Ah, nevermind about those asset sales. AIG is no longer planning on selling businesses to pay back the government’s $85 billion loan, Bloomberg reports. Instead the company may give stakes in some businesses directly to the government.
Just a week after signing a $787 billion stimulus bill and launching a $275 billion attempt slow down the rate of housing foreclosures, President Obama is advocating fiscal responsibility. It’s curious time to imagine a plan to halve a $1.3...
Exactly how Tremont Group Holdings plans to defend itself against claims that it was “reckless” with client money that was invested in Madoff funds is something those affected by the Madoff scandal—and really, anyone interested...
On Friday, hours after Wachovia Securities told managers that the firm’s financial advisors would not receive any retention bonus, Smith Barney and Morgan Stanley reps got some good news: Some extra cash is on the way. Top producers at both...
Talk of bank nationalization is heating up. The Wall Street Journal, and The Financial Times report that the government may take up to a 40 percent stake in Citigroup, citing unnamed sources close to the negotiations, though the Journal suggests...
Danny Ludeman, head of Wachovia Securities, told managers earlier today that financial advisors would not receive any retention bonus. He will hold a conference call with financial advisors at 1 p.m. central time, said Wachovia spokesman Tony...
Yet another banking-chief head may be set to roll. Bank of America CEO Ken Lewis was subpoenaed by New York State Attorney General Andrew Cuomo late last week. Cuomo is looking into whether Bank of America withheld information about Merrill’...
Schwab executives predicted a decline mergers & acquisitions between RIAs in 2009, as potential sellers hold out for a stronger market and a better deal. With asset levels way off, valuations have plunged.
Allen Stanford isn’t the only high profile financial executive currently on the run from authorities. Buried in the Department of Justice press release yesterday regarding its deferred prosecution settlement agreement with UBS was the fact...
The U.S. government has taken its pound of flesh from UBS today. According to a Department of Justice press release, Switzerland’s largest bank has settled with the U.S. government, admitting to helping U.S. taxpayers hide accounts from the...