Occupy Wall Street has swept the globe and is generating enormous sympathy and interest in Asia as well as Europe. The spread of Occupy Wall Street to Asia ? especially Japan ? is further evidence that it is a mistake to dismiss a global groundswell of anger over the flow of money from banks to […]
America’s big brokerage firms just don’t get it. Rather than focusing on their clients’ best interests, which would enhance the firms’ long-term interests, they are focused on getting rid of so-called “less productive” financial advisers to save money, and flogging the rest to sell more high-fee products to generate more revenues for the firm. Morgan […]
There is doom and gloom on Wall Street, a feeling that there is no money to be made, and that it is not going to get better. Wall Street pay is expected to fall 30% this year, even more for executives. The economy is stagnant. New rules and regulations will stifle leveraged risk-taking at the […]
The securities industry in New York City has lost 22,000 jobs since January 2008, and will lose another 10,000 by the end of next year, according to a report by New York City’s Comptroller Thomas P. DiNapoli. If his predictions are correct, Wall Street will have lost 17% of its jobs. Wall Street has shed […]
Ben Bernanke, chairman of the Federal Reserve, has declared our unemployment situation a national crisis according to an article in Bloomberg by Joshua Zumbrun and Vivien Lou Chen. The American unemployment rate is still hovering between 9% and 10% and has been for the last few years. Worst of all, 45% of those unemployed have […]
“Occupy Wall Street,” the once loosely-organized protest against Wall Street greed and corruption, has swelled in number, garnered union support and appears to be morphing into the Tea Party of the Left. Powerful unions like the AFL-CIO and the American Federation of Teachers unions are lending support.
The Recession of 2008 slowed our economy to a crawl and also produced significant societal changes. High unemployment among young adults aged 16 to 29 produced the biggest impact on the American way of life, followed by increased immigration and the resulting increase in the poverty rate. The 2010 Census revealed some landmark changes since […]
Jobs at Wall Street banks are being eliminated at an increasingly rapid pace and this bodes ill for many employed in the financial services sector. Bloomberg’s recent article “UBS Bankers Face Dwindling Options for Jobs” underscores this situation. Those pushed out at UBS will doubtless find few opportunities on Wall Street. The bigger story, however, […]
A Bank of America employee will collect $930,000 from his former employer, Bank of America, for being fired in violation of the whistleblower protections. The employee blew the whistle on fraud at Countrywide Financial Corp. and led internal investigations that found “pervasive wire, mail and bank fraud involving Countrywide employees,” according to the U.S. Department […]
Any kind of crisis is fair game on Capitol Hill. A favorite complaint right now is that “regulations kill jobs”. Both political parties repeat this talking point and industry lobbyists use it as a rallying cry. There aren’t a lot of polls or studies on whether or not this is true. So far the evidence […]
