National Financial Partners Corp., the amalgamator of financial planning firms whose shares have plunged 90.7% in the past 52 weeks, is renegotiating its bank credit lines, suspending its dividend and share buybacks and temporarily ceasing acquisitions as it and its constituent firms continue to struggle.
President-elect Barack Obama deserves congratulations — and a warning to be careful what you wish for in this life.
In an unprecedented move that some are comparing to gambling on the legal system, a $4.6 billion lawsuit is being packaged as the sole asset of a special-purpose company that is preparing an initial public stock offering.
The unemployment rate shot up to 6.5% last month, marking its highest level in 14 years, according to the Department of Labor.
The U.S. economy is in a recession that “will likely last longer and run much deeper than either of the two previous economic crises.
Wholesale inventories held by distributors fell 0.1% in September as companies reacted to the economic slowdown.
The majority of financial advisers have little faith in President-elect Barack Obama’s ability to put the nation back on a sound economic footing.
New York Life Insurance Co. said it won’t participate in the Department of the Treasury’s capital-purchase program.
Nationwide Financial Services Inc. of Columbus, Ohio, will remain on CreditWatch “negative,” Standard and Poor’s Ratings Services of New York said today.
The outlook of Cigna Corp., a Philadelphia-based health insurer, has been downgraded to “negative” by Standard and Poor’s of New York.
Blackstone Group LP and Conseco Inc. posted third-quarter losses while the Nasdaq Stock Market Inc. and Man Group PLC reported profit drops in financial statements issued today and yesterday.
The incoming Obama administration is likely to act quickly to kill the Bush tax cuts for households with incomes over $250,000 a year, and they may move to make any new tax law retroactive to Jan. 1, 2009.
U.S. companies in the private sector lost 157,000 jobs in October, according to the monthly ADP National Employment Report, released today.
Running on New York-area news radio stations these days is a commercial for a municipal bond offering by a special-purpose New York City taxing authority.
Ambac posted a third-quarter loss of $2.43 billion, or $8.45 per share, as it set aside $3 billion to cover anticipated claims.
UBS AG reported today a third-quarter net profit of 296 million Swiss francs ($252 million) after losing 858 million francs in the year-ago period.
The Hartford (Conn.) Financial Services Group Inc. has announced that it will lay off 500 employees — about 1.6% of its total work force — this month, citing falling revenue and investment losses.
The Hartford (Conn.) Financial Services Group Inc. today reassured the public that it indeed has sufficient capital — though it is lower than previously forecasted.
The European Commission today said that the European Union countries probably are in the midst of a recession and that the outlook for 2009 growth is dim.
