The number of individuals receiving unemployment benefits reached 3.9 million last week — an increase of 65,000 from the previous week — the highest level since January 1983.
Fortress Investment Group LLC posted a third-quarter loss of $57 million, or 66 cents per share, as the alternative-asset management firm proved susceptible to financial market turmoil.
Legislation requiring hedge funds to register with the Securities and Exchange Commission will be reintroduced by the ranking minority member of the Senate Finance Committee.
The controversial proposal would move most EIAs from the status of insurance products, which are regulated only by states, to that of securities, which are federally regulated.
“Ultimately, the consumer ought to benefit from greater regulation, provided that we heed the lesson of the current crisis,” said Christopher “Kip” Condron, president and chief executive of AXA Financial Inc. in New York.
Despite vehement objections from state regulators, Conseco Inc. yesterday completed its transfer of a group of long term care policies to an independent trust.
Egregious risk taking in the name of impressive earnings has led to massive losses in the insurance industry, and now carriers need to think realistically about their pricing models and investments, executives said at a conference today.
Losses in the financial services industry since early 2007 are inching closer to the $1 trillion mark, according to data compiled by Bloomberg LP.
Finra has fined Citigroup Global Markets, the brokerage and securities arm of Citigroup Inc., $300,000 for failing to reasonably supervise the commissions that its brokers charged their clients on stock and options trades.
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.
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.
Analysts applauded the newly restructured bailout plan for American International Group Inc., citing benefits for the insurer.
David M. Greene, an alleged Ponzi scheme promoter, is being held in civil contempt for failing to provide documents and information to the SEC.
InvestmentNews announced today that it has partnered with RIA Database as the exclusive financial advisory trade publication to publish RIA Database’s Top Registered Investment Advisers (RIA) lists.
SEC enforcement settlements are projected to reach a three-year high in 2008, according to a study issued today by Nera Economic Consulting.
The Fed and the Treasury announced a new restructuring plan to help bolster AIG, including a $40 billion purchase of new preferred shares from the ailing insurer.
Fannie Mae posted a large third-quarter loss, while the profit at GLG Partners LP fell.
One of the bright spots in an otherwise difficult year for the Section 529 college savings plan industry has been the aggressive efforts of Alexi Giannoulias, Illinois' dynamic young state treasurer, to boost the visibility of college savings both in his home state and across the country.
Advisers, hungry for market information in this troubled environment, are turning to asset managers for help.
