Free Republic

'Defund the police!' they yelled in 2020, that famous summer of love: They did that. Now they're discovering -- the hard way -- that they're actually defunding themselves. According to the New York Post:A giant, sucking sound is coming out of Wall Street — and it’s siphoning staggering sums of money out of the Big Apple while handing business to Florida and other states farther south.Nearly 160 Wall Street firms have moved their headquarters out of New York since the end of 2019, taking nearly $1 trillion — yes, that’s trillion with a “T” — in assets under management with...

A giant, sucking sound is coming out of Wall Street — and it’s siphoning staggering sums of money out of the Big Apple while handing business to Florida and other states farther south. Nearly 160 Wall Street firms have moved their headquarters out of New York since the end of 2019, taking nearly $1 trillion — yes, that’s trillion with a “T” — in assets under management with them, according to data from 17,000 companies compiled by Bloomberg. Looking to dodge rampant crime, stiff taxes and an increasingly exorbitant cost of living, 158 fed-up financial firms representing a whopping $993...

Trading firms are asking FCC to open shortwave frequencies to greater commercial use Ham radio operators are sounding the alarm over the latest threat to their beloved hobby—and this time, it is coming from Wall Street. A group of high-frequency trading firms is asking the Federal Communications Commission to open shortwave frequencies to greater commercial use, so they can use radio to zip financial data around the world in milliseconds. Prominent members of the amateur-radio community say interference from traders’ broadcasts could ruin their hobby, which often involves tuning in to weak radio signals so they can chat with fellow...

The unfortunate case of 111 Wall Street might be even more unfortunate than it sounds. Two months since we wrote that the vacant, 1.2 million square-foot tower at the corner of South Street “epitomized the crisis” of the downtown commercial market, the building owned by Nightingale Properties and Intervest Capital Partners now faces a foreclosure action by mezzanine lender Oaktree Capital Management, as first reported by Real Estate Alert.

The most expensive home for sale in Atlantic Beach, Long Island, has just listed for $11.5 million. Indeed, this marks the biggest number seen for the chiefly laid-back area, though probably not for long. As Wall Street is set to return to a full five-day work week, the Hamptons is starting to seem pretty far away. This part of the island, with a lowly population of about 1,800, comes with all the perks of the Hamptons — right on the water, for starters — and it’s just a breezy hour away from the city and away from the crowds. Rarely...

Florida Gov. Ron DeSantis is coming to New York for a private presidential campaign fundraiser that’s set to be hosted by at least four Wall Street executives, including one with past ties to a firm backed by liberal billionaire George Soros, a frequent target of DeSantis and other Republicans. The event is scheduled to take place June 29 at the swanky Yale Club, according to a copy of an invitation seen by CNBC. It will be one of DeSantis’ first fundraisers in the Big Apple since he officially launched his campaign for president last month. It also comes soon after...

With 'goliaths' like JP Morgan also 'winning', analysts say Jittery customers are flocking to major banks in the wake of the SVB collapse One analyst said 'Goliath is winning' as some speed up their onboarding process to cope with the new demand It comes as SVB's spectacular fall from grace continues to wreak havoc on Wall Street Bank of America has reportedly raked in $15 million in new deposits as customers flee small lenders for 'too big to fail' firms in the wake of the Silicon Valley Bank collapse. So-called 'goliath' banks such as JP Morgan and Wells Fargo are...

More than $100bn has been wiped off US banks’ value as the collapse of Silicon Valley Bank continues to send shockwaves throughout Wall St. Trading was temporarily halted in dozens of regional banks this morning as shares fell by up to 75 percent, despite Joe Biden’s assurances that ‘US banking is safe.’ Major US banks were also affected by the crash as fear spread throughout the market, with Wells Fargo plummeting 7.5 percent, Bank of America falling 7.4 percent, Citigroup plunging 5.8 percent and JP Morgan down 2.7 percent. US President Joe Biden insisted that the system was safe after...

Leonard Leo, a leader of the right-wing Federalist Society, hopes to transform American culture the way he transformed the judiciary. As Donald Trump’s adviser on judicial nominations, he helped put Neil Gorsuch, Brett Kavanaugh and Amy Coney Barrett on the Supreme Court, making him central to the demise of Roe v. Wade. Now he wants to build a new organization helping reactionaries consolidate power in realms like Wall Street, Silicon Valley, journalism, Hollywood and academia. “I spent close to 30 years, if not more, helping to build the conservative legal movement,” Leo said in a video for the organization at...

WASHINGTON — Plans announced Sunday to fully reimburse deposits made in the collapsed Silicon Valley Bank and the shuttered Signature Bank will rely on Wall Street and large financial institutions — not taxpayers — to foot the bill, Treasury officials said. “For the banks that were put into receivership, the FDIC will use funds from the Deposit Insurance Fund to ensure that all of its depositors are made whole,” said a senior Treasury Department official, who spoke to reporters Sunday about the plan on the condition of anonymity.

Former First Lady Hillary Clinton paid tribute to billionaire finances Thomas H. Lee at his Manhattan memorial – calling him a 'constant presence' in her life. Her husband and former president Bill Clinton also attended the service at the Lincoln Center for Performing Arts on Monday morning. Lee, who was once known as the 'envy of Wall street', shot himself inside the bathroom of his family office on Fifth Avenue on Thursday, with the city medical examiner ruling his death a suicide.

David McIntosh the president of the Club for Growth lobbying group that represents the interests of U.S. multinationals and Wall Street finance players, has organized another “donor retreat” session; where ‘donor retreat’ is the assembly of the Republican big club operatives who manipulate and control the Republican big club candidates, aka the establishment. The multinationals, led by CfG, are assembling to coordinate plans with, Nikki Haley, Tim Scott, Mike Pence, Glenn Youngkin and Mike Pompeo. .... Snip.... All preceding 2024 entrants are intended to weaken the America-First candidate through a series of planned, organized and media assisted unrelenting attacks. The...

(Reuters) -Technology and growth stocks lifted Wall Street's main indexes higher on Thursday after data pointing to signs of a cooling U.S. labor market eased worries about future interest rate hikes by the Federal Reserve. Apple Inc (NASDAQ:AAPL), Alphabet (NASDAQ:GOOGL) Inc, Microsoft Corp (NASDAQ:MSFT) and Amazon.com Inc (NASDAQ:AMZN), whose shares have been battered in the past few sessions, gained more than 2% each, with traders attributing the rise to bargain hunting. All the major S&P 500 sector indexes rose, with consumer discretionary and technology leading the pack with a near 3% rise. The Fed's aggressive rate hikes have hammered equities...

The U.S. Virgin Islands on Tuesday filed a lawsuit against banking giant JPMorgan Chase, accusing the Wall Street corporation of turning a “blind eye” toward the conduct of the late disgraced financier Jeffrey Epstein. Virgin Islands Attorney General Denise George said in a complaint filed in a Manhattan District Court that JPMorgan Chase facilitated the trafficking of minors for sexual abuse at the hands of Epstein. The bank knowingly “provided and pulled the levers through which recruiters and victims were paid,” George wrote. George further alleged in the complaint that the banking giant ignored red flags for years as it...

I keep saying the 2024 GOP nomination is going to be fun because this is an epic Wall Street -vs- Main Street battle that needs to be done. The conniving republican political class are openly wearing their anti-working-class uniforms now. Despite their efforts to remain hidden, and thanks entirely to their hubris, they are glowing. The primary contest in 2024 is going to be epic, because this time the MAGA scruffnecks will, for the first time in years, clearly see who the enemy within the republican ranks really are. This makes them so much easier to defeat, and also explains...

(Reuters) - President Joe Biden's administration on Tuesday reversed restrictions imposed under his predecessor Donald Trump on retirement plans considering environmental, social and governance (ESG) factors such as climate change and racial justice when selecting investments. The Labor Department announced a final rule first proposed last year after Biden, a Democrat, ordered government agencies to assess climate-related risk to retirement and pension investments. The rule will make it easier for retirement plans to invest in socially responsible funds and companies, though it requires investment decisions to be based on traditional financial factors. The rule, which the department said covers plans...

Wall Street ended Friday -- the final day of the month and the quarter -- on another down note, with the main stock indexes posting their third straight quarterly loss for the first time since the Great Recession. The Dow Jones Industrial Average dropped 500 points for a loss of 1.7 percent on the day, marking a decline of 8.8 percent for the month of September, 6.6 percent for the quarter, and 21 percent since the start of the year. The market's dismal recent performance follows historically high inflation, rapidly rising interest rates, and fears that the economy could soon...

Top investment banks expected Russia to suffer severe economic damage after it invaded Ukraine in February.But Russia's economy has held up better than expected, causing them to revise those predictions.In March, top investment bank JPMorgan said Russia's gross domestic product would fall 35% in the second quarter compared with the previous. Goldman Sachs predicted its economy would suffer its worst contraction since the Soviet Union imploded in the early 1990s. But Russia's GDP slipped only 4%Stronger-than-expected exports of Russian commodities, including crude oil, has helped support the economy. The country has also benefited from robust demand among its own consumers...

Senator Kyrsten Sinema, the Arizona Democrat who single-handedly thwarted her party's longtime goal of raising taxes on wealthy investors, received nearly $1 million over the past year from private equity professionals, hedge fund managers and venture capitalists whose taxes would have increased under the plan. For years, Democrats have promised to raise taxes on such investors, who pay a significantly lower rate on their earnings than ordinary workers. But just as they closed in on that goal last week, Sinema forced a series of changes to her party's $740 billion election-year spending package, eliminating a proposed 'carried interest' tax increase...

There was a (very) brief period in which BofA’s Michael Hartnett – whom we long ago dubbed Wall Street’s biggest bear – turned ever slightly more bullish, when he told clients that while the bear market is far from over (recall he expects that to end some time in October with the S&P plunging down to 3,000) a powerful bear market rally had taken hold around the time we saw the biggest equity inflow in 10 weeks; even so, his advice to clients was simple: “fade all rallies.” All that’s over, and in his latest Flow Show note (available to...