February 27, 2013 |
Federal regulators are investigating whether onetime junk-bond czar Michael Milken violated his lifetime ban from the securities industry, according to a published report. Milken is allowed to manage his own wealth but is barred from running money for others under the terms of a 1980s settlement with the Securities and Exchange Commission, according to the article in Fortune magazine. Here's what's happening, according to the magazine's article : The SEC is analyzing whether Milken ran afoul of the ban by effectively providing investment advice through Guggenheim Partners, the investment colossus that spearheaded last year's blockbuster purchase of the Dodgers.
February 26, 2013 |
NEW YORK -- Wall Street has been slashing jobs, kicking out traders and bankers as the finance industry shrinks. But those with high-paying jobs are still taking in fat bonuses. The average cash bonus on Wall Street last year rose an estimated 9% to nearly $121,900, according to a report released Tuesday by New York state Comptroller Thomas DiNapoli. Overall, the New York securities industry is expected to dole out $20 billion in 2012 cash bonuses, up 8% from the previous year.
January 30, 2013 |
NEW YORK -- High-paying Wall Street jobs will probably become more scarce as securities firms continue to lay off traders and brokers in the face of increased regulation following the financial crisis, according to New York's state comptroller. Profits in New York's securities industry appear to have improved in 2012 compared with the previous year, but at the expense of Wall Street employees, said Thomas DiNapoli, the state's comptroller. "Part of how firms are maintaining profitability is by having fewer people,” said DiNapoli, whose office plans to release a report on Wall Street bonuses next month.
July 5, 2011 |
The cyber-security industry is on Defcon 1 high alert. The recent rash of attacks on dozens of websites including those of the CIA, the FBI and even PBS is roiling the security industry and increasing demand for cyber-defense experts. "Every time one of these breaches makes the news, I will tell you, my phone rings off the hook," said Chris Novak, a manager of Verizon Communications Inc.'s Investigative Response Team, which now has nearly 100 members, more than double from a year ago. With the surge in attacks in recent months, Novak sees the team tripling in size this year.
March 27, 2009 |
The Obama administration is proposing the farthest-reaching set of new rules for the financial industry since the Great Depression -- including measures that would for the first time regulate hedge funds and give government the power to seize and dismantle companies deemed a threat to the economy. There is strong support for reform in the wake of last fall's near-meltdown of the global banking system, but several of the measures could trigger fierce resistance from the financial industry.
March 14, 2009 |
If you didn't know John Jones, you'd assume he was just another overworked securities trader, hustling across the sidewalk to wolf down a quick lunch in this city's financial district. But when Jones sits down, his recent past is on full display. Titanium shins poke out from the cuffs of his dress slacks, revealing prosthetic legs. Jones was a Marine staff sergeant in Iraq in 2005 when a land mine blew off both legs below the knees.