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Stocks Fall on Worries Over European Debt Agreement

Monday, December 12, 2011

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

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The Leonard Lopate Show

Exile on Wall Street

Monday, November 28, 2011

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.

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The Leonard Lopate Show

Petroleum, Power, and High Finance

Wednesday, November 23, 2011

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.

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The Takeaway

Bank Exec Blames Federal Regulators For Fiscal Crisis

Wednesday, November 23, 2011

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.

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The Takeaway

Cities Attempt to Dismantle Occupy Camps

Wednesday, November 16, 2011

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.

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The Takeaway

Corzine Resigns From MF Global; Hires Criminal Attorney

Friday, November 04, 2011

Former New Jersey governor and Goldman Sachs executive Jon Corzine resigned as chairman and CEO of MF Global, the brokerage firm that filed for bankruptcy on Monday. Corzine has chosen to forfeit his $12 million severance package. Under Corzine's leadership, MF Global lost two-thirds of its market value. A federal investigation is now under way after MF Global disclosed that $630 million of customer money was missing. Corzine is said to have retained a criminal defense attorney. Michael de la Merced, reporter for The New York Times' DealBook, discusses the latest developments.

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The Takeaway

MF Global Files for Chapter 11

Monday, October 31, 2011

MF Global filed for Chapter 11 bankruptcy protection Monday morning, making the security firm possibly the U.S. casualty of the European debt crisis. Earlier in the morning, the firm, headed by former New Jersey governor and Goldman Sachs executive John Corzine, was suspended from conducting new business with the New York Federal Reserve. Under Corzine's leadership, MF Global made risky bets on European sovereign debt.

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The Takeaway

Protesters Clash with Police at Occupy Protests

Thursday, October 27, 2011

About 3,000 protesters took to the streets of Oakland on Wednesday night, following violent clashes between police and Occupy demonstrators late Tuesday. Police fired tear gas canisters and bean bag rounds at protesters. Protesters claim rubber bullets and flashbangs were used as well. A 24-year-old Iraq war veteran is in critical condition after being hit in the head with a police projectile. In New York, police arrested a dozen people Wednesday night during an Occupy solidarity march. Meanwhile in Atlanta, Mayor Kasim Reed ordered the evacuation of Occupy Atlanta protesters from the city’s Woodruff Park. That removal resulted in more than 50 arrests.

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The Leonard Lopate Show

From Watching the Ticker to Watching the Meter

Wednesday, October 26, 2011

Michael Grynbaum, New York Times Metrodesk transportation reporter, talks about bankers and traders who have turned to taxi driving after they’ve lost their jobs on Wall Street. He’s joined by Scott Curtis, who spent 25 years as a trader on Wall Street and now drives a cab, which lets him to meet potential employers. Grynbaum’s article “Eyes Once on the Ticker Are Now on the Meter,” appeared in the Times on October 14.

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The Takeaway

Gupta Faces Insider Trading Charges

Wednesday, October 26, 2011

Former Goldman Sachs director Rajat Gupta surrendered to FBI officials on Wednesday morning. Gupta faces criminal charges in a massive hedge fund insider trading case. He has been under investigation over whether he leaked corporate secrets to Raj Rajaratnam, the co-founder of the hedge fund the Galleon Group. Rajaratnam was sentenced to 11 years in prison for trading on illegal stock tips earlier this month. Louise Story, Wall Street and finance reporter for The New York Times, has the latest details on the story.

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The Empire

Comptroller DiNapoli: budget problems ahead

Wednesday, October 19, 2011

From a new report on the state's fiscal condition released today by the Comptroller's office:

Growth in revenue collections in several major categories of taxes is slowing, and at the midpoint of the fiscal year, Personal Income Tax, sales tax, and business taxes are lagging recent projections by $400 million. If these trends continue, the state may need to adjust its revenue projections downward.

This is probably a major part of the problem. From Susanne Craig's post yesterday in the Times DealBook on Goldman Sachs and other Wall Street banks decreased profits:

New York, the nation’s financial hub, is bracing for the fallout. Wall Street, which accounts for 14 percent of the state’s tax revenue, is expected to lay off an additional 10,000 employees in the area by 2012, bringing total layoffs since 2008 to 32,000, according to a recent report by the New York State Comptroller.

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The Takeaway

Spending the Night at Occupy Wall Street

Tuesday, October 18, 2011

When the TV cameras are gone, what is it like to spend the night at Occupy Wall Street? It's been a month since protesters first began to occupy Zuccotti Park, near Wall Street in New York City. Since then, temperatures have been dropping as the number of protesters in New York and across the globe grows. This leaves many wondering how many protesters will be left when winter hits. Well, we aimed to find out — and to understand better just who was spending the night there and why.

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The Takeaway

Goldman Sachs and Bank of America to Report Earnings

Tuesday, October 18, 2011

Bank of America and Goldman Sachs are scheduled to release their earnings reports for the third quarter today. Yesterday, Citigroup reported a 74 percent rise in their earnings and Wells Fargo reported a 21 percent increase, and last week JP Morgan reported a 4 percent fall in profits. Morgan Stanley and U.S. Bancorp are expected to release their reports on Wednesday.

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It's A Free Country ®

The Politics of Occupy Wall Street, One Month In

Monday, October 17, 2011

You meet more people who voted for [Obama] really thinking it was their last-ditch attempt at using politics to get what they wanted...They saw this once-in-a-generation chance to really change America and they think it's gone, so they're being realistic about what they can do now...They've moved on from thinking they can get anything done in Washington.

—Slate political reporter Dave Weigel on The Brian Lehrer Show

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The Takeaway

Is There Too Much Corporate Money in Politics?

Monday, October 17, 2011

All over the news — including here on The Takeaway — we've been hearing about Occupy Wall Street and the complaints of the "99 percent" against politicians and big corporate interests. But what exactly is the Occupy Wall Street movement alleging? One of the protesters' main complaints is that the political system is currently in the grips of corporate financial control. They may have a point, but how strong is their argument? Is our political system truly broken by the amount of money injected to campaign financing or by the lobbyists who peddle influence on K Street? Or, have money and special interests always been part of the political process?

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It's A Free Country ®

The 53 Percent Take on the 99 Percent

Friday, October 14, 2011

In response to the now-viral Tumblr post “We are the 99 Percent,” some conservatives have launched their own venture “We are the 53 percent”. The site, started by RedState.org contributor Erick Erickson and Josh Trevino of the conservative Texas Public Policy Foundation, features those who purport to represent the 53 percent of Americans who pay federal income taxes.

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The Takeaway

Bankers Respond to Occupy Wall Street

Friday, October 14, 2011

After weeks of silence about the demonstrations in downtown New York and across the country, some of Wall Street biggest bankers are speaking up about the protests and the criticisms being leveled at them. The reaction comes just days after the protestors marched to the houses of J.P. Morgan's Jamie Dimon and hedge fund manager John Paulson.

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It's A Free Country ®

DiNapoli: Wall St. Tax Revenue Drops, Threatens Balanced Budgets

Tuesday, October 11, 2011

Anybody that thinks this is a return to the old days, where at the end of the fiscal year overheated Wall Street profits took care of any budget imbalance, that's not happening this year.

— New York State comptroller Thomas DiNapoli on The Brian Lehrer Show.

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The Empire

DiNapoli: NYC and NYS budget shortfalls likely

Tuesday, October 11, 2011

WNYC reporting:

The State Comptroller's office says budget targets for New York City and New York state will likely fall short this year. The reason is a drop in Wall Street revenues.

Comptroller Thomas DiNapoli released the new forecast Tuesday morning.  It found that New York's tax revenues will be down about a third compared to last year.

"Keep in mind 2010 was a very strong year so, to put it in context, this is still going to be a good year and a profitable year, it just shows that some of the high profitability we saw last year you're not going to see again this year," DiNapoli said.

You can read the rest of the article here.

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The Takeaway

Occupy Wall Street Continues to Grow in Fourth Week

Monday, October 10, 2011

The Occupy Wall Street movement is entering its fourth week and showing no signs of slowing down. What began as a loosely organized protest against corporate greed and the growing gap between rich and poor Americans has increased dramatically in terms of supporters, media coverage, and online discussions. Thousands of people have turned out for protests in lower Manhattan, and in dozens of other places across the country, including Boston, Miami, and the District of Columbia. Many media outlets have declared the leaderless Occupy movement to be the left's answer to the Tea Party movement, and others have likened it to the Arab Spring.

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