This is a syndicated repost published with the permission of Money Morning. To view original, click here. Opinions herein are not those of the Wall Street…
Thursday, Aug. 22 marks the start of the annual Fed meeting at Jackson Hole, WY – although this one will be much different than those…
China’s Shanghai Stock Exchange Composite Index (SSE) frankly went a little crazy yesterday afternoon, as shares swung up by nearly 6% – with a 53%…
In the spring of 2012, JPMorgan Chase & Co.’s (NYSE: JPM) not-so-rogue trader, Bruno Iksil, better known as the London Whale, made a series of…
By Greg Madison President Barack Obama added an unexpected twist to the patent wars when he took the extraordinarily rare step of vetoing the International…
What a surprise. The big banks are not playing by the rules — the rule of law, that is. News last week revealed that Bank…
News from Wall Street this week reminded me of the penguins that inhabit the icy, turbulent waters of the Southern Ocean.
These penguins are preyed upon mercilessly by tremendous, ravenous orcas – a terrible beast to feel gnawing on your leg if you derive your daily bread from the frozen, watery wastes.
You’d think that in the wake of the Great Collapse of 2008, reviving the Glass-Steagall Act would be a no-brainer.
As it happens, there are quite a few powerful members of government who oppose it, including Treasury Secretary Jack Lew, who seems to be pushing Dodd-Frank and the Volcker Rule a little too hard as the only regulation that’s needed to keep the banks from making bad bets in toxic derivatives again.
Steven A. Cohen’s SAC Capital Advisors was one of the biggest, most powerful and profitable hedge funds on Wall Street. Cohen himself is a legendary figure, replete with odd, personal eccentricities that are the hallmark of the truly brilliant.
Famous for spending hours as a younger man watching the tape roll by, and for keeping his Stamford, CT, trading floor at a steady 68 degrees, Steve Cohen made billions for his clients – and himself.
Now the sharks are circling, the dominos are falling – nearly any hackneyed metaphor a writer could think of to evoke a doomstruck sentiment applies.
The SEC and Manhattan U.S. Attorney Preet Bharara have pursued Cohen and SAC Capital with a rare, almost indecent zeal. The charge is insider trading, allegations which Cohen vehemently denies, but which the SEC is pursuing.
There has been a huge outpouring of support for Senators John McCain and Elizabeth Warren’s idea to reinstate some form of the Glass-Steagall Act, which drew a clear separation between investment banking and commercial banking.
