Mathew L. Gladstein, a Wall Street executive who tapped the expertise of Robert Merton and Myron Scholes -- future Nobel Prize-winners -- in the 1970s to bring options trading to the masses, has died. He was 90.
Robert C. Merton , winner of the 1997 Nobel Prize in economics, said he will rejoin the faculty of the Massachusetts of Institute of Technology’s Sloan School of Management to focus on training students in quantitative finance.
There may be no government action more universally reviled in the U.S. than bank bailouts. Republicans and Democrats, financial industry lobbyists and watchdogs, Wall Street executives and President Barack Obama say taxpayers should never again rescue a failing bank.
The 21st century began with a major correction on Wall Street and a long period of volatility in global financial markets. The VIX, sometimes called the fear index, soared, and congressional hearings explored why major investment banks couldn’t better hedge market risk. Traders sought reprieve, and risk management became elevated from prudent practice to a tool for financial survival.
Bank of America Corp. Chief Risk Officer Bruce Thompson received $11.4 million in compensation in 2010, the most awarded to an executive at the bank and this year he was promoted to chief financial officer. His stature isn’t an anomaly.
PCA Investments decided to shut a multistrategy hedge fund after China’s sovereign wealth fund, its only major outside investor, indicated it would pull its money, said two people familiar with the matter.