Lauren's Feed
Jul 24, 2013

Tourre on stand says email in SEC case ‘not accurate’

NEW YORK (Reuters) – Fabrice Tourre, the former Goldman Sachs trader accused of secretly helping the hedge fund of billionaire John Paulson construct a $2 billion deal it could bet against, said Wednesday an email he sent to a key participant in the deal was inaccurate.

Tourre, 34, made the statement after taking the stand in the eighth day of what has become the highest-profile trial to come out of the U.S. Securities and Exchange Commission’s investigations of the 2008 financial crisis.

Jul 21, 2013

Insight: Resigned to reform, Wall St tries a different tack in DC

By Lauren Tara LaCapra and Douwe Miedema

(Reuters) – In March, as U.S. bank regulators were framing a new rule that would affect the $630 trillion derivatives market, JPMorgan Chase & Co sent five bankers from New York and London to Washington to raise some fine points about the impact of the financial reform.

In a jargon-laden, 23-slide presentation, the JPMorgan bankers walked regulators through the complexities of how their decisions would affect the arcane market, according to documents and a person familiar with the meeting.

Jul 21, 2013

Resigned to reform, Wall St tries a different tack in DC

July 21 (Reuters) – In March, as U.S. bank regulators were
framing a new rule that would affect the $630 trillion
derivatives market, JPMorgan Chase & Co sent five
bankers from New York and London to Washington to raise some
fine points about the impact of the financial reform.

In a jargon-laden, 23-slide presentation, the JPMorgan
bankers walked regulators through the complexities of how their
decisions would affect the arcane market, according to documents
and a person familiar with the meeting.

Jul 19, 2013

Morgan Stanley stock traders rebuild burned bridges

NEW YORK (Reuters) – As Morgan Stanley’s share price went on a headlong descent during the financial crisis in 2008, then-Chief Executive John Mack personally lobbied regulators to stop short-selling temporarily.

He succeeded. But in doing so, he made enemies among powerful hedge fund managers, for whom the practice of selling borrowed shares in a bet they will later fall is a key investment strategy.

Jul 19, 2013

Analysis: Morgan Stanley stock traders rebuild burned bridges

NEW YORK (Reuters) – As Morgan Stanley’s (MS.N: Quote, Profile, Research, Stock Buzz) share price went on a headlong descent during the financial crisis in 2008, then-Chief Executive John Mack personally lobbied regulators to stop short-selling temporarily.

He succeeded. But in doing so, he made enemies among powerful hedge fund managers, for whom the practice of selling borrowed shares in a bet they will later fall is a key investment strategy.

Jul 18, 2013

Morgan Stanley quarterly profit jumps on stock trading

By Lauren Tara LaCapra

(Reuters) – Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz) posted a 42 percent increase in quarterly profit as stock trading revenue soared, the latest sign that the No. 2 U.S. investment bank is regaining its footing.

Income rose in all the bank’s businesses. Profit from trading and investment banking was nearly six times higher than a year earlier, helped by stronger stock and bond trading, and profit in wealth management jumped 83 percent.

Jul 16, 2013

Goldman Sachs profit doubles on investment gains, lower tax rate

By Lauren Tara LaCapra

(Reuters) – Goldman Sachs Group Inc (GS.N: Quote, Profile, Research) on Tuesday said quarterly profit doubled, boosted by investment gains and a lower tax rate, but investors fretted that these factors will not be repeated in future periods, sending the bank’s shares lower.

Goldman’s investing and lending segment, which tracks its investments in private equity deals, publicly traded stocks, loans and bonds, produced nearly seven times as much revenue in the second quarter as in the same period last year, much more than analysts expected.

Jul 16, 2013

Goldman Sachs profit doubles on investment gains

By Lauren Tara LaCapra

(Reuters) – Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz) said on Tuesday quarterly profit doubled, beating Wall Street estimates, boosted by returns from investing the bank’s own money.

The investing and lending segment, which tracks the bank’s investments in debt and equity markets, produced nearly seven times as much revenue in the second quarter as it did a year earlier, much more than analysts had expected.

Jul 8, 2013

Weak professional job growth hurts U.S. office market: Reis

NEW YORK (Reuters) – A lack of growth in white-collar jobs hurt the market for U.S. office space in the second quarter, with the vacancy rate stagnant at 17 percent, according to a report released on Monday by real estate research firm Reis Inc.

The vacancy rate for U.S. office space has been slowly ticking downward for over a year but remains historically high. Demand for office space has been stunted because even as the job market has improved, banks, law firms and other companies in professional services industries continue to cut jobs or hold back on hiring, said Ryan Severino, senior economist and associate director of research at Reis.

Jul 3, 2013

Strip mall owners struggle with lack of demand in second quarter

NEW YORK (Reuters) – U.S. strip mall owners struggled with a lack of demand in the second quarter, although limited construction of new space led to a modest improvement in vacancy rates and slightly higher rents, according to a report released on Wednesday.

The national vacancy rate dropped to 10.5 percent last quarter from 10.6 percent the previous period, according to the report by real estate research firm Reis Inc. It was the sixth time in the last seven quarters that the rate dropped by one-tenth of a percent, with declines driven largely by a dearth of new construction.