A few billionaire investors have scored, but the average hedge fund worker isn't likely to see a fat bonus this year.» Read More
The best of times for the economy can be the worst of times for the stock market, and that may prove especially true in a market driven by trillions of dollars in monetary stimulus.
As the market keeps surging ever higher, doubling its March 2009 lows and on a high-speed journey to infinity and beyond, the biggest game in Wall Street is trying to figure out when the bull run finally runs out of rocket fuel.
You read the headline correctly: A homeowner has begun foreclosure proceedings on a local Wells Fargo office in Pennsylvania.
This is how it happened. A Philadelphia homeowner named Patrick Rodgers, who mortgage banks with Wells Fargo, was told by Wells that he needed to take out a $1 million homeowner's policy on his house. Rodgers bristled at the demand: Because the market value of his house was far below a million bucks—he'd purchased it for $180,000 in 2002—and because the insurance policy cost $2,400. (Wells wanted the house insured for its replacement value—and the 100 year old Victorian would cost a fortune to recreate; hence, the difference in valuation.)
Here's where the stories gets fun, as Susanna Kim reported for ABC News .
What led to the abrupt departure of Wells Fargo Chief Financial Officer Howard Atkins?
There's a lot of speculation in banking circles right now about what could behind the resignation, which took everyone by surprise.
The original private placement dealGoldman Sachs attempted for Facebook angered or annoyed many of the firm's wealth management clients.
The firm initially opened participation in the deal to all of its wealth management clients, requiring only that they contribute a minimum of $2 million. The high level of client interest, however, meant that Goldman would have to turn away many would-be investors—a prospect that wealth management professionals at Goldman dreaded would spur some clients to walk away from the firm altogether.
The unrest in the Arab World and in the Middle East continues to spread.
The Egypt-style demonstrations in Bahrain turned deadly and on Thursday in Libya protestors are holding "a day of anger/" Similar protests were also staged in Algeria as well as in Iran, where at least 50 people were reported hurt.
Iran, Algeria and Libya are some of the world’s largest oil producers. I decided to catch back up with Richard Soultanian Co-President of the utility cost management firm, NUS Consulting, to get his outlook on the protests and what it could mean for oil.
It’s time for a little history lesson, boys and girls. I'm feeling inspired by my recent trip to the nation's capital, so the subject of the day is: the federal budget.
"Inflation Continues to Creep Higher; Jobless Claims Up" [CNBC via Reuters]
Bahrain military storms protest march. [Financial Times]
JPMorgan & Madoff: What did Jamie Dimon know and when did he know it? [WSJ]
Ratings cuts ahead for US states? [CNBC via Financial Times]
Former JPMorgan executive sets up shop in London with South African billionaire—post-fallout with Jamie Dimon.[DealBook]
Once the government declares that all new buildings must be made of Nerf and all vehicles will run on Jell-O, we’ll be able to put this inflation nonsense to rest.
Less cash flow from oil firms may pinch loan payments to banks but gas savings for consumers will create new business.
Some big news this week, including Russia and North Korea. Did any change the game for the market? NYSE floor trader Kenny Polcari weighs in.
Oaktree Capital's Marks thinks that the drop in oil prices could finally expose low lending standards.