Complying with a new rule known as Form SH, the first 1,700 money managers, mostly hedge funds, fell in line yesterday by filing their respective short positions with the Securities and Exchange Commission.
Financial advisers, economists, and others fear that the country may plunge into a deep recession — and possibly even a depression — if congressional leaders don’t hammer out an alternative rescue plan following Monday’s failed vote.
The S&P/Case-Shiller 20-City Composite Home Price Index, which tracks home values in 20 major U.S. cities, tumbled 16.3% in July from the same month a year earlier.
“We need to work as quickly as possible to get something done as soon as possible,” he told reporters at the White House after the financial bailout bill defeat yesterday.
“It matters little what path a bill takes to become law. What matters is that we get a law,” said President Bush today.
An Internal Revenue Service notice, which became effective Sept, 22, provides guidance on the use of the Exchange Stabilization Fund.
Perhaps, but not without a strong sales job to overcome the inherent inertia
One week after buying a 21% stake in Morgan Stanley, Mitsubishi UFJ Financial Group Inc. took a $506 million paper loss as a result of the extreme drop in the markets following Congress’ rejection of a $700 billion bailout package yesterday, according to Bloomberg.
The proposal includes boosting FDIC insurance limits on bank deposits, changing the SEC rules on mark-to-market fair value accounting, launching a net worth certificate program, resurrecting the old security transfer tax and introducing a mechanism to stem to the flood of foreclosures.
Reserve Management Co. Inc of New York said yesterday that its board has voted to liquidate the $20 billion in assets of the Primary Fund (RPRXX), which will be distributed on Oct. 13.
