Sen. Carl Levin today called for legislation that would make it easier to tax U.S. citizens who transfer assets to shelters.
JPMorgan Chase & Co. reported that its second-quarter earnings were 53% below last year’s levels.
The firm is being investigated as to whether its clients used offshore accounts to hide assets and avoid paying taxes.
Regulators raided the St. Louis headquarters of Wachovia seeking records related to the sale of auction rate securities.
Housing starts rose 9.1% to 1,066,000 units in June from May, but down 26.9% from a year ago.
The CPI has risen 5% since June 2007, marking the highest year-over-year increase since the 5.3% jump between February 1990 and February 1991.
Legislation would set limits on the number of loans that can be taken from 401(k) plans and ban 401(k) debit cards.
UBS plans to buy back up to $3.5 billion of its auction rate securities after it was accused of fraudulent practices.
Second-quarter profits edged up 1% at The Charles Schwab Corp. to $295 million, or 26 cents a share.
State Street Corp. posted a 50% second-quarter earnings increase today while U.S Bancorp reported that profits dropped 18%.
