Tag Archives: Wall Street

As much as everybody complains about Wall Street’s bonuses, their decline is one of the leading causes of tax woes for the city and state. New York state Comptroller Thomas DiNapoli says the state will lose nearly $1 billion in revenues because cash bonuses to Wall Street employees declined 44% last year. Mr. DiNapoli estimates in a report released Wednesday …

Today was the worst inauguration day drop on Wall Street in history. U.S. stocks sank, sending the Dow Jones Industrial Average to its worst Inauguration Day decline, as speculation banks must raise more capital sent financial shares to an almost 14-year low. State Street Corp., the largest money manager for institutions, tumbled 59 percent after unrealized bond losses almost doubled. …

The auto industry bailout fell apart late last night. A bailout-weary Congress killed a $14 billion package to aid struggling U.S. automakers Thursday night after a partisan dispute over union wage cuts derailed a last-ditch effort to revive the emergency aid before year’s end. Republicans, breaking sharply with President George W. Bush as his term draws to a close, refused …

Man, you really know Wall Street has been hit hard when Scores, Gotham’s jiggle-titty mecca, is closing. It’s the last lap dance for Scores, the strip club empire whose comely babes attracted A-list celebs and money-burning execs. Once the highest-grossing strip club chain in the world and a hangout for Madonna, Howard Stern, Russell Crowe, Jason Giambi and countless others, …

Christianists love money as much as Jeebus, so much so that some of them gathered at the Wall Street bull statue today at the behest of Prosperity Gospeletta, aka Cindy Jacobs. Cindy is calling for a Day of Prayer for the World’s Economies on Wednesday, October 29, 2008. They are calling for prayer for the stock markets, banks, and financial …

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 …