Our calculation, in a Feb. 21 editorial, showing that the top 10 U.S. banks receive a taxpayer subsidy worth $83 billion a year has generated some, um, discussion. It’s a big number, and the subsidy is a big issue for the banks. How did we get there? To recap, the largest banks can borrow money at [...]
Banks ‘Too Big to Fail’ Rake in Taxpayer Subsidy of $83 Billion a Year
February 28, 2013 | Posted by
Ferry Crash in Lower Manhattan Injures 57
January 9, 2013 | Posted by
A run-of-the-mill morning commute turned into chaos for hundreds of passengers aboard a ferry that crashed into a dock in lower Manhattan this morning, injuring 57 with two people in critical condition. There were 326 passengers and five crew members on board. The collision occurred 45 minutes after the ferry left New Jersey. The most [...]
Apple Disappoints Wall Street Analysts’ Expectations
October 26, 2012 | Posted by
Apple has disappointed Wall Street for the second quarter in a row after results released on Thursday showed iPad sales had grown less than expected. The quarterly results beat the company’s own forecasts with net profits up 24% to $8.2bn (£5bn) and revenues up 27% to $36bn – giving profits of $8.67 a share. But Wall Street analysts, [...]
Wall Street Shocker: Facebook Stock Falls to Half-Price Since IPO
August 17, 2012 | Posted by
With Thursday bringing the first expiration date on Facebook’s insider lock-up, share prices fell to a new low as partner companies and investors such as Goldman Sachs were able to sell their own stock in the company for the first time. Share prices tumbled down to $19.69 before leveling at $19.87 by closing time Thursday. [...]
Why Wall Street is on a Furious Land Grab of Africa
August 17, 2012 | Posted by
Wall Street is at again. The nation’s financial sector is on a crusade to dominate an irreplaceable African resource that the world increasingly needs: massive tracts of open land available for large scale industrial farming. The pace of land purchases is flying so furiously that it is now commonly referred to as “a land grab.” [...]
BlackBerry May Have Reached End of the Road
June 26, 2012 | Posted by
Research in Motion, the company responsible for BlackBerry mobile devices, was on the receiving end of a grim ultimatum: Slash 90 percent of its current staff and focus on pleasing its hardcore users, or continue to slowly shrink to its demise. This coming from a Wall Street analyst hired to help turn the struggling company [...]
Newark Mayor Cory Booker Gets Scolded by Obama Campaign
June 2, 2012 | Posted by
Newark Mayor Cory Booker traveled across the entire country to deliver a speech to Democrats in Seattle, where he jokingly told them he had been advised by the Obama campaign to avoid sticking his foot in his mouth again. Booker was referring to the media storm he created when he went on Meet the Press [...]
Facebook Hits New Low With $20 Billion Market Value Reduction
May 29, 2012 | Posted by
NEW YORK—Facebook Inc.’s FB -8.56% shares tumbled under $30 for the first time, 11 days after the social-media giant launched its initial public offering, as options trading began Tuesday and a negative sentiment continued to weigh on the stock. Shares fell 7.5% to $29.53 in recent trading, despite a broader market rally. The stock traded [...]
