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CFTC Probes Potential Manipulation of Interest-Rate Contracts

The Commodity Futures Trading Commission is investigating whether traders and brokers across Wall Street have manipulated prices on billions of dollars of contracts tied to interest rates.

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Found 1 month ago on channel Wall Street Journal

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Why Are Wall Street’s Billionaire Sharks Circling Dell?

Two of the most prominent figures on Wall Street — Carl Icahn, the famed corporate raider turned “activist investor,” and Stephen Schwarzman, the billionaire behind private equity behemoth Blackstone Group – have expressed interest in buying PC pioneer Dell. This development sets up a challenge to company founder Michael Dell, who has been planning to take the company private in a $24 billion leveraged buyout. But why are all these billionaires fighting over a struggling PC maker that largely missed the mobile revolution and, more generally, has been unable to innovate fast enough to keep pace with the rest of the technology industry? For Wall Street predators like Icahn and Schwarzman, Dell is an attractively vulnerable target, like a wounded dolphin to a Great White shark. Dell is struggling due to a decline in the PC market as users adopt smartphones and tablets. Overall PC shipments fell 3.2% last year, with sales decreasing by 21%, according to data from research ...

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Found 1 month ago on channel TIME Moneyland

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Too Big To Fail: 3 Lessons of the “London Whale” Debacle

Of the many scandals that have plagued Wall Street of late, the “London Whale” trades, which cost banking giant JPMorgan Chase more than $6 billion, has captured the attention of the financial media more than any other. The biggest reason for journalists’ obsession with this story is that it tarnished the reputation of JPMorgan CEO Jamie Dimon, who is widely thought to be one of the most competent bank CEOs in the business, and one of the few who ably steered his bank through the subprime-mortgage crisis. And as far as the media is concerned, the bigger they come, the more people like to watch ’em fall. But there is more to this story than the comeuppance of the biggest banker on the Street today. The London Whale debacle, and the subsequent Senate investigation, gives us a window into the culture and operations of the biggest bank in America as it adjusts to a postcrisis world in which Dodd-Frank is the law of the land. And the picture painted isn’t exactly comforting. The ...

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Found more than 1 month ago on channel TIME Moneyland

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What Have We Learned? 3 Lessons from the London Whale Trading Debacle

Of the many scandals that have plagued Wall Street of late, the “London Whale” trades, which cost banking giant JPMorgan Chase more than $6 billion, has captured the attention of the financial media more than any other. The biggest reason for journalists’ obsession with this story is that it tarnished the reputation of JPMorgan CEO Jamie Dimon, who is widely thought to be one of the most competent bank CEOs in the business, and one of the few who ably steered his bank through the subprime mortgage crisis. And as far as the media is concerned, the bigger they come, the more people like to watch ‘em fall. But there is more to this story than the comeuppance of the biggest banker on the Street today. The London Whale debacle, and the subsequent Senate investigation, gives us a window into the culture and operations of the biggest bank in America as it adjusts to a post-crisis world in which Dodd-Frank is the law of the land. And the picture painted isn’t exactly comforting. The ...

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Found more than 1 month ago on channel TIME Business

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JP Morgan Chase to slash $1 billion; cut staff

JPMorgan Chase became the latest Wall Street firm to scale back in an uncertain economy, announcing plans Tuesday to save $1 billion through various costs cuts and about 4,000 job reductions.

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Found more than 1 month ago on channel MSNBC

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