Tag Archives: Wall Street

GOP Investors Got Early Heads-Up On Pandemic

The New York Times reports: The consultant’s assessment quickly spread through parts of the investment world. U.S. stocks were already spiraling because of a warning from a federal public health official that the virus was likely to spread, but traders spotted the immediate significance: The president’s aides appeared to be giving wealthy party donors an early warning of a potentially …

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Wall Street Firm Pitched 175% Return On Govt Program

Reuters reports: A New York investment firm pitched wealthy investors in recent days on a way to make returns of 22% to 175% using U.S. government programs designed to help Americans keep their jobs and boost the coronavirus-stricken economy, according to a marketing document seen by Reuters. Following questions posed by Reuters, Arcadia Investment Partners LLC, which has about $1 …

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Dow Ends Worst First Quarter In Its 135-Year History

The Washington Post reports: Wall Street concluded one of its worst-ever starts to a year on Tuesday with markets staggering under trillions in losses from an economy paralyzed by the coronavirus. The Dow Jones industrial average plunged more 400 points, or roughly 1.9 percent, for the worst first-quarter finish of its 135-year history. The virus has killed thousands across the …

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Trump Pardons Wall Street Scammer Michael Milken

The Los Angeles Times reports: In a tearful admission of guilt in a Manhattan federal courtroom, Milken pleaded in April 1990 to counts of conspiracy; aiding and abetting failure to meet federal securities disclosure regulations; securities fraud; aiding and abetting a regulated broker-dealer to violate securities reporting requirements; mail fraud, and assisting in filing a false tax return. Milken was …

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Biden Hosts Wall Street Fundraisers After NH Stumble

CNBC reports: Joe Biden is set to rally more than 250 Wall Street and big money donors Thursday at a pair of fundraisers in New York after his presidential campaign stumbled in Iowa and New Hampshire. A guest list, first obtained by CNBC, shows that the events will draw some of the biggest names in the financial services community to …

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Wall Street Ex-CEO Gets 9 Months In College Scandal

NBC News reports: The former head of bond giant Pimco was branded a “common thief” by a federal judge and sentenced Friday to nine months in prison for his role in the sweeping college admissions cheating scandal. Douglas Hodge, who had earlier admitted paying $850,000 in bribes to get four of his seven kids admitted to elite colleges, also had …

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Trump’s Tax Cuts Saved Big Banks $32 Billion In 2019

Bloomberg News reports: Savings for the top six U.S. banks from President Donald Trump’s signature tax overhaul accelerated last year, now topping $32 billion as the lenders curbed new borrowing, pared jobs and ramped up payouts to shareholders. JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Wells Fargo & Co., Goldman Sachs Group Inc. and Morgan Stanley posted …

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Tulsi Gabbard Meets With Wall Street High Rollers

Fox Business reports: Tulsi Gabbard, fresh off her nasty tussle with former first lady, secretary of state, and 2016 Democratic nominee, Hillary Clinton, was given a hero’s welcome at a meeting with Wall Street executives and potential donors on Wednesday evening in New York City, FOX Business has learned. About two dozen Wall Street executives sat for the off-the-record meeting …

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Ponzi Schemer Bernie Madoff Asks Trump For Clemency

CNBC reports: Notorious Ponzi schemer Bernie Madoff has filed a petition with the Justice Department asking that President Donald Trump reduce his 150-year prison sentence. Madoff, 81, is currently serving that sentence in a federal prison in Butner, North Carolina, for orchestrating the largest Ponzi scheme in history. His decadeslong scam conducted while heading Bernard L. Madoff Investment Securities in …

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Amazon Becomes World’s Most Valuable Company

CNBC reports: Amazon is now the largest company by market value, overtaking Microsoft’s hold on the title. Amazon’s ended trading Monday with a market value of about $797 billion, compared with Microsoft’s $783 billion. Apple, which had been part of a close three-way race for the seat, is now down to about $702 billion in market value after plunging last …

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TARIFF MAN: Stock Market Plunges Another 500 Points

MarketWatch reports: Stocks ended the week on a down note Friday, falling sharply on worries about global growth after weaker-than-expected Chinese data. The Dow Jones Industrial Average DJIA, -2.02% fell around 496 points, or 2%, to finish near 24,101, according to preliminary figures. The close put the Dow back into correction territory, defined as a pullback of at least 10% …

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Stocks Crater After Trump’s “I Am Tariff Man” Tweet

The New York Times reports: Stocks fell on Tuesday, after President Trump sowed confusion over the status of a truce in the trade war between the United States and China, while the bond market, often considered a safe haven for investors, sent a stark warning about expectations for an economic slowdown. The S&P 500 dropped more than 3 percent, with …

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Stock Market Rout Wipes Out All Gains For 2018

Axios reports: In trading this morning, the Dow, the S&P and Nasdaq all wiped out their gains for the year. Retail stocks were hit hard just two days before Black Friday, the biggest brick-and-mortar shopping event of the year. Many traditional retailers have reported strong sales growth quarter after quarter this year — Target reported today that sales surged 5.1% …

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Barclays: Impeachment Wouldn’t Crash Markets

The Hill reports: President Trump’s removal from office, either by impeachment or electoral means, would not endanger America’s economy or trend of economic growth, financial analysts at Barclays said Thursday. In a post on LinkedIn published Wednesday, the firm’s head of investment strategy in London wrote that economic growth has “little” to do with actions taken by or affecting the …

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Lawyer For Pharma Douche Sentenced To 18 Months

Courthouse News reports: “I will regret every day of my life the day I met Martin Shkreli.” Evan Greebel, the former lawyer for “Pharma Bro” Shkreli, briefly addressed the court for the first time during his sentencing Friday for wire and securities fraud conspiracy. U.S. District Judge Kiyo Matsumoto sentenced Greebel to 18 months in prison and over $10 million …

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Bombshell Forbes Report Claims Commerce Secretary Wilbur Ross Has “Grifted” $120M From His Associates

Forbes Magazine reports: Over several months, in speaking with 21 people who know Ross, Forbes uncovered a pattern: Many of those who worked directly with him claim that Ross wrongly siphoned or outright stole a few million here and a few million there, huge amounts for most but not necessarily for the commerce secretary. At least if you consider them …

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NEW YORK CITY: Baptist Pastor Convicted In Massive Insider Trading Hacking Scheme, Faces 20 Yr Sentence

Reuters reports: A federal jury in Brooklyn, New York today convicted two men for their roles in an international scheme to make millions of dollars by illegally trading on corporate press releases that were stolen by computer hackers before they became public. Vitaly Korchevsky, a Pennsylvania pastor and former Morgan Stanley (MS.N) vice president, and co-defendant Vladislav Khalupsky were each …

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Pharma Douche Begs Court For Only 18 Month Sentence

Reuters reports: Martin Shkreli, the former drug company executive convicted of defrauding investors in two hedge funds he ran, has asked a federal judge to sentence him to 12 months to 18 months in prison, much less than suggested federal guidelines. Shkreli, 34, has been in jail since September, when U.S. District Judge Kiyo Matsumoto revoked his bail after he …

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Wall Street Ponders Nuclear War

The Wall Street Journal reports: Here’s a question that’s probably not on the CFA exam: What happens to financial markets if two nuclear-armed nations go to war? After a week of escalating tensions between the U.S. and North Korea, some financial analysts are now taking a stab at it. Strategists at Nordea Markets estimate that in the unlikely event of …

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Mnuchin Flip-Flops On Breaking Up Big Banks, Elizabeth Warren Rants “This Is Straight Out Of Orwell” [VIDEO]

Bloomberg reports: Treasury Secretary Steven Mnuchin said breaking up the biggest banks would be a “huge mistake,” easing concerns that the Trump administration plans a major revamp of Wall Street. “We do not support a separation of banks and investment banks,” Mnuchin said Thursday at a Senate Banking Committee hearing, just weeks after President Donald Trump said his administration was …

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