Tag Archives: Wall Street

Are robots coming to take investor jobs on Wall Street?

The robots are rolling forward with a full-frontal assault to capture Wall Street’s vast investment fees and commissions.

More investors are warming to the cold, steely embrace of the increasingly sophisticated, low-cost automated robo-advisers. The primary reason is to save money on those fees and charges.

Bots are squeezing their flesh-and-blood competition and threatening the jobs of thousands of human brokers in the $20 trillion US wealth management business.

Nearly one in three investors says these machines are superior at picking stocks and lessen their risk, and almost as many say the machines are better at selecting investments for retirement than human brokers, according to a new study of US investors by market research and consulting firmSpectrem Group.

Read on.

Bernie Sanders On Donald Trump’s Actions on Wall Street Reform: ‘This Guy Is A Fraud’

 

Tell it like it is, Bernie!

Nancy Pelosi’s False ‘Wall Street’ Denial

Wrong!

Donald Trump is putting Wall Street elite in charge of America’s economy

As Gotham continues…The fox in charge of the henhouse… File this article under smh….

In announcing the appointment of Carl Icahn as his new adviser on regulatory reform, President-elect Donald Trump characterised the Wall Street legend as “one of the world’s great businessmen.” By Trump standards, it was a minor mischaracterisation, one that confused the Main Street world of business, where value-adding goods and services are created and sold, with the trading, dealmaking world of finance on Wall Street.

Such confusion is understandable. For if anything has come to characterise American capitalism over the past 30 years, it has been the financialisation of business. Whereas top executives of America’s biggest corporations once spent their time worrying about products, customers, employees and the communities in which they operated, today they focus on maximising shareholder returns through clever feats of financial engineering. Executives who embrace this financialisation are handsomely rewarded with tens of millions of dollars in bonuses and stock grants. Those who don’t are fired.

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Ex-Wall Street titan Sallie Krawcheck reveals the jaw-dropping sexual harassment she endured—and why she didn’t report it

In 1987, at her first job after college at investment bank Salomon Brothers, Sallie Krawcheck came to work every day to a photocopy of a penis on her desk.

The former Citigroup CFO describes the sexual harassment in her new book, “Own It,” which was released this month.

“The first time it happened, I didn’t know what it was,” Krawcheck tells CNBC. “I was like, ‘What is this strange, artistic, squishy-looking distorted thing?'”

When it happened day after day, however, Krawcheck got the message.

“I was upset. And I was humiliated. And I was embarrassed. And I felt shame. And I knew they didn’t want me there,” she says of the men she worked with at the time.

Her response was to make jokes with her colleagues about the size of the Xeroxed penises.

Krawcheck didn’t report these incidents to anyone — not HR, not her boss — mostly because she needed that paycheck.

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Trump’s debt held by Wall Street could reportedly pose conflicts for new administration

Wall Street holds hundreds of millions of dollars of Donald Trump‘s debt, widening the number of potential conflicts the president-elect’s businesses could pose for the incoming White House, The Wall Street Journal reported.

Trump’s debt from his businesses and other properties is held by more than 150 financial institutions, according to the newspaper’s analysis of legal and property documents. The debt is packaged as securities and has been sold to investors over the past five years, The Journal said.

“The problem with any of this debt is if something goes wrong, and if there is a situation where the president is suddenly personally beholden or vulnerable to threats from the lenders,” Trevor Potter, a general counsel to the presidential campaigns of Republicans George H.W. Bush and John McCain, told the Journal.

Representatives of the financial institutions either declined to comment or didn’t respond to requests for comment from The Journal. CNBC has reached out to the Trump transition team for comment.

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Jay Clayton, Wall Street lawyer, is Trump pick to lead SEC

President-elect Donald Trump’s choice to be the next top cop of Wall Street is Jay Clayton, an elite lawyer who has defended big banks for their financial crisis-era misbehavior.

Clayton has extensive ties to Wall Street. He advised Goldman Sachs on its government bailout and his wife Gretchen currently works at the bank as a private wealth advisor.

Trump announced his SEC pick on Wednesday and explained that Clayton’s background as a Wall Street lawyer will help unleash the “job-creating power” of the economy while still providing strong oversight.

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Wall Street holiday parties are back…but don’t tell anyone

CNBC:
Yes, the banksters are back living the high life..

Wall Street holiday parties this year took place in luxury venues like the Waldorf Astoria, featured women dressed as glowing angels, and had fine wine, scotch and bourbon on hand.

But organizers of the soirées, conscious of tighter budgets and public scrutiny, are not eager to discuss the merriment.

Big financial firms started curtailing year-end bashes in 2008 as taxpayer bailouts, populist outrage and weak profits created an environment where lavish celebrations were frowned upon. Some investment banks stopped sponsoring corporate holiday parties altogether, advising individual teams to use their own budgets for more intimate gatherings.

Catering managers and event planners said that while holiday party spending is still down relative to its pre-financial crisis peak, Wall Street is starting to come back on the scene.

“It’s a more optimistic climate,” said Bill Spinner, director of catering at The Pierre, a Taj Hotel in New York.

The number of Wall Street firms with holiday events at The Pierre was steady this year, he said, but more people attended.

Other planners said the atmosphere was lighter in 2016, with winter wonderland and carnival themes featuring such flourishes as giant snow globe photobooths and game stations.

A Reuters review of the financial industry holiday scene found parties sponsored by Credit Suisse, Bank of New York Mellon, Moelis,BlackRock, Blackstone, KKR, Apollo Global Management, Pimco, AQR Capital Management, Bain Capital, York Capital Management, and Chilton Investment Management, among others.

Is Wall Street Taking Over Trump’s Cabinet? Will It Impact Accountability?

The December 10th issue of The Economist said, “The emerging Trump strategy towards business has some promising elements, but others that are deeply troubling.” I agree.
In his campaign, Mr. Trump slammed Wall Street and Goldman Sachs, however his actions seem to bely his previous position. From the early days of his campaign, one of Donald Trump’s rallying cries was to “beware of Wall Street… I’m not going to let Wall Street get away with murder; Wall Street has caused tremendous problems for us.”
Yet as a post on PBS News Hour asks, “Does a Wall Street Cabinet discredit Trump’s
Main Street Message?”
It appears that Mr. Trump is surrounding himself with Wall Street, with now three Goldman Sachs appointees.
Regards,
Richard

Fed official stands by Wall Street reforms, says must complete work

The United States “absolutely must” complete unfinished work ending the too-big-to-fail bank problem that helped plunge the global economy into recession eight years ago, an influential Federal Reserve policymaker said on Saturday.

In remarks that appeared to pre-empt President-elect Donald Trump, who has promised to roll back Wall Street regulations, New York Fed President William Dudley said much progress has been made making the financial system “less prone to panics.”

“Still,” he said in prepared remarks, “there is more to do before we can say that we have ended ‘too big to fail.’ This is work that we absolutely must complete.”

Dudley’s comments, to a Group of 30 meeting of top world regulators, came a day after another powerful regulator at the U.S. central bank, Daniel Tarullo, also warned against “backsliding” after years of implementing the landmark 2010 Dodd-Frank financial-reform law.

Challenges especially remain in regulators safely and smoothly handling the hypothetical failure of a massive bank with operations in multiple jurisdictions, Dudley said.

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