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Wall Street

The Takeaway

Economic Dissonance Between Wall Street and Main Street

Thursday, July 29, 2010

The economic numbers that we’re seeing across the country seem to indicate, as Fed Chair Ben Bernanke asserted, that our nation’s economic future is “unusually uncertain.”  The Consumer Confidence index released in July reaffirms a growing pessimism on Main Street, where the decline in confidence is likely due to barely noticeable wage growth and concerns over employment. But that is not the case on Wall Street, where the stock exchange is experiencing an upward trend sparked, in part, by recent earnings reports from some big businesses that have slimmed down their costs through the recession. But what does this disconnect mean to you?  

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The Takeaway

Weak Trading Hits Wall Street Banks

Wednesday, July 21, 2010

Wall Street powerhouses like Goldman Sachs, JP Morgan Chase and Bank of America release their second quarter earnings this week; and those numbers are less than stellar. In fact, Goldman Sachs released it's lowest returns since the financial crisis of 2008.

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The Takeaway

Goldman Sachs to Settle with SEC in Fraud Case

Friday, July 16, 2010

Wall Street giant Goldman Sachs has agreed to pay $550 million to the Securities and Exchange Commission in hopes of settling the fraud suit levied on the company back in April. The settlement is pending approval by a federal judge; if approved, it would be the largest penalty ever assessed against a financial firm in the SEC's history.

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The Takeaway

The Financial Regulatory Overhaul - What It Means For Banks, What it Says About Washington

Thursday, July 15, 2010

Today, after months of wrangling, the Senate is set to pass a bill that will completely change how the government regulates Wall Street and the banking sector. The legislation marks the first major overhaul of financial regulations since the 1930s.

But although there seemed to be general agreement that the financial sector was in dire need of an update, only three Republicans look ready to vote in favor of the bill. Is this major Democratic victory a sign that bipartisanship is dead in Washington? And how will Wall Street respond?

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The Takeaway

What the Financial Overhaul Bill Will Mean to You

Friday, June 25, 2010

Earlier, we told you about the deal reached in Congress this morning on legislation that will result in the most dramatic regulatory shakeup on Wall Street since the Great Depression. "All Americans have a stake in this bill," said Treasury Secretary Timothy Geithner. "It will offer families the protections they deserve, help safeguard their financial security and give the businesses of America access to the credit they need to expand and innovate."

From the Volcker rule to derivative regulaton to Consumer Financial Protection Bureau—a lot of new terms are about to enter the lexicon once President Obama signs the bill, which he expects to do by July 4th. But what do they all mean? If all Americans have a stake in the bill, as Secretary Geithner said, how will its expected passage impact your life?

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The Takeaway

After Months of Horse-Trading, Congress Reaches Deal on Financial Overhaul

Friday, June 25, 2010

It's an historic morning in America, as the House and Senate reached a deal on a bill that will be the most ambitious change in financial regulation in nearly eighty years. Congress is expected to pass the bill next week and will send it to President Obama to sign by July 4th.  

The most sweeping overhaul of Wall Street rules since the Great Depression didn't come to fruition easily. A conference committee of House and Senate members were holed up for 20 hours while lawmakers hammered out an agreement on the bill, finally coming to a consensus at 5:39 this morning. Senate Banking Committee Chairman Christopher Dodd hailed the bill as a great success. "We found a way to end too big to fail bailouts," the Connecticut Democrat said in a statement, "ensuring that no financial institution will ever be capable of bringing down the economy."

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The Takeaway

Ken Feinberg's Curriculum Vitae

Wednesday, June 23, 2010

Special Master for TARP Executive Compensation Kenneth Feinberg—more popularly referred to as the "Wall Street Pay Czar"—has a long history of arbitrating over contentious and sensitive issues. From determining the fair market value of the Zapruder film of John F. Kennedy's assassination to determining the fair market value of the lives of victims of 9/11, Feinberg's history of mediation made him a logical choice to administer the $20 billion escrow fund for victims of BP's oil spill in the Gulf of Mexico.

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The Takeaway

Banking Industry Lobbies Against Reform Stipulation

Monday, June 21, 2010

While Congress rushes to complete a sweeping financial reform bill later this week, the banking industry is pulling out all the stops for a last ditch effort to undercut the Volcker Rule—a provision that allows banks to retain some of their most risky businesses. The New York Times' finance reporter Louise Story explains who wins and who loses if the Volcker rule were to be put in place.

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The Takeaway

Government Bonds Benefit Wall Street Banks

Wednesday, June 16, 2010

President Obama’s "Build America" bonds were supposed to help cash strapped municipalities pay for roads, schools or construction projects, but they may be benefiting Wall Street banks as well.

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The Leonard Lopate Show

What’s Eating Steve Cohen?

Tuesday, June 08, 2010

Vanity Fair special correspondent Bryan Burrough discusses billionaire Steve Cohen, hedge fund manager and the founder of SAC Capital Advisors.

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The Takeaway

Managing Risk in Industries on the Edge: a look at Oil, Wall Street, and NASA

Thursday, June 03, 2010

The oil industry, Wall Street, and NASA all have this in common: very smart people have the freedom to take huge risks – and those same very smart people are the only ones who can fix it when things go wrong.

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WQXR News

Senate Passes Financial Regulatory Bill

Friday, May 21, 2010

Four Republicans helped passed the bill. The vote was 59 to 39.

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The Takeaway

Takeouts: Financial Reform Hits a Snag, NBA Playoffs

Thursday, May 20, 2010

  • Washington Takeout: Washington correspondent Todd Zwillich joins us with the latest on the financial reform bill, which seems to be termporarily delayed on Capitol Hill.
  • Sports Takeout: Sports contributor Ibrahim Abdul-Matin recaps Game 2 of the Western Conference Finals between the Phoenix Suns and the Los Angeles Lakers in the NBA Playoffs. He also looks at yesterday's NBA draft lottery and who the lucky winner was.

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The Takeaway

Takeouts: Europe's Financial Crisis, Playoffs and Performance-Enhancing Drugs

Wednesday, May 19, 2010

  • ECONOMY TAKEOUT: Even after a $1 trillion bailout plan, the euro fell to its lowest level in four years for a brief moment last week, causing bank shares in Europe to plunge. Wall Street followed suit. We talk with Dr. Mark Zandi, Chief Economist of Moody's Analytics, about how Europe's economic woes could impact the U.S.
  • SPORTS TAKEOUT: Last night's NBA and NHL playoffs are recapped by Takeaway Sports Contributor Ibrahim Abdul-Matin, who also tells us about a Canadian doctor charged with supplying performance-enhancing drugs to professional football players. 

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The Takeaway

Congress to Address 'Flash Crash,' Financial Reform

Tuesday, May 11, 2010

Congress will face public pressure this week as it tackles a series of hot-button issues. In the House, the Financial Services Committee has called for a hearing on the "flash crash" that took place last Thursday when the Dow Jones Industrial Average fell nearly 1,000 points in just 30 minutes. And Senate Majority Leader Harry Reid is hoping to get the financial reform bill complete by the end of the week.

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The Takeaway

Computers Play 'War Games' on Wall Street

Monday, May 10, 2010

In the 1983 film, "War Games," a military supercomputer with a personality brought the world to the brink of nuclear annihilation. Today, we’re looking at last week’s “Flash Crash,” during which the Dow Jones Industrial Average dropped just under 1,000 points in under an hour and then bounced nearly all the way back.

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The Takeaway

Takeouts: Financial News, Britain's Hung Parliament

Friday, May 07, 2010

  • Financial Takeout: Louise Story, Wall Street and finance reporter for The New York Times, joins the show with details of one of the most dramatic half-hours in stock market history. Also, Goldman Sachs braces for their shareholders' meeting today, as the company loses business from AIG. 
  • U.K. Elections: BBC's Rob Watson has been reporting on the formation of the new British government following the closest elections in recent history. Britain currently faces a hung parliament; with no party gaining a clear majority, the parties will negotiate this weekend to try to form a coalition government.

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The Takeaway

Student Debt Higher at For-Profit Colleges

Tuesday, May 04, 2010

A recent report by the College Board found students at for-profit colleges graduated with significantly more debt than their counterparts at public and private non-profit schools. President Obama recently overhauled the federal student loan program, changing the landscape for college lenders. Now Congress is considering ways to increase oversight of these for-profit colleges, which receive significant amounts of federal financial aid.

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The Takeaway

Senator Carl Levin on the Wall Street Crisis, Junk Bonds and Michigan Foreclosures

Friday, April 30, 2010

We speak with United States Senator Carl Levin (D-Mich.) on how the actions of bankers on Wall Street directly affected the lives of homeowners living on Main Street. Credit default swaps, collateralized debt obligations and the mechanics of the murky mortgage markets are contributing to the media buzz surrounding the President’s call for Wall Street reform legislation. But it's easy for some of the truly important parts of the debate to lost in a sea of accusations.

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The Takeaway

Finance Regulatory Bill Blocked in Senate

Tuesday, April 27, 2010

Senate Republicans held their caucus together and blocked debate on a bill to re-regulate the financial industry late Monday afternoon. Only one Democrat, Sen. Ben Nelson of Nebraska, joined the GOP in a procedural move to prevent the bill from coming to the Senate floor. Other Democrats indicated that they would delay the rest of their agenda in order to keep bringing the bill back, perhaps as soon as Tuesday.

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