Wall Street Journal reporter Kate Kelly didn’t know what to expect the week before last when she opened her advance copy of House of Cards, the new book by William D. Cohan on the downfall of Bear Stearns. Would it be great or awful? A clip job or a robust work of original Read More
From the Journal‘s Anton Troianovski, in a story about slumping office rents nationwide: "In New York, Monday Properties Chief Executive Anthony Westreich is looking to fill a 70,000 square-foot floor being vacated by former financial-services firm Bear Stearns Cos., acquired in a shotgun marriage last year by J.P. Morgan Chase & Co."
We’re guessing Read More
With the announcement last week that its top seven executives would forgo annual bonuses for 2008, Goldman Sachs continues to demonstrate why it has always stood out from the rest of Wall Street as a leader that represents the best in capitalism. By giving up tens of millions of dollars in compensation, Goldman’s chief executive, Read More
Barely two weeks ago, The Observer wrote about Sheridan Mitchell Lorenz (daughter of Texas natural-gas billionaire George Mitchell), Alice R. Gottesman (daughter of Warren Buffett’s billionaire friend David Gottesman) and Roy Judelson (son of Gulf & Western co-founder David Judelson) all buying new Manhattan real estate. And who could forget January’s news that Hummer Read More
In an absurdly ideal New York City, 13-room co-op spreads overlooking pretty Upper East Side blocks would be reserved for public school teachers and organ donors, but executives who have recently sold their power plant companies to Bear Stearns would politely be forced to live more modestly.
But that’s not the way things are. Read More
"And the Bush administration and Hank Paulson are asking for taxpayers’ money to keep these very same guys filthy rich? I vote NO! for the bailout plan. Have Buffett and the billionaires of the world inlcuding the Arab sheiks invest in America, but please please do not use taxpayers’ money! If America falls apart, then Read More
Artist Geoffrey Raymond did not have much luck soliciting signatures on his portrait of ousted AIG Chairman Hank Greenberg when he displayed it outside the firm’s Wall Street headquarters last week.
When Mr. Raymond first unfurled "The Annotated Spitzer" outside of the New York Stock Exchange 15 minutes after the governor resigned on Read More
Down on Wall Street, the word of the hour is “deleveraging.” In the financial markets, deleveraging is a brutal and unpleasant thing, where lots of innocents get badly hurt.
Goldman Sachs and Morgan Stanley have become plain old-fashioned bank holding companies. Lehman declared bankruptcy. The bull (Merrill) and the Bear (Stearns) have both been Read More
It’s Governor Paterson’s turn for a statement. He chose to lay out the scope of this weekend’s events:
These three firms – Bear Stearns, Lehman Brothers, and Merrill Lynch – had nearly 30,000 employees in New York, paid roughly 10 percent of Wall Street wages, and approximately 15 percent of all Wall Street bonuses.
20 Read More
When the Bush administration brokered JPMorgan’s March takeover of Bear Stearns, it stirred many questions, not least: Should the government be in the business of bailing out big business, especially when it involves billions in public money?
Apparently, the Republican Party doesn’t think so. Here’s an excerpt from the section about housing in the Read More
