Wall Street


Insider trading: 14 more, including Octopussy, arrested on Wall St

Wall Street’s biggest insider trading fiasco is growing, with another 14 arrested overnight in charges involving $US33 million in illegal profits. Will this be the scandal to define the noughties’ boom and bust?

We’ve passed Wall St, next stop Hang Seng

Australian investors need to stop believing that Wall Street is god of the Australian economy, writes Michael Pascoe. We’ve survived the GFC, even if the US didn’t, and our focus should be on Asia.

Shit hits the fan for Wall Street’s shadow bankers

America’s biggest insider case is starting to spread, snaring some of Wall Street’s bluest-of-blue-blood banks in its web. Explosive claims are emerging, including disclosures on the dodgy trading of the Galleon hedge fund.

80 years since the Great Crash

It’s the 80th anniversary of the Great Wall St Crash and the beginning of the Great Depression. Steve Keen looks at what we’ve learned — if anything — eight decades on.

US economy flirting with the repo men

The overnight repo market holds the key to Wall Street’s bubble-driven economy. The crazy days of 2008 have now been laid bare, writes Julian Gillespie.

How Uncle Sam blew the trillion-dollar trade of century

Sure, the White House had no choice but to step in to save banks in the wake of the financial crisis, says Mark Fisher, but it failed to see the opportunity to make the trade of the century for the American taxpayer.

Wall St wages vs. Average wages

A disturbing chart tracks the average tracking the average Wall St bonus against the average American wage since 1985. And despite the GFC, they’re on the rise again. No wonder bankers are feasting on $43 steaks.

Bailed-out execs face 90% pay-cut

The US government is set to order the companies that received the most money in last year’s Wall St bailout to slash compensation for their top executives.

Wall St insider trading: 10 more could be charged

American financial markets have been stunned by the continuing news flow from the newest insider trading charges on Wall St involving billionaire hedge fund manager Raj Rajaratnam, with reports this morning that another 10 could be charged.

How Wall Street makes its billions

All the major Wall St banks’ profits come from trading, but who is on the receiving loss end of trades? asks Philip Greenspun. Banks don’t just shift Federal money around and skim off profits for themselves, do they?

Despite rebound, US still hasn’t got its housing in order

Stand by for the “two-speed America” story to start emerging: that’s where the rebound in financial markets and on wall Street is way ahead with the sluggish wider economy, especially housing.

Dow cracks 10,000: Who cares?

So the Dow has hit 10,000 for the first time this year. It may make big headlines, but most traders on Wall St won’t pay much attention.

The Dow 10,000: as told in headwear

In what evidently passes for “fun” on Wall St these days, traders have taken to wearing commemorative caps to celebrate each time the Dow cracks 10,000. The WSJ has a great gallery of the wacky funsters and their stockmarket silliness.

The market is up! Ergh. Who cares?

The market is rebounding, but can be up and down and all over. Should investors be concerned with day to day market events? Well, not really. Unless you’re a day trader, you’re investing long term.

REVEALED: Who’s on Timothy Geithner’s speed dial?

The AP has obtained seven months of US Treasury Secretary Timothy Geithner’s appointment records, finding he spends more time chatting with executives from Goldman Sachs, JPMorgan and Citigroup than the President himself. Is he getting too close to Wall St?

Reality bites global economy, again

Suddenly realism is back in fashion on Wall Street and in other parts of the business world. Which is why markets across the globe are falling, quickly and sharply.

What Obama didn’t say

In his speech to bankers, Obama entirely failed to explain his plans to regulate (or not) how large financial institutions can become or whether some of the biggest ones should be broken up, says Daniel Indiviglio.

An ode to moderation and prudence

Obama delivered a strong warning to Wall Street in his speech in New York yesterday. But is he actually willing to back it up with strong actions? Unlikely, says Justin Fox.

Reform or rhetoric? Obama’s speech examined

Economics experts discuss US President Barack Obama’s speech to Wall Street bankers. Obama had some stern words — but were they stern enough to see real reform and prevent another economic disaster?

Obama lays into Wall St

A year since the collapse of Lehman Brothers heralded the beginning of the Global Financial Crisis, US President Barack Obama has delivered a stern rebuke to an audience of bankers in New York. Read the full speech here.

Business as usual on Wall St

It’s now a year since Lehman Brothers collapsed and the world was plunged into financial crisis. So how has Wall St changed and grown from the crash to prevent future economic disaster? It hasn’t.

Washington is the new Wall St

Wall St is no longer the financial capital of the USA, says the Washington Post. Since the country’s economy was plunged into crisis a year ago and the government intervened to prevent total carnage, the new financial power-players and puppet masters are all in Washington.

VIDEO: Global Financial Crisis: the interactive tour

Wall St bankers made redundant by the Global Financial Crisis have turned their fortunes around by running GFC tours of the strip, giving tourists a first-hand look at America’s economic disaster. Sounds… fun.

Wall Street’s fallen idols: where are they now?

The Global Financial Crisis has claimed its fair of big scalps in the banking and finance sector. A year on, where have the big players on Wall St landed after their unceremonious falls?

Business as usual on Wall St as big bonuses return

Buoyed by a recent boom in profits, Wall Street’s biggest banks are setting aside billions of dollars for executive bonuses, only months after they were rescued by the government bailout. Said government is less than impressed.