The conventional wisdom holds that we shouldn’t expect too many tech miracles from the iPhone 5. The latest iteration of Apple’s popular smartphone will mainly just be an incremental upgrade over previous versions. Ho-hum. But what about an economic miracle? In a new research note, JP Mor... Read more...
And now comes some news about the Facebook (FB) IPO that buyers deserve to be outraged about. Reuters' Alistair Barr is reporting that Facebook's lead underwriters, Morgan Stanley (MS), JP Morgan (JPM), and Goldman Sachs (GS) all cut their earnings forecasts for the company in the middle of the... Read more...
Revisiting the Wikileaks Stratfor trove, we get an inkling of how politics work in America, circa 2008. An internal email exchange at the intelligence front operation (with honest to god CIA cronies) reveals vote fraud in Ohio and Philadelphia during the election. Obama’s use of thugs to inti... Read more...
Well, that didn't take long. JP Morgan has officially raised $1.2 billion for a digital growth fund, which will invest in late-stage tech startups. That's about double the amount that the fund was previously reported to be raising. It's not clear whether the previously reported amount was wro... Read more...
I couldn't have said this better than Byron Crawford's speech below. Says Bol: JP Morgan has a deal with the government to issue those EBT debit cards. They make money on each card they issue, so the more people who go on "the welfare," as it's referred to in the film Precious, the more mon... Read more...
A telephone call between a financial adviser in Beverly Hills and a trader in New York was all it took to fleece taxpayers on a water-and-sewer financing deal in West Virginia. The secret conversation was part of a conspiracy stretching across the U.S. by Wall Street banks in the $2.8 trillion mun... Read more...
The Dow plunged Thursday amid buzz in the market that European banks have halted lending. One trader, on the condition of anonymity, said he heard fixed income desks in Europe shut down early because there was no liquidity — basically European banks are halting lending right now. "This i... Read more...
Wall Street banking giant Citigroup has reported a loss of $7.6bn (£4.7bn) for the final three months of 2009, largely due to repaying government loans. Taking out the impact of these repayments, Citi recorded a loss of $1.4bn during the quarter. The results were worse than analysts had expec... Read more...
6. Goldman Sachs CEO: Lloyd Blankfein 2007 compensation: $70 million 2008 compensation: $1.1 million 9-month compensation pool: $16.7 billion Workers: 31,700 Average compensation: $526,813 Loans, 2009 vs. 2008*: $41.6 billion vs. 41 billion (1.5%) 5. Morgan Stanley CEO: John Mack (who is s... Read more...