- Buffett trims ties to former Washington Post owner(12 Mar 2014 15:38:09)
- Buffett trims ties to former Washington Post owner(12 Mar 2014 15:38:05)
- One Dead in Explosion, Collapse at New York Residential Building[at The Wall Street Journal] - King Digital, maker of the "Candy Crush Saga" mobile game, said it is seeking a market value of up to $7.6 billion in its initial public offering.(12 Mar 2014 15:36:38)
- Ex-Goldman trader Tourre ordered to pay over $825,000 in SEC case(12 Mar 2014 15:26:30)
- Buffett Gets His TV Channel With a $1B Bet on Local News(12 Mar 2014 15:25:09)
- US stocks mixed as Wall Street tracks Ukraine and global economy(12 Mar 2014 15:22:12)
- U.S. Bank is First to Offer Visa® Payment Controls Service for Small Business Owners[at noodls] - MINNEAPOLIS--(BUSINESS WIRE)--Mar. 12, 2014-- U.S. Bank is the first bank in the nation to offer Visa Payment Controls, which gives small business owners control over how, when and where their employees' ...(12 Mar 2014 15:22:04)
- Wall Street bonuses rose 15% in 2013 to post-financial-crisis high(12 Mar 2014 15:08:00)
- Ex-Goldman trader Tourre ordered to pay over $825,000 in SEC case[Reuters] - A U.S. judge on Wednesday ordered former Goldman Sachs Group Inc trader Fabrice Tourre to pay more than $825,000 after a jury found him liable for defrauding investors in a complex investment product linked to subprime mortgages. The decision by U.S. District Judge Katherine Forrest in Manhattan came in one of the highest-profile cases brought by the U.S. Securities and Exchange Commission in response to the events leading up to the 2008 financial crisis. Tourre was ordered to pay $650,000 in civil fines, and give up an additional $175,463 plus interest, representing the portion of his bonus attributable to the transaction at the heart of the case. In handing down the penalites, the judge cited the months-long nature of Tourre's fraudulent conduct, which involved "false emails and misleading marketing materials that were distributed to potential investors."(12 Mar 2014 15:06:24)
- Ex-Goldman VP Tourre Ordered to Pay $825,000 in SEC Case(12 Mar 2014 15:03:49)
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.