Seth Wenig/Associated PressEric Schneiderman speaking at an election rally in New York last month. Wall Street is most everyone’s favorite whipping boy. Will it be for Eric Schneiderman? The 55-year-old Democratic state senator takes over as New York attorney general on Jan. 1. His predecessors Andrew Cuomo and Eliot Spitzer raised their profiles — and [...]
Jin Lee/Bloomberg News The seemingly ever-expanding investigation into insider trading — built on aggressive techniques like wiretapping and embracing a more sweeping definition of the crime — was surely meant by the federal authorities to inspire fear on Wall Street. “This case should serve as a wake-up call for Wall Street,” Preet Bharara, the United [...]
J. Scott Applewhite/Associated PressElizabeth Warren, the head of the new Consumer Financial Protection Bureau, with the Treasury secretary, Timothy F. Geithner. The Consumer Financial Protection Bureau is finally at home in the nation’s capital. The fledgling bureau, created by the Dodd-Frank financial overhaul law, recently opened its headquarters at 1801 L Street in Northwest Washington. [...]
James B. Stewart, in his book “Den of Thieves,” described the mood when the Securities and Exchange Commission announced its historic $100 million settlement with Ivan Boesky for insider trading: “Paranoia swept Wall Street.” The recent wave of news about an accelerating insider trading investigation has created a similar wave of paranoia among hedge funds, [...]
Jin Lee/Bloomberg News Although Wall Street’s payroll is shrinking, its profit machine is alive and well. Profit at New York securities firms is on track to top $19 billion this year, according to an analysis released Tuesday by the New York State comptroller, Thomas P. DiNapoli. After suffering losses totaling $54 billion in 2007 and [...]
As further proof that Wall Street is not Main Street, the Department of Labor has reported that wages grew 12 percent in Manhattan from January to March, lifted by a rebound in Wall Street bonuses. How did the other boroughs fair? Not so well — every other borough recorded a decline in wages for the [...]
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