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BUSINESS
April 14, 1989 | PAUL RICHTER, Times Staff Writer
John S. R. Shad, who agreed Thursday to become chairman of Drexel Burnham Lambert's holding company, is a former Securities and Exchange Commission chairman known for strong convictions on ethics and free-market economics. During an SEC chairmanship that lasted between 1981 and 1987, the long-time E. F. Hutton investment banker presided over the agency's most far-ranging investigation of Wall Street corruption. He was personally shocked at the lawbreaking, friends say, and in 1987 pledged $30 million--most of his fortune--to set up a business ethics program at Harvard University.
ARTICLES BY DATE
BUSINESS
April 23, 2014 | By Chris O'Brien and Andrea Chang
Talk of Silicon Valley losing steam was put on hold as two technology titans, Apple Inc. and Facebook Inc., tallied better-than-expected quarterly earnings and revenue. Apple's stock climbed more than 7% in after-hours trading after it reported that sales of iPhones blew past Wall Street's projections. Facebook's shares spiked 4% after it said ad revenue rose 82% year over year. Although many tech stocks slid in recent weeks, the robust financial results demonstrated that, at least for now, the underlying businesses of these two leading companies remain strong.
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NEWS
February 28, 1988 | KAY BARTLETT, Associated Press
Shawn Robbins, psychic, author and mail-order entrepreneur, has turned her big hazel eyes toward Wall Street since the stock market has become so volatile. A shaky market is good for people in her line of work, she says. "For psychics," she says, "the market is boring when it's good, but now is the chance to really shine with psychic abilities. This is a good time to go to a 'reputable psychic.' "Be careful, though. This is not the time to go to Madame Ripoff on the corner with your portfolio.
BUSINESS
April 23, 2014 | By Chris O'Brien
Three months ago, when Apple reported its holiday earnings, the company posted record revenues thanks to refreshed lines of iPads and iPhones that had launched in the fall.  But instead of basking in a big win, Apple got pounded by Wall Street because of what the company said would happen in this current quarter. Apple projected a range of revenue expectations that raised the possibility of its first revenue decline in more than a decade. Apple is scheduled to report second-quarter earnings after the markets close Wednesday, and most analysts think the company will actually squeak out a slight revenue gain.
OPINION
May 25, 2012
Re "Facebook IPO flop drawing increased scrutiny," May 23 The best that can be said for the U.S. Securities and Exchange Commission's continuing attack on "insider trading" is that it makes the market safer for the professional gamblers. The worst that can be said is that it deludes a public investor into believing that he or she has a chance to win. In reality, a public stock owner will always be the last to know and can only invest long after all the speculative gains have been taken by the guys who spend all day watching the computer screens and making flash trades.
NEWS
September 17, 2012 | By Alexandra Le Tellier
Occupy Wall Street protesters commemorated the one-year anniversary of the 99% movement Monday, marching down the streets of Manhattan's financial district wearing masks and party hats. Though some protesters were arrested, it was a muted affair in comparison with the demonstrations that took place while OWS was headquartered in New York's Zuccotti Park for several months.   In a Times story by Tina Susman and Andrew Tangel about today's demonstrations , Wall Street worker Robert Nicholson is quoted as saying: "I think they're idiots.
BUSINESS
March 16, 2009 | Associated Press
Wall Street knows it shouldn't get ahead of itself. So traders and investors are likely to go into the new week cautiously as they wait to see whether last week's rally was a sign of a turnaround or just a blip. The market has become used to false starts since stocks began their collapse last September. And as Wall Street ran up its biggest weekly gain since November, many analysts warned that this rally would soon fizzle, with stocks pulling back again rather than staging a lasting recovery.
BUSINESS
January 12, 2009 | Associated Press
Coming off its worst week since November, Wall Street is now wondering whether its late-2008 optimism about the economy was misguided -- or at least premature. The beginning of companies' fourth-quarter earnings reports this week will be more anxiety-provoking than usual for investors after Alcoa Inc. and Intel Corp. warned last week that they were being hit hard by the recession.
OPINION
March 5, 2014
Re "A shortage of new homes as builders struggle," March 2 The real reason that new homes are not being built here and across the country is because Wall Street hedge funds have gobbled up available housing stock and are either using them for rentals or holding them un-inhabited, as in Las Vegas, to drive up the market. For these uber-wealthy people, housing is a commodity like gold to be speculated with. They are not investing in new development because they are betting on driving housing prices up by creating a false scarcity.
BUSINESS
May 7, 2012 | By Andrew Tangel
U.S. stocks slid in early trading Monday following French and Greek elections that may shift the direction of the Eurozone's fiscal policy. The Dow Jones industrial average was down about 50 points, or 0.38%, shortly after the opening bell on Wall Street. The Standard & Poor's 500 index bounced in and out of positive territory in early trading. The S&P 500 was down about 2 points, or 0.15%, about 45 minutes after trading opened. Wall Street's mixed opening comes as the elections in France and Greece appeared to challenge austerity measures the European countries have put in place to reassure bond markets as an intractable debt crisis continues to imperil the continent's common monetary system.
NATIONAL
April 19, 2014 | By Matt Pearce
The request: Kick Justin Bieber out of the United States of America. The White House's response: No. In case you hadn't been paying close attention to Bieber's citizenship status lately -- and really, who is? -- someone launched a petition on the White House's website in January asking officials to deport the 20-year-old Canadian pop megastar after his arrest on suspicion of driving under the influence and resisting arrest in Miami Beach. "We would like to see the dangerous, reckless, destructive, and drug abusing, Justin Bieber deported and his green card revoked," read the plaintive prompt , which was mostly grammatical.
CALIFORNIA | LOCAL
April 17, 2014 | Bloomberg News
Gene Estess, a broker who gave up the pay and perks of Wall Street for a second career helping New York City's homeless, has died. He was 78. He died April 9 at his home in Brooklyn, N.Y., according to his wife, Pat Schiff Estess. The cause was lung cancer, diagnosed about six months ago. Raised in Illinois on the Mississippi River, Estess found himself unable to ignore the inequality on the streets of New York. He remained interested in poverty and homelessness while living in the leafy suburb of Armonk in Westchester County and working as an options specialist at L.F. Rothschild & Co., an investment bank and brokerage firm.
ENTERTAINMENT
April 15, 2014 | By Hector Tobar
There's something delightfully strange and counterintuitive about the way time operates in the opening chapters of Michael Lewis' new book, "Flash Boys: A Wall Street Revolt. " Lewis describes a new kind of Wall Street gold rush. In the entirely automated, pre- and post-crash stock market of the first two decades of the 21st century, human traders have become superfluous. Stocks are bought and sold inside computers, and a new brand of high-frequency trader is making a fortune thanks to a precious new commodity - speed.
ENTERTAINMENT
April 10, 2014 | By Hector Tobar
Sony Pictures is close to a deal with bestselling author Michael Lewis to bring his latest book, a Wall Street drama and detective story, to the silver screen. “Flash Boys: A Wall Street Revolt,” recounts how a group of misfit stock brokers and techies worked to expose, and then fight back, against the tactics of high-frequency traders, or HFTs. The HFTs were able to exploit computer technology and millisecond advantages to make huge profits at the expense of regular investors.
BUSINESS
April 4, 2014 | By Jessica Wohl
CHICAGO — Investors filled up on shares of GrubHub in the company's first day of trading. GrubHub shares rose as high as $40.80 on Friday and ended up 31%, at $34. The Chicago company's gains came even as the overall stock market fell, with the Dow Jones industrial average, the Standard & Poor's 500 index and the Nasdaq composite all posting declines. At $34 a share, the online food ordering service is worth about $2.67 billion, or roughly half as much as Groupon Inc., the Chicago daily deals company.
BUSINESS
April 2, 2014 | By Walter Hamilton
At a time when public trust in Wall Street already is at a low, new allegations about high-speed stock trading threaten to further erode confidence in the financial markets. The furor centers on accusations that professional traders armed with ultra-fast computers have rigged the stock market. High-speed firms engage in what critics say amounts to insider trading, using super-charged systems to decipher trading patterns. Criticism of high-frequency trading has long swirled in financial circles, and multiple regulators are conducting investigations.
BUSINESS
September 29, 2011 | Reuters
NEW YORK - U.S. stocks ended mostly higher in a volatile session Thursday as better-than-expected economic data and German approval of a stronger euro-zone crisis fund soothed two of the worst fears hanging over the market. Based on the latest available data, the Dow Jones industrial average was up 143.08 points, or 1.30%, to end unofficially at 11,153.98. The Standard & Poor's 500 Index was up 9.34 points, or 0.81%, at 1,160.40. But the Nasdaq Composite Index was down 10.82 points, or 0.43%, to close unofficially at 2,480.76.
OPINION
July 20, 2012
Re "Gaming of energy market jolts consumers," Column, July 18 Michael Hiltzik again throws light on the dark side of American enterprise. JPMorgan Chase & Co. should be forced to repay California for revenue it gained by manipulating regulations on energy markets. If the "smart people" in that organization have nothing better to do than cheat, maybe they should be sitting in a federal prison and not in some Wall Street office. If corporations possess the right of free speech, then on the flip side, they should not be allowed to shield individuals within their ranks who game the system.
BUSINESS
March 25, 2014 | By Stuart Pfeifer
Stocks were mixed Tuesday morning despite a better-than-expected consumer confidence report and some positive earnings news. At 9:35 a.m. PDT, the broad S&P 500 index was ahead 0.1%, the Dow was up 0.3% and the Nasdaq was down 0.2%. The early winners included McCormick & Co., the spice and seasoning company, which was up nearly 6% after the company reported earnings that beat analysts' estimates. Walgreen Co. was up 3% after the drug-store chain announced plans to close 76 stores, while fast-food chain Sonic jumped 9% after posting better-than-expected profit.
CALIFORNIA | LOCAL
March 24, 2014 | By James Rainey
With city budget managers intent on limiting new spending and reining in employee benefits, a coalition of union and political groups is fighting back with a report that suggests Los Angeles City Hall is spending too much on Wall Street and not enough on Main Street. The Fix L.A. Coalition, which is made up of union and liberal political groups, plans to release a report Tuesday that suggests the city could substantially reduce the $204 million in bank and money management fees that it paid last year to Wall Street firms.
Los Angeles Times Articles
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