Nelson D. Schwartz

Latest from Nelson D. Schwartz

JPMorgan Chase Executive to Resign in Trading Debacle

Analyst gives firm an A for stemming the wrath of regulators, but an F for missing the problem in the first place.

by: Nelson D. Schwartz; Jessica Silver-Greenberg

May 14, 2012

A. Shock From JPMorgan Is New Fodder for Reformers

It didn’t take long for bank reformers to say we told you so. JPMorgan Chase’s $2 billion trading loss, which was disclosed on Thursday, could give supporters of tighter industry regulation a huge new piece of ammunition as they fight a last-ditch battle with the banks over new federal rules that may redefine how banks … Continued

by: Nelson D. Schwartz

May 11, 2012

A. Public Exit From Goldman Sachs Hits at a Wounded Wall Street

The Goldman Sachs Building and the Empire State Building. (Photo: Derek D / Flickr) Wall Street traders come and go all the time, but few have quit with the flair of Greg Smith. The way he resigned from Goldman Sachs, and what he had to say, could reignite a debate over how much Wall Street has changed in the wake of the financial crisis.

by: Nelson D. Schwartz

March 14, 2012

Banks Settle With States on Foreclosure Suits for Pennies on the Dollar

(Photo: Chester Paul Sgroi / Flickr) After months of painstaking talks, government authorities and five of the nation’s biggest banks have agreed to a $26 billion settlement that could provide relief to nearly two million current and former American homeowners harmed by the bursting of the housing bubble, state and federal officials said. It is part of a broad national settlement aimed at halting the housing market’s downward slide and holding the banks accountable for foreclosure abuses. Despite the billions earmarked in the accord, the aid will help a relatively small portion of the millions of borrowers who are delinquent and facing foreclosure. The success could depend in part on how effectively the program is carried out because earlier efforts by Washington aimed at troubled borrowers helped far fewer than had been expected.

by: Nelson D. Schwartz; Shaila Dewan

February 9, 2012

Crisis in Europe Tightens Credit Across the Globe

Europe’s worsening sovereign debt crisis has spread beyond its banks and the spillover now threatens businesses on the Continent and around the world. From global airlines and shipping giants to small manufacturers, all kinds of companies are feeling the strain as European banks pull back on lending in an effort to hoard capital and shore up their balance sheets. The result is a credit squeeze for companies from Berlin to Beijing, edging the world economy toward another slump. The deteriorating situation in the euro zone prompted the Organization for Economic Cooperation and Development on Monday to project that the United States economy would grow at a 2 percent rate next year, down from a forecast of 3.1 percent growth in May. It also lowered its economic outlook for Europe and the rest of the world, and a credit contraction could exacerbate the slowdown.

by: Eric Dash; Nelson D. Schwartz

November 29, 2011