Massachusetts Secretary of the Commonwealth William F. Galvin today called on Congress to temporarily suspend the 10% penalty tax on early withdrawals from 401(k)s.
Confidence among global institutional investors continued to slump this month as increased market turmoil has caused investors to lose their appetite for risk, according to the State Street Investor Confidence Index.
The historic bailout may be as low as $100 billion to $200 billion, rather than the $700 billion being requested by the administration, House Financial Services Committee Chairman Barney Frank, D-Mass. said yesterday.
Lawmakers must take steps stabilize a financial situation that could pose “very serious consequences” for the U.S. “financial markets and for our economy," said Fed chief Ben Bernanke.
Your clients, who are ordinary investors, still hold substantial positions in Lehman Brothers and Fannie Mae stock in their portfolio and are wondering what they should do to claim a tax loss for the year.
Kohlberg Kravis Roberts posted a total investment loss of $1.1 billion for the six months ended June 30, down from a net gain of $3.4 billion in the first half of 2007, according to a prospectus filed with the SEC.
“The last six months ... have made abundantly clear that voluntary regulation doesn’t work,” Mr. Cox said in prepared testimony at a hearing of the Senate Banking Committee.
Redemptions from U.S. money market mutual funds declined on Friday, with investors pulling out $5.2 billion compared to $47.7 billion the day before, according to the Westborough, Mass.-based research firm iMoneyNet.
Barclays PLC won’t be “assuming the obligation” of traditional structured products and exchange traded notes issued by Lehman Brothers Holdings Inc., according to a source close to the situation.
A suit filed by Ameriprise alleges that The Reserve gave special treatment to its largest clients just as the Primary Fund was losing value and about to “break the buck,” or dip below $1 per share.
