Tremont Group Holdings Inc. of New York is closing its hedge fund division following $3.1 billion in losses associated with the Bernie Madoff scandal, according to the firm.
Waddell & Reed Financial reported a fourth-quarter loss of $730 million, or 1 cent per share, compared with a profit of $35.1 million, or 42 cents per share, a year earlier, due to a severe decline in assets under management.
President Obama is formulating and finalizing his tax proposals as part of an overall economic recovery stimulus package and your clients have been asking how the new plan will affect them.
The genesis of the index is the Temporary Liquidity Guaranty Program created by the Federal Deposit Insurance Corp., which allows bank holding companies to issue senior unsecured debt guaranteed by the U.S. government.
State Street Global Advisors today announced the launch of two new fixed-income exchange traded funds: the SPDR Barclays Capital Short Term International Treasury Bond ETF and the SPDR Barclays Capital Mortgage Backed Bond ETF.
Securities and Exchange Commission chairwoman Mary Schapiro should end her predecessor’s policy on negotiating settlements with corporations under investigation because it weakens enforcement efforts, an influential U.S. senator said.
The Conference Board Consumer Confidence Index fell 0.9 points from 38.6 in December to 37.7 in January — its lowest level since the board began keeping records in 1967.
The push to require investment advisory firms to use independent custodians gained momentum today after members of the Senate Banking Committee and officials of the SEC endorsed the action at a hearing on the giant Ponzi scheme allegedly perpetrated by Bernard L. Madoff.
Those with an average income of nearly $200,000 spent 6.4% less on luxury goods such as fashion accessories, electronics and upscale home furnishings in the fourth quarter of 2008 than they did in the third quarter, according to a study.
The Mortgage Bankers Association is predicting that 2009 will be another rocky year for the housing sector, with housing starts falling 22.9%, new-home sales declining 31% and new-home prices falling another 5.1%.
