Insider trading charges brought against former Goldman director Rajat Gupta. Charges stem from insider trading case that netted Raj Rajaratnam 11 years in prison.
“Class warfare:” Lately this old term has been taking on new life as political theater, a way to rebuke Wall Street protestors, and, predictably, fodder for Fox News. According to Google, in just the last month alone, 3,870 articles have been published containing these words. Another way to express the concept of rich vs. not-so-rich is the expression, “The rich get richer and the poor get poorer.” It’s been around for a long time: According to Wikipedia, William Henry Harrison went there in 1840: “I believe and I say it is true Democratic feeling, that all the measures of the government are directed to the purpose of making the rich richer and the poor poorer.” I’m not going to take a stand on either side of the “class warfare” debate by saying that the rich do or don’t take unfair advantage of the rest of society. This is America, where we all have the potential to become rich. But I will say this unequivocally: The rich do get richer, or at least have the potential to. Let’s count the ways:
Ron Paul says it’s time to bring US troops home from Iraq and Afghanistan. He also says he's raised more money from current members of the armed forces than any other GOP hopeful.
Goldman Sachs posts higher-than-expected loss of $428 million. Quarterly loss is only the second since the firm went public.
The Dow rose 180 points to 11577 during another day of wild swings for the stock market
Kinder Morgan purchased rival pipeline operator El Paso Corp for $21 billion, creating what will be by far the country's largest pipeline distributor of natural gas.
Workers in London's financial center were greeted today with Occupy London, a growing anticapitalist demonstration in front of St. Paul's Cathedral. Some were surprisingly supportive of the protesters.
Bank of America CEO says wealthy Bank of America clients would support 'millionaire tax' if money used to put US fiscal house in order. Google chairman says higher taxes wouldn't crimp his spending.