The Charles Schwab Corp. short-term-bond fund that blew up this year because of its exposure to mortgage-backed securities is now costing the firm as a result of significant legal losses.
In an effort the calm the nerves of anxious Americans, President George W. Bush this morning said that the government is acting to resolve the financial crisis, which has mostly been driven by “uncertainty and fear.”
Moody's Investors Service announced yesterday that it has downgraded Legg Mason Inc.'s senior debt rating to A3, from A2.
The ProShares UltraShort Financials (SKF), and ProShares Short Financials (SEF) exchange traded funds resumed the normal process of creating new shares today.
MetLife Inc. of New York recently approached Hartford (Conn.) Financial Services Group Inc. about a merger, insiders told The Wall Street Journal.
The Reserve Management Co. Inc. of New York announced yesterday the liquidation of 15 money market mutual funds.
A temporary ban on short selling the stock of more than 800 banks and related financial companies expired at midnight, much to the satisfaction of the hedge fund industry.
In a sign that buyers are responding to low home prices and more affordable interest rates, the pending home sales index saw a 7.4% boost to 93.4 in August, according to the National Association of Realtors.
Hedge funds are absorbing their share of the market woes, according to the latest performance data from Hennessee Group LLC in New York, which show a 6.2% decline for the alternative strategies in September.
The Hartford Financial Services Group Inc. will participate in the Treasury’s money market mutual fund guaranty program on the heels of yesterday’s announcement that Fidelity Investments, The Vanguard Group and the T. Rowe Price Group will do the same.
