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 expected.
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 billion in the second quarter, it&...
Wachovia Securities St. Louis offices were searched today by the Missouri Securities Division after more than 70 formal auction rate securities complaints were filed against the St. Louis-based firm.
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 short that is.
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 simply because they want those fat...
It seems that ladies who lunch do not like to give up those lunches, nor their shopping sprees, Gucci handbags and Hamptons summer getaways—no matter what the condition of their marital finances.