News

• Wachovia Posts $8.9 Billion Loss; Retail Brokerage Holds Up

  July 22, 2008

  The beleaguered banking giant today announced a record $8.9 billion loss for the second quarter and slashed its dividend, but its retail brokerage division continued to perform well despite the slowing economy.

• Six Years into Sarbox, Favorable Reviews Hard to Come By

  July 22, 2008

  A new survey finds that only 10% of corporate officials believe that complying with Sarbox has strengthened investors' views of their companies.

• Next to Fail? A Backlash Hits Media, Analysts

  July 22, 2008

  The debate over publicizing a bank's problems took a couple more twists on Monday.

• Amex Backs Off Target for Profit Growth

  July 22, 2008

  American Express Co. withdrew its forecast for growth in earnings per share of 4% to 6% this year and said it would accelerate efforts to cut staff and other costs.

• Hedge Fund Inflows Suffer Steep 2Q Slide

  July 22, 2008

  Volatile financial markets forced hedge fund net inflows to their lowest level last quarter since the fourth quarter of 2005.

• Second-Quarter Commercial Bankruptcy Filings Soar

  July 21, 2008

  Commercial bankruptcy filings jumped by 45% in the first half of 2008 over last year, and rose by 17% in the second quarter.

• Lessons From Tough Times: Understanding VRDO Failures

  July 21, 2008

  The ongoing credit crunch and bond insurer downgrades have brought many challenges to the operational or processing sides of both the ARS and VRDO markets.

• Klein Leaves Citi After 23 Years

  July 21, 2008

  Michael Klein, chairman of Citigroup's Institutional Clients Group and head of the private equity and global financial entrepreneurs divisions, is leaving the bank after 23 years.

• BofA Q2 Profit Declines, Sharp Decline in Write-Downs

  July 21, 2008

  Bank of America Corp., reported that its second quarter profit had fallen 41% from one year ago.

• SEC Asked to Widen Short-Selling Rule

  July 21, 2008

  The ABA has asked the SEC to extend its recent rule curbing short-selling to all publicly traded banks and holding companies.

• UBS to Discontinue Tax Havens for U.S. Residents

  July 21, 2008

  UBS plans to stop offering offshore banking to U.S. residents after the bank was questioned about its clients' tax avoidance practices at a Senate hearing.

• House Expected to Vote on Bill with $4B CDBG Authorization This Week

  July 21, 2008

  The House is expected to vote Wednesday on a $300 billion omnibus housing bill.

• MSRB Eyes 2009 for New System

  July 21, 2008

  The MSRB plans to launch the first phase of a new system aimed at improving the transparency of auction-rate securities and variable-rate demand obligations.

• Citi's Losses Diminish in Q2 to $2.5B

  July 18, 2008

  Citigroup reported continued net losses in its second quarter earnings to the tune of $2.5 billion.

• Levin Calls for Closing Down UBS

  July 18, 2008

  Sen. Carl Levin, D-Mich., has called for revoking the U.S. banking license of UBS.

• Merrill Takes Profit Hit in 2Q08, Completes Asset Sales

  July 18, 2008

  Giant brokerage firm Merrill Lynch & Co. capped a harried quarter by announcing a net loss of $4.6 billion.

• Hedge Fund Strategies Struggle in Summer Market

  July 18, 2008

  The stock market's wild ride this summer has taken hedge funds along with it.

• UBS Ups Compensation to Advisors

  July 18, 2008

  UBS is taking steps to reduce the impact of the so-called breakaway broker craze on its business.

• Securities Regulators Scour Wachovia Offices

  July 17, 2008

  Securities regulators swarmed the headquarters of Wachovia Securities, looking for documents involved in the lock-up of the $300 billion auction-rate securities market.

• Fitch Affirms Fannie, But Cuts Preferred Rating

  July 17, 2008

  Fitch Ratings has affirmed Fannie Mae's long-term issuer default rating, or IDR, at 'AAA', but it downgraded Fannie's preferred stock rating to 'A+' from 'AA-'.