April 19, 2014 |
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 |
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.
April 15, 2014 |
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.
April 10, 2014 |
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.
April 4, 2014 |
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.
April 2, 2014 |
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.