Bond giant expects little impact from the Fed's quantitative easing; says sovereign debt a better bet
But Berkshire boss says pain from the financial crisis will last for a long time
U.S. municipal bond yields rose to a four-week high as investors refrained from buying in hopes of better returns.
Warren Buffett, whose Berkshire Hathaway Inc. has been trimming its investment in municipal debt, predicted a “terrible problem” for the bonds in coming years
Morgan Stanley Chief Executive Officer James Gorman said the firm intends to buy the remaining stake in a brokerage joint venture with Citigroup Inc.'s Smith Barney on target dates established in the original deal.
Pacific Investment Management Co. LLC, the Allianz SE fund unit overseen by Mohamed El-Erian and Bill Gross, took in more money than any other asset management firm during the third quarter, with more than $56 billion in deposits.
FBR Capital Markets downgraded The Charles Schwab Corp. last week on concerns that the company could face more litigation from investors.
Morgan Stanley, the sixth-largest U.S. bank by assets, divested a stake in Invesco Ltd. for $664 million five months after acquiring the shares in its sale of a retail asset-management business.
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