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Wall Street

The Leonard Lopate Show

Age of Greed

Wednesday, June 01, 2011

Jeff Madrick tells how the single-minded pursuit of huge personal wealth led to America’s economic ills over the last 40 years. Age of Greed: The Triumph of Finance and the Decline of America, 1970 to the Present tells the stories of these politicians, economists, and financiers who declared a moral battle for freedom but instead gave rise to an age of greed, and he traces lineage of some of our nation’s most pressing economic problems to the rise of greed since the 1970s.

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The Takeaway

Fabrice Tourre, Face of Mortgage Securities Fraud

Wednesday, June 01, 2011

Louise Story, Wall Street and finance reporter for The New York Times investigates the lawsuit against Fabrice Tourre, a young Goldman Sachs employee who is the sole person being sued by the S.E.C. for his role in selling bad mortgage deals. Louise Story and Gretchen Morgenson write, "How Mr. Tourre alone came to be the face of mortgage-securities fraud has raised questions among former prosecutors and Congressional officials about how aggressive and thorough the government’s investigations have been into Wall Street’s role in the mortgage crisis."

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The Leonard Lopate Show

Boombustology

Friday, May 27, 2011

Vikram Mansharamani, lecturer at Yale University and a global equity investor, explains how to identify unsustainable booms and forthcoming busts. Boombustology: Spotting Financial Bubbles Before They Burst gives an in-depth look at several major booms and busts and shows how to identify upcoming financial bubbles and the tell-tale signs of a forthcoming bust.

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The Leonard Lopate Show

Reckless Endangerment

Wednesday, May 25, 2011

New York Times's Pulitzer Prize-winning columnist Gretchen Morgenson and Joshua Rosner discuss how the financial meltdown resulted from the toxic interplay of Washington, Wall Street, and corrupt mortgage lenders. Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon reveals how the watchdogs who were supposed to protect us from financial harm were actually complicit in creating the financial crisis. Drawing on previously untapped sources and building on original research from Rosner—who raised early warnings with the public and investors, and kept detailed records—Morgenson connects the dots that led to this fiasco.

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The Takeaway

Major Wall Street Banks Subpoenaed

Tuesday, May 17, 2011

It's been four years since the financial crisis submerged the U.S. into a deep recession, that its still trying to recover from, yet many wonder, why no major cases have been brought against any of the banks that were culprits in the collapse. That may all change. New York Attorney General Eric Schneiderman has subpoenaed three major Wall Street banks. Louise Story, Wall Street and finance reporter for The New York Times, has the latest.

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WNYC News

Financial 411: Bleak Forecast for Benefit Programs

Friday, May 13, 2011

There's more bad news for Social Security and Medicare. The economy, rising health care costs and a drop in taxes have all shortened the life of the two entitlement programs.

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The Brian Lehrer Show

Wall St. Boiling Point?

Friday, May 13, 2011

William Cohan, writer for the New York Times, Fortune, and Vanity Fair, former Wall Street banker,  and author of the book House of Cards: A Tale of Hubris and Wretched Excess on Wall Street, to talk about the state of popular anger with Wall St, and whether Goldman Sachs will suffer as a result.

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The Takeaway

Raj Rajaratnam, Hedge Fund Billionaire, Guilty of Insider Trading

Thursday, May 12, 2011

In what has amounted to one of the largest and most prominent cases of insider trading, a billionaire hedge fund manager was found guilty Wednesday of fraud and conspiracy by a federal jury in Manhattan. Raj Rajaratnam is the co-founder of the hedge fund Galleon Group — he was also considered one of the savviest traders on Wall Street. But for nine months, the federal government secretly recorded Rajaratnam’s phone conversations with traders and powerful corporate insiders. We get the back story with Louise Story, Wall Street and finance reporter for The New York Times.

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The Takeaway

Markets Respond Positively to Bin Laden Killing

Monday, May 02, 2011

The economic markets have responded positively to the death of Osama Bin Laden. Louise Story, Wall Street and finance reporter for our partner, The New York Times, talks with us about what's happening on Wall Street and why markets responded so positively. 

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The Takeaway

AIG Plans Suit Against Hedge Funds Over Mortgage Securities

Thursday, April 28, 2011

In 2008, the government offered an $85 billion bailout to American International Group Inc., one of the world's largest insurance companies, in order to prevent its collapse. When AIG accepted the bailout, it waived its right to sue banks over most of the mortgage securities that it had acquired. But, it did not give up its right to pursue legal action regarding $40 billion of mortgage bonds it purchased directly from banks. In an exclusive story for The New York Times, finance reporter Louise Story explains how AIG is now going after hedge funds and banks to try to recover billions in losses related to mortgage securities that caused the financial collapse in 2008. 

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The Leonard Lopate Show

The Wall Street Money Machine

Monday, April 25, 2011

ProPublica’s Jesse Eisinger and Jake Bernstein, who were awarded the Pulitzer Prize for National Reporting for “The Wall Street Money Machine,” talk about the series, which examined how some hedge funds and banks worsened the financial crisis while making a hefty profit for themselves.  It’s ProPublica’s second Pulitzer in only its third year of publishing investigations, and it’s the first Pulitzer to be awarded to a group of stories that were never published in print.

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WNYC News

Financial 411: Stocks Slide on S&P Warning

Monday, April 18, 2011

A credit rating agency's concerns about U.S. government debt sends markets sharply downwards. The U.S. still has the best rating possible. But we'll talk about why that's still not good enough for some investors.

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It's A Free Blog

Stucknation: The Stench from Under the TARP

Monday, April 18, 2011

We cannot "win the future" by white-washing the past.

Yet that appears to be just exactly what U.S. banking regulators, led by the Federal Reserve, are preparing to do when it comes to resolving the robo-signing foreclosure scandal that implicates the nation's biggest banks.

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The Brian Lehrer Show

No Arrests For Financial Crisis

Friday, April 15, 2011

Louise Story, New York Times Wall Street and Financial reporter, talks about why there haven't been any arrests or prosecutions of major figures as a result of the financial crisis.

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The Takeaway

JP Morgan Decision Could Put New Obligations on Banks

Monday, April 11, 2011

If JP Morgan loses a current class action suit, big banks may have to take more responsibility for informing their clients when a deal or a financial instrument raises red flags. New documents have surfaced in a class-action suit a group of pension funds is leading against JP Morgan. They show that during the financial crisis, JP Morgan executives realized a certain investment entity called Sigma was going under. They hedged their own bets, but didn't let their clients — the group of pension funds now suing — know of the danger. If JP Morgan loses this case, big banks may be obliged to intervene in such matters. Louise Story, whose piece on the suit was just published in The New York Times, tells us more. 

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WNYC News

Financial 411: Two Years After the Wall Street Crash

Monday, March 07, 2011

Two years ago, the stock market fell to its lowest point in the financial crisis. Now it's like those bad old days on Wall Street never happened. We'll talk about where the markets have been and where they're going.

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WNYC News

SEC Supports Rule to Delay Bonuses

Wednesday, March 02, 2011

In a move to curb excessive risk-taking on Wall Street and the influence of credit ratings, the Securities and Exchange Commission has voted in support of rules outlined in the Dodd-Frank Act.

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The Leonard Lopate Show

Matt Taibbi Asks Why Isn't Wall Street in Jail?

Wednesday, March 02, 2011

Matt Taibbi talks about his latest article for Rolling Stone magazine, "Why Isn’t Wall Street in Jail?" He reports on why Wall Street banks—the culprits behind the global financial disaster—weren’t criminally prosecuted for knowingly selling worthless mortgage-backed investments to insurance companies, state pension funds, and foreign banks. 

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WNYC News

Oscar Noms Have New York Connection

Sunday, February 27, 2011

Two films in contention for the Best Documentary designation at the Academy Awards ceremony on Sunday have strong ties to New York.

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The Takeaway

Wall Street's Curious Money Trail During the Mortgage Crisis

Thursday, February 10, 2011

Wall Street bankers allegedly profited from the many mortgage loans that began to sour back in 2008, in some cases possibly pocketing money that was collected on the mortgages. Louise Story, Wall Street and finance reporter for  The New York Times, examines this theory, which surfaced in a recently unsealed lawsuit against a mortgage unit at Bear Stearns. She follows a money trail that seems to lead back to some shady action on Wall Street.

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