Arbitrations that involve auction rate securities are about to be tested in new hearing procedures established by the Financial Industry Regulatory Authority Inc.
Bernard Madoff was able to pull off what is allegedly the largest investor fraud in history because people trusted him.
In an internal announcement Tuesday, Wells Fargo & Co. laid out top management appointments for its expanded brokerage businesses following its merger this month with Wachovia Corp.
On the surface, Mary L. Schapiro has all the credentials to be an outstanding chairwoman of the Securities and Exchange Commission, as she has unparalleled experience as a securities regulator.
Managing retirement portfolios often requires balancing capital appreciation and capital preservation objectives.
Reps at both Smith Barney and Morgan Stanley, as well as other industry observers, see a long slog ahead for the new joint venture between the two firms.
Bank of America Corp. suffered its first quarterly loss in 17 years due to escalating credit costs, write-downs of $10.47 billion and trading losses in its capital markets businesses.
While a handful of carriers have received clearance to become banks or thrifts, Genworth Financial Inc. of Richmond, Va., continues to wait for the OK from regulators.
One of the suits was brought in federal court in New York by the Chicago-based American Medical Association, which led medical societies, health plan members and medical-care providers against the carrier.
Charles Schwab & Co. Inc., which late last year said it would eliminate more than 100 jobs at all levels amid the economic slowdown, said Friday that it will continue to reduce expenses.
The Federal Reserve has cleared Protective Life Corp., the Birmingham, Ala., insurer, to become a bank holding company, making the carrier eligible to a slice of the $700 billion federal bailout.
The suit was filed by American Equity Investment Life Insurance Co., a major provider of index annuities, and other companies that market the products, in the U.S. Court of Appeals for the District of Columbia Circuit after the SEC published its rule in the Federal Register today.
The consumer price index, a key indicator of inflation trends, dropped for the third consecutive month in December and barely rose for 2008, marking its slowest pace in 54 years, according to Department of Labor data released today.
But the former Wall Street giant will need to assert more international coordination to meet this goal, a federal judge emphasized yesterday in a court hearing.
Genworth Financial Inc.’s long term care insurance business has teamed with the National LTC Network Inc. in a marketing relationship aimed at selling the insurer’s products and services.
Retail sales fell 2.7% in December from November as a growing number of shoppers stayed on the sidelines during the holiday shopping season, according to the Department of Commerce.
The new combination provides an “unmatched global platform,” the firms said, with $1.7 trillion in client assets and more than 20,000 reps.
John Lovito and Federico Garcia Zamora recently joined the firm as co-portfolio managers for the $1.7 billion American Century International Bond Fund, the Kansas City, Mo.-based American Century said today.
House Democrats intend to give President-elect Barack Obama $1 trillion to deploy for economic recovery programs as early as the middle of February, said Financial Services Committee chairman Barney Frank, D-Mass.
The moves reflect Mr. Obama’s desire to have the money available shortly after he takes office Jan. 20, Tommy Vietor, spokesman for the office of the President-elect, said in an interview yesterday.
