Hot-Handed Oldie Gets Jail: Eighty-one-year-old former Bayonne, New Jersey financial advisor Louis Cortellessa couldn't keep his gambling habits from corrupting his business or depleting his clients' accounts. A state...
It just keeps getting worse for big named Wall Street firms. Today, William Galvin, secretary of the Commonwealth, announced that he is suing Merrill Lynch for fraudulent auction-rate securities (ARS) sales.
Just what did Merrill Lynch do today? Did it actually sell something? Or just move something off its balance sheet for now? Welcome to the world of accounting.
Wachovia, now with A.G. Edwards under its wing, unloaded a whopper of bad news yesterday, reporting a second quarter loss of $8.9 billion, or $4.20 per share; that’s nearly three times more than some analysts...
In case you missed it, President Bush and Fed Chairman Ben Bernanke both gave speeches last Tuesday morning, July 15, about the state of the economy. Evidently, they didn’t share talking points beforehand.
Today, Merrill Lynch provided a damper to the financial sector rally that has occurred over the past two days by reporting even worse quarterly earnings than analysts expected. The firm announced a loss of $4.7...
The SEC issued an “emergency order” yesterday that basically warned investors not to get “naked” if they planned on shorting any one of a list of 19 specific financial company stocks. Naked...
UBS is trying to address two of its thorniest problems: angry investors who hold frozen auction-rate securities, and angry financial advisors who are leaving because they feel the firm has lost the plot—or...
