Nancy Cook

Stories by Nancy Cook

  • Economic Troubles May Have Driven Shahzad to Terror

    Five days after the attempted car bombing in New York City's Times Square, new details have emerged about the alleged attacker's troubled financial life, as well as the government's slow response in tracking him. According to The New York Times, Faisal Shahzad hit a rough patch during the recession. JPMorgan Chase foreclosed last summer on the Shelton, Conn., house he shared with his Colorado-born wife and their two children, while the Los Angeles Times reports that the couple tried to sell broken furniture and used clothes for extra cash. Several media outlets from ABC News to the Times make the intellectual leap that these economic troubles fueled Shahzad's radicalization and his anger toward the U.S. His financial problems prompted him to spend several months in Pakistan, including Peshawar and Waziristan, two areas known for their strong Taliban presence. ...
  • Fabrice Tourre: Gaining Cred on Wall Street

    The Goldman Sachs employee at the center of an SEC investigation may have been denounced in Senate hearings, but he’s being lauded on Wall Street. What gives?
  • Obama's Financial-Reform Speech Short on Specifics

    President Obama tried to capitalize on the growing anger against Wall Street during this morning's speech at Cooper Union in New York, where he urged politicians and bankers not to impede the financial-reform bill currently working its way through the Senate. "Unless your business model relies on bilking people, there's little to fear from these new rules," he said to the audience of roughly 700 people, including two top executives from Goldman Sachs, the investment bank the SEC recently sued for fraud....
  • Even the Wall Street Insiders Are Skeptical of Goldman

    Goldman Sachs’s first-quarter earnings increased by 91 percent, but these better-than-expected results still were not enough to overshadow the civil suit the SEC filed against the bank on Friday for allegedly misleading investors.   Even the Wall Street analysts from insider banks such as Deutsche Bank and Credit Suisse wanted to talk about the lawsuit on the Tuesday-morning earnings call, which Goldman, in an unusual move, opened to the public.   Goldman's general counsel, Greg Palm, spent the first part of the conversation laying out the case for the company's innocence.He says the bank had no economic incentive to create a portfolio of mortgage investments it knew would fail. (The bank lost more than $100 million by making the long bet against the housing market, he says). But the main thrust of his argument was that the parties involved in the Abacus deal were not some wide-eyed investors. They were savvy and familiar enough with Wall ...
  • Goldman Sachs Sued for Fraud

    Just when Americans thought Wall Street had escaped any repercussions for helping to cause the financial crisis, the Securities and Exchange Commission shows it has a pulse! ...
  • Congress Plays Politics With Unemployment Insurance

    Congress is back from vacation and scheduled to vote Monday afternoon on extending unemployment insurance benefits for an extra four weeks, primarily for people who have been out of work for several months. ...
  • Greenspan Continues to Chip Away at His Legacy

    In his testimony before the Financial Crisis Inquiry Commission this morning, Alan Greenspan masterfully blamed everyone but the Federal Reserve for their role in the blossoming of the subprime mortgage market and the ensuing financial collapse. It was an amazing performance in the technique of covering your ass....
  • Is Rhode Island the Most Corrupt State?

    Rhode Island may have slightly more than 1 million residents, but its politicians have wowed political junkies by blatantly taking bribes in office, working with the mob, and serving jail time.