New York Attorney General Andrew M. Cuomo has demanded that AIG recover the money it spent on lavish outings, bonuses and golden parachutes — and threatened sanctions if the insurer didn’t heed the order.
Merrill Lynch & Co. Inc. and Citigroup Inc. were walloped by third-quarter losses, while State Street Corp., The PNC Financial Services Group Inc. and Bank of New York Mellon Corp. posted profits.
The U.S. economy appears to be in a recession, San Francisco Federal Reserve Bank president Janet Yellen said yesterday, according to published reports.
Major life insurance companies’ investments in non-prime mortgages are going to continue hurting their capital positions as the year rolls on, according to a study from Fitch Ratings Ltd.
Let’s say you were a financial planner in 1926. Of course, there was no such discipline as financial planning in the Roaring ’20s.
New York-based JPMorgan Chase reported a third-quarter profit of $527 million, or 11 cents a share, down 84% from the $3.4 billion, or 97 cents a share, recorded in the year-ago period.
The federal budget deficit for fiscal year 2008 was reported today at a record $455 billion by the Department of the Treasury.
Despite being hit with a trading scandal this year and being exposed to assets from the now-bankrupt Lehman Brothers Holdings Inc. of New York, Société Générale SA is estimating a third-quarter profit.
The Department of the Treasury has hired The Bank of New York Mellon Corp. to be the custodian that will implement its $700 billion economic-stimulus package.
The Securities and Exchange Commission has reopened the comment period for its proposed rule on federal regulation of index annuities.
Insurance revenue at banks jumped by 9.5% to $23.7 billion in the first six months of the year, according to the American Bankers Insurance Association.
The following is an edited transcript of the round-table discussion. It was moderated by InvestmentNews news editor Bruce Kelly and InvestmentNews reporter Jed Horowitz.
Some representatives and advisers wonder whether their broker-dealer will be able to cut it, and broker-dealer executives are dealing with the trials — and prospects — presented by the financial-markets crisis.
Inflation is no longer the nation's chief economic problem; it is deflation, according to Jeffrey L. Knight, deputy head of investments and chief investment officer at Putnam Investments of Boston.
It is highly unlikely that the SEC will tell Congress that "mark-to-market" accounting should be suspended or scrapped when it finishes its 90-day study of the practice, according to industry observers.
One of the great ironies of the market cataclysm is that investors stuck with auction rate securities — among the earliest victims of the global credit freeze — are now enjoying some of the fattest returns.
The nation's faltering economy is forcing many parents to put off saving money for their kids' college education.
Powerful House Democrats are eyeing proposals to overhaul the nation's $3 trillion 401(k) system, including the elimination of most of the $80 billion in annual tax breaks that 401(k) investors receive.
Those who are fuzzy about how the stock market works can now learn the fundamentals of investing by relating it to sports.
Wirehouse representatives have been on tenterhooks since last week, awaiting the fate of their parent companies — while at the same time trying to deal with the market meltdown.
