Barack Obama, who ran for president only to find himself the world's biggest stockholder, travels to Wall Street today to visit your money.
- Obama touts Wall St. changes on Lehman anniversary
Pushing Congress to act on proposed financial regulations, President Barack Obama is going to the heart of Wall Street on the first anniversary of Lehman Brothers' collapse to outline changes needed to prevent a future crisis like the one that sent the global economy into a tailspin last year.
Here's what he's up against:
- Risk-taking is back for banks
A year after the financial system nearly collapsed, the nation's biggest banks are bigger and regaining their appetite for risk.
Goldman Sachs, JPMorgan Chase and others — which have received tens of billions of dollars in federal aid — are once more betting big on bonds, commodities and exotic financial products, trading that nearly stopped during the financial crisis.
That Wall Street is making money again in essentially the same ways that thrust the banking system into chaos last fall is reason for concern on several levels, financial analysts and government officials say.
More from CNN, The New York Times, Forbes, Time, The Washington Post, BBC, AP Video and Slate's The Big Money.
And this from The Los Angeles Times:
- Crisis has not altered Wall Street
You'd hardly know that Wall Street giant Morgan Stanley is struggling through the chaotic aftermath of the global financial crisis sparked a year ago by the collapse of investment banking rival Lehman Bros. Holdings Inc.
At least not from the way Morgan executives are paying themselves.
The president is scheduled to deliver his speech at 10 past noon today. [Watch it here.]
While you're waiting, you can catch up on what the people in that really tall building downtown have been up to:
- HSBC tries to put its house in order
HSBC Holdings Plc is making progress in shutting down and running off its money-losing and less reputable consumer finance businesses, but its U.S. credit card business has remained profitable despite losses at rivals, and it’s business as usual at its U.S. bank, the company’s top North American executive said Friday.
-- George Pyle/The Buffalo News