Number 85 Broad Street, a dull, rust-coloured office block in lower Manhattan, doesn’t look like a place to stop and stare, and that’s just the way the people who work there like it. The men and women who arrive in the watery dawn sunshine, dressed in Wall Street black, clutching black briefcases and BlackBerrys, are very, very private. They walk quickly from their black Lincoln town cars...
Battered mortgage lender Fannie Mae has sought claims to the tune of $15.8 billion from bankrupt Lehman Brothers, mainly related to derivatives contracts.
That’s 44% . And there are probably more, given how broad and riddled with loopholes congressional reporting requirements are (remember that it wasn’t until the Countrywide scandal broke that anyone learned Senator Kent Conrad had a $3.1 million beach house in Delaware ): Only one percent of Americans can claim to be millionaires, yet 44 percent of members of Congress are millionaires according...
Larry MacDonald submits: U.S. broker Charles Schwab’s launch this week of 8 new exchange traded funds (ETFs) could be a watershed event for providers and users of ETFs and mutual funds. What’s remarkable is that Schwab has fixed its management expense ratios (MERs) even lower than the Vanguard ETFs and is allowing its ETFs to be bought and sold commission-free on a permanent basis through...
MarketWatch points out that Citigroup is actually already being broken up: Citigroup Inc.... is already being broken up under part-ownership by the government, [Richard] Bove and other analysts say... Citigroup, roughly a third owned by the government, is already being broken up, giving investors a preview of how other large financial institutions may be shrunk in future. "The break-up of some...
Now that it looks like Steven Cohen's SAC Capital may get dragged bodily into the insider trading scandals, things could get interesting. If you think there's been an uproar over bonuses at AIG and Goldman Sachs, wait till the mainstream press starts chewing over Cohen's compensation ($1 bln in 2005) and lifestyle (35,000 square foot house in Greenwich, bought for $15 million but with jah knows how...
What underlays the decision to distribute immunizations to major private entities ahead of hospitals and schools is neither a mistake nor an objective assessment of the medical value of such distributions. The episode demonstrates the supremacy of America’s financial elite, which increasingly dictates every policy decision and every facet of social life, and more and more takes on the trappings...
Is everyone ready for the our block party on Monday night? Irvine Home Address ... 3 PRIMAVERA Irvine, CA 92614 Resale Home Price ...... $839,900 We sit and we sigh And nothing gets done So right, so clued-up We just get old And all the while Been torn asunder Bloc Party -- Compliments IHB News I want to invite everyone to our next IHB Block Party from 6:30-10:00 on Monday, November 9, 2009, at JT...
Charles Schwab wants to get into the index fund and ETF business. Badly! In doing so, Schwab has created a series of funds to undercut the industry leader — Vanguard — by offering the lowest expense ratio ETFs and index funds on the market. With an expense ratio as low as ... This was an original post from Steadfast Finances . For more, follow me on Twitter . Charles Schwab Might be the...
The Lords get the vaccine while the peasants wait in line. What could be more natural or fair ? Today, Citizens for Responsibility and Ethics in Washington (CREW) asked Health and Human Service (HHS) Secretary Kathleen Sebelius to investigate why the Center for Disease Control (CDC) approved the distribution of the H1NI vaccine to Wall Street firms at a time when the vaccine is unavailable to most...
The 2010 midterms are just around the corner (sort of). Here's what's happening: Florida Gov. Charlie Crist (R) claimed he didn't endorse the stimulus, even though he stumped for it at a rally with President Obama; the Club for Growth, meanwhile, is airing a TV ad that highlights his erstwhile stimulus support; Ned Lamont, the Democrat who defeated Sen. Joe Lieberman (I-CT) in the 2006 Democratic...
Property prices are rising fast as the tech boom spreads across the country. When Farallon Capital Management, a U.S. hedge fund, and its joint-venture partner, Indiabulls, snapped up an 11-acre property in central Mumbai in March 2005 for $54.5 million an acre, the purchase was called an act of idiocy by local developers. A few months later, when the same joint venture offered $95.5 million an acre...
Since the beginning of the financial crisis caused by the collapse of Lehman Brothers, there's just one year, the attitude of traders has not really changed. It seems they were content to let the storm pass and are still as influential in the world of finance More ... (more. ..)
Back in October 2008, then US Treasury Secretary Henry Paulson met with CEOs of the 9 largest US banks. During that meeting, it was reported that Paulson required the CEOs to take TARP money whether they wanted the money or not. In May, Judicial Watch released talking points taken from official documents from those meetings. The talking points used by Paulson in that meeting include the comment that