With Wall Street banks poised to offer record paydays for employees, Wall Street Journal columnist Dennis Berman explains the latest bank earnings reports and Wall Street’s reaction to the Obama administration’s proposed tax on big banks.
The Federal Reserve wrapped up its final policy meeting of the year on Wednesday, and, as expected, announced it would keep rates near zero “for an extended period.” Following two-days of meetings, the central bank’s Federal Open Market Committee voiced … Continue reading
British bankers’ bonuses will be a lot lighter this holiday season, thanks to a one-time, 50 percent tax imposed on bank bonuses, announced Wednesday by Britain’s chancellor of the Exchequer, Alistair Darling. Bonuses greater than 25,000 British pounds (about $40,600) … Continue reading
Paul Solman: We asked a number of people in the personal finance business and others close to the credit crisis to weigh in on the Obama administration’s new consumer protection proposal. I’m struck by Doug Elliott’s admonitions, especially his last … Continue reading
Stocks tumbled Monday on skepticism over financial sector earnings, despite a better-than-expected earnings report from Bank of America. A reporter updates the state of the banking sector. Continue reading
Question: After three major banks – Citigroup, JP Morgan, and Goldman Sachs – announced better-than-expected earnings last week, Bank of America announced more than $4 billion in first-quarter profits today. How should we interpret this string of good earnings reports? … Continue reading
Question: Is the Federal Reserve “federal” as the name implies, or is it as “federal as Federal Express,” meaning a private, for-profit corporation? I’ve heard it both ways and would like the answer clarified by a hard-hitting reporter whose willing … Continue reading