Wall Street

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Wall Street Woes Will Wallop Tech Sector
Wall Street Woes Will
Wallop Tech Sector
ANALYSIS
Sep 16, 2008 2:02 AM CDT

Wall Street Woes Will Wallop Tech Sector

Drying up of IPOs expected to hit tech ventures especially hard

(Newser) - Troubles hitting the Wall Street giants promise particularly dark days ahead for the tech business world, analysts tell CNET News. The problems are bound to stifle mergers and acquisitions in the tech industry and further dampen the market for initial public offerings. IPOs have already slowed to a trickle—and...

AIG Credit Rating Cut Triggers Mad Dash for Cash

Feds in emergency talks with investment banks to avert another crisis

(Newser) - Insurance giant AIG teetered on the brink of catastrophe last night as ratings agencies downgraded the beleaguered firm's credit ratings, forcing it to raise $14.5 billion to meet debt obligations, reports the Wall Street Journal. Federal Reserve officials were holding emergency talks with Goldman Sachs and JPMorgan Chase in...

Paulson, Wall Street Execs Let Lehman Die

11th-hour meeting exhausted all possible rescue options for investment firm

(Newser) - As the dust settles on Wall Street, details of the final frantic negotiations on Lehman Brothers reveal that Henry Paulson’s opposition to a government bailout ultimately sealed the investment bank’s fate, the Journal reports. Paulson summoned an emergency meeting of 30 Wall Street executives Friday to definitively state...

10 Banks Form $70B Fund to Stave Off Crash

Paulson brokers twin public-private liquidity measures

(Newser) - Ten of the world's largest banks have formed a massive liquidity fund to mitigate the effects of the Lehman Brothers meltdown, reports the Financial Times. All the investment banks will be able to borrow up to a third of the $70 billion fund in order to reduce volatility and stay...

Staggering Wall Street Job Market Takes Another Big Hit

Banks' collapse means loss of 50,000 more jobs

(Newser) - A Wall Street job market that’s already hemorrhaged 100,000 jobs this year now must steel for the loss of 50,000 more as Lehman Brothers and Merrill Lynch—two of its four pillars—tumble at once. “The resume flow will start today like there's no tomorrow,”...

Bank of America to Buy Merrill Lynch for $44B

(Newser) - In a day of toppling dominoes on Wall Street, Bank of America agreed to buy Merrill Lynch for $44 billion, or $29 a share—about two-thirds of what it was worth a year ago and 50% of its highest value in 2007, the Wall Street Journal reports. The deal, struck...

Lehman on Brink as Barclays Backs Out
 Lehman on Brink 
 as Barclays Backs Out 
updated
Sep 14, 2008 2:31 PM CDT

Lehman on Brink as Barclays Backs Out

UK bank walks over proposed shareholder approval

(Newser) - Barclays told federal regulators today that it is walking away from talks to buy all or part of Lehman Brothers. Barclays reportedly balked at a request that shareholders approve the agreement, a process that could take weeks—and left some wondering why the demand came up as late as today....

Wall St. Groans as Lehman Deal Takes Shape

Divided sale may spark ripple of pain through financial industry

(Newser) - A possible deal to salvage Lehman Brothers took shape today but cast a dark mood over Wall Street, the Wall Street Journal reports. Washington refused to save the ailing bank, sparking a plan for either Barclay's or Bank of America to buy "good" Lehman assets while other banks propped...

Feds, Banks Seek Lehman Deal by Tonight

BofA, Barclays balk at bad assets, but bailout not in the cards

(Newser) - Washington and Wall Street continued talks today aimed at solving the Lehman Brothers crisis as early as tonight, the Wall Street Journal reports. Federal Reserve officials still refuse to approve a bailout like the one that enabled JP Morgan to acquire Bear Stearns this summer—but possible buyers like Bank...

Fed Holds Crisis Talks on Lehman With Top Bank Execs

Wall St. bigwigs in 'game of chicken' with government officials

(Newser) - The New York Fed called an emergency meeting of Wall Street heavyweights last night to try to avert a collapse of Lehman Brothers, the Wall Street Journal reports. Top execs of all the big financial firms were urged by NY Fed Chief Timothy Geithner to work together to save the...

BofA Could Partner With China Fund on Lehman Bid

Bankruptcy remains possibility for firm

(Newser) - Bank of America could partner with financial investor JC Flowers and a Chinese sovereign wealth fund on a bid to rescue Lehman Brothers, the Financial Times reports. The hobbled investment bank had resisted selling itself, but is now eagerly seeking suitors before the last of its goodwill on Wall Street...

Feds Hope to Arrange Sale of Lehman This Weekend

Many potential scenarios, buyers said to be under consideration

(Newser) - The US government is helping to arrange a sale of Lehman Brothers this weekend, the Washington Post reports, with the Treasury Department and Federal Reserve working with the reeling investment bank to hammer down its fate before the Asian markets open Monday morning. Officials are reportedly talking to several different...

Bank of America in Talks to Buy Lehman Bros.

Investment bank looking for buyers to save it from collapse

(Newser) - Bank of America is in preliminary talks to acquire struggling investment bank Lehman Brothers, the Wall Street Journal reports. Lehman has been shopping itself around in a bid to stave off collapse, but potential suitors are wary. Many want Washington to assist with a sale of the bank, whose shares...

Lehman Bros. to Report 3Q Stats Today in Bid to Calm Market

Battered firm to unveil 'strategic initiatives'

(Newser) - Lehman Brothers plans to release its third-quarter results and "key strategic initiatives" this morning—a week earlier than expected—in a bid to calm investors, Marketwatch reports. The securities firm took its biggest Wall Street walloping in history yesterday, with share prices plunging 45% to finish 85% down from...

Lehman Considers 'Good Bank/Bad Bank' Split

Sheltering troubled mortgage debt expected to bolster confidence

(Newser) - Lehman Brothers is considering splitting itself into two banks, a “bad bank” to house its $30 billion in troubled mortgage and real estate holdings, and a “good bank” to carry on with the help of a new investor or two, the New York Times reports. The move, which...

Lehman to Lay Off Another 1,500
 Lehman to Lay Off Another 1,500
Aug 29, 2008 2:21 AM CDT

Lehman to Lay Off Another 1,500

Wall Street quakes as ax falls again and again

(Newser) - Lehman Brothers is about to lay off another 1,500 employees—6% of its workforce—in its fourth round of cuts this year, an insider told the New York Times. The struggling financial services giant has already shed over 6,000 jobs since last summer. A total of some 101,...

Downswing Not Hurting Pricey Golf Retreats

Wall Streeters keep country clubs full even as sport declines in US

(Newser) - As the recession puts a damper on luxury spending throughout the country, the nation’s toniest golf clubs—catering to a clientele at the heart of the credit tumult—are flourishing, Portfolio finds. Even with initiation fees approaching $1 million, Wall Street’s clubs of choice are brushing off the...

Analyst Rules Could Use Some Analysis
 Analyst Rules
 Could Use
 Some Analysis

OPINION
Aug 12, 2008 5:46 PM CDT

Analyst Rules Could Use Some Analysis

It might be time to ease some of the restrictions

(Newser) - Frank Quattrone is back in the investment business and is taking on research rules, Andrew Ross Sorkin writes in the New York Times. Quattrone thinks Wall Street should try to remove the settlement that forced the separation of investment banking and research. The rules are “denying small companies the...

Cuckold's Web Vendetta Wrecks Banker's Career
Cuckold's Web Vendetta Wrecks Banker's Career
ANALYSIS
Aug 5, 2008 10:59 AM CDT

Cuckold's Web Vendetta Wrecks Banker's Career

Bitter online campaign pays off when ex-wife's disgraced lover resigns

(Newser) - The resignation last week of a top Wall Street banker, supposedly to “spend more time with his family,” was actually the result of a successful Internet vendetta by the cuckolded husband of a woman with whom Steve Rattner had had an affair. Rattner tells the New York Times...

Financial Faith Is Crisis' Top Casualty
 Financial Faith Is 
 Crisis' Top Casualty 
ANALYSIS
Aug 4, 2008 2:35 PM CDT

Financial Faith Is Crisis' Top Casualty

One year in, credit crunch has upset all expectations about modern markets

(Newser) - Last summer, central banks injected hundreds of billions of dollars into the financial system, desperate to restore liquidity to battered markets. But by then the credit crunch was on—and after 12 months, it shows no signs of abating. The Financial Times looks at how risky US mortgages set off...

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