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Wall Street

The Takeaway

Finance Regulation Reform 101: Sen. Chris Dodd's Bill Goes to the Senate

Monday, April 26, 2010

The Senate is scheduled to vote today on whether to begin work on the finance regulatory overhaul bill, which President Obama promoted in New York last week. If Democrats have their way, the Senate will proceed to a debate on the bill, which is sponsored by Sen. Chris Dodd. Otherwise, the bill, S.3217, will stall and require more negotiations.

 

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The Takeaway

This Week's Agenda: Goldman Sachs Execs to Testify, Charlie Crist May Leave GOP, Kentucky Derby

Monday, April 26, 2010

We take a look at what's ahead this week, with Marcus Mabry, associate national editor of The New York Times, and Latoya Peterson, editor of the blog Racialicious.

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The Takeaway

President Obama's Targeted Speech on Financial Reform

Friday, April 23, 2010

President Barack Obama delivered a forceful plea for cooperation from Wall Street banks in a speech at New York City’s Cooper Union yesterday. Some of the president's language to bankers was stern — during one part of the talk, he pointed in the direction of Goldman Sach's CEO and said, "Unless your business model depends on bilking people, there is little to fear from these new rules."

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The Takeaway

SEC Brings Fraud Suit Against Goldman Sachs

Monday, April 19, 2010

On Friday the Securities and Exchange Commission announced a civil suit against Wall Street giant Goldman Sachs, after uncovering what the SEC calls significant evidence of fraud during the run-up to the current financial crisis.

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The Takeaway

Elizabeth Warren on Panel's Grilling of Wall St. CEOs

Thursday, January 14, 2010

The CEOs of the country's major banks came under a grilling yesterday, as the Financial Crisis Inquiry Commission kicked off hearings on the causes of last year's economic meltdown. We get reaction from Elizabeth Warren, who heads the group charged with overseeing the U.S. banking bailout, the Congressional Oversight Panel

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The Takeaway

Takeouts: Afghan Bombing, Mike Leach, A Blue Moon

Thursday, December 31, 2009

  • Afghanistan Takeout:  At least 8 Americans are dead after a suicide bombing at a remote base in Afghanistan. Details are still emerging, but reports say most of the dead are CIA employees, which could make this one of the most deadly events in the intelligence agency's history. Anand Gopal, from the Wall Street Journal, joins us from Kabul.
  • Sports Takeout: After allegations of player abuse, Texas Tech head football coach Mike Leach was fired yesterday - Ibrahim Abdul-Matin explains why.
  • Astronomy Taketout: Jack Horkheimer is the writer and host of PBS' "StarGazer," as well as the director emeritus of the Miami Planetarium; he joins us to talk about the rare event of seeing a 'blue' moon on New Year's Eve.

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The Takeaway

How Banks Bet Against the Housing Market... and Won

Thursday, December 24, 2009

You might have heard of collateralized debt obligations (CDOs) and the role they played in the housing crisis, but have you heard of a 'synthetic CDO?'  Gretchen Morgensen and Louise Story report in today's New York Times, ("Banks Bundled Bad Debt, Bet Against It and Won,") on how banks used this special category of bundled debt to bet against the housing market, and win. Sometimes it meant the banks profited while their clients lost out.

Louise Story joins us to explain synthetic CDOs and the three government investigations that are already underway about the practice. The government wants to know if investment firms may have exacerbated the housing crisis as they tried to hedge their vulnerable mortage positions. We also speak with Sylvain Raynes, a structured finance consultant, to give us details on how firms used synthetic CDOs and how they pitched them to clients.

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The Takeaway

President Obama Hosts Bank Leaders

Monday, December 14, 2009

The economy received some positive news on Sunday from President Obama's top economic adviser, Larry Summers, who said that the recession is over on 'This Week with George Stephanopoulos.'  But even if you agree with Summers, it's still hard for many to forgive and forget the role Wall Street played in creating the current economic mess. Even President Obama recently said, "I did not run for office to be helping out a bunch of ... fat cat bankers on Wall Street." On the heels of those harsh words, Obama will be hosting the heads of those same banks at the White House Monday.  Peter Morici, an economist and business professor at the University of Maryland, says this is just another publicity stunt. We're also joined by Eric Dash, a banking reporter for The New York Times, who has also been covering this story.

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The Takeaway

This Week's Agenda with Todd Zwillich and Jonathan Marcus

Monday, December 14, 2009

We've uncovered our crystal ball and are peeking into the week ahead with our Washington correspondent, Todd Zwillich, and Jonathan Marcus, BBC diplomatic correspondent.  They'll discuss what's next for health care reform in the Senate as Sen. Joe Lieberman (I-Conn.) throws a wrench into the works ... again; President Obama's meeting with some of the heads of the largest American banks; the continuing climate talks in Copenhagen; and continuing nuclear troubles with Iran.  All that and Italian Prime Minister Silvio Berlusconi getting socked in the face with a statuette.

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The Takeaway

Takeouts: Profiting from Mortgages, NFL Recap

Monday, November 23, 2009

  • Finance Takeout: New York Times finance reporter Louise Story joins us this morning to talk about private companies buying at-risk mortgages at a discount, sharing the profit with the home owners, and shifting the risk to taxpayer-backed federal agencies. (Read the full story at The New York Times.)
  • Sports Takeout: Our sports contributor, Ibrahim Abdul-Matin, looks at the weekend's games and the undefeated records of the Indianapolis Colts and New Orleans Saints.

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The Takeaway

Eliot Spitzer on Bear Stearns Acquittals

Wednesday, November 11, 2009

A Brooklyn jury acquitted two former Bear Stearns executives Tuesday. The two men had been charged with lying to investors. To give us the low-down on all of this is a man accustomed to suing Wall Street titans, former New York attorney general (and former governor) Eliot Spitzer.

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The Takeaway

Takeouts: College Football, Wall St Pay, Listeners on Religion

Monday, November 09, 2009

  • Business Takeout: Louise Story of The New York Times explains why we'll be seeing windfall bonuses and pay on Wall Street in the next few weeks.
  • Sports Takeout: Ibrahim Abdul-Matin recaps the weekend's college football action, including Ohio State's win over Penn State.
  • Listener Takeouts: We hear your reactions to the question of whether psychiatrist and alleged Fort Hood shooter Nidal Malik Hasan's religion should factor into the conversation about his actions.

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The Takeaway

Business Takeout: No End to Wall St. Bonuses in Sight

Thursday, October 08, 2009

  • There seems to be no end to the lavish bonuses that Wall St. firms – even previously struggling firms – continue handing out to their top employees. Even Merrill Lynch executives stand to make millions of dollars in extra pay this January, despite working for a bank that faltered and was bought by Bank of America. Finance reporter Louise Story breaks the story in today's New York Times: "In Merrill’s Failed Plan, Lessons for Pay Czar."

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The Takeaway

Finance: Mixed Signals on the Economic Recovery

Wednesday, September 30, 2009

Key economic indicators are still giving mixed signals about the recovery of the nation's economy. Housing numbers were up, but now they are down; consumer confidence was rising, and now it's sagging. Adding to the agita, analysts still can't say if we have hit bottom or not. New York Times finance reporter Louise Story tells us what Wall Street is making of the ups and downs in housing and consumer confidence figures.

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The Takeaway

This Week's Agenda With Marcus Mabry and Jonathan Marcus

Monday, September 28, 2009

For this week's agenda we speak to Marcus Mabry, international business editor for The New York Times; and from London, Jonathan Marcus, diplomatic correspondent for the BBC World Service. We look at Iran and what the international community's response will be to Tehran's test-firing short- and medium-range missiles, and the acknowledgment of a second nuclear enrichment plant. We also consider whether President Obama will follow requests from General McChrystal and Republicans about sending more troops to Afghanistan. And, China celebrates 60 years of communist rule.


[In one mention of this story this morning, we said that Roman Polanski was picked up on a "31-year-old charge," which a listener correctly pointed out was incomplete: Polanski was charged, tried, pleaded guilty, and fled the country before being sentenced. -Eds]

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The Takeaway

New Rules for the SEC?

Friday, September 18, 2009

Louise Story, finance and Wall Street reporter for The New York Times, has been keeping a close eye on the Securities and Exchange Commission as they propose new ways to regulate Wall Street. Federal regulators voted yesteday on new rules designed to stem conflicts of interest, provide more transparency for credit rating groups like Moody's and Standard & Poor's, and ban so-called "flash orders."

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The Takeaway

Judge Sends SEC, Bank of America to Trial

Tuesday, September 15, 2009

As President Obama spoke on Wall Street about the urgent need for tighter financial regulation, a federal judge issued a scathing ruling about how poorly regulators have been doing their job. The judge rejected a $33 million settlement between the SEC and Bank of America, saying the SEC's accusations of inadequate disclosure by the bank over bonuses paid at Merrill Lynch must now go to trial. We talk to Louise Story, Wall Street and finance reporter for our partner, the New York Times.

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The Takeaway

Obama Speaks On and To Wall Street

Monday, September 14, 2009

President Obama will give a speech on Wall Street today: the one-year anniversary of the collapse of Lehman Brothers. We talk to New York Times finance reporter Louise Story to look at what the president might say and how he will be received by Wall Street employees.

 

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The Takeaway

This Week's Agenda With Marcus Mabry and Jill McGivering

Monday, September 07, 2009

For this week's agenda, we look ahead to President Obama's upcoming speech to school children across the country, the week on Wall Street after the long holiday weekend, and the eighth anniversary of the September 11 attacks. Joining us today is Marcus Mabry, international business editor for The New York Times. And from Bush House in London Jill McGivering, Asia editor for the BBC World Service.

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The Takeaway

Are Wall Street Bonuses Making a Comeback?

Friday, July 31, 2009

New York Attorney General Andrew Cuomo’s office reported yesterday that Wall Street bonuses are back. This is just in time for the vote in the House today on the Executive Compensation Bill. Joining The Takeaway is Louise Story, a reporter for The New York Times with the latest on the bonuses.

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