Credit downgrades last week to MBIA and AMBAC Financial Group, the world’s largest bond insurers, will lead to more write-downs at Citigroup, Merrill Lynch and UBS, according to a research report from Oppenheimer analyst, Meredith Whitney.
This weekend won’t likely be a relaxing one for UBS executives, private bankers and thousands of wealthy American clients. The New York Times reports today that the firm is under intense pressure from authorities as one of its top private...
So now it’s Lehman Brothers in the hot seat. Lehman stock is off by 50 percent this year—almost 20 percent just this week. Apparently, the firm is going to join the write-down party, announcing huge losses on bets on mortgaged-backed...
A Manhattan Criminal Court ruled yesterday that a hedge fund manager was not seriously injured when a stockbroker threw him off his exercise bike during a spin class at a health club. The stockbroker said, yeah, he threw the hedgie off his bike...
Wachovia announced today that CEO and chairman, G. Kennedy “Ken” Thompson had retired, at the Board of Director’s request. Thompson worked 32 years at the bank, and acted as chairman and CEO from 2000 to May 2008.
Richard Zinman, a star Smith Barney broker, and his team left the bank for Credit Suisse on Friday, Business Week reports. Zinman is consistently ranked among the top broker’s in the country in terms of assets under management; he tied for...
WHEN YOUR FIRM BEGINS TO GROW, YOU HAVE TO HIRE MORE STAFF BUT THAT'S NOT ENOUGH. YOU HAVE TO DEVELOP SOLID PROCESSES TO HELP THEM WORK EFFICIENTLY AND EFFECTIVELY. Systems: John Vance knew he needed them and immediately. Three years ago, Vance, a...
California sure lives up to its name as the Golden State: It hogs the list of U.S. counties with the most millionaire households, taking four of the top 10 slots, according to market research house TNS. Topping that list of counties is L.A. County...
Some economists say a U.S. recession may have been averted, as the markets and some economic indicators have improved since the Federal Reserve engineered a bailout of Bear Stearns in March. The Fed's quick move to slash interest rates to 2...
Keeping up appearances can be expensive, even for the rich. So why empty your pockets to buy that luxury item if you only need it long enough to make an impression or give your image a boost? According to a survey of millionaires by research group...
