Tag Archives: Wall Street

This Dow graph shows the stock market over the last 24 months. Unreal.

The stock market plummeted again today and now Iceland is essentially bankrupt. People go bankrupt all the time. Companies do, too. But countries? Iceland was on the verge of doing exactly that on Thursday as the government shut down the stock market and seized control of its last major independent bank. That brought trading in the country’s currency to a …

Real or hoax? This weekend Gawker reported that a 27 year old newly out-of-work Wall Streeter was offering up his “gay virginity” to the highest bidder. The guy says he looks like Adam Brody of tv’s The O.C. What I am explictly offering as part of this auction is the following – I will wear the same suit that I …

Well, capitalism was nice while it lasted, wasn’t it?

Wow. In a shocking deal reached on Sunday to save Bear Stearns, JPMorgan Chase agreed to pay a mere $2 a share to buy all of Bear — less than one-tenth the firm’s market price on Friday. As part of the watershed deal, JPMorgan and the Federal Reserve will guarantee the huge trading obligations of the troubled firm, which was …

The Sunday Times is speculating that Eliot Spitzer’s downfall might have been orchestrated by Wall Street bankers angry with Spitzer’s vigorous pursuit of white-collar criminals. Both of the banks that reported Spitzer’s money transfers (which proved to be payments to the Emperors VIP Club) had been the subject of investigations by Spitzer’s office. When the case against the one man …

The shit is getting deep downtown. Bear Stearns, facing a grave liquidity crisis, reached out to JPMorgan on Friday for a short-term financial lifeline and now faces the prospect of the end of its 85-year run as an independent investment bank. With the support of the Federal Reserve Bank of New York, JPMorgan said in a statement that it had …

Yikes. It’s gonna be a grim day on Wall Street. The Federal Reserve, responding to an international stock sell-off and the likelihood of a sharp drop in America on Tuesday morning, cut its benchmark interest rate by three-quarters of a percentage point. The Federal Open Market Committee lowered its target for the federal funds rate on overnight loans between banks …