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A reporter shadowed eight young people during their first two years on Wall Street, when the bailouts were still fresh and anti-Wall Street sentiments were running high.
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As the U.S. Postal Service continues to lose money, a new report suggests a way to add to its bottom line: offer banklike services, such as a cash card that would allow customers to load their paychecks and pay bills online. The idea is to provide services that are now unavailable in many communities.
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A handful of Silicon Valley entrepreneurs say it's time to turn your finances over to bots. Algorithms can monitor a person's financial behavior better than most advisers, they say, and aren't biased by commissions or complex fee structures.
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Federal regulators are cracking down on banks that are offering services called deposit advances. Many argue that the service is the same as payday loans and could lead consumers into a cycle of debt.
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The interest rate on jumbo mortgages — those that exceed a government-set cap of $417,000 — has fallen below the rate for traditional loans. Mortgage industry observers say it's the first time this has happened.
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People are much worse at solving puzzles when they're first reminded of money problems, scientists say. Fretting about about finances can slow down your thinking as much as losing a night's sleep, researchers say.
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"We didn't feel any malice" toward Tourre, a juror said. "We felt sympathy at times."
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The SEC pursued civil charges against Fabrice Tourre, meaning that his punishment could range from a fine to a lifetime ban from trading in securities. A federal jury in New York City found that Tourre misled investors in a mortgage securities deal.
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The government says it has "voluminous" evidence to prove the firm knowingly participated in insider trading over a 10-year period.
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But billionaire hedge fund owner Steven Cohen was not hit with criminal charges. SAC is charged with one count of wire fraud and four counts of securities fraud in connection with alleged insider trading by "numerous employees."