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In New York City today, a victory for the Securities and Exchange Commission: A federal jury held former Goldman Sachs trader Fabrice Tourre liable on six of the seven counts against him. The SEC had accused Tourre of intentionally misleading investors about a mortgage-backed security just as the housing sector was beginning to collapse. The investment created huge losses.
When it was launched Thursday, the Moto X, Google's first smartphone product to come out of its buyout of Motorola, was not the highest powered or highest pixeled device. Rather, the designers boasted of its usability — that the Moto X has a larger purpose: making the technology of a phone adapt to the way people use them, rather than force user behavior to adapt to the technology.
A couple of guys with serious investment banking experience are moving into the marijuana business. They've launched the first multimillion-dollar private equity fund devoted entirely to what they like to call the "cannabis space."
It started when Brendan Kennedy was working at the Silicon Valley Bank and learned of an entrepreneur who wanted to sell software for marijuana dispensaries. The idea piqued Kennedy's interest. A few days later, a radio show about legalizing pot piqued it even more.
Originally published on Thu August 1, 2013 3:59 pm
A federal jury in New York City has found that Fabrice Tourre, the former Goldman Sachs trader who regulators say caused investors to lose $1 billion, is liable in the mortgage securities fraud case filed against him by the Securities and Exchange Commission.
Regulators say Tourre, 34, a native of France who was nicknamed "Fab" in his office, packaged toxic subprime mortgages into a collateralized debt obligation that was sold to investors under the name Abacus in 2007.
Originally published on Thu August 1, 2013 12:06 pm
The Standard & Poor's 500 index, the benchmark of America's largest corporations, surpassed 1,700 points for the first time in early trading Thursday. The rise is being tied to a drop in weekly jobless claims, as well as assurances from central banks in the U.S. and Europe that they would continue to bolster their economies.
NPR's business news starts with unemployment numbers.
No, this is not the big monthly jobs report. We'll get that tomorrow. But this morning one number from the Labor Department - the department announced that applications for jobless benefits fell to 326,000 last week. That is the lowest level since January of 2008. Transcript provided by NPR, Copyright NPR.
NPR's business news starts with Sony plugged into profits.
Sony reports that it's making money again. The Japanese company announced its second quarter earnings today. Most of its success though comes thanks to a favorable currency rate - a weak yen was key for Sony. Still, the company did see a little improvement in its smartphone sales and entertainment business. Net income for Sony's latest quarter was $35 million. Transcript provided by NPR, Copyright NPR.
Starting this fall, the Internet Corporation for Assigned Names and Numbers, or ICANN, will begin rolling out 20 new suffixes, or top-level domains, every week. This will create new entrepreneurial opportunities, says ICANN CEO Fadi Chehade.
"Diversity to the domain name system is coming," he says.
Originally published on Thu August 1, 2013 8:56 am
Of all the legacies presidents leave behind, few are as important — yet as poorly understood in the moment — as their picks for chairman of the Federal Reserve.
Paul Volcker, credited with taming double-digit inflation through backbreaking high interest rates that contributed to the recession of the early 1980s, was among President Jimmy Carter's most consequential appointments.