Calling the $700 billion government bailout an “extraordinary response to an extraordinary crisis,” President Bush today said that it is “going to take awhile” for the initiative to thaw the frozen credit markets.
Consumer confidence fell by the largest amount on record in October, according to a preliminary release of the Reuters/University of Michigan Surveys of Consumers' Index of Consumer Sentiment.
The Securities and Exchange Commission has chosen Nov. 17 as the new deadline for comments on its proposal to register indexed annuities.
The housing crisis showed no signs of rebounding in September as construction of homes dropped to its slowest pace since early 1991, and building permits for new homes fell to their lowest level in almost 27 years.
New York Attorney General Andrew M. Cuomo has demanded that AIG recover the money it spent on lavish outings, bonuses and golden parachutes — and threatened sanctions if the insurer didn’t heed the order.
Merrill Lynch & Co. Inc. and Citigroup Inc. were walloped by third-quarter losses, while State Street Corp., The PNC Financial Services Group Inc. and Bank of New York Mellon Corp. posted profits.
Let’s say you were a financial planner in 1926. Of course, there was no such discipline as financial planning in the Roaring ’20s.
The U.S. economy appears to be in a recession, San Francisco Federal Reserve Bank president Janet Yellen said yesterday, according to published reports.
The federal budget deficit for fiscal year 2008 was reported today at a record $455 billion by the Department of the Treasury.
Major life insurance companies’ investments in non-prime mortgages are going to continue hurting their capital positions as the year rolls on, according to a study from Fitch Ratings Ltd.
New York-based JPMorgan Chase reported a third-quarter profit of $527 million, or 11 cents a share, down 84% from the $3.4 billion, or 97 cents a share, recorded in the year-ago period.
Despite being hit with a trading scandal this year and being exposed to assets from the now-bankrupt Lehman Brothers Holdings Inc. of New York, Société Générale SA is estimating a third-quarter profit.
AARP is collaborating with state securities regulators to monitor “free-lunch” seminars given by financial-product providers.
The Department of the Treasury has hired The Bank of New York Mellon Corp. to be the custodian that will implement its $700 billion economic-stimulus package.
Insurance revenue at banks jumped by 9.5% to $23.7 billion in the first six months of the year, according to the American Bankers Insurance Association.
The Securities and Exchange Commission has reopened the comment period for its proposed rule on federal regulation of index annuities.
The following is an edited transcript of the round-table discussion. It was moderated by InvestmentNews news editor Bruce Kelly and InvestmentNews reporter Jed Horowitz.
Some representatives and advisers wonder whether their broker-dealer will be able to cut it, and broker-dealer executives are dealing with the trials — and prospects — presented by the financial-markets crisis.
Inflation is no longer the nation's chief economic problem; it is deflation, according to Jeffrey L. Knight, deputy head of investments and chief investment officer at Putnam Investments of Boston.
It is highly unlikely that the SEC will tell Congress that "mark-to-market" accounting should be suspended or scrapped when it finishes its 90-day study of the practice, according to industry observers.
