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Ken Lewis had a date with New York Attorney General, Andrew Cuomo, today. He was called to testify on what he knew about the $3.6 billion in bonuses paid out to Merrill Lynch employees late last year. The bonuses were paid just as Merrill was...
Whether it’s redemption requests or the fact that the regulatory staff is working overtime (18 hour days in some offices we hear ) since the Madoff bust or some combination of both, the capital market cops are putting up some big charges of...
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...
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...
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...
Just as the various stock indices were testing November lows, the SEC announced what appears to be another mini-Madoff: Robert Allen Stanford and three of his financial companies have been charged with orchestrating an $8 billion fraud.
If the Obama administration and House Representative Rob Andrews of New Jersey have their way, the independent contractor rep may become a thing of the past.
