tagged w/ Wall Street Banks
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Big businesses are falling to the waist side. You need money,are you in major debt? Well call Leroy Punt,he has a solution! Lol...Big businesses are falling to the waist side. You need money,are you in major debt?... more
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The most senior executives at Wall Street firms will have their bonuses slashed by as much as 70 percent, more than other employees, amid falling revenue and political pressure, according to a report by Johnson Associates.
Is It fair? Will it happen?The most senior executives at Wall Street firms will have their bonuses slashed by as... more
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j4ydh
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added this
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1 year ago
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For some reason Fox Business allowed me to tag along with Nicole Petallides, their New York Stock Exchange (NYSE) floor correspondent, during trading hours yesterday. I was definitely as surprised as you are as to why they would let some punk blogger get all up in their grill. But I immediately called ‘No Takebacks’, so it was a done deal.For some reason Fox Business allowed me to tag along with Nicole Petallides, their New... more
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Because of all the big news in finance this week, I decided to take to the streets and do a day of ‘liveblogging’ from right on Wall Street this past Thursday. Our site specializes in mostly humorous, funny, and sarcastic humor, but on this day we ended with a rather insightful interview with a historian at Federal Hall across from the NYSE.
He was able to offer some unique historical perspective on the week’s events and really enlightened me in my pursuit to cover the mood on 'the Street'.
I have included a link to our post which includes the interview along with some excellent images our photographer was able to capture that day. I do hope you will take a look. If you are interested in linking to this piece or have any further questions please contact me.
Because of all the big news in finance this week, I decided to take to the streets and... more
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"After Frantic Day, Wall St. Banks Falter"
In one of the most dramatic days in Wall Street’s history, Merrill Lynch agreed to sell itself on Sunday to Bank of America for roughly $50 billion to avert a deepening financial crisis, while another prominent securities firm, Lehman Brothers, said it would seek bankruptcy protection and hurtled toward liquidation after it failed to find a buyer.
The humbling moves, which reshape the landscape of American finance, mark the latest chapter in a tumultuous year in which once-proud financial institutions have been brought to their knees as a result of hundreds of billions of dollars in losses because of bad mortgage finance and real estate investments.
But even as the fates of Lehman and Merrill hung in the balance, another crisis loomed as the insurance giant American International Group appeared to teeter. Staggered by losses stemming from the credit crisis, A.I.G. sought a $40 billion lifeline from the Federal Reserve, without which the company may have only days to survive.
The stunning series of events culminated a weekend of frantic around-the-clock negotiations, as Wall Street bankers huddled in meetings at the behest of Bush administration officials to try to avoid a downward spiral in the markets stemming from a crisis of confidence.
“My goodness. I’ve been in the business 35 years, and these are the most extraordinary events I’ve ever seen,” said Peter G. Peterson, co-founder of the private equity firm the Blackstone Group, who was head of Lehman in the 1970s and a secretary of commerce in the Nixon administration.
It remains to be seen whether the sale of Merrill, which was worth more than $100 billion during the last year, and the controlled demise of Lehman will be enough to finally turn the tide in the yearlong financial crisis that has crippled Wall Street and threatened the broader economy.
Early Monday morning, Lehman said it would file for Chapter 11 bankruptcy protection in New York for its holding company in what would be the largest failure of an investment bank since the collapse of Drexel Burnham Lambert 18 years ago, the Associated Press reported.
(more of this story on link)"After Frantic Day, Wall St. Banks Falter"
In one of the most dramatic days in Wall... more
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