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The latest news on Money Media from Business Insider

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    michael lewis

    Michael Lewis' latest piece for The New Republic explores his childhood as a gentile going to a Jewish school in New Orleans, the Isidore Newman School.

    He was asked to return to the place where he was "incarcerated" from age 5 to 17 to address the Cum Laude Society — a society to which he never belonged.

    Since it's Michael Lewis, the essay reads like a clean, simple reflection but when all is said and done, it's clear the piece is about the ongoing negotiation between who we are, who we were, and how the world sees us.

    Lewis went back home to be treated with respect and to be held up as a hero, but in reality, he says, he was a pretty rowdy kid, and the memories all came back to him as he sat ready to receive an award.

    From The New Republic:

    ....slow-motion replays of the several times I nearly succeeded in getting myself tossed out of the Isidore Newman School. There was the hook report of Johnny Tremain, pathetically plagiarized word for word from a long blurb Oil the back of the dust jacket. There was the English teacher to whom, in the wake of her scathing and accurate evaluation of my person, I had actually said, "Are you always so pleasant to deal with or is this just an especially good day for you?"

    Then there was the perhaps first ever attempt to read a pornographic subtext into that singular portrait of childhood innocence, To Kill a Mockingbird. You may recall that one of its characters is a boy named Dill, who, possibly to emphasize his rootlessness, was given no last name. Possessed by some demon, I raised my eight-grade hand and announced my discovery that Dill's father was named Robert Doe. The teacher stood frozen in place as I prodded him with the obvious follow-up questions: "So what does that make Dill's name now?

    At least he knew how to stand out, right?

    Read the full essay at The New Republic>

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    Kelly Evans

    TVNewser's Chris Ariens reports that CNBC's 28-year-old star anchor Kelly Evans could be returning from the London headquarters to anchor "Squawk on the Street." 

    TVNewser hears Kelly Evans who joined CNBC from The Wall Street Journal last year and who currently anchors “Worldwide Exchange” from London, will be returning to CNBC HQ in the coming weeks and could land at “Squawk” alongside Carl Quintanilla, David Faber,Simon Hobbs and Jim Cramer. But no definitive plans are in place, insiders say.

    "Squawk on the Street" was the show that Erin Burnett anchored when she was at the financial television network. 

    [Hat Tip: Talking Biz News]

    SEE ALSO: Here's Everything You Need To Know About Kelly Evans

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    Tom Keene

    On social media, it's become popular to post pictures of your childhood for so-called "Throwback Thursday."

    In honor of this, Bloomberg TV has shared with us childhood pictures of some of their anchors. 

    Now it's time for you to guess who they are.

    Don't worry if you can't  recognize them, we've included the photos in the slides that follow to test your knowledge. 


    Who is this cutie with cake on her face?

    It's Emily Chang, the San Francisco-based anchor of 'Bloomberg West'.

    This Bloomberg TV anchor had a classic fashion sense from an early age.

    See the rest of the story at Business Insider

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    CNBC is now making videos of puppets reenacting the Goldman Sachs elevator Twitter account — the popular handle that claims to Tweet elevator gossip from within the investment bank. 

    Seriously. We're not making this up. 

    In a press release CNBC Digital announced the launch of the new video studio, CNBC Digital Workshop, which develops and produces original video programming for CNBC Digital products. 

    Here's an excerpt from the release:  

    The Puppets Can Hear You­ – ­yes, we said puppets. In a video homage to the popular twitter feed, "@GSElevator," puppets bring to life verbatim comments that did not stay in a Wall Street elevator (#ThePuppetsCanHearYou, @PuppetsOH).

    Check out the puppet videos below: 

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    Bloomberg TV anchor Stephanie Ruhle welcomed a beautiful baby girl last week. 

    Her daughter, Drew Beachley Hubbard, was born on Friday, April 19th. 

    Congrats, Stephanie!

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    CNBC's Michelle Caruso-Cabrera ripped into the New York Attorney General Eric Schneiderman this morning on "Squawk Box"accusing him of not knowing the facts relating to a lawsuit against Bank of America and Wells Fargo over mortgages. 

    Then, she laid into him again on "Power Lunch." 

    "I think the situation spoke to a larger question about the Attorney General himself. He's known as a crusader. A lot of people on Wall Street are understandably critical of him. They wonder if he's gone to the Eliot Spitzer School of Advancement, you know, he wants to make a big name for himself and move on to a higher office. And when he doesn't necessarily know the facts of the case, that he's presented in the press release, it makes you wonder if he's just using them as some kind of pawn in order to advance himself," Caruso-Cabrera said.

    Watch the original exchange and reaction below: 

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    jim cramer bizarre episode

    There's a big debate going on in the world of financial media about what really is news and what really is just entertainment.

    Scratch that, it's a debate going on in all media.

    In terms of business news, though, no network has been more criticized than CNBC. The channel was mentioned over and over again in Heleine Olen's recent book "Pound Foolish: Exposing the Dark Side of the Personal Finance Industry,"and even before that, USA Today, Jon Stewart and more accused the network of working investors into a frenzy for ratings.

    Well now it's The Onion's turn. Check out this headline —'Everyone Who Started Watching 'Mad Money' In 2005 Now Billionaires'.

    An excerpt (from The Onion):

    [Host] Jim Cramer turned out to be 100 percent accurate with every stock he said to buy, sell, or hold; I started out by investing $600, and now I have a net worth of $4.1 billion,” said former dishwasher Paul Welling from the plush 100-seat TV room aboard his custom luxury yacht. “All I had to do was follow Jim’s investment instructions and then sit back as the millions upon millions rolled in every day for the past eight years. And actually, I myself watched no more than three times weekly, and today I own a media conglomerate.”

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    bloomberg matthew winklerBloomberg has been hit by a scandal involving its reporters using private client data from Bloomberg Terminal users to fuel their coverage of news stories

    Bloomberg has called this behavior a "mistake."

    But there are still some outstanding questions about exactly what private client information reporters were able to access, as well as whether reporters were encouraged to snoop on clients by senior editors at Bloomberg News or whether they did this on their own without senior management knowing.

    We have asked Bloomberg to address these questions, but the company has declined to respond on the record.

    If you're not familiar with Bloomberg Terminals, they are machines targeted toward financial professionals that allow them to access news, data, stock quotes and message one another. They cost about $20,000 per year. 

    The New York Post revealed last week that Bloomberg reporters have used private client data from terminal users at Goldman Sachs and JPMorgan for stories. After Goldman complained about an unnamed reporter pointing out that a partner at the bank had not logged in and inquired if he had left the firm, Bloomberg cut off access to this data for its reporters. 

    Bloomberg has said that its reporters could only see general functions that its clients were using, not the specific securities the clients looked at or the specific communications the clients sent and received (with the exception of transcripts of calls to Bloomberg's help desk).  Bloomberg also said in several statements that reporters could not see which news stories clients were reading.

    Gawker, however, has reported that that reporters could look at an individual story and find out who read it and who emailed it.  The function on the Bloomberg Terminal to do this, the Gawker source said, is 2<GO>. An anonymous source who claimed to be a former Bloomberg editor told us the same thing.

    In other words, this source asserted, reporters could not look at a specific client and see which stories he or she was reading, but they could look at a story and see who had read it.

    We checked with several sources at Bloomberg about this. All three denied the Gawker report, saying that the 2<GO> function merely shows how many people had read a particular story, not who had read it.

    Another question that Bloomberg has yet to answer is whether Bloomberg News reporters were encouraged to use private data to spy on clients, or whether they did this on their own.

    Gawker has reported that the spying scandal originated at the top.  According to Gawker, the editor in chief of Bloomberg News, Matthew Winkler, encouraged reporters to check to see if specific bankers were using the "job listings" function on the terminal as a way of detecting whether they might soon being leaving their firms.

    Bloomberg provided an on-the-record comment to Gawker, but it did not challenge this assertion.    

    Bloomberg has not publicly laid the blame for the spying scandal at anyone's feet. But both Dan Doctoroff, Bloomberg's CEO, and Matt Winkler, Bloomberg's editor in chief, have publicly apologized.

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    bloomberg matthew winkler

    The New York Post's Mark DeCambre reports that Bloomberg LP's CEO Dan Doctoroff is frustrated that Editor-in-Chief Matthew Winkler isn't being held more accountable amid the spy scandal because of his untouchable status. 

    From the Post: 

    Sources present at a recent discussion with Doctoroff said he indicated that he wanted to hold Winkler more accountable for the offending practices but believed that his options were limited because of internal politics and long-held allegiances.

    A Bloomberg spokesperson told the Post that it's not true about Doctoroff being frustrated. 

    Earlier this month, it was revealed that Bloomberg News reporters used private information from Bloomberg terminals to spy on employees at banks to fuel their coverage.  Specifically, reporters were looking to see whether employees had logged on or not to determine if they were still with their firm.  

    If you're not already familiar, a Bloomberg Terminal is a computer that's targeted toward financial professionals so they can message other users, obtain real-time market data, news, and stock quotes among many other functions.  They cost about $20,000 per year and they're extremley popular on Wall Street. 

    Following the news of the spying scandal, the bow-tie wearing editor wrote an op-ed piece called "Holding Ourselves Accountable." In it, he explained what data reporters had access to and why they had access in the first place.

    No one has been fired because of the scandal. 

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    Monday, June 10th – 6:30am live with 3M CEO Inge Thulin.  You have no idea the technical hoops the team jumped through to make this happen.

    CNBC's Michelle Caruso-Cabrera is known for being opinionated and well-researched.

    Therefore, she's attracted a fanbase standing from investment bankers to weekend traders.

    Caruso-Cabrera is also CNBC's Chief International Correspondent.

    That means she gets to travel the world for her a lot of her CNBC assignments. 

    She showed us what it's like reporting abroad by sharing photos and captions from her recent trip to Mexico City where she interviewed 3M CEO Inge Thulin and Mexican billionaire Carlos Slim. 

    Her interview with Slim airs today on CNBC.

    In the meantime, let's take a trip with her. 

    This is Michelle Caruso-Cabrera, our tour guide.

    Thursday, June 6th – 4pm last minute prepping for the trip to Mexico City.

    Bags packed: clothes and yes, paper files. I'm old fashioned like that.

    See the rest of the story at Business Insider

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    john hilsenrath, rick santelli

    The chief economic correspondent for The Wall Street Journal, Jon Hilsenrath, and CNBC's outspoken correspondent Rick Santelli just got in a really heated exchange on CNBC moments ago ahead of today's Fed decision. 

    "I would like to welcome Jon Hilsenrath ... Listen Jon, and I mean no disrespect ..."

    "That's always a loaded introduction to a comment," Hilsenrath responded. 

    Santelli continued and asked Hilsenrath why reporters throw so many "softball questions" at these press conferences and why Hilsenrath thinks we need Quantitative Easing. 

    "You're jumping to a whole bunch of conclusions here...Let's start with QE. I don't argue in any of my stories that we either do or don't. I'll explain what I do. I'm a reporter. I do several things. I try to inform the public about what the Fed is up to. People don't like hearing what the Fed is up to then that's part of the process of me informing them. I do think I try to hold them accountable. We ask tough questions at the press conference and elsewhere..." 

    "What was the question you asked last time?" Santelli pressed. 

    "How long are you going to stick around? I think a lot of people wanted to know that," Hilsenrath said.

    "I don't know. I don't think that's a tough question, Jon." 

    Santelli told Hilsenrath that the reason that his stories move the markets is because the world at large believes he's sourced.

    "That's a reality. You can protest all you want." 

    Hilsenrath then gave Santelli a lesson in journalism. 

    "Of course I'm sourced. Every good reporter should be."

    Hilsenrath is the Washington, D.C-based correspondent  responsible for covering the Fed.  It's widely believed that he has better access to Fed chairman Ben Bernanke and the rest of the Fed than other reporters out there.  He has even earned the nickname "Fed Wire." 

    Santelli then argued that Hilsenrath doesn't hold people accountable.  

    "Part of me holding people accountable is holding people like you accountable, Rick," Hilsenrath shot back.

    Hilsenrath got Santelli again at the end of the interview.  

    "Where are all the bad things that you have been saying are going to happen?"

    Here's the video: 

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    Bloomberg Businessweek, the magazine known for its bold covers, makes Booz Allen Hamilton look totally evil.

    In side the magazine, is a feature story about the consulting firm calling it "the world's most profitable spy organization."

    Booz Allen was the firm that Edward Snowden, the National Security Agency whistleblower, worked for as a computer technician. 

    Check out the cover (via @jimaley): 

    Bloomberg Businessweek cover

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    Former MSNBC host Dylan Ratigan left the media world in New York to work with a hydroponic farm in California that helps create jobs for U.S. military veterans. 

    When Ratigan returned to the city for a visit, we visited the Union Square Farmer's market with him.  

    Check it out: 


    Produced by Business Insider Video

    SEE ALSO: Ratigan's Early Career: Hanging With Bloomberg's Ex-Wife, And Spending His $10K Monthly Expense Account

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    andrew ross sorkin

    Finance books aren't usually considered a good beach read.

    But according to New York Times columnist Andrew Ross Sorkin, a solid Wall Street page turner can be just what you need to get you through summer vacation.

    This morning he published his "essential Wall Street summer reading list in Dealbook," from dramatic narratives to meaty economic history.

    There are 13 books on the list, we've listed about half. For the rest, head to NYT.

    1. "Den of Thieves" by James Stewart

    "The book is a masterful look at the insider trading scandals and greed on Wall Street of the late 1980s and mirrors much of the current narrative with a colorful cast of characters," writes Sorkin.

    2. "Barbarians at the Gate: The Fall of RJR Nabisco” by Bryan Burrough and John Helyar

    Be embarrassed if you haven't read this absolute classic already — about the leveraged buyout of RJR Nabisco.

    3. “Liar’s Poker” by Michael Lewis

    "Liar's Poker" charts through Lewis's time as a trader at Salomon Brothers.

    4. “The Informant” by Kurt Eichenwald

    Sorkin calls this book, about the Archer Daniels Midland price-fixing scandal, underappreciated. "The book reads like a John Grisham thriller that just happens to be true and happens to be about business," he writes.

    5. “Indecent Exposure” by David McClintick

    "A rollicking good read about a Hollywood scandal and the ultimate boardroom power struggle at Columbia Pictures," Sorkin writes.

    6. “Lords of Finance: The Bankers Who Broke the World” by Liaquat Ahamed

    For a good Fed read, pick this one up. Ahamed won the Pulitzer Prize for his book about the runup to the Great Depression. It's also a favorite book of Ben Bernanke and Tim Geithner, according to Sorkin.

    7. "Capitalism and Freedom" by Milton Friedman

    Sorkin calls this "a seminal work that helped frame a long and heated debate about capitalism versus socialism that is still at the heart of the American discussion of the economy and politics."

    8. “The World Is Flat: A Brief History of the Twenty-First Century" by Tom Friedman

    Friedman, Sorkin's colleague at the Times, "changed the way we think about global business, competitiveness and the implication for far-flung economies, governments, education and more."

    Read the full piece at The New York Times>

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    Scott Wapner

    All around, it's bad news for CNBC. According to a memo leaked to ValueWalk, the channel is experiencing their worst ratings in the all-important 25-54 age group bracket since 1994.

    In total views, ratings agency Nielsen said that June was the worst month CNBC had had since September 2004 — in key shows too.

    Here's the breakdown for ages across the board:

    • Squawk Box declined 9% y/o/y.
    • Squawk on the Street declined 21% y/o/y.
    • Fast Money Options Action declined 30% y/o/y.
    • Mad Money declined 39% y/o/y.
    • Kudlow Report declined 40% y/o/y.


    The one bright spot is the Fast Money Halftime Report on at noon. Word is, host Scott Wapner (of Icahn-Ackman feud referee fame) has been thanking his guests for an awesome 22% y/o/y jump in the show's viewership among 25-54 year-olds.

    Someone's gotta do the heavy lifting.

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    SPITZER kernan

    Eliot Spitzer is on Squawk Box this morning — not his most loved audience, as he was the Sheriff of Wall Street back in the day.

    So let's not preamble. First question came from Andrew Ross Sorkin and it was not a joke.

    "Would you trust a felon to manage your money?"

    Spitzer, the consummate politician, flipped the question. He said that New Yorkers should look at his record as a reformer, "I was one of the more prescient voices on Wall Street ... criticized by National Review for saying that we should rein in national debt ... I didn't buy into the "new paradigm," he added.

    Things only got worse form there. Sorkin pointed out that Spitzer was the state's top cop but broke the law. ... Spitzer responded with more about redemption, yadda, yadda, and then this gem from Sorkin:

    "Can you unequivocally say you haven't been with a prostitute?"

    Spitzer said "Yes ... eventually the questions about my private life will have to defer to the issues of this campaign."

    But it wasn't going to be this morning. After Sorkin was done with his questioning, Joe Kernen stepped in, "You were Gov of NY, do you just want to be controller or be Governor again? ... Hookers, infidelity, we read about it, I don't want to sit in judgement. ... It's almost as if someone wonders if there's a screw loose and wonders if that could happen again," said Kernen

    "Hubris is terminal," said Spitzer in response. "I think the learning process is recognizing that and learning from it."

    But Joe wasn't done. He interjected, "I'm not hurt like people that were close to you ... but it's almost like a Shakespearean thing."

    Spitzer did have a chance to explain (briefly) why he wanted to be NYC Comptroller. He said, "I have been speaking about the role that the comptroller plays for years ... as institutional investors," adding that he wanted to "reinvigorate" the office.

    Oh, and for all you Wall Streeters, Kernen did ask Spitzer if he would be a "kinder, gentler" Comptroller than he was Attorney General.

    The short answer was yes; the long answer: "I want to make something really clear ... It was never personal for me. Never once," said Spitzer. "We were seeking to establish certain principles for governemnt, that was it ... I like these guys. They may not want to have lunch with me ... but I never dislike people."

    So that could've been worse, right?

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    Larry King Carol Massar

    Legendary suspender-wearing radio/TV host Larry King was on Bloomberg Radio this morning with anchor Kathleen Hays.

    Most of the nearly 12 minute segment was pretty normal (he talked about his love of Radio) but then things got weird toward the end of the segment when host Carol Massar joined them. 

    We've transcribed this part of the segment and have included the audio below. 

    Larry King:"You put me in front of a radio microphone because you know what's great about radio?...Who's this beautiful woman?"

    Kathleen Hays: "Carol Massar... She's one of the hosts of 'Taking Stock' coming up next."

    Carol Massar: "Hello."

    King: "You follow her, Kathleen, everyday?"

    Hays:"I do. I do. I do and Pimm Fox."

    King:"Now you see if you're listening at home now."

    Hays:"You've got about 10, 15 seconds."

    King [sultry voice]:"There two beautiful women and you can imagine I'm sitting with two...What's your name again?" [laughter]

    Female Hosts: "Carol."

    King [sultry voice]: "Carol, don't touch me like that. Carol." [giggle]

    Host:"Wait a minute!"

    King: Now you see here's what the beauty of radio anybody listening can fantasize this. Carol, Carol, oh Carol.

    Female Host [whisper]: Alright

    King [sultry voice]: "Ohhh thank you, Carol."

    Female Host [whisper]: Alright.

    Massar: "He's coming back."

    Hays: "Larry King, thank you for joining us today!"

    Listen below:


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    Outspoken NBA hall of fame member Sir Charles Barkley joined CNBC's Maria Bartiromo on the "Closing Bell" for a tremendous interview. 

    We've included some of his insights on jobs, the market and life below. He also weighed in on the George Zimmerman trial and agreed that he should have been acquitted. 

    On the only jobs in the world that count: 

    "Well, Maria, no disrespect to you. There's only five real jobs in the world — teacher, farmer, policemen, doctor and somebody's who's in the armed service. Everybody else can just shut the hell up and enjoy life. You know, I think those five jobs are really important and significant. If you don't have one of those jobs, you shouldn't take yourself that serious."

    On investing in the market and protecting your wealth: 

    Barkley:"I do have money in this market. The key, when you have money, I'm not bragging just blessed to have money, you probably want to risk only 20, 25% of it. You know 70% you just want to put in safe stuff. You know 70% of professional athletes go broke." 

    Bartiromo:"That is amazing. I feel like the more money you have, the more risk you are to lose it."

    Barkley:"The more free loaders you have, actually. You just have to learn to tell your family and friends 'No.' Once you start giving people money they never stop.  You become an enabler.  Once you start giving people money, they never stop. It is not like you say, 'Hey, let me give you money,' but they keep coming back. You have to learn the magic word 'No, I'm not giving you money.'"

    Bartiromo: But you have to put your money in the market for long-term investment games. 
    Barkley: Well, the key is singles and doubles. Most of the time, you probably get a hundred investment plans and opportunities a week. Most of them start out saying, 'I have a way to make a lot of money.' Very seldom do you have an investment to make a lot of money. Not very often do you hit a home run. Just a lot of singles and doubles. I've been blessed to make a lot of money for a long period of time. I just want singles and doubles. 
    On why people who Tweet are idiots:
    "I would never Tweet. The thing about being in the lime light, you're like the homecoming queen, all of the ugly girls hate you. When you are successful, there is animosity toward you. It doesn't matter what you say. Half of the people like it and half of the people dislike that. I choose not to give those that don't like me ammunition." 
    On why we should appreciate the smart kids in high school: 
    "...Going back to '84 when I first got into the NBA and became somewhat known, there's built-in animosity toward people who are successful. When I was in high school, me and my friends hated the smart people because we were dumb. We didn't know we were idiots for being dumb. We should have appreciated those kids for being smart and being successful. And like I say, dumb people don't like smart people. Poor people don't like rich people. Ugly people don't like good looking people. Psychologically, there's a disadvantage...I don't need the haters." 
    Watch the rest of the interview below: 


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    CNBC anchor Mandy Drury, who is an Australian native and a former Great Barrier Reef lifeguard, gave tips on how to not get eaten by a shark in a new video posted on

    This is an important life hack, so pay attention.

    Here they are: Don't wear "yummy yellow" and don't play with a dog, she says. 

    "Don't wear yummy yellow because sharks have very bad vision, but they can spot yellow and orange. So we're always told don't wear yummy yellow. Don't play with a dog before going in the water because dogs have a much stronger smell and that smell rubs off on you and sharks can detect that much further away."

    Drury says she likes to wear dark blue, green or black when it comes to her swimsuit.

    Check it out below: 

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    David Faber

    When you're taking in your must-read financial news, you're probably dreaming about the journalists who brought you each sentence and number.

    Brains are, after all, very attractive.

    Now, put that together with an actually good looking person and you've got a dangerous combination.

    We found the 35 sexiest financial journalists in both print and TV who embody brains and beauty.

    They'll get some information out of you for sure.

    Jon Hilsenrath, economics reporter for the Wall Street Journal. He's known for breaking stories about the Fed.

    David Faber, CNBC host of 'Squawk on the Street.' He's a badass deal reporter. He breaks a lot of news.

    Trish Regan, Bloomberg TV's 'Street Smart' anchor (She was a former Miss New Hampshire in the Miss America pageant)

    See the rest of the story at Business Insider

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