Six hedge funds are seeking to sue JP Morgan Chase, Bank of America, Wells Fargo, and other banks for their role in a $3.65 billion Ponzi scheme. The hedge funds claim that they lost a combined $177 million to Tom Petters, the Minnesota-based CEO who was convicted for the fraud and sentenced to 50- ... More >>
No better time than a Wednesday to hear a headline we're unfortunately (yet willingly) accustomed to. New York State Comptroller Thomas DiNapoli announced yesterday that the collective pool of Wall Street bonus rewards is now up to $20 billion, showing a 8 percent rise in extra paychecks to the den ... More >>
Whether you're a part of the 47 Percent, the 99 Percent, the 1 Percent or some other slogan-driven demographic, this news should not surprise you: Wall Street is making a ton of money. Actually, it had its 5th best start of all time, doubling its profits from last year. In 2012 alone, the securities ... More >>
Of all the nude people we covered this summer, one in-the-buff group now seems oddly prescient. On August 1, artist Zefrey Throwell staged "Ocularpation: Wall Street." At first, the 50 performers were dressed as people who work on Wall Street -- businessmen and janitors alike. Then, they stripped. S ... More >>
Nick PintoThe NYSE, which protestors did not stop from opening todayGood afternoon, and welcome to the evening edition of the Village Voice liveblog of Occupy Wall Street's Day of Action. Today, November 17, marks the two month anniversary since Occupy Wall Street began in Zuccotti Park. Pro ... More >>
Occupy Wall Street has tweeted that the 5,554 books comprising the OWS library have been trashed by the NYPD in the raid. GalleyCat reports that @OWSLibrary has been tweeting about the eviction and the destruction of their books, documents, and artwork throughout the night.
Occupy Wall Street will be two months old on November 17th, and it's pulling out all the stops. It was announced on the occupation's main Twitter account at the end of October that something would be going down, and now we know: the plan is to "shut down" Wall Street and the New York Stock Ex ... More >>
After entrenching themselves in Zuccotti Park for weeks, the Occupy Wall Street protesters have finally grabbed the attention they originally sought. What started as a largely ignored sideshow is now a global phenomenon, and the demonstrators' voices are being heard from Wall Street to The Ha ... More >>
One of the more sinister figures in the Wall Street scandals, disgraced hedge fund manager Raj Rajaratnam, was sentenced in Manhattan federal court to 11 years in prison today. He was also fined $63 million. Prosecutors described his trail of fraud and deception as the largest hedge fund ins ... More >>
A wave of reports "exposing" the secret liberal money behind the Wall Street occupation has been cresting over the right-wing blogosphere, which has been at a loss to explain how a movement of dumb dirty hippies has managed to build up attention and support rather than explode or fade away. The answ ... More >>
Today the Transport Workers Union, which last week voted unanimously in support of Occupy Wall Street, went to court to fight against the city's use of city bus drivers to transport arrested protesters. Following the Brooklyn Bridge arrests on Saturday, the Union said the NYPD had commandeered numer ... More >>
This is what democracy looks like.The Occupy Wall Street protest drew thousands of demonstrators to the Financial District this weekend, when the markets were closed and the neighborhood was largely a ghost town. This morning, as the inexplicably-timed protest entered its third day, demonstr ... More >>
Just because the streets of Midtown are no longer safe for mobile entrepreneurs doesn't mean they won't keep trying. According to Midtown Lunch, a new truck called Wall St. Burgers was spotted on the corner of Park Avenue and 55th Street last Friday. There's no word yet about the merits of th ... More >>
via GawkerThis morning 50 people got naked on Wall Street. Nope, it wasn't a rebellion staged by haggard I-banking interns who had spent one too many late nights glaring at Excel spreadsheets: it was performance art! As a part of "Ocularpation: Wall Street" created by artist Zefrey Throwell, ... More >>
With profits higher than ever on Wall Street, executives are starting to shift their compensation packages away from bonuses and into higher salaries, State Comptroller Tom DiNapoli said in an annual report today. While Wall Street salaries were up by six percent in 2010, bonuses declined by 8 perc ... More >>
Bonus babyOne major theme of Mayor Michael Bloomberg's State of the City Address yesterday was his call for belt tightening in light of spending cuts and tough economic times. The mayor specifically brought up one example of spending that he hopes to eliminate: the $12,000 annual Christmas b ... More >>
Facebook, which the Wall Street Journal calls "one of the world's hottest technology companies" (have you heard?), will likely go public this year as its shareholders surpass 500 in number, forcing the company to either disclose its financial information "or go public by April 2012." This com ... More >>
via Bowery BoogieBefore the great snowstorm of 2010 got started, Lower East Side artist Olek, who really can crochet anything (cars, bikes, baby bikes, people), managed to crochet the Wall Street bull. Which would have made him a nice warm coat for the snow had city officials not ripped it aw ... More >>
The 2010 National Book Awards at the Cipriani Wall Street ballroom. All the people who were at these tables are still hungover.An unlikely ballroom of people in the troubled business of literature -- publishers, editors, writers, reporters, and respective sycophants -- gather yearly to ostens ... More >>
Shares on Wall Street surged -- surged, mind you! -- today, surprising dour-faced predictors everywhere. Thanks to growth in China and Australia, maybe we won't have to face Recession 2.0, a/k/a, "global economic sloooowwwdown" after all. Also, the U.S. manufacturing sector grew faster than e ... More >>
The bee man does his thing.A swarm of "worker" (har har) bees was seen hanging around the door of Cipriani's at 55 Wall Street on Monday in an unprecedented event that attracted a huge crowd of video-taping onlookers and many, many news stories from editors who'd been just aching for a pun al ... More >>
Lots of hedging from Carolyn Maloney's foe, hedge fund lawyer challenger Reshma Saujani
For the two or three of you out there who still watch commercials, you're about to start seeing a rather amateurish statewide ad that asks -- nay, demands! -- Wall Street and big businesses (who all smoke cigars, wear multiple gold rings, and take their Pellegrino with lemon, thank you very m ... More >>
A billionaire hedge fund manager and a well-known philanthropist in New York City's South Asian community was one of six hedge fund managers and corporate executives arrested Friday in an insider trading case that prosecutors say reaped more than $20 million in illegal profits. Raj Rajaratna ... More >>
Missouri Senator Claire McCaskill is on the same page as President Obama, calling the Wall Street firms that took TARP money and then paid lavish bonuses "idiots," and proposing a bill to cap executive compensation of employees at such firms at $400,000 a year, which we're sure someone will say is g ... More >>
Sometimes the New York Times leads consensus, sometimes it follows it. Rarely does it break with consensus, which is what's interesting about today's "What Red Ink? Wall Street Paid Hefty Bonuses" story. The paper reports the $18.4 billion workers in the securities industry collected as bonuses "w ... More >>
It wasn't your overdue mortgage.
Every New York City Congressmember voted for today's failed bailout bill except Jose Serrano of the Bronx, who explains himself thus: "I understand the need to shore up our nation’s big banks to prevent a larger problem, but I cannot support such an action if it does nothing to help the millions ... More >>
Union members converged on Wall Street yesterday to protest the proposed $700 billion Wall Street bailout. Here's Reuters' expurgated report: "Signs read 'No Blank Checks For Wall Street' and 'Our Hard-Earned Pensions Are Not Up For Grabs.' Protesters cheered repeated calls for the government to spe ... More >>
This video of protesters greeting Goldman Sachs investment bankers outside of their holiday party may be a week or so old, but the sentiments are timeless. And hearing the lyrics to "Frosty the Goldman" would melt even the coldest heart (unless of course that heart belongs to the bankers who profit ... More >>
(Taking the message to Wall Street: Photo by Fred Askew) A march today against police brutality threatened to shut down Wall Street in the holiday season. The demonstration was small at its outset in lower Manhattan, then grew in force before it was ultimately was checked by police. Organziers ... More >>
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