Category

Wall Street

Stock Market Today

Stock Market News Today: Gains Continue After Record Highs

Stock Market News Today, Dec. 27: U.S. stocks are yet again forging higher in this post-Christmas holiday. As of 10:30 a.m., the Dow Jones Industrial Average is up 22.5 points, or 0.14%, at 16,502.38. The Standard & Poor's 500 Index is up just 1.89 points, or 0.10%, at 1,843.91. The Nasdaq is up 2.70, or 0.06%, at 4,169.88.

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Stock Market Today

Stock Market News Today: Indexes Climb Ahead of FOMC Meeting

Stock market news today, Dec. 16: U.S. stocks jumped today ahead of an announcement by the FOMC Wednesday.

The Standard & Poor's 500 rose 0.63% to 1,786.54 points, the Dow Jones Industrial Average rose 0.82% to 15,884.57, and the Nasdaq Composite Index climbed 0.71% to 4,029.52.

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Top News

General Motors (NYSE: GM) Bailout Leaves Taxpayers with $10.5 Billion Loss

Monday, the U.S. Treasury Department sold off its remaining shares in General Motors (NYSE: GM), closing a chapter of the auto industry bailout with a cringe-worthy $10.5 billion loss of taxpayer dollars.

The federal government spent $49.5 billion to save the doomed auto-making giant in 2008. It took on about 912 million GM shares (a 60% stake) in exchange for cash.

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Washington

Volcker Rule Means "Sleepless Nights Ahead for Bankers"

After two years of review and lengthy revisions, all five regulatory agencies unanimously passed the controversial Volcker Rule on Tuesday.

The 953-page new version of the Volcker Rule imposes a strict ban on proprietary trading (when banks use their own funds to make trades). In effect, it bans banks from trading for their own gain. Included in the revised version is new wording targeting the sort of risk taking that was responsible for last year's $6 billion trading loss at JPMorgan.

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Wall Street

Why These Wall Street Criminals Will Never Be in Jail

Today's Washington will never bring charges against Wall Street criminals – criminal charges, that is.

Five years have passed since the peak of the subprime financial crisis, in which the nation's largest banks formulated sloppy loans that taxpayers ended up paying for. Wall Street's greed cost the United States nearly 9 million jobs (6% of the workforce), a 30% fall in housing prices, and a 50% dip in the stock market.

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Wall Street

How the Masters of the Financial Universe Use Derivatives for Fun and Profit

Jon Stewart just did a very funny piece on "The Daily Show" about a new derivatives dust-up that Bloomberg News broke.

Earlier this year, a big Wall Street firm bought a credit default swap on debt that a private company owed to a third party. So the firm was set up to make money if that company missed any payments.

In fact, this "game" has gotten even more dangerous...

Wall Street

The Volcker Rule Surprises Wall Street – Thanks to JPMorgan

Federal regulators will vote tomorrow (Tuesday) on the Volcker Rule, and this latest draft includes stricter language than Wall Street had expected…

The Volcker Rule, proposed by former U.S. Federal Reserve Chair Paul Volcker, is a central provision of the 2010 Dodd-Frank Act reform law. It would stop banks that receive federally insured deposits from engaging in risky trading practices and force Wall Street banks to end or spin off proprietary trading operations. The goal is to prevent future taxpayer bailouts.

close to clamping down on some of Wall Street's worst excesses...

Wall Street

The Highest Paid CEOs in America

Most chief executives of major corporations earn millions of dollars in base salary, but that's not all they get (just take a look at how the highest-paid CEOs in America make their money).

Total CEO compensation includes perquisites, bonuses, and stock options, among other things.

In fact, the great bulk of CEO compensation does not come from base salaries. Even the highest CEO base salaries fall under $10 million. It's all the other goodies that push total CEO compensation miles past $10 million.

Is anyone really worth that kind of money?

Stock Market Today

Stock Market News Today: Why the Dow Soared 322 Points

The biggest stock market news today stemmed from the surging Dow Jones Industrial Average, wh ich climbed more than 300 points today.

All sectors were up today. The S&P 500 closed up about 2.18%, or 36.12 points, at 1,692.52, and the Do w ended up 2.18%, or 322.64 points, at 15,125.62.

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Government shutdown

The Government Shutdown's Long-Term Effects

The political temper tantrum known as the government shutdown is now a week old, the rhetoric is heating up, and there's no sign that the peace pipe will be smoked anytime soon.

While the politicians at the top of this heap continue to be rewarded with their government paychecks, more than 2.1 million government workers do not. Some 800,000 Uncle Sam employees were initially furloughed (although 350,000 from the Defense Department were just called back), and another 1.3 million will most likely see their paychecks delayed.

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