Bloomberg News reports that despite the continued effects of the recession felt by many Americans (unemployment levels, for example, still hover near 9 percent), corporations are posting some of their highest profits in decades.
Although financial indices have slumped recently because of the tsunami in Japan and a More…
Today, the Securities and Exchange Commission met with the heads of the major U.S. stock exchanges, including the New York Stock Exchange and alternative venues like Nasdaq and the Chicago Board Options Exchange. They discussed Thursday’s stock exchange event, where the Dow Jones Industrial Average dropped 1,000 points before More…
Investors, rejoice! The Dow Jones Industrial Average has crossed the 11,000 mark for the first time since September 26, 2008. The news has caused much breathlessness in a financial blogosphere hungry for good news. But, to throw some cold water on the situation, the number 11,000 More…
If you were wondering what security and investment firms spent $93 million lobbying about last year, look no further than today’s New York Times, in which Tara Siegel Bernard reveals that they are lobbying for the right to give you bad financial advice as More…
Although the federal government is closed due to snow, Fed Chairman Ben Bernanke decided not to wait for today’s congressional hearing to be rescheduled to release his statement. In it, he pointed out something exceedingly obvious: The Fed’s actions to keep short-term interest rates at zero are going More…
With disgraced Ponzi schemer Bernard Madoff safely behind bars to serve his 150- year prison sentence, the business of figuring out how he pulled off one of the greatest financial swindles of all time is in full swing. The Washington Post looks at three new books out on More…
In an impromptu press conference today on the White House lawn, President Obama tried to channel anger about AIG multi-million dollar bonuses towards reform of the financial system to make sure this sort of situation doesn’t happen again.
The stock market continued its cliff diving today, with both the Dow Jones Industrial Average and Standard and Poor’s 500 Index closing at their lowest levels in more than a decade — cementing worries about the deepening recession.
As Calculated Risk puts it, it’s time to party like it’s More…
Today is Timothy Geithner’s turn in the spotlight, as his confirmation hearings to become treasury secretary begin. The New York Times asks economists and other experts for some questions lawmakers ought to shoot at Geithner. Some excerpts:
Ordinary taxpayers would like an answer to this question: Why have they
I hate to bring this up, given all the good feelings today, but as Washington celebrates, Wall Street had a record Inauguration Day slide, led by fears that banks are in terrible shape and getting worse, CNBC reports.
Financial shares alone fell to a 14-year low, Bloomberg added: More…
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