- Weekend roundup: Wells Fargo and its auditor | The back-pain racket | Going back to the moviesHere are MarketWatch articles to read this weekend.(19 Aug 2017 14:41:56 +0000)
- JPMorgan CEO Jamie Dimon's 'Embarrassment' Could Grow as Debt Debate LoomsThe approaching debt-ceiling debate in Congress could send bank stocks diving, if recent history offers any lessons.(19 Aug 2017 14:20:00 +0000)
- More Than 25% of Hedge Fund Assets Are Invested in This Sector (and It's Not Technology)You may be surprised at the most popular sector owned in hedge funds' portfolios.(19 Aug 2017 13:17:00 +0000)
- [$$] The Latest Front in Battling Hate Groups: Credit CardsPayments and credit-card companies including American Express, Discover and PayPal are booting dozens of individuals and groups associated with right-wing extremist movements off their systems.(19 Aug 2017 03:54:06 +0000)
- [$$] Wrong-Way Gas Bet Fueled Goldman’s Second-Quarter SwoonGoldman lost more than $100 million in a wrong-way bet on regional natural-gas prices this spring, a setback that played a large role in the New York bank’s subpar second-quarter trading performance.(19 Aug 2017 03:53:44 +0000)
- [$$] Mystery Bidder Appears, Challenging Buffett for Oncor With $9.3 Billion OfferWarren Buffett’s battle for control of a Texas power company took a turn as a new mystery bidder emerged to challenge Berkshire Hathaway Inc.’s $9 billion offer.(19 Aug 2017 03:52:40 +0000)
- Tech companies continue efforts to banish extremist accountsTech companies' efforts to banish extremist groups and individuals are continuing as a social network popular with extremists disappeared from Google's Android app store. Gab had already been unavailable ...(19 Aug 2017 01:11:34 +0000)
- Investor Carl Icahn steps down as adviser to U.S. President TrumpBillionaire investor Carl Icahn ended his role as a special adviser to U.S. President Donald Trump on Friday after facing criticism that policy recommendations he offered could help his own investments. Some Democratic lawmakers and biofuels advocates argued that Icahn's guidance to the Republican administration created a conflict of interest with his businesses, including oil refining company CVR Energy Inc. Icahn has denied any conflict of interest. Icahn's departure followed a flurry of changes at the White House.(18 Aug 2017 23:58:27 +0000)
- Elliott lawyer says third bidder may top Buffett's Oncor bidSuch a bid would add to the competition that Warren Buffett, Berkshire's chief executive, faces for Oncor and could cause the Texas company to slip from his grasp. It could also scuttle plans of billionaire Paul Singer's hedge fund Elliott Management Corp, the largest creditor of Oncor's bankrupt parent, Energy Future Holdings Corp. Elliott has been trying to block Oncor's sale to Berkshire and put together its own consortium to buy the company.(18 Aug 2017 23:55:31 +0000)
- Berkshire and Elliott Face Rival $9.3 Billion Oncor BidA mystery third bidder has emerged for Oncor Electric Delivery Co., making a $9.3 billion offer for the Texas utility to compete with rival bids by Berkshire Hathaway Inc. and Elliott Management Corp., ...(18 Aug 2017 23:30:36 +0000)
The United States financial sector is the largest and most developed in the world, comprising 50% of all US profits. This industry is lead by major investment banks offering investment management, equity underwriting, and selling financial products. Other major companies offering lending, however many decline greatly during the recent housing bubble collapse.
As a result of the recent sub-prime mortgage crisis, many new regulations have been put into place to curb aggressive behaviors such as mixed risk class products, bank proprietary trading, and lending to high-risk customers. These new measures will result in lower financial sector profits, but also less risk associated too.
The US financial sector is largely based the north-eastern coast, centered in New York City’s Wall Street, housing the New York Stock Exchange and the NASDAQ stock exchange. There is also a sophisticated venture capital industry in the west coast where many high-tech and start-ups are based.