This morning, all of the major stock indexes around the world are trading lower. The catalyst for the decline comes as JP Morgan Chase & Co (NYSE:JPM) reports a $ 2 billion trading loss caused by the a trader known as the “London Whale.” Traders are now wondering if other firms have similar trading losses out there. Just last week, Prudential Financial Inc (NYSE:PRU) plummeted after reporting earnings. The company sited a large derivative trading loss as the reason for the poor earnings results. This news from JPM is now the second report by a major firm that has admittedly taken a large loss from derivative trading. JPM has been one of the most outspoken firms against the controversial Volker Rule which would eliminate banks from proprietary trading. Other leading financial equities such as Goldman Sachs Group Inc (NYSE:GS), Morgan Stanley (NYSE:MS), ProShares UltraShort Financials (ETF) (NYSEARCA:SKF) and BlackRock, Inc (NYSE:BLK) are all likely to be very volatile today.
to.pbs.org What metaphor best sums up the financial crisis? Outtakes from “Money, Power and Wall St.” Part of our mission in our four-hour series on the global financial crisis, “Money, Power and Wall Street,” was to try to make difficult economic problems easier to understand. But sometimes easier is not always better. Watch some hilarious outtakes from the series.
Financial stability, or the lack thereof. Leading thinkers speak out on what they feel is at the core of the problem. Featuring: Joseph Stiglitz, Gillian Tett, David Tuckett, Stephen Kinsella, John Kay, David Weinstein, Steve Keen and Dirk Bezemer. Directed by Four Corners Media | www.fourcornersmedia.net
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Complete video at: fora.tv Calling out weaknesses to money market funds and underlying structural problems with equity markets, SEC Chairman Mary Schapiro laid out her main concerns about global financial markets at a breakfast sponsored by The Christian Science Monitor in Washington, DC —– On Wednesday, February 22, Mary Schapiro, Chairman of the SEC, joined the Monitor Breakfast for a conversation with reporters. Mary L. Schapiro is the 29th chairman of the US Securities and Exchange Commission (SEC). She is the immediate past chairman and CEO of the Financial Industry Regulatory Authority (FINRA), the securities industry self-regulatory organization for broker-dealers and exchanges in the United States, and served in various roles as a financial services regulator in the administrations of Bill Clinton, George HW Bush, and Ronald Reagan. She is the first woman to chair the SEC. In 2009, Forbes ranked her the 56th most powerful woman in the world.
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Breaking news on the Greece financial crisis! Check out this video too – www.youtube.com Greek Prime Minister Lucas Papademos told members of his government they must back deeper budget cuts needed to prevent financial collapse or quit, as political dissension threatened to unwind the country’s second bailout. Papademos said failure to secure the 130 billion-euro (1 billion) rescue package that’s under negotiation threatened 11 million Greeks with a default that would halt the payment of wages and pensions and shut down schools, hospitals and businesses. He spoke after five ministers resigned in two hours and protesters clashed with police in Athens. “Some say default would be preferable,” Papademos told a Cabinet meeting in Athens this evening, according to an e-mailed transcript from his office. “They are woefully mistaken. What is of the essence right now is to do whatever we can to approve the new plan and let the loan accord proceed.” Concerns the bailout might unravel mounted after euro-area finance ministers yesterday kept back approval of Greece’s austerity measures, one of the Greek governing coalition parties pushed back against German demands for deeper cuts, and police used tear gas to counter demonstrators in the capital. Papademos met his ministers to discuss the bill detailing the measures, amounting to 7 percent of gross domestic product to 2014, which will be put to a parliamentary vote this weekend. The Cabinet gathered after one minister and three …
David Bach is the author of The Automatic Millionaire and one of our picks for Most Popular Financial Expert of 2011. He shares with you the number one biggest mistake that people when it comes to managing their money–and how you can avoid that mistake in under an hour, using only your home computer!
