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’Wall Street will return to work Monday
This came via the SEC home page. You can see the Nyse’s recent announcements here. Sifma has also recommended that bond trading resume Monday.
Like FT Alphaville, Wall Street will be open for business on Monday but not fully staffed,
Wall Street’s shifting political loyalties
With congressional elections approaching and the middling pace of economic recovery, it’s reasonable to expect the political temperament in the US will worsen before it improves.
On Tuesday the Center for Responsive Politics,
Orange County tells Harrisburg bankruptcy not so bad
On Wednesday, the mayor of Harrisburg — the capital of Pennsylvania, for those not au fait with US municipal geography — appeared on CNBC to discuss the gaping hole in the city’s finances.
The NY Times has detailed how Harrisburg torched its budget:
‘We aren’t dinosaurs. Dinosaurs made oil. WE EAT OIL FOR BREAKFAST.’
The wits at the Awl have published a guest op-ed by ‘The Machines’, on the small matter of that Wall Street flash crash.
An extract:
From time to time, The Awl offers space to ordinary, everyday people to deliver commentary on the issues of the day.
Insta-outrage, politicians and the flash crash edition
As the Dow Jones Industrial Average fell off a cliff on Thursday, FT Alphaville wondered: how would US politicians react?
The answer was not long in coming. Within 20 minutes of the close on Wall Street,
‘A 12th ‘sigma’ event if there is such a thing’
Dennis Gartman, author of the daily investment letter of the same name and contributor to CNBC, has been in the markets a while.
But never in his entire trading career does he seem to have encountered anything like Thursday’s Wall Street plunge.
US lawmakers free to continue their short selling, speculative ways
On Monday, the Wall Street Journal reported that “some members of Congress made risky bets with their own money that US stocks or bonds would fall during the financial crisis”.
On Wednesday, the newspaper published a follow-up,
‘We are wall Street…we are smarter and more vicious than [dinosaurs]‘
If anyone knows who wrote the following email, which has been pinging around Wall Street and across prop desks, tell ‘em get in touch with FT Alphaville. We like the writing style.
“We are Wall Street.
Two dirty words: ‘Wall Street’
Here’s evidence of the reputational damage suffered by a certain street in lower Manhattan:
When the dirty words “Wall Street” are not mentioned Americans are quite closely divided on the need for reform of the financial sector;
What on earth are oil investors thinking?
Over the last two trading sessions the two largest oil companies in the United States, Exxon and Chevron announced that in Q4 2009 they lost a combined $6.9 million day on turning crude oil into refined products.
Goldman Sachs abandons kittens (really)
A fresh PR disaster for Goldman Sachs.
The investment bank stands accused of abandoning kittens. Really.
Kittens, we might add, that could look like this:
The Villager, a New York newspaper,
Smart guys in history: The Trillin debate
Author Calvin Trillin has really set something off with “Wall Street Smarts”, a brief and whimsical take on the downfall of Wall Street, published earlier this week in the New York Times.
In brief, he argues that the smart guys caused the financial crisis,
Wall Street and ZOMBIES
With apologies to Stanley Weiser and Oliver Stone.
“WALL STREET AND ZOMBIES”
Unoriginal screenplay by FT Alphaville
EXT. WALL STREET – EARLY MORNING
FADE IN. THE STREET. Once the most famous third of a mile in the world.
Masters of the Universe, no more
Earlier in the week, Sen Claire McCaskill’s plans for a $400,000 limit on executive pay at Wall Street firms were being pooh-poohed as unviable. Turns out, not so much.
From President Obama:
…in order to restore our financial system,
Wall Street facing heavy job losses
Wall Street could face tens of thousands more job losses as a result of the banking crisis and see average pay drop by more than a quarter, a report from the New York Federal Reserve suggested yesterday.