Washington (CNNMoney) - On the second day of the federal shutdown, more than a dozen Wall Street bank chiefs met with President Obama at the White House and urged him to find resolution to the shutdown.
J.P. Morgan Chase CEO Jamie Dimon said he "would love to see a resolution" to the government shutdown, while walking into the White House before the meeting.FULL STORY
New York (CNNMoney) - President Obama hasn't decided whether he will approve the expansion of the controversial Keystone oils sands pipeline just yet. But in a strange turn of events, some opponents of the plan are finding support for their position from an unlikely source: Wall Street.
Obama has long said that he will only approve the project if it doesn't significantly contribute to climate change. He reiterated that in a recent interview with The New York Times. The State Department has said it won't because it thinks the oil sands, which are dirtier than conventional oil, will get developed no matter what happens to Keystone. In other words, that oil is going to leave Canada somehow ... so it might as well be through the United States.FULL STORY
Hong Kong (CNNMoney) – World markets advanced Wednesday as lawmakers in the United States completed legislation that will mute much but not all of the fiscal cliff.
Asian and European stocks post strong gains, while government bonds in weaker eurozone economies rally as investor appetite for riskier assets rise on the diminished threat of an immediate hit to growth in the world's largest economy.FULL STORY
New York (CNNMoney) - Monday is New Year's Eve, but it may feel more like Groundhog Day, as investors spend yet another day awaiting news out of the fiscal cliff negotiations in Washington.
U.S. stocks opened lower Monday as investors continue to dial back expectations that officials in Washington will prevent tax hikes and spending cuts from kicking in on Tuesday.FULL STORY
New York (CNNMoney) – It's not the end of the world - literally or for the fiscal cliff talks - but the latest signs of gridlock on Washington have struck fear into investors.
Lawmakers in the House failed to support the so-called "Plan B", a proposal backed by House Speaker John Boehner, late Thursday. The White House had already threatened to veto that plan, saying it would bring only "minimal" changes in projected budget deficits, but its failure underscored the lack of progress on Capitol Hill as the cliff draws nearer.FULL STORY
New York (CNNMoney) – One of the toughest critics of Wall Street will soon be policing it.
Massachusetts Senator-elect Elizabeth Warren has been tapped to take a seat on the Senate Banking Committee, the Senate Democrats' steering committee announced Wednesday.FULL STORY
(CNN) – Sen. Bernie Sanders, an independent from Vermont who caucuses with the Democrats, derided Goldman Sachs CEO Lloyd Blankfein, along with other Wall Street leaders, for pushing for cuts to entitlement programs as a part of the nation's budget negotiations.
"I do have a problem with wealthy CEOs from Wall Street who caused the recession now coming to Washington and saying, if you're old, if you're sick, or if you're poor, we're going to cut your benefits," the outspoken senator said Thursday on CNN's "The Situation Room with Wolf Blitzer."
New York (CNNMoney) – Several big Wall Street bank CEOs on Thursday urged Congress and President Obama to avoid the "fiscal cliff."
In an urgent letter dated Oct. 18, the Financial Services Forum pressed leaders to "reach a bipartisan deal to avoid" massive tax hikes and across-the-board program cuts that could lead to recession. If Congress doesn't act by Jan. 1, the United States will go over the fiscal cliff, triggering about $1.2 trillion worth of spending cuts over a decade.FULL STORY
(CNN) – The Dow Jones industrial average closed up 70 points Tuesday, a 5-year high. The S&P gained 0.3%, and the Nasdaq ended flat.
WASHINGTON (CNNMoney) – Wall Street is on track to spend more on this election than it ever has during a campaign season.
With two months to go before Nov. 6, Wall Street firms have so far spent $164 million on campaigns and donations to political groups designed to influence the elections, according to the Center for Responsive Politics. That puts the industry on pace to surpass the spending record of $170 million that it set during the 2008 race.FULL STORY