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Wall Street Meets Reality
Keywords:
This New York Times editorial says a smaller Wall Street and growing jobs in other fields will be good for New York as well as good for the country. It says New York politicians should focus on finding new ways for New York to broaden its tax base and get new businesses and new opportunites in fields such as media, advertising, entertainment, health care and tourism. Especially welcome are initiatives such as the science and tech campus of Cornell University promoted by Mayor Bloomberg. Tighter financial rules and higher capital requirements are good for the country and for New York the editorial emphasizes, because they help control reckless banking practices that destroy capital and opportunities for growth elsewhere in the economy. It points to Kevin Rose's Nov. 21, 2011 account in the Times showing a healthy culture shift in New York and the country with the status jobs being seen not at Goldman Sachs but at Google, Apple and Facebook. Rose's account shows that in the last 3 years the number of Wall Street employees of ages 20-34 declined by 25%.
The lasting legacy of New York Mayor Bloomberg
12/27/2011
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New York Times 07/14/2013
New York Times 12/27/2011
The Impossible Mayor of the Possible
New York Times 08/16/2013
Poll Shows New Yorkers Are Deeply Conflicted Over Bloombergâs Legacy
New York Times 08/16/2013
A Mayor Who Puts Wall Street First
New York Times 08/16/2013
Bloomberg, Champion of the Poor
New York Times 11/05/2013
Cornell Alumnus, Charles Feeney, and the plan for a Science University in New York
12/19/2011
Feeney's donation of $350 million and the plans of Mayor Bloomberg, Cornell and Technion of Israel to build a new Science campus.
Grouped Articles
New York Times 12/27/2011
Washington Post 08/24/2015
Cornell Chosen to Build Science School in New York City
New York Times 12/19/2011
As Kodak Fades, Rochester Develops Other Businesses
Wall Street Journal 12/24/2011
The New York tech and startup scene- 2010-2012
05/27/2011
Grouped Articles
New York Times 12/27/2011
Sizing Up the Best Cities for Startups
Wall Street Journal 09/12/2013
New York Start-Ups Ride Tech Boom
Wall Street Journal 05/27/2011
As Kodak Fades, Rochester Develops Other Businesses
Wall Street Journal 12/24/2011
Big Firms Mentor Start-Ups on Their Image
Wall Street Journal 03/29/2012
This is how you build a tech community - The Washington Post
Washington Post 09/26/2012
Britain's financial services industry
12/17/2011
Grouped Articles
New York Times 12/27/2011
Britain’s financial industry: Death by a thousand cuts
Economist 01/07/2012
The European Union and the euro: Game, set and mismatch
Economist 12/17/2011
Financial regulatory reform and lobbying by the U.S. financial industry.
01/02/2009
The extensive influence of lobbyists for the banking industry in the Obama administration The cozy relationship of bankers at Chase and Goldman with Rahm Emmanuel, White House chief of staff, and Geithner, the Treasury Secretary.
Grouped Articles
Banks' Lobbyists Help in Drafting Financial Bills
New York Times 05/23/2013
New York Times 12/27/2011
Trench Warfare: Send In the Deputies
New York Times 04/16/2010
New York Times 04/18/2010
The Power Behind the Throne at the Federal Reserve
New York Times 07/31/2013
Obama Presses Regulators to Finish Financial Rules
Wall Street Journal 08/20/2013
Young finance professionals on Wall Street in 2011-2012
10/20/2011
The changing nature of the finance industry, deep structural changes, and job cuts of 25% for the 21-34 year age group, loss of prestige, are changing the way young finance professionals are looking at jobs on Wall Street. Technology firms are the preferred choice in campus and university recruiting, with financial firms lagging far behind in 2011-2012.
Grouped Articles
On Wall St., A Culture of Greed Won't Let Go
New York Times 07/15/2013
New York Times 12/27/2011
A Blow to Pinstripe Aspirations
New York Times 11/22/2011
What Really Has Wall Street Worried
BusinessWeek 10/20/2011
Wall Street' Latest Campus Recruiting Crisis
New York Times 03/15/2012
More Than Culture Shifted On Wall Street
Wall Street Journal 03/15/2012
Executive compensation on Wall Street: Assuaging public anger or the real thing
02/04/2009
Its not clear whether these controls on pay practices are adequate, or too little too late. With bills being watered down in Congress on derivatives trading and other risk prevention measures. The intense lobbying of the financial industry against prudent regulation. The voices of wiser minds like Volcker and Mervyn King of the Bank of England calling for strong action. And the jobless numbers going the other way. Most recently at the Barr Trucking Company in Indiana, where 500 resumes were received for a $13 an hour assistant position.
Grouped Articles
New York Times 12/27/2011
SEC Wants Boss-Employee Pay Gap on Display
Wall Street Journal 09/19/2013
S.E.C. Proposes Greater Disclosure on Pay for CEO's
New York Times 09/18/2013
A Better Way to Compare C.E.O. Pay
New York Times 09/21/2013
Wall Street Bonuses Are an Outrage
Wall Street Journal 02/04/2009
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
Fast structural shift from banking, autos and retail to health care, energy, government and education in the USA, makes equally rapid government assisted retraining and cost sharing enormously critical.
01/28/2009
Retraining will be critical to shift workers from downsizing to upsizing industries and fields of work. The danger is that a growing mismatch in qualifications and lack of a crisis mode in retraining efforts will leave large numbers of people permanently unemployed. The shift is ocurring with lightining speed. Would government sharing the initail cost of hiring and retrainng workers help as in the German example and the Harz reforms. See link.
Grouped Articles
New York Times 12/27/2011
Jamie Dimon’s harried JPMorgan Chase pushes campaign for worker training - The Washington Post
Washington Post 01/03/2014
Jobless Scars Will Outlast the Recession
Wall Street Journal 03/09/2009
Help Wanted: Why That Sign's Bad
BusinessWeek 04/30/2009
Learning Labor Market Lessons from Germany
BusinessWeek 04/30/2009
The Last Holdouts Cast Their Lot With G.M.
New York Times 05/21/2009
Mayor Bloomberg of New York City
06/20/2011
Grouped Articles
New York Times 07/14/2013
Bloomberg, Champion of the Poor
New York Times 11/05/2013
Bloomberg Focuses on Rest (as in Rest of World)
New York Times 12/14/2013
Bloomberg's Real Antipoverty Record
Wall Street Journal 12/18/2013
A Valedictory Radio Chat for Bloomberg and for His Host
New York Times 12/20/2013
Revisiting a Long-Forgotten Chat With Candidate Bloomberg
New York Times 12/26/2013
Rochester, New York, and the adjustment from working for large corporations to working for small business
12/24/2011
The transformation of Rochester from a corporate town with employers Xerox, Kodak and Bausch and Lomb, to a town with small business employers, as the large corporations have drastically downsized. Unemployment is still lower than the national average but incomes lag far behind the average for New York and also lag behind the national average. Unemployment is higher in the inner city and some parts of neighborhoods face urban blight. Startups are providing new employment for former Kodak engineers who live in the suburbs of Pittsfield and Brighton.
Grouped Articles
Getting Ahead by Having Answers Instead of Questions
New York Times 05/27/2013
Sizing Up the Best Cities for Startups
Wall Street Journal 09/12/2013
Small Businesses Anticipate Breakout Year Ahead
Wall Street Journal 01/01/2014
At Kodak, Clinging to a Future Beyond Film
New York Times 03/20/2015
As Kodak Fades, Rochester Develops Other Businesses
Wall Street Journal 12/24/2011
New York Times 12/27/2011
New York Mayor Bloomberg on reviving the U.S. economy
09/26/2011
Bloomberg says its time Obama and the Republicans stop promising a free lunch, or something for nothing. He suggests a two step answer to the economic problems facing the U.S. - let the Bush tax cuts expire for all income groups, and passage on an up or down vote of the Simpson-Bowles deficit reduction plan for $4 trillion in savings. This would give U.S. businesses the confidence to invest instead of holding back because of the uncertainty, and lead to higher economic growth and lower unemployment.
Grouped Articles
Why we need a third party - The Washington Post
Washington Post 09/26/2011
New York Times 12/27/2011
Federal Budgets and Class Warfare
Wall Street Journal 03/29/2012
Why I'm Optimistic About Cutting the Deficit
Wall Street Journal 03/29/2012
President Obama Should Seize the High Ground
New York Times 05/26/2012
Dana Milbank: Jeb Bush’s heresy - The Washington Post
Washington Post 06/13/2012
New York City in the Recession of 2009 and beyond.
12/18/2009
How high jobless rate, budget cutbacks, and other aspects of this recession are affecting life in New York City.
Grouped Articles
New York Times 12/27/2011
Students See Hard Future if Free Fares Are Ended
New York Times 12/18/2009
Jobless Rate Falls to 10%, but 400,000 in New York City Still Seek Work
New York Times 12/18/2009
Thousands Lose Rent Vouchers in Cutback
New York Times 12/18/2009
New York to Slash Transit Service, Student Passes
Wall Street Journal 12/18/2009
Utility Shutoffs Climb by 5% Despite Doubling of U.S. Aid
Wall Street Journal 12/18/2009
The Auto Industry Bailout and Mitt Romney
01/06/2008
Mitt Romney opposed the auto industry bailout. An article by Romney with the title "Let Detroit Go Bankrupt," appeared in the New York Times at the time of the bailout. Auto executive Bob Lutz says he was profoundly disappointed by Romeny's position, as the situation was at a point where government loans were necessary. Auto executives see the vindication of their position in the recovery of Chrysler, GM and Ford Motor. In a bit of irony Romney, who is from Michigan, announced his candidacy for the 2008 presidential election at the Ford Museum in Dearborn. GM and Chrysler went into bankruptcy, but this was a planned bankruptcy, with the support of the U.S. government and a pathway set with loans and conditions so that would lead to eventual recovery. The fear was that a chaotic bankruptcy process would permanently impair the American auto manufacturing industry- and the planned bankruptcy with government conditions and loans was meant to avert this and still allow shedding or restructuring of burdensome obligations- as this way buyers would still have confidence to buy automobiles from GM and Chrysler. Auto executives point out that the private markets had already shut out GM and Chrysler from financing. Retired GE executive supported a planned bankruptcy with government help, because of the importance of the auto industry to the U.S. economy, in the Nov. 18, 2008 issue of Business Week.
Grouped Articles
Cost of Bailouts Continues to Decline
Wall Street Journal 05/10/2013
New York Times 12/27/2011
U.S. Remaining Stake in General Motors
Wall Street Journal 12/10/2013
U.S. Car-Making Boom? Not for Auto-Industry Workers
Wall Street Journal 03/24/2015
Bailout Stand Trails Romney in Car Country
New York Times 02/19/2012
Dow Chemical's CEO on How to Revive Manufacturing
Wall Street Journal 02/23/2012
The U.S. financial services industry
12/27/2011
Grouped Articles
New York Times 12/27/2011
Midlevel Finance Jobs Leave Wall Street as Firms Cut Costs
New York Times 07/01/2012
Revolving door for officials in U.S. government and regulatory authorites, the S.E.C., the Federal Reserve, and the large banks.
01/28/2009
Orszag, budget director in the Obama administration, joins Citigroup. A senior official at the New York Fed's regulatory department joins Goldman Sachs. Another Fed official joins Morgan Stanley as chief economist. S.E.C. enforcement chief leaves Deutsche Bank for the S.E.C. and leaves the S.E.C. for a position in the financial industry. The nominee for S.E.C. chief in 2013, Jo White, represented JP Morgan Chase in her work at a law firm. The nominee for Treasury Secretary Jacob Lew, worked at Citigroup for a short period. A similiar situation exists in the UK and in other EU countries.
Grouped Articles
New York Times 12/27/2011
SEC's Top Cop Oversaw Deutsche CDOs
Wall Street Journal 04/24/2010
The Power Behind the Throne at the Federal Reserve
New York Times 07/31/2013
SEC Deals With Turnover at the Top
Wall Street Journal 08/20/2013
SEC Tries to Rebuild Its Reputation
Wall Street Journal 09/12/2013
SEC 'Revolving Door' Under Review
Wall Street Journal 06/16/2010
Barney Frank on the Dodd-Frank financial reform law, one year later in 2011
04/16/2010
Frank gives the CFTC, and S.E.C. good grades for working in difficult conditions to write the rules. He gives the Comptroller of the Currency a D grade His main fear is the Republicans in Congress stalling and crimping the resources and functioning of the regulatory agences. He fears that Republican politicians with financial backing from the banking industry are looking at 2012 elections as an opportunity to reverse the changes. Chris Dodd is now a lobbyist for the Motion Picture Industry.
Grouped Articles
Banks Criticize Strict Controls for Foreign Bets
New York Times 04/30/2013
New York Times 12/27/2011
Trench Warfare: Send In the Deputies
New York Times 04/16/2010
Obama Presses Regulators to Finish Financial Rules
Wall Street Journal 08/20/2013
Obama Presses for Action on Bank Rules
New York Times 08/19/2013
Volcker Rule to Curb Bank Trading Proves Hard to Write
Wall Street Journal 09/10/2013
Challenging the embedded thinking on Wall Street and in the City of London.
09/24/2009
The unregulated functioning of free markets is a result of regulators and the banking community both believing that the uninhibited operation of free markets is the best way to generate economic growth. This makes it easy for regulators to be coopted and falling asleep on the job. Turner Adair of Britain's FSA, and other leaders, who are trying to bring fresh thinking to regulatory reforms.
Grouped Articles
On Wall St., A Culture of Greed Won't Let Go
New York Times 07/15/2013
New York Times 12/27/2011
Britain’s Top Financial Regulator Takes On Banks
New York Times 09/24/2009
British Banks Will Face Tougher Liquidity Rules
New York Times 10/06/2009
The U.K.'s Tough Line on Liquidity
Wall Street Journal 10/07/2009
A Lack of Fiscal Fitness Is Weighing on the Pound
Wall Street Journal 10/14/2009
U.S. Regional Economies- New York.
03/18/2008
Grouped Articles
The economic performance of cities: Following the sun
Economist 05/16/2013
Some See Biden’s ‘Third World’ Description of La Guardia as Too Kind
New York Times 02/07/2014
Troubled Outlook for New York City Economy Turns a Lot Grimmer
New York Times 03/18/2008
This Time, Slump Hits Well-Educated, Too
New York Times 04/05/2009
For New York’s Newly Jobless, $430 Doesn’t Go Far
New York Times 04/19/2009
Job Losses Show Wider Racial Gap in New York
New York Times 07/13/2009
New York City and efforts to create jobs and career opportunities outside of the financial sector to broaden the financial base
03/15/2011
Grouped Articles
New York Times 12/27/2011
Many Workers Seen Lacking Skills for New Jobs
Wall Street Journal 03/15/2011
Joblessness in New York City.
12/23/2009
Grouped Articles
Bloomberg's Real Antipoverty Record
Wall Street Journal 12/18/2013
Summer Jobs Program For Poor Youth Saved Lives, Lowered Incarceration in NYC
Wall Street Journal 04/24/2015
New York Times 12/23/2009
Cuomo Weighs More Than 10,000 Layoffs
Wall Street Journal 01/20/2011
Jobs Engine Coughs After Healthy Year
Wall Street Journal 01/21/2011
New York Times 05/05/2011
A smaller Wall Street in New York as the culture shifts towards emphasis on technology and other fields.
12/27/2011
The culture at Goldman Sachs and on Wall Street and the growing feeling that a shift to growth in other fields is a healthy development for New York and the U.S.
Linked Articles
Public Rebuke of Culture at Goldman Sachs
New York Times 03/14/2012
New York Times 12/27/2011
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