Stream of Reading (Prepare to be Forwarded) – An Archive of What I'm Reading
Stock markets around the world collapsed and the pound plunged on news that Britain’s electorate had emphatically voted to leave the European Union in Thursday’s referendum. Banks including Lloyds, Barclays and Royal Bank of Scotland all saw around a fifth of their value wiped out by Friday lunchtime, with similar losses at housebuilders like Taylor…
It’s not just the pound that’s falling after the U.K. voted leave the European Union. Markets all over the world are in full freakout mode, the euro is falling, and investors everywhere are pulling money out of markets and putting it somewhere safe, meaning the U.S. dollar and U.S. government debt have both strengthened. In…
U.S. stocks opened sharply lower Friday, reversing recent gains in a global risk-off trade after Britain surprised markets by voting to leave the European Union. The S&P 500 opened 1.88 percent lower in 1986, according to Howard Silverblatt of S&P Dow Jones Indices. Ahead of the U.S. stock market open, pound sterling held off session…
The senior Goldman executive overseeing all of this said that none of these businesses were lines that he could have imagined the firm getting involved in even five years ago. “We had an opportunity to take a clean sheet of paper and draw out what we might do,” said that executive, Stephen Scherr, the chief…
When the Securities and Exchange Commission (SEC) signed off on the new National Market System (Reg NMS) in 2005, the goal was to transform the 188-year-old New York Stock Exchange from an old school institution where specialists shouted from the trading floor into a hyper-efficient system of computers quietly matching orders in real time. This…
“Our significantly expanded compliance office today not only evaluates new client candidates, but also existing accounts, and especially those that were established prior to the new international regulatory regime coming into effect,” a spokeswoman said in a written statement, referring to a 2010 law passed by Congress. “It wasn’t always this way.” The firm’s American…
In its relentless pursuit for growth, Uber needs new drivers, and many of those drivers need cars. To help them get started, Uber has been offering short-term leases since July through a wholly owned Delaware-based subsidiary called Xchange Leasing, LLC. It partners with auto dealerships, advertises to drivers, manages risk, and even pays repo men to chase…
Paramount/YoutubeYes, they bought frozen concentrated orange juice, but you get the idea.It’s easy to think that the stock market is the playground of hedge funds and day traders, but in reality most of the stock market is owned by the average joe. In fact, the largest chunk is doing one thing: helping people retire. In…
The biggest banks in the world have admitted to rigging LIBOR, a key interest rate that determines the value of trillions of dollars’ worth of assets — they paid billions in fines as a result. But the LIBOR-rigging scam cost investors and bond-issuers (including cities, pension funds, and charitable trusts) untold billions. A group…
Photo Harriet Tubman, an abolitionist who helped to rescue slaves, in the late 1800s. Credit H. B. Lindsley/Library of Congress WASHINGTON — The Treasury Department will announce on Wednesday afternoon that Harriet Tubman, an African-American who ferried thousands of slaves to freedom, will replace the slaveholding Andrew Jackson on the center of a new $20…