Economic Glance
U.S. regulators toughened key sections of the Volcker rule's crackdown on Wall Street's risky trades on Tuesday as they finalized one of the harshest reforms after the credit meltdown.
The rule - named after former Federal Reserve Chairman Paul Volcker, who championed the reform - generally bans banks from proprietary trading, or speculative trading for their own profits.
Regulators seek to curb Wall Street trades with Volcker rule
Ralph Nader: Dollar General’s Treatment Of Workers Is ‘Shameful’
Client advocate and former presidential prospect Ralph Nader despatched a withering letter to the chief executive of Greenback Standard on Monday, contacting the greenback retailer chain’s therapy of workers “shameful” and urging a wage maximize for retail store workers.
In the be aware to CEO Richard Dreiling, Nader said he calculated that Dreiling earns extra in a single working day than several of his staff do more than the program of an total calendar year, a little bit of math that Nader uncovered “shocking.” According to a Wall Avenue Journal analysis, Dreiling’s 2012 pay out package deal was $22.five million. Surveys on internet sites like GlassDoor.com show an ordinary wage for Greenback Common keep associates and cashiers of considerably less than $8 for every hour.
After vote, lawsuits likely next hurdle for Volcker rule
When U.S. regulators adopt the Volcker rule on Tuesday, they will make good on a promise by politicians to rein in banks' ability to gamble with their own money.
The coordinated action by five separate regulatory agencies is seen sparking a court challenge as Wall Street tries once again to avoid one of the harshest elements of the post-financial crisis crackdown.
Ex-Goldman Trader Gets Nine Months for Concealing Loss
Former Goldman Sachs Group Inc. (GS) trader Matthew Taylor was sentenced to nine months in prison for concealing an unauthorized $8.3 billion trading position in 2007 that caused the bank to lose $118 million.
U.S. District Judge William H. Pauley in Manhattan ordered Taylor, 34, to repay the full amount of the loss to Goldman Sachs, concluding the New York-based bank is a victim of his crimes and is therefore entitled to the restitution.
Nobel Prize economist warns of U.S. stock market bubble
An American who won this year's Nobel Prize for economics believes sharp rises in equity and property prices could lead to a dangerous financial bubble and may end badly, he told a German magazine.
Robert Shiller, who won the esteemed award with two other Americans for research into market prices and asset bubbles, pinpointed the U.S. stock market and Brazilian property market as areas of concern.
How Wall Street Has Turned Housing Into a Dangerous Get-Rich-Quick Scheme—Again
You can hardly turn on the television or open a newspaper without hearing about the nation's impressive, much celebrated housing recovery. Home prices are rising! New construction has started! The crisis is over! Yet beneath the fanfare, a whole new get-rich-quick scheme is brewing.
Over the last year and a half, Wall Street hedge funds and private equity firms have quietly amassed an unprecedented rental empire, snapping up Queen Anne Victorians in Atlanta, brick-faced bungalows in Chicago, Spanish revivals in Phoenix. In total, these deep-pocketed investors have bought more than 200,000 cheap, mostly foreclosed houses in cities hardest hit by the economic meltdown.
Hey, Shoppers: Black Friday Savings Are a Hoax
Forget the door-busters, coupons, and “friends and family” deals. U.S. shoppers on the whole will be paying more over the next few weeks than they do the rest of the year. Turns out, retail profit margins tend to be higher during the holiday period, despite all the promotions.
Among the 15 largest U.S. retailers, operating margins in the holiday quarter last year were 11 percent, compared with 9 percent in the preceding nine months. Amid the year-end shopping frenzy, these companies padded their bottom lines, on average, by roughly one-quarter.
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