Follow The Daily Ticker on Facebook Greg Smith is only 32-years-old but he longs for the old days...days when he says Wall Street firms put clients first. Now those firms "try to extract the most money they can from clients," says Smith in an interview with The Daily Ticker. So he left Wall Street's most famous investment bank, Goldman Sachs (GS) , after working there for 12 years, and he did it very publicly, with an op-ed in The New York Times headlined
Follow The Daily Ticker on Facebook Four years after Lehman's bankruptcy, most Americans are still waiting for the "perp walks." Despite the populist (and partisan) appeal, former Goldman CEO and New Jersey Governor Jon Corzine seems likely to escape prosecution for the demise of MF Global, which collapsed nearly one year ago. "After 10 months of stitching together evidence on the firm's demise, criminal investigators are concluding that chaos and porous risk controls at the firm, rather than fraud, allowed the money to disappear," The New York Times reported in August.
Unconventional measures that are being used to help stimulate the economy and aid the banking sector could actually do more harm than good and create problems in the future, said the Bank of International Settlements (BIS) general manager at the group's annual general meeting. According to Jaime Caruana, the monetary stimulus that central banks have provided on a "massive scale" in response to financial turmoil could create other problems in the banking sector if the measures are carried out for too long. "These emergency measures could have undesirable side effects if continued for too long," said Caruana at Sunday's AGM in Switzerland.
Follow The Daily Ticker on Facebook! Home prices have hit 10-year lows, falling 25% to 35% from the peak in 2006. But hope is in the air, as is often the case in springtime, and for some 'hope springs eternal' means a bottom in the housing market. "Many, myself included, think we are at a bottom," said Lew Ranieri Monday.
Follow The Daily Ticker on Facebook! It's been more than three years since the market bottomed, yet individual investors remain extremely wary of the stock market and clearly there's a lot of good reasons why: The 2008 credit crisis and 2000 bursting of the tech bubble scarred a generation of investors, some irreparably. The "Flash Crash" of May 2010 spooked many investors who feel the market is rigged, or at least manipulated by high-frequency computer trading
Follow The Daily Ticker on Facebook! The revival of the U.S. auto industry is a huge economic story and a major issue for the Presidential campaign, especially in the Midwest
Obesity has become not only a national health threat, but also a major public health challenge in the U.S.
Nearly four years after U.S. taxpayers bailed out Wall Street, the debate over how to deal with America's too big to fail banks rages on
Follow The Daily Ticker on Facebook! For the third consecutive week, jobless claims were higher than expected and above 380,000, another sign the economy's first-quarter momentum is waning. The four-week moving average for jobless claims is now 382,000, the highest since early January. The trend bodes poorly for next Friday's April employment report and other recent data points, such as Wednesday's grim durable goods data, have many economists fearing a repeat of the spring of 2010 and 2011, when economic activity came to an abrupt halt
Follow The Daily Ticker on Facebook here! Andrew Delbanco's new book "College: What It Was, Is, And Should Be" offers an emphatic defense of the institution of college and presents a compelling argument that higher education has become one necessity young adults cannot afford to forgo. College training has irrefutable benefits to the student, he says in an interview with The Daily Ticker, but society as a whole advances from an intellectually literate populace. "We need and want the best educated population we can have for a lot of different reasons," he says