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Matt Taibbi, Contributing Editor for Rolling Stone , joins us to talk about the recent $2 billion-plus loss at JP Morgan Chase and the state of Wall Street. Taibbi is the author of Griftopia: A Story of Bankers, Politicians, and the Most Audacious Power Grab in American History.

New York bureau chief and Wall Street correspondent for Marketplace Heidi Moore talks about the huge loss announced by JP Morgan last week, and what it means for the company, regulation and our economy.

In a major hit for Wall Street, JP Morgan Chase disclosed a $2 billion loss on Thursday related to its credit investment portfolio. The trickle down effect could mean a loss of another $800 million in the second quarter for the bank’s Chief Investment Office. The Takeaway talks with Michael de la Merced, reporter for The New York Times' Deal Book.

In 1987, Wall Street came to be personified by the Oliver Stone film of the same name, by Michael Douglas’s Gordon Gekko. "The point is, ladies and gentlemen, that greed, for lack of a better word, is good," Gekko famously preached. Today, the Occupy Wall Street Movement seems to be fighting against this same idea. How, exactly, does the one percent feel about that? Edward Conard, former managing director of Bain Capital, offers his opinion.

A former investment manager known as Wall Street's "bad boy" has been sentenced to 12 years in prison.

Three years after America's largest financial collapse since the Great Depression, the country is still recovering. Some banks have received huge bailouts, but countless Americans are still struggling to get back on their feet. A new four-hour documentary, "Money, Power and Wall Street" investigates what has been done (and not done) to secure America's financial future. Michael Kirk is one of the producers of "Money, Power and Wall Street," which will premiere on Frontline April 24 and May 1 on your local PBS station.

In the days since former Goldman Sachs vice president Greg Smith resigned with a scalding New York Times Op-Ed, the company's reputation has come under fire on all sides. But how fair has the criticism been? And what can Goldman do to rehabilitate its image?

Joe Nocera, op-ed columnist for The New York Times and WNYC contributor, discusses his proposal to fix college sports. Plus, continued conversations on fracking and the culture of Wall Street. 

Josh Brown, financial advisor aka The Reformed Broker, and author of Backstage Wall Street: An Insider’s Guide to Knowing Who to Trust, Who to Run From, and How to Maximize Your Investments, to discuss the ripple effect of yesterday's New York Times op-ed by Greg Smith "Why I'm Leaving Goldman Sachs".

Former Goldman Sachs employee Greg Smith has cost the company more than $2 billion in stock value since his op-ed piece ran in the New York Times yesterday. Smith's very public jump from the company at the top of the Wall Street food chain has raised some questions about Goldman's internal culture, it's capacity to learn lessons from past mistakes and it's ability to control its own brand.

When Goldman Sachs employee Greg Smith handed in his letter of resignation, he did so in the most public manner possible — by posting it in the pages of The New York Times. In his letter, the former derivatives trader described the firm's working environment as "toxic and destructive" and accused their culture of placing company profits over client interest whenever possible.

Mitt Romney was born in Michigan and governed in Massachusetts, but New York is fundraising home.

He's raised more money here than any other state, and nine of his top ten fundraising zip codes are in New York City or its suburbs - in Fairfield County, Connecticut, according to the Center for Responsive Politics. He’s back on Wednesday for fundraisers in New York City and Stamford, Connecticut.

Despite the talk about Wall Street’s grousing with the Obama administration, New York’s Obama bundlers in 2012 are still dominated by fundraisers in finance, consulting, law and real estate.

Newt Gingrich’s ad campaign against front-runner Mitt Romney has been all about attacking his record at the private equity firm Bain Capital. Most recently, a pro-Gingrich super-PAC released a 28 minute film called "When Mitt Romney Came to Town" which portrays Romney as a "corporate raider" whose policies ran four companies into the ground for his own benefit. Given Republicans' long legacy of running on pro-business platforms and promoting laissez-faire legislation, this recent turn is highly ironic. But how the nominees are articulating these sentiments are decidedly different from their liberal counterparts.

In a ruling by the state’s highest court on December 20th, a major disagreement over one of the biggest tools the state’s Attorney General has in regulating Wall Street. In a unanimous decision, the Court of Appeals ruled that New York’s Martin Law didn’t preempt private individuals from going after Wall Street firms that mismanaged or defrauded investors.

In a statement, Attorney General Eric Schneiderman's office called the decision "an important recognition that private lawsuits brought by harmed investors are compatible with our office's public enforcement role under the Martin Act."

The New York Law Review has a detailed (and technical) breakdown of the Martin Law’s and the history of this issue.

But for those not plugged into the securities industry, the Martins Law is a Depression Era law unique to New York, that allows the state’s Attorney General broad powers to go after firms that swindled investors. In light of the 2007 Wall Street-created meltdown of the economy, Attorney General Eric Schneiderman has taken the baton passed down from former AG Eliot Spitzer to use the previously unused law to go after big Wall Street firms.

The Court of Appeals decision settles a disagreement over how the Martin Act impacts private investors’ attempts to recoup funds they believe were inappropriately lost. Some state and federal courts had ruled that the act preempts investors from seeking damages because the facts of the case could be used by the Attorney General to make his or her own case.

Now, the two are separated and can happen concurrently: the Attorney General’s office can sue a firm for fraud and investors can also try to get back some of the money they invested, using the same facts to build their separate cases. No longer does the AG’s office have sole domain over pursuing firms thanks to the Martin Act.

This is partly what Queens Assemblyman Rory Lancman has been pushing for with a bi-partisan bill he has cosponsored with State Senator Tom Libous of Binghamton.

Stocks fell after two ratings agencies raised doubts about the fiscal plan hatched last week that aimed to end Europe’s debt crisis.

Wall Street analyst Mike Mayo, who worked at six Wall Street firms, analyzing banks and protesting against bad practices for two decades, discusses the role of finance and banks in the US. In Exile on Wall Street: One Analysts Fight to Save Big Banks from Themselves   he lays out practices that have harmed capitalism and the banking sector and reveals the inner workings of the big banks. He also analyzes the fallout from the market crash, points out the holes that remain in the system, and offers practical solutions.

Greg Palast discusses his investigation into how the oil and banking industries manage to avoid government regulation. In Vulture’s Picnic: In Pursuit of Petroleum Pigs, Power Pirates, and High-Finance Carnivores, he shows how environmental disasters like the Gulf oil spill, the Exxon Valdez, and lesser-known tragedies such as Tatitlek and Torrey Canyon are caused by corporate corruption, failed legislation, and veiled connections between the financial industry and big energy.

In the aftermath of the financial crisis, Wall Street executives tried to deflect the blame onto various culprits — government-sponsored enterprises like Fannie May and Freddie Mac for keeping interest rates low, consumers who lied about their credit history, or annual income. But Michael Lewis, former CEO of failed bank IndyMAC, isn't blaming consumers or investors. Lewis, who has been accussed of fraud and misleading investors, is pointing the finger at regulators.

In spite of a judge's ruling banning their tents and sleeping bags, several hundred Occupy Wall Street demonstrators returned to Zuccotti Park Tuesday night, after being removed by New York City police officers in a pre-dawn raid. After a day of legal wrangling, a state Supreme Court judge told protesters the city's concerns over health and safety justified banning overnight camping. First Amendment battles between city governments and protesters are taking place in courtrooms around the country — and sometimes, on the ground between police and protesters as well.