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Mary Schapiro Stepping Down as SEC Chair

(WASHINGTON) — Mary Schapiro will step down as chairman of the Securities and Exchange Commission next month after a tumultuous tenure in which she helped lead the U.S. government’s regulatory response to the 2008 financial crisis. President Barack Obama designated Elisse Walter, an SEC commissioner, to replace Schapiro. Schapiro will leave Dec. 14, the SEC said Monday. She was appointed by Obama in the midst of the worst financial crisis since the Great Depression. She took over after the agency failed to detect the Bernard Madoff Ponzi scheme. (MORE: Obama Selects Three Financial Regulators) Schapiro is credited with helping reshape the SEC after it was accused of failing to detect reckless investments by many of Wall Street’s largest financial institutions before the crisis. And she led an agency that brought civil charges against the nation’s largest banks. But critics argued that she failed to act aggressively to charge leading individuals at those banks who may have contributed ...

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Found more than 1 month ago on channel TIME Moneyland

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Goldman Sachs switches support to Romney

Tuesday, October 9, 2012 - 11:22 RICHARD A. BROOKS/AFP/Getty Images Goldman Sachs has long supported Democrats in the presidential contest. But not this year. Why Goldman and other Wall Street banks are throwing their support behind Mitt Romney. Goldman Sachs has long supported Democrats in the presidential contest. Goldman employees gave generously to then-Senator Barack Obama in 2008. But not this time. Goldman, along with the majority of people who work at big Wall Street banks, are backing former Massachusetts Gov. Mitt Romney instead. One big reason? Dodd-Frank. Banks initially opposed the federal government's 2010 regulation of the financial sector. Perhaps even more significant, however, was the sense that Goldman and other highly influential institutions suddenly seemed a little less influential in Washington. Accustomed to members of Congressional Financial Services committees coming in for office visits, and frequent telephone communication, under Obama's White House, communciation ...

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Found more than 1 month ago on channel Marketplace.org

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Goldman Sachs sails past Wall Street's expectations

Strength in investment banking helped Goldman Sachs report earnings and revenue that easily topped Wall Street's expectations.

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Found more than 1 month ago on channel CNN Money

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Senior Goldman Sachs Middle East banker resigns: sources

DUBAI - Khaled Eldabag, a senior investment banker at Goldman Sachs Group Inc who handled some of the Wall Street firm's biggest clients in the Middle East, has resigned, two sources familiar with the matter said.

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Found more than 1 month ago on channel Reuters

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U.S. Stocks Fall on Cyprus Bailout

(NEW YORK) — Stocks fell for a second day on Wall Street on concern that a proposed bank bailout for the Mediterranean island nation of Cyprus could cause the euro crisis to flare up again. The Dow Jones industrial average was down 39 points, or 0.3 percent, to 14,472 as of 11 a.m. EDT. The Dow fell as much as 110 points in the early going, before recouping some of its loss. The Standard & Poor’s 500 index fell eight points, or 0.5 percent, to 1,552. The Nasdaq composite dropped 17 points, or 0.5 percent, to 3,232. Cyprus is proposing a hefty levy on bank deposits as a condition for a national bailout. The proposal roiled international markets and the measures are stoking fears of bank runs in the other 16 nations that use the euro. Concerns persist about the euro-region’s lingering debt crisis, despite a strong rally in stocks since the start of the year that pushed the Dow to record highs. The index fell 1.6 percent Feb. 25, its biggest wobble this year, after elections in ...

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Found more than 1 month ago on channel TIME Moneyland

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