Raoul Weil, chairman and CEO of the global wealth management division of UBS, has been indicted by a U.S. grand jury, charged with conspiring to help 20,000 wealthy Americans hide assets from the IRS.
The company posted a third-quarter net loss of 478 million euros ($602 million), or 22 cents a share, compared with a profit of 2.31 billion euros ($2.9 billion), or 1.08 a share, in the year-ago period.
The seized-up credit markets and economic uncertainty will take a toll on commercial real estate for the next few years, with rents and occupancy falling until at least the first half of 2010, said Bob Bach, chief economist with Grubb & Ellis.
Van Kampen Funds Inc. today announced the launch of the Van Kampen Retirement Strategy Funds, a new series of target date funds.
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Under orders from a federal judge, Bear Stearns has paid $27.3 million to the now-defunct National Heritage Life Insurance Co., which lost money invested with Bear on collateralized mortgage-backed obligations and collateralized debt obligations.
Shares of State Street Corp. briefly soared 9% today after its CEO confirmed an upbeat fourth-quarter earnings report. They subsequently settled back near their opening levels as investors questioned the estimate.
The New York Federal Reserve Bank on Nov. 24 will begin funding five special-purpose vehicles to finance the purchase of certain assets from money market mutual funds through its Money Market Investor Funding Facility program.
October was another tough month for hedge funds, as the ripple effects of the global credit crunch continued to force managers to unwind portfolio positions.
David M. Greene, an alleged Ponzi scheme promoter, is being held in civil contempt for failing to provide documents and information to the SEC.
