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.
As more Boomers retire and seek guaranteed sources of income for life, sales of immediate annuities are picking up—primarily fixed immediate annuities. First quarter fixed immediate annuities sales were up 21 percent, or $1.7 billion, versus...
After a posting record $8.9 billion quarterly loss in the second quarter, Wachovia could sell its mutual fund business, securities brokerage or its Northeast and Texas branches, according to analysts. But Wachovia says the brokerage isn’t...
Could it be that a turf war is breaking out? In testimony before Congress Thursday morning, Securities and Exchange Commission Chairman Christopher Cox asked legislators to give the SEC authority to regulate investment banks.
UBS is facing the first nationwide lawsuit regarding auction-rate securities compliments of the New York Attorney General, who sued the firm for securities fraud.
The debate about government’s role in the economy just got stoked big time, what with the recent news that Treasury Secretary Henry Paulson wants to shore up Fannie Mae and Freddie Mac with taxpayer dollars.
