A prominent lawyer accused of defrauding hedge funds of at least $400 million is expected to plead guilty Monday to charges that carry a potential sentence of decades in prison.
The head of the Securities and Exchange Commission said today she favors a new proposal for federal regulators sharing oversight of companies that pose financial risks to the economy.
The pace of layoffs slowed in April when employers cut 539,000 jobs, the fewest in six months. But the unemployment rate climbed to 8.9 percent, the highest since late 1983, as many businesses remain wary of hiring given all the economic uncertainties.
America's wholesalers slashed inventories for a seventh straight month in March as businesses struggled to get stockpiles in line with plunging sales.
While supporting improved retirement plan fee disclosure, the head of the Investment Company Institute said yesterday that congressional criticism of 401(k) plan fees has been inflated by critics.
European stocks extended their rally today and U.S. markets opened higher ahead of the formal release of the results for the U.S. government's stress tests of the country's biggest banks.
Federal Reserve Chairman Ben Bernanke today called for a holistic approach to strengthening oversight of the banking system to prevent future financial crises.
Consumers enticed by warmer weather and glimmers of hope for the economy bought a few more items in April, helping to lift sales results at established stores.
Investment losses and subprime mortgage impairments drove Genworth Financial Inc. to a first-quarter loss, and the insurer says it plans to sell up to 49 percent of its Canadian mortgage business to raise cash.
Federal Reserve Chairman Ben Bernanke gave his most optimistic prediction yet Tuesday about the end of the recession, saying he expects the economy to start growing again this year — although the comeback could be weak and more jobs will disappear even after a recovery takes hold.
