Wall Street Roundup: Lingering Lehman lessons. Cramer turns on Goldman.
Signs of growth. An index of U.S. manufacturing growth grew in August where analysts had expected a decline, giving a boost to markets around the world.
Lingering Lehman lessons. Dick Fuld, former chief executive of the bankrupt investment bank Lehman Brothers, testified Wednesday morning that the government wrongly discriminated against his firm in forcing it to go bankrupt. Meanwhile, Lehman's estate is investigating hedge fund operators that it suspects of encouraging Lehman's demise.
JPMorgan ends prop trading. JPMorgan Chase & Co. is doing away with its small proprietary trading desk soon after the government's new financial reform placed a ban on such trading.
Cramer turns on Goldman. A few days after Goldman Sachs' largest shareholders sold boatloads of the company's stock, stock picker Jim Cramer, a former Goldman employee, tells his audience that he doesn't like the stock either.
Zuckerberg up, Blankfein down. Vanity Fair's new power rankings contain only a few Wall Street names, and one of them, Goldman Sachs chief executive Lloyd Blankfein, fell from No. 1 last year to No. 100 this year.