Tremont Group Holdings, which is owned by OppenheimerFunds Inc., a subsidiary of Massachusetts Mutual, had $3.3 billion invested with Mr. Madoff — more than half of its total $5.8 billion under management.
Standard and Poor’s Ratings Services today lowered its counterparty credit and financial ratings on Nationwide Financial, the life insurance division of Columbus, Ohio-based Nationwide Mutual Insurance Co., to A+, from AA-.
The wirehouses appear to have escaped major exposure to Bernard Madoff's alleged Ponzi scheme.
Does Mary Schapiro have the right stuff to take on the big firms? Although praise is coming in from many quarters for the nomination of the Finra chief to head up the Securities and Exchange Commission, there may be cause for concern.
President-elect Barack Obama has nominated Mary Schapiro, the chief executive of the Financial Industry Regulatory Authority Inc. of New York and Washington, as chairwoman of the Securities and Exchange Commission.
Axa SA of Paris, Massachusetts Mutual Life Insurance Co. of Springfield and Swiss Reinsurance Co., as well as other all-star companies, have also been exposed to Mr. Madoff’s alleged $50 billion Ponzi scheme.
Chief executive John Mack sounds the retreat from Morgan Stanley's swashbuckling days after the firm ost $2.34 per share for the quarter ended Nov. 30.
The consumer price index, which measures the cost of living, fell by a record 1.7% in November, as gasoline and other energy prices plunged, according to a Department of Labor report.
Investors will be glad to see the end of 2008 — a year that may live in infamy as one that was marked by the worst investment returns since the Great Depression.
Morgan Stanley downgraded ING Groep NV, Standard Life PLC and Aegon NV to “underweight” from “equal weight,” expecting more challenges ahead for the insurers, Reuters reported.
The economic crisis has reduced prices of U.S. imported and exported goods and services at the fastest pace since 1988, when records were first kept, according to a Department of Labor report.
Retail sales fell for the fifth consecutive month — 1.8% in November — according to the Department of Commerce.
The SEC finalized settlements today with Citigroup and UBS that will provide nearly $30 billion to tens of thousands of customers who invested in auction rate securities before the market for these investment products dried up in February.
The number of first-time jobless claims was 573,000 for the week ending Dec. 6, a 58,000 increase from the previous week.
Confidence among Americans regarding their future personal financial conditions and the jobs market continue to decline, dropping the index near to its all-time low of this past July.
Excise taxes imposed on retirement savings account holders who do not take minimum distributions by age 70½ would be suspended for 2009 under legislation unanimously approved last night by the House of Representatives.
Most investors are satisfied with the way their portfolios have held up in the market downturn, according to a survey by Natixis Global Associates of Boston.
The Allstate Corp. of Northbrook, Ill., has announced the departure of James E. Hohmann, president and chief executive of Allstate Financial LLC, who is leaving on Jan. 5.
