Search Results for: wall street

Wall Street rocked by $8 billion hedge fund implosion

Jacob Gottlieb Visium

Visium Asset Management, a multibillion dollar hedge fund, has imploded in the biggest scandal to hit the industry in years. The fund told investors of its plan to close in a letter Friday. It’s the most high-profile shutdown since authorities forced Steve Cohen’s controversial SAC Capital to close in 2013. A slew …

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Wall Street crashes as stock market bubble officially bursts

Wall St

At the opening bell on Wall Street the Dow Jones Industrial index plummeted as much as 1000 points in the first minutes of trading. Later it corrected to 785 points down. The Nasdaq has already dropped 8 percent. The S&P 500 has sunk 4.95 percent. The grim data was predictable, …

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Stock market volatility increases on Wall Street

Wall Street traders stock market

On opening bell, Wall Street surged upward by two percent on news of an interest rate cut by China. US stocks stayed in positive territory for much of the day until collapsing in the closing hour, making Tuesday the sixth straight day of losses. The Dow Jones was up 440 …

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Wall Street banks are still ‘too big to fail’

Bank of America

The biggest banks still don’t have adequate bankruptcy plans to avoid precipitating another economic crisis, said U.S. regulators. Eleven of the nation’s largest banks still do not have viable bankruptcy plans that would avoid causing widespread economic damage, U.S. regulators said Tuesday in a sweeping admonition of Wall Street’s giants. The Federal …

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High-frequency trading out of control on Wall Street

hft

Wednesday morning’s stock snafu had a familiar ring to it — mysterious volume in trades that simply could not have been made by a human comes surging out of nowhere, causing brief but acute market mayhem. By now, many players on trading floors have gotten used to the disruptions that …

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How P2P Crowdfunding Is Disrupting Wall Street

P2P Crowdfunding Wall St

One of the biggest complaints that plagues the investment world relates to how to best pair eager investors with financially needy entrepreneurs. This is especially the case for novice investors and fledgling entrepreneurs who often have few to no avenues that bring them together. These groups are often loss in …

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Bernie Sanders sells out to Wall Street candidate Hillary Clinton

Bernie Sanders endorses Hillary Clinton

On Tuesday, Senator Bernie Sanders gave up his presidential campaign and endorsed former Secretary of State Hillary Clinton. “She must become our next president,” Sanders declared – a direct contradiction with what he has spent the past six months saying. “There is no doubt in my mind that, as we …

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Trump’s message to bankers: Wall Street reform rules may be eliminated

Dodd-Frank Trump Wall Street reform bankers

President Donald Trump told a group of chief executives on Tuesday that his administration was revamping the Wall Street reform law known as Dodd-Frank and might eliminate the rules and replace them with “something else.” At the beginning of his administration, Trump ordered reviews of the major banking rules put …

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Why banks are no longer needed

Bank icons

What else can we do with the $1.25 trillion we’ll save by eliminating these obsolete financial middleman parasites? A lot. Technology has leapfrogged the banking sector, rendering it as obsolete as buggy whips. So why are we devoting 9% of our economy to an obsolete parasite?  Financial sector profits now …

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Goldman Sachs is running scared

Oakland vs Goldman Sachs

The City of Oakland just offered Goldman Sachs a deal they can’t refuse: either renegotiate a toxic “interest rate swap” that costs taxpayers $4 million a year or never do business with the City of Oakland again. If other cities follow suit, Goldman will have to change its ways. Stand in solidarity with Oakland …

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Links between Citigroup and government exposed

Wall Street

Citigroup is a very large bank that has amassed a huge amount of political power. Its current and former executives consistently push laws and regulations in the direction of allowing Citi and other megabanks to take on more risk, particularly in the form of complex highly leveraged bets. Taking these …

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Knight Capital says trading glitch cost it $440 Million

Knight Capital

$10 million a minute. That’s about how much the trading problem that set off turmoil on the stock market on Wednesday morning is already costing the trading firm. The Knight Capital Group announced on Thursday that it lost $440 million when it sold all the stocks it accidentally bought Wednesday morning because …

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Anonymous strikes Wall Street CEOs, leaks personal information

Money is the root of all politics

Declaring “the guilty must pay,” Anonymous has released 4.6 gigabytes of data detailing the personal information of Wall Street CEOs and other high level Wall Street executives. Links to the data began appearing via Twitter on March 2. AnonymousIRC, a popular Twitter account associated with the international hacktivist collective known as Anonymous, tweeted the following: …

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