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August 22, 2013
Every intern’s worst nightmare is what’s called ‘the magic roundabout’, which is when you get a taxi to drive you home at 7am and then it waits for you while you shower and change and then takes you back to the office.
A financial-industry intern, speaking anonymously to the Evening Standard • Discussing the kind of crazy work hours that interns in the high-paced industry often find themselves working. The industry’s practices are getting fresh scrutiny after an intern in London died last week, apparently deprived of sleep for days on end, while doing one of these “magic roundabout” shifts. The intern, a German student named Moritz Erhardt, worked for Merrill Lynch.
1:02 // 8 months ago
July 18, 2012

The Consumer Finance Protection Bureau’s first blood: Capital One takes a hit

  • $150M the amount Capital One has agreed to reimburse customers in a settlement with the U.S. Consumer Finance Protection Bureau
  • 2M the number of people who may be affected by the deceptive marketing of unnecessary add-on programs, such as credit monitoring services
  • $75 the average amount each person affected would get, before legal fees; the settlement is the CFPB’s first act of enforcement source

» What this means for consumers: This settlement isn’t simply something that affects Capital One’s customers — rather, it helps set some guidelines for the entire industry, by forcing stronger warnings on add-on services sold by credit card companies; by setting a standard for clear payouts of refunds to consumers; and by discouraging other companies from selling the programs, which many consumer advocates dismiss as “junk products.” Simply put, the Capital One settlement sets a future standard for the financial industry as they work with the CFPB.

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17:06 // 1 year ago
June 28, 2012

JPMorgan Chase’s trading losses looking way higher than $2 billion

  • $2 billion the size of JPMorgan Chase's original trading loss which really ticked people off a few weeks ago
  • $9 billion the size of JP Morgan Chase’s potential trading loss, which is a lot more than $2 billion source

» So, um, what happened?! To put it simply, the company has a lot of work to do to unravel the bad investments they made, and while they managed to pull out from the most volatile part, they haven’t gotten out entirely. Remember how angry you were when you found out JPMorgan Chase announced the trading loss? Quadruple that.

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11:08 // 1 year ago
December 8, 2011
The return address was listed as a European central bank, which would likely increase the chances of him opening it.
New York Deputy Police Commissioner Paul Browne • Discussing the package received by Josef Ackermann, the CEO of Germany’s Deutsche Bank, which contained a fully-functioning bomb. The bomb didn’t detonate and was intercepted before it reached the CEO. Officials are saying that mail rooms at financial institutions should tighter up their security after the incident. source (viafollow)
11:05 // 2 years ago
November 30, 2011
Here’s Bank of America’s stock over the past five years. Steep freefall, yes? Well, it looks like it might suck even more, because the company’s stock is right near the $5 mark for the second time since 2006; it it goes below it, investors would see extra restrictions placed on the stock. Bad things come in fives for BofA.

Here’s Bank of America’s stock over the past five years. Steep freefall, yes? Well, it looks like it might suck even more, because the company’s stock is right near the $5 mark for the second time since 2006; it it goes below it, investors would see extra restrictions placed on the stock. Bad things come in fives for BofA.

9:15 // 2 years ago
October 24, 2011

Wikileaks temporarily suspends operations amidst financial issues

  • what A year after first drawing significant attention for its whistle-blowing ability, Wikileaks is temporarily stopping publication, leader Julian Assange said Monday.
  • why Rather than the significant legal issues he’s facing, Assange blames a bank transaction blockade has that decimated their ability to raise revenue. source
10:55 // 2 years ago
August 18, 2011

S&P facing Justice Department scrutiny over mortgage securities ratings

  • what The U.S. Justice Department is investigating whether S&P kept the credit ratings on certain bonds backed by mortgage debt higher in an effort to protect the company’s business concerns.
  • why See: The financial crisis, which happened in part due to toxic mortgage securities that had inflated credit ratings. S&P’s ratings played a huge role in this whole mess, BTW. source

» And in case you were wondering: This investigation began before S&P lowered the U.S. credit rating, though there’s a good chance it will now be informed by it. Anyway, if you don’t understand the credit ratings issue, here’s a good way to put it: Companies pay the agencies for high ratings.  Kinda like if Warner Bros. paid Roger Ebert to recommend the latest Harry Potter movie. Now imagine if Ebert recommended “Birdemic" based on his financial interests. This would be extremely unethical behavior for journalists. But did S&P do something like that?

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11:22 // 2 years ago
April 19, 2011

That was a big loan: Goldman Sachs just paid back Warren Buffett

  • $5
    billion
    the amount Warren Buffett loaned to Goldman Sachs at the nadir of the financial crisis back in 2008; wish we could loan out that kind of cash
  • $5.64 billion the amount they paid Warren back last quarter, including interest earned — that’s on top of dividends they already paid out source

» A pretty hefty one-time charge: While Goldman Sachs’ profits for the current quarter, $2.74 billion, were down 21 percent from a year earlier because of the payday to their sugar daddy, if you don’t count the payment to Warren, their profits — $8.38 billion — would have been up by 49 percent from a year earlier. In other words, they’re richer than we are and Wall Street is celebrating.

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11:04 // 3 years ago
April 14, 2011
Our investigation found a financial snake pit rife with greed, conflicts of interest, and wrongdoing.
Sen. Carl Levin • Offering an assessment of a report that his subcommittee, which is searching for the causes of the financial crisis, released about the crisis. The report singles out Goldman Sachs, calling it a “case study” for the conflicts of interest that abound around Wall Street — specifically for betting against the very subprime mortgage packages it was selling. Levin also wants to bring perjury charges against Goldman’s CEO, Lloyd Blankfein, for his testimony in Congress last year. In other words, someone has watched “Inside Job.” The stock market is down on the news of the 600-page report. source (viafollow)
10:26 // 3 years ago
December 1, 2010

This bailout number is easily the biggest we’ll post today

  • $9 trillion in emergency overnight loans made during the crisis source

» Whoa! Did your heart just stop? Ours did too. It actually created a short delay in posting this. *whew* Now that we’ve caught our breath, let us explain. After Bear Stearns went under in early 2008, a special plan was put in place to offer emergency, quickly-paid-back loans to banks during the financial crisis to ensure they continued to run smoothly. All loans required collateral, all were low-interest, and all have already been paid back. The program also ended in May of last year, so no worries about any residual effects. But yeah. Have you ever seen $9 trillion? It would probably require dozens of Scrooge McDuck’s money vaults.

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20:27 // 3 years ago