Looking at Wall Street right now, you would never know that we just came out of a recession. And it is worth noting that for most regular folks, the end of the recession is merely a technical economic detail. Individuals still face a number of financial challenges, and with the weak labor market, it is little surprise that things most of Main Street is still wonder whether things are going to pick up. For thousands of Wall Street folks, though, that is not much of an issue. They just found out that they will be enjoying record bonuses.
Wall Street firms …read more

At the end of 2009, there will be a new CEO at Morgan Stanley. John Mack, the company’s current Chairman and CEO, will step down and will be replaced by James Gorman. Currently, Gorman is Morgan Stanley’s Co-President. Gorman will also be joining the company’s board of directors.
Mack fully believes that Gorman is the right man for the job.
Said Mack: “John and the Board believe James Gorman is ideally suited to lead Morgan Stanley forward. James has a long track record of developing aggressive strategies backed by strong operating skills and relentless execution.”
The 64-year-old Mack deserves recognition for leading Morgan …read more

Morgan Stanley will repay the $10 billion in federal bailout loans on Wednesday, according to the Associated Press. A week ago, the company said it would pay it back but didn’t give a specific time line.
The bailout money came from the Troubled Asset Relief Program, a program that was set into motion to help the financial industry in the United States and attempt to cushion the blow of the economic downturn.
In a press release, Morgan Stanley stated that they believe the Troubled Asset Relief Program was a success.
Morgan Stanley is pleased to be repaying its $10 billion in TARP capital …read more

Morgan Stanley, a global company in the financial and banking industries, said the company would be lowering the bonuses some executives were scheduled to receive. Base salaries would also be adjusted, according to Morgan Stanley in a filing with the SEC.
After AIG executives were roasted for receiving scheduled bonuses, this sounds like a good idea by Morgan Stanley. According to multiple accounts, Morgan Stanley received a lot of help by the United States federal government during the recent financial crisis. Like with AIG, people around the country could have been up in arms with Morgan Stanley if reports indicated that …read more

Thanks to good news coming out of the banking industry, Tuesday saw the stock market rally after a slow start. Many experts are saying Timothy Geithner, the Unites States Secretary of the Treasury, played a vital role in increases confidence in the nation’s banks.
By the end of the trading period, the Dow Jones industrial average was at 7,969.6 — up nearly 1.7% on the day. NASDAQ was up 2.2% to 1,643.9, Russell 2000 was up nearly 4% to 470.1 and the S&P’s 500 was up approximately 2% to 850.1.
On Monday, banks suffered mightily on the stock market. On Tuesday, they …read more