As Occupy Wall Street continues to spread into a full fledge organization with branches throughout the United States the organization is said to be searching for an account who would be responsible for managing its funds.

To find an accountant the group formed a subcommittee called the OWS Accounting Working Group and has begun interviewing possible matches for the position. The subcommittees top choice must then be approved by the organizations General Assembly.

According to various reports the groups coffers have reached approximately $230,000 while an additional $100,000 has been set aside as a bail fund for jailed Occupiers.

While hiring an accountant might seem like a strange move for the anti-corporate regime they point out that such an employee would provide the group with the transparency they desire while essentially working as an independent auditor.

The group also helps that their accountant can quickly help resolve any money disputes, such as the time when a group of drummers demanded $8,000 for their participation in OWS events.

The move to bring in an outside accountant could also be what the organization needs to show potential supporters that their money is going to good use, while Occupy Wall Street use to bring in tens of thousands of dollars every single day they have failed to drum up the same type of support recently with just $215 earned on January 3rd. and $320 received on the 4th.

Do you think an OWS accountant can give the organization enough credibility to once again begin receiving large sums of support cash?

Occupy Wall Street Searches For Accountant To Manage Donations is a post from: The Inquisitr

Raj Rajaratnam, founder of the Galleon Group hedge fund, received the longest-ever sentence for insider trading last month  and now he’s broken another record.

Rajaratnam on Tuesday was ordered to pay a $92.8 million penalty in a civil suit which when combined with last months fines and forfeitures ( $10 million fine and $53.8 million in forfeited profits)  takes his overall penalties to $156.6 million, a new record for insider trading.

According to the federal judge overseeing his case the huge penalty was necessary in order to send a message to other insider traders that getting caught is a “money-losing proposition” that shouldn’t be taken lightly.

The judge continued:

“When to this is added the huge and brazen nature of Rajaratnam’s insider trading scheme, which, even by his own estimate, netted tens of millions of dollars and continued for years, this case cries out for the kind of civil penalty that will deprive this defendant of a material part of his fortune.”

While it is still not clear how much money Mr. Rajaratnam has left Judge Jed S. Rakoff said a review of the government’s presentence report shows that his net worth “considerably exceeds” all penalties that have been imposed against the billionaire investor during his trials.

Do you believe the federal government should seize all of a trader’s assets when they are found guilty of insider trading or is a large penalty and lengthy jail sentence enough of a punishment to deter future issues?

Galleon Group Founder Ordered To Pay Additional $92.8 Million [Civil Lawsuit] is a post from: The Inquisitr

Social buying company Groupon Inc. may increase the initial asking price for their IPO after higher-than-expected demand for the company’s shares have been requested by investors.

Part of the company’s high demand comes after they announced plans to float just 4.7 percent of their shares, a stunt meant to increase share prices by placing constraints on supply.

If the company sticks to their plans for a 4.7 percent offering it will be the lowest number of shares sold by any U.S. Internet company of more than $200 million since 2000. Typically an IPO will offer 20 to 25 percent of a company’s shares to investors

The initial public offering is currently being shown to investors and the company hopes to complete the offering on November 3.

Speaking to Bloomberg Brett Harriss, an analyst at Gabelli & Co. in Rye said:

“I’m sure that it’s going to be fully subscribed,” while also noting, “It’s a thin stock to start and, despite the recent criticism, they tell a good story.”

According to an Oct. 21 regulatory filing Groupon is seeking up to $540 million through the sale of 30 million shares at an expected cost of $16 to $18 per share.

This is one stock I’ll be avoiding with all my will power. Do you believe that Groupon is overvalued or worth the investment?

Groupon Could Raise IPO Pricing By Using Supply Tactics is a post from: The Inquisitr

Social buying website Groupon on Friday announced that their official IPO will occur on November 4. The company hopes to raise $621 million during their initial offering, enough to value the company at $11.4 billion.

At one point Groupon had said they could raise as much as $750 million to value the company at upwards of $15 billion however they recently scaled back their expectations after the SEC became wary of the company’s odd accounting practices.

At this time Groupon will only be releasing 5% of company shares in the hopes they can create volatility for their product and push up stock prices for future offerings.

Before preparing to file Groupon has amended their filing papers to show a smaller quarterly loss than originally suspected. According to their S1 filing Groupon’s loss for Q3 2011 was $10.6 million, far less than the $49 million they loss in the same quarter 2010.

The company’s revenue also skyrocketed in 2011 with a Q3 bringing in $430.1 million up from $81.8 million during the same period last year.

Groupon also grew their user base to more than 143 million members, up from 21 million the year prior while 30 million people purchased a daily-deal voucher in 2011, far exceeding the 4.6 million vouchers the company sold in 2010.

Do you think the current expected valuation for Groupon is too high given the fact that they are still recording losses and using accounting practices that have some investors worried about the viability of its business model?

Groupon IPO Set For November 4, Hoping For $11.4 Billion Valuation is a post from: The Inquisitr

It wasn’t a good quarter to be a trader or investor at financial firm Goldman Sachs after the company posted a $428 million loss on Wednesday, equivalent to 84 centers per share.

Analysts had expected the company to post a 16 cent per share loss however the company recorded a loss of $2.48 billion in its Investment & Lending division, the sector of the company that controls stocks, bonds and other long-term holdings.

The loss includes $1.05 billion from Goldman’s private equity investment for the Industrial and Commercial Bank of China.

Speaking about the losses CEO Lloyd Blankfein said:

“Our results were significantly impacted by the environment, and we were disappointed to record a loss.”

The quarterly loss is only the second time in Goldman Sachs history that the company reported negative results. The last negative reporting quarter came in Q4 2008 as the economy spun out of control and Lehman Brothers disappeared into the night.

Compared to the same time last year the company’s revenues were down 60% while they also fell 51% from Q2 2011.

According to the financial statement the companies urrency and commodities client trading business, once a key profit creator for the company reported just $1.73 billion in revenue, down by 36 percent from one year earlier.

Are you surprised to learn that Goldmach Sachs has fallen so fast, so quickly?

Goldman Sachs Reveals $428 Million Loss In Q3 2011 is a post from: The Inquisitr

Occupy Wall Street protesters have a little reason to celebrate today as a new report from the New York state comptroller warns that 10,000 securities industry jobs will be shed on Wall Street before the end of 2012.

News of the layoffs shouldn’t come as a surprise with the securities industry already cutting 4,100 jobs since April while various other jobs have been announced for the chopping block.

Bank of America could be responsible for a big chunk of the expected layoffs after the company’s “New BAC” program announced plans for 30,000 layoffs although they have not directly tied a certain number of those firings to the securities industry in New York City.

Also cutting jobs are Barclays and Credit Suisse Group while Goldman Sachs plans to eliminate 1,000 jobs.

According to the head of the New York business group:

“The banks I talk to are talking about significantly reduced compensation … and layoffs and downsizing,” while adding, “There’s going to be a real impact on the New York City economy.”

Do you believe 10,000 layoffs on Wall Street will have any type of significant difference on the way things are done? Given the high bonus levels and lack of regulation I’m going to say it will have no difference at all.

10,000 Wall Street Employees To Lose Jobs In 2012 is a post from: The Inquisitr

The 99% are growing louder. Wednesday saw numbers at the ‘Occupy Wall Street’ protests grow to their largest numbers yet, after local unions pledged support for the goals of protestors.

The demonstrations against income inequality, corporate greed, corruption and several other social ills are now in their third week.

While the protestors remain leaderless and their aims are scattered, there is no doubt that momentum is being gained. Protestors yesterday trekked from lower Manhattan’s Zuccotti Park to Foley Square near City Hall, the crowd reportedly stretching across a dozen city blocks.

The fresh endorsement of several unions saw thousands join the protesters’ street theater on Wednesday, according to labor leaders. The Amalgamated Transit Union is one such union. It boasts 20,000 members in the New York area, and international president Larry Hanley had this to say to CNN:

“It’s really simple. These young people on Wall Street are giving voice to many of the problems that working people in America have been confronting over the last several years. These young people are speaking for the vast majority of Americans who are frustrated by the bankers and brokers who have profited on the backs of hard-working people. While we battle it out day after day, month after month, the millionaires and billionaires on Wall Street sit by – untouched – and lecture us on the level of our sacrifice.”

Other unions have suggested that they and the Wall Street protestors have shared aims. According to Transport Workers Union Local 100 spokesman Jim Gannon:

“Their goals are our goals. They brought a spotlight on issues that we’ve believed in for quite some time now. Wall Street caused the implosion in the first place and is getting away scot-free while workers, transit workers, everybody, is forced to pay for their excesses.”

Due to the somewhat amorphous structure and movement of the protests, tracking the numbers involved is difficult, but there is little doubt Wednesday saw the biggest body of protestors to date.

Meanwhile, following a string of arrests, protestors are pursuing a class action lawsuit against the New York Police Department and Mayor Michael Bloomberg for their “unconstitutional effort to disrupt and suppress” demonstrations.

The lawsuits follow a September 24 pepper spray incident (video below) involving apparently innocent, non-violent protestors and police officer NYPD Deputy Inspector Anthony Bologna.

Unions Endorse Wall Street Protests, Numbers Swell is a post from: The Inquisitr

The Occupy Wall Street protests are going into their third week, as demonstrations spread to cities like Boston, Melbourne, Montreal and Prague.

Today, one of the demonstration’s designated spokespeople, Patrick Bruner, urged protestors to dress as zombies and engage in some banker mockery as protests stretch into day 16. A directive regarding the zombie initiative indicated:

Everyone come dressed as a corporate zombie! This means jacket and tie if possible, white face, fake blood, eating monopoly money, and doing a slow march, so when people come to work on Monday in this neighborhood they see us reflecting the metaphor of their actions. Tell your friends, Facebook it, Twitter it, and it can be MJ Thriller-style too! Create a different image than police brutality!

(Someone should really send those people some gold coins, at least.) Gawker points out that the zombie thing might be a bit casual for a protest with some serious goals, and suggested an opposite tactic:

You guys should all put on spotless tailored suits, slick back your hair, and march around Zuccotti Park in neat rows, shouting into cell phones about your investments. That would make a statement, and also shut up all the ”dirty stinky hippie”-haters, at least for a day or so.

The protests have been gaining traction as they wear on, with some high profile names lending support and visiting the site of the demonstrations. Susan Sarandon, Michael Moore, Dr. Cornell West and Russell Simmons have all visited, and on his Twitter account, Alec Baldwin tweeted the video of the protesters getting maced- calling the clip “unsettling” and adding that the NYPD has a “PR problem.” Van Jones also appeared on Real Time With Bill Maher last week, saying he was “so proud” of the young people standing up to be heard.

[Image]

Occupy Wall Street Goes Zombie Today is a post from: The Inquisitr

Susan Sarandon, star of Dead Man Walking and, uh, Wall Street, has made an appearance at the ‘Occupy Wall Street’ protests in New York.

The Oscar-winning actress, also renowned as a keen activist for progressive and left-leaning causes, joined the 11-day-old protest against corporate greed. She left for a flight to Italy in the afternoon, but promised to return next week.

While at the protest site, MSNBC grabbed Sarandon for a chat, in which she admitted she had come along to get schooled:

“I came down here to educate myself. It’s been really informative and I’ll be back [following a trip to Italy]. There’s a huge void between the rich and the poor in this country.”

The actress also talked about the slightly fuzzy aims of the protest, emphasizing the need for clear goals:

“Just to be against Wall Street, there’s too much going on. If you can figure out something that has a positive end to it, that’s a constructive criticism. Maybe finance reform. Something that can actually be followed through. [...] We have to start making human decisions and put people at the top of the line.”

While she avoided blaming Wall Street for all of the world’s economic woes (“Greed is widespread all over the world”), Sarandon added she knows nobody who doesn’t think Wall Street deserves to be protested against.

Protestors at Zuccotti Park are promising to continue their disruption of daily Wall Street life, even after police yesterday maced apparently peaceful protestors and made 80 arrests.

Susan Sarandon Joins Wall Street Protesters [Video] is a post from: The Inquisitr

Reports about the size of crowds and the stamina of protesters at Wall Street in New York City vary, but several videos from the “Occupy Wall Street” protests have gone viral and some protesters allege that an overzealous NYPD has been forcefully restraining and even macing peaceful protesters.

Ten days in (the Wall Street protests began September 17th) it seems the movement is gaining steam rather than petering out, with 80 arrests made over the weekend by the NYPD at the site of the demonstrations in downtown Manhattan. 25-year-old Chelsea Elliott is one of the women in the video who is visibly corralled behind orange netting- a crowd control practice known as “kettling”- before, she says, police used mace or pepper spray on the women (who do not appear to be violent), causing them to shriek in pain. Elliott spoke to the New York Times about the incident, video of which has spread violently:

“Out of all the people they chose to spray, it was just me and three other girls,” she said Sunday in a telephone interview. “I’m not pushing against anybody, or trying to escape.”

Elliott adds:

“A cop in a white shirt — I think he’s a superior officer — just comes along and does these quick little spritzes of pepper spray in my and these three other girls’ eyes.”

NYPD spokesman Paul J. Browne says that the pepper spray was used correctly, and only after protesters tried to prevent the barrier from going up- something Browne says was deliberately left out of the clip:

“Pepper spray was used once,” he added, “after individuals confronted officers and tried to prevent them from deploying a mesh barrier — something that was edited out or otherwise not captured in the video.”

Of the protesters arrested over the weekend, most are expected to be released from jail today.

Wall Street Protests Gain Steam as Videos of Alleged Police Brutality Go Viral is a post from: The Inquisitr

Police in New York City on Saturday arrested 80 protesters who were taking part in the “Occupy Wall Street” rally.

One protester told the Wall Street Journal:

“On our march from Union Square the cops proceeded to use nets to round up people.” The 24-year-old protester added, “They split the group into two. As far as I understood, they arrested everyone in the nets.”

The large group of anti-Wall Street protesters gathered to speak out against big banks and the wealthiest American’s more commonly referred to as the “top 1%.”

The rally received word of mouth largely from Twitter and Facebook followers to the event.

Originally the NYPD said they wouldn’t arrest people who chose to protest however rally organizers failed to obtain a permit and police moved forward with arrests.

Even before the roundup occurred some protesters said they heard rumors of coming arrests. One protester noted:

“There’s a lot of speculation that the police are going to throw us out.”

When all was said and done hundreds of people showed up to protest and during their efforts they asked passers-by to sign a petition to support ”the rights of Americans to assemble and practice their rights to free speech and thought.”

I highly doubt any type of permit would have been granted in the first place, besides it’s not like they were disrupting Wall Street workers all that much on a Saturday afternoon.

Do you think the New York Police Department should have kept their promise to allow for a peaceful demonstration?

‘Occupy Wall Street’ Protest Leads To 80 Arrests is a post from: The Inquisitr

With the “Arab Spring” protests of the past year or two serving as inspiration, Twitter and Facebook have been used to organize a large group of protestors on Wall Street and an “occupation” of Wall Street is currently underway.

Twitter is currently also being used as a platform for non-attendees to weigh in on the controversy, with a steady stream of “for” and “against” tweets either lauding the efforts or dismissing protesters as about to get bored and seek a Starbucks on their iPhones or “burn daddy’s money.” Web activist groups and collectives including The Other 98% (an organization lobbying for corporate and top 2% tax reforms and the like) and the formidable Anonymous have been linked with the protests- more of which are occurring in satellite locations.

One circulated statement urging participation said:

“On the 17th of September, we want to see 20,000 people to flood into lower Manhattan, set up beds, kitchens, peaceful barricades and occupy Wall Street for a few months. Like our brothers and sisters in Egypt, Greece, Spain, and Iceland, we plan to use the revolutionary Arab Spring tactic of mass occupation to restore democracy in America. We also encourage the use of nonviolence to achieve our ends and maximize the safety of all participants.”

Currently, #takewallstreet has overtaken #occupywallst as a trending topic on the microblogging service and even celebrities are getting in on the fray. Roseanne Barr has tweeted on her feed, @therealroseanne, and rapper Lupe Fiasco posted:

If anybody needs me I’ll be on Wall St:  #iwilloccupy#occupywallstreet@OccupyWallSt@OccupyWallStNYC

Total headcount estimates for the event have not been attempted yet. The protest’s official site is located here.

Day of Rage Underway on Wall Street, Protestors Flood Downtown Manhattan is a post from: The Inquisitr

Wall Street: Money Never Sleeps, the sequel to the 1987 hit Oliver Stone movie Wall Street is out soon, and a new clip from the movie has been released.

The clip shows Gordon Gekko (Michael Douglas) taking Bretton Woods (Josh Brolin) to task for his business practices.

Out September 24, Wall Street: Money Never Sleeps also stars Shia LaBeouf, Frank Langella, Carey Mulligan, Susan Sarandon and Vanessa Ferlito.

Clip as follows:

New Wall Street: Money Never Sleeps Clip Hits is a post from: The Inquisitr

With all the heat coming down on Wall Street one might feel a little sorry for all those hard working souls that are looking out for our best financial interests. After all if it really gets bad they might have to reconsider their options.

Well if the email that is floating around the InterWebs is even half true this problem is something that they have been considering and in typical vulture fashion they are being to nice about their plans.

“We are Wall Street. It’s our job to make money. Whether it’s a commodity, stock, bond, or some hypothetical piece of fake paper, it doesn’t matter. We would trade baseball cards if it were profitable. I didn’t hear America complaining when the market was roaring to 14,000 and everyone’s 401k doubled every 3 years. Just like gambling, its not a problem until you lose. I’ve never heard of anyone going to Gamblers Anonymous because they won too much in Vegas. Well now the market crapped out, & even though it has come back somewhat, the government and the average Joes are still looking for a scapegoat. God knows there has to be one for everything. Well, here we are.

Go ahead and continue to take us down, but you’re only going to hurt yourselves. What’s going to happen when we can’t find jobs on the Street anymore? Guess what: We’re going to take yours. We get up at 5am & work till 10pm or later. We’re used to not getting up to pee when we have a position. We don’t take an hour or more for a lunch break. We don’t demand a union. We don’t retire at 50 with a pension. We eat what we kill, and when the only thing left to eat is on your dinner plates, we’ll eat that.

For years teachers and other unionized labor have had us fooled. We were too busy working to notice. Do you really think that we are incapable of teaching 3rd graders and doing landscaping? We’re going to take your cushy jobs with tenure and 4 months off a year and whine just like you that we are so-o-o-o underpaid for building the youth of America. Say goodbye to your overtime and double time and a half. I’ll be hitting grounders to the high school baseball team for $5k extra a summer, thank you very much.

So now that we’re going to be making $85k a year without upside, Joe Mainstreet is going to have his revenge, right? Wrong! Guess what: we’re going to stop buying the new 80k car, we aren’t going to leave the 35 percent tip at our business dinners anymore. No more free rides on our backs. We’re going to landscape our own back yards, wash our cars with a garden hose in our driveways. Our money was your money. You spent it. When our money dries up, so does yours.

The difference is, you lived off of it, we rejoiced in it. The Obama administration and the Democratic National Committee might get their way and knock us off the top of the pyramid, but it’s really going to hurt like hell for them when our fat a**es land directly on the middle class of America and knock them to the bottom.

We aren’t dinosaurs. We are smarter and more vicious than that, and we are going to survive. The question is, now that Obama & his administration are making Joe Mainstreet our food supply … will he? and will they?”

Courtesy of Comfortably Smug on Twitter

Wall Streeter’s threatening to take our jobs is a post from: The Inquisitr

Last night I wrote a bit of a list of the various tech companies and what they were doing regarding the relief effort for Haiti. Well today I figured that it would be interesting to see what the big rich boys on Wall Street and the banking industry are doing.

Trust me the list isn’t very long nor it is by any stretch of the imagine overly generous.

• Goldman Sachs: The company that has been paying out record bonuses has chipped in a $1 million to be spread across The Red Cross, CARE, Doctors Without Borders, International Rescue Committee to Save the Children, and the World Food Programme. The company will also be matching any employee donations.
• Morgan Stanley: Apparently they’re good for a $1 million donation on top of their already standard donation of $250,000 to the Red Cross
• JP Morgan: They opened up their hearts to the tune of a $1 million
• Bank of America: BoA is pledging $1 million as well as matching employee contributions.
• Wells Fargo: they’re the cheapies with a donation of $100,000
• CitiGroup: besides donating $2 million they have arranged for shipments of prepackage relief supplies through their partnership with Pan American Development Foundation. At the same time they arranged for a chartered private jet and security teams to rescue company employees that were in the destroyed bank building.

Isn’t nice to see all these filthy rich companies that are banking billions opening up their wallets the way that they are.

hat tip to Daily Intel

Where does the banks and Wall Street place in the Haitian relief? is a post from: The Inquisitr

Broker dealers got the bulk of the visits, with four times the amount of hits they saw a day earlier.

The overall winner may come as a surprise: Yahoo Finance saw more U.S. traffic than any other stocks/shares site, Hitwise says, taking 24 percent of all the stock-related visits. That’s 167 percent more than it saw the day before.

By the way, the second highest stocks/shares traffic day Hitwise has measured also came this summer. It happened on July 17, when the Dow dropped below 11,000.

Online Stock Services Soar From Wall Street Woes is a post from: The Inquisitr

Across the country, Silicon Valley may seem far removed from the mess. The startups in Palo Alto go on, and on Sandhill Road, the VC’s are still turning up to work. Although we may not see the links to Wall Street on the surface, they are strong, and Silicon Valley is not immune to the crisis. Here’s what we can find on Silicon Valley’s exposure to Lehman Brothers

Lehman Brothers as an investor

Lehman Brothers may not immediately be top of your list as an investor in Web 2.0 companies, but the company is a major player in the Valley. Lehman Brothers Venture Partners has raised $1 billion for investment in technology, with its last round in October 2007 raising $365 million. A full list of their investments can be found here. Companies you may be familiar with include Comscore, Kayak, Searchme, Zappos and Kontera.

Lehman Brothers Venture Partners is not included in the Lehman Brothers bankruptcy filing, however as part of Lehman Brothers Investment Management, it’s currently on the market. There’s no reason to think that it won’t sell, however one of the biggest investors in the fund is Lehman Brothers itself

Investors in Lehman Brothers Venture Capitals’ funds include Lehman Brothers, Lehman Brothers’ employees, and institutional and individual third-party investors.

Naturally the ties to other areas of Lehman Brothers is strong as well

As an integrated component of the overall Lehman Brothers platform, Lehman Brothers Venture Partners can call on the extensive global resources of Lehman Brothers to assist in evaluating and enhancing the value of portfolio companies. At the same time, the integrity of the investment and portfolio decision process is reinforced by dedicated investment professionals and the substantial capital commitments made by Lehman Brothers and its employees.

The fund may go on, but with the relationships in place it has to take a hit on several fronts, and you’d presume that it will slow or cease new investments until the mess is sorted out.

Secondary financial hit: one less partner for existing firms

Most of the deals I could dig up for Lehman Brothers Venture Partners where not stand alone investments, but done alongside other Valley firms. Here’s a few in the mix via QBase

Kontera
07/2006 Series A 7M Lehman Brothers, Sequoia Capital
08/2007 Series B 10.3M Carmel Ventures, Lehman Brothers, Sequoia Capital

Power Reviews
09/2007 Series B 15M Draper Richards, Lehman Brothers, Menlo Ventures

SearchMe
10/2007 Series D 15M Lehman Brothers, DAG Ventures, Sequoia Capital
05/2008 Series E 12.6M Lachlan Murdoch, Randy Adams, Thomas Banahan, Sequoia Capital, DAG Ventures, Deepfork Capital, Lehman Brothers Venture Partners, Mark Kvamme

I’m not saying that these deals wouldn’t have happened without Lehman Brothers, but an investor with a $1 billion fund does make a nice partner, and any short term or long term absence will be missed.

Lehman Brothers as advisers

I’m unable to find a complete list of tech/ web 2.0 deals Lehman Brothers were involved in, but their name regularly pops up as advisers on big deals. Lehman Brothers managed to the sale of Photobucket and 24/7 Real Media and were advisers to Yahoo on the Microsoft/ Yahoo deal.

There is always alternatives in the market, but with the turmoil at the top among the firms left, Lehman Brothers leaves a hole that may see the costs of advice increasing.

see also Black Monday and its effect on tech.

Silicon Valley’s exposure to Lehman Brothers is a post from: The Inquisitr

CNN’s Jon Fortt talked to analysts who predict relatively stable ground for tech companies in the coming months. The reason? Many of them, notably IBM and HP, have overseas customers that should continue spending and offset any reduced income related to the stock market.

(HP, in an unrelated turn, announced yesterday that it was cutting almost 25,000 jobs as part of its Electronic Data Systems acquisition.)

The analysts say the true danger will come if the effects of the collapse reach Asia. That could start a chain reaction ending with a decrease in spending from the overseas customers who are currently keeping things moving. If that happens, the analysts suspect, we may start seeing trouble in the fourth quarter for some of America’s biggest tech giants.

Some more interesting tech/financial coverage from around the Web today:

• The effects we could soon see in Hollywood
• Why casinos are now struggling
• Best Buy suffers a serious profit drop
• Why Australia’s worried about Wall Street
• A sampling of Black Monday opinions and predictions from around the Internet
• Predicting your own portfolio risk

Black Monday And Its Effect On Tech is a post from: The Inquisitr

The Fed, never one to sit back and not try and save the market from itself, has announced an offer where banks will be able swap their unsaleable mortgage backed securities for Treasury bonds, but as we write this post, whether that will be enough to prevent the biggest black Monday of all time is yet to be seen.

Nouriel Roubini, quoted in Crikey, says

“What we are facing now is the beginning of the unravelling and collapse of the entire shadow financial system…The step by step, ad hoc and non-holistic approach of Fed and Treasury to crisis management has been a failure so far as plugging and filling one hole at the time is useless when the entire system of levies is collapsing in the perfect financial storm of the century.”

My FSRA License expired a few years ago, so under Australian law I can no longer provide financial advice, but others are saying: you should be afraid.

Whether the market takes the blow and handles the news, or whether it takes a massive dive, you can track/ watch Black Monday live online.

Stock prices

Google Finance now offers live market prices from major stock exchanges as does Yahoo Finance. Both include coverage of the European markets, which may be the first indicators of how big the hit will be following the Lehman Brothers news. The main stock exchanges directly: NYSE, NASDAQ, AMEX.

Blogs

Silicon Alley Insider is one of the better bets among the tech blogs, Henry Blodget is a former trader, and understands the market. AOL’s BloggingStocks will have lots of coverage, and at worst case, hit The Inquisitr logo on this post (or the link), we’ll also be covering some of it as well, particularly any tech angles.

Live video

Livestation once again offers the best live video coverage of all sites. Along with their partner sites, you can also watch Bloomberg live as well, which will offer you non-stop coverage.

Station websites will also offer coverage. CNN is always a good bet.

Other

Look to Twitter and FriendFeed for information, users of both will be providing filtered links of the things you need to know. Reddit will as always offer a unique take. Google News is another outlet you can use. For the blogging reaction, try Technorati.

(img credit)

Track/ watch Black Monday live online is a post from: The Inquisitr