corporate management issues before moving to the New York Stock Exchange in 1997.
He was nominated twice for a "CableACE Award"—in 1993 and 1995.
Prior to joining CNBC, Pisani co-authored "Investing in Land: How to Be a Successful Developer." He and his father taught a course in real estate development at the Wharton School of Business at the University of Pennsylvania from 1987-1992. Pisani learned the real estate business from his father, Ralph Pisani, a retired real estate developer.
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There will be a bill (it may get sealed in the White House at the meeting with the President this afternoon), but it may be so burdened with "equity protection" (read: back-door ownership) and "phase-ins" (read: we ain't giving you all the money now) that the Street will argue it will limit participation in the plan.
It's not a question of whether a bill will pass. Rep. Frank has said that efforts are already underway to come up with a joint Senate-House bill to give the Treasury Department authority to buy mortgage assets.
Existing home sales were slightly lower than expected at 4.91 m sales for August. While the inventory level of homes for sale is still well above normal, the good news is that it did come down, to a 10.4 months supply, the lowest in many months.
That's what Mr. Bernanke said to Senator Schumer, who has been pressing both Mr. Bernanke and Treasury Secretary Paulson for some agreement that would provide a lesser amount (say $150 billion) initially, and then have the next administration vote on providing more funds.
JPMorgan's chief U.S. equity strategist, Tom Lee, said that a "construction boom" seems imminent and should boost stocks.
Global investment management firm Pimco underperformed its peers last month, according to estimates by data tracker Morningstar, following internal strife at the company.
A lot of people think of it as an Old Boys Club but the truth is, Wall Street likes to hire 'em young, says former trader Raj Mahal.