Sources say Sen. Dodd's financial reform bill places the hotly debated consumer protection agency -- designed to regulate bank products -- under the aegis of the bank-owned Federal Reserve.
But assets in institutional money market funds shrank last week, says ICI
Chief executives at some of the biggest financial institutions are on a mission to repair their image with Congress and the public, part of a strategy to gain more influence over legislation that would overhaul financial regulations and intrude further into their business.
A federal judge in Florida has declared a banker and lawyer from Switzerland who were indicted on fraud charges as fugitives from justice.
Info from 24,000 of its Swiss bank accounts was stolen between 2006 and 2007, HSBC reported today. Tax authorities in foreign countries can expect to be hearing from the data bandits -- if they haven't already, that is.
Former Merrill Lynch CEO John Thain, who brokered the investment bank's controversial sale to Bank of America, is taking over as chairman and CEO of CIT Group as the commercial lender continues to restructure its business following a brief stay in bankruptcy protection last year.
Boston financier Jeff Vinik has agreed to buy the Tampa Bay Lightning.
The former fund manager — and current Boston Red Sox minority owner — acquires the NHL's Tampa Bay Lightning for a reported $110M. That's about half what the previous owners paid for the team.
Fidelity Investments said Thursday its operating profit rose 5 percent last year, boosted in part by job cuts, as revenue continued to lag after two years of unusual volatility in financial markets.
