Following the “breakdown of the central pillar of competitive markets,” new regulatory changes will be needed in the areas of fraud, settlements and securitization in order for the financial markets to “return to stability,” former Federal Reserve Chairman Alan Greenspan said today.
In another sign that the housing turmoil continues to deepen, foreclosure activity surged more than 70% in the third quarter from the same period a year ago, according to the latest data from RealtyTrac of Irvine, Calif.
Advise clients that the choices they make on their beneficiary forms are more important than they might imagine.
The Financial Industry Regulatory Authority Inc. today announced agreements in principle with Bank of New York Mellon Capital Markets LLC, City National Securities Inc. and Harris Investor Services Inc. to settle charges related to the selling and marketing of auction rate securities.
BrokersXpress, which focuses on representatives and advisers who trade options, said on Tuesday that it is paying $4 million in cash and additional consideration based on future performance for Horwitz & Associates.
Federal Deposit Insurance Corp. chairman Sheila Bair this morning urged the government to exercise the power provided by the $700 billion Emergency Economic Stabilization Act of 2008 to assist homeowners facing foreclosure.
The number of American workers who filed new claims for jobless benefits rose to a seasonally adjusted 478,000 during the one-week period ended Oct. 18, from a revised 463,000 the prior week, according to Department of Labor data.
Ambac Financial Group Inc. of New York has selected David W. Wallis as its new president and chief executive.
Global institutional investors have continued to retreat from risky assets, as the financial crisis has worsened and the potential for a global recession has grown, according to the State Street Investor Confidence Index, developed by State Street Associates LLC of Cambridge, Mass.
Wachovia Corp. reported a massive third-quarter loss today in what is likely to be its last earnings report as an independent company.
