The Senate breathed new life into the government’s scuttled $700 billion bailout package this evening when it approved a modified version of the bill by a vote of 74 to 25.
U.S. private-sector companies lost 8,000 jobs in September, far fewer than expected after 37,000 positions were shed in August, according to the monthly ADP National Employment Report released today.
The ability of parents to save for their children’s college tuition has declined since last year, according to a study released today by Fidelity Investments of Boston.
Two days after the House rejected a $700 billion financial services bailout bill by a vote of 228 to 205, the Senate will be voting this evening on a slightly revised package in the hopes of pushing the controversial legislation forward.
If the outlines of the administration’s bailout plan are approved, the next secretary will have to take shots in the dark while walking a tightrope.
Financial advisers, economists, and others fear that the country may plunge into a deep recession — and possibly even a depression — if congressional leaders don’t hammer out an alternative rescue plan following Monday’s failed vote.
“It matters little what path a bill takes to become law. What matters is that we get a law,” said President Bush today.
“We need to work as quickly as possible to get something done as soon as possible,” he told reporters at the White House after the financial bailout bill defeat yesterday.
Perhaps, but not without a strong sales job to overcome the inherent inertia
The proposal includes boosting FDIC insurance limits on bank deposits, changing the SEC rules on mark-to-market fair value accounting, launching a net worth certificate program, resurrecting the old security transfer tax and introducing a mechanism to stem to the flood of foreclosures.
For as long as I can remember, there has been a business in helping investors minimize taxes withheld on dividends.
A case scheduled to be heard by the Supreme Court next month about the fate of an inherited 401(k) plan should serve as a wake-up call to advisers who neglect to update beneficiary documents, according to experts.
Companies that sell equity index annuities are preparing to take the Securities and Exchange Commission to court if the agency finalizes its proposal to regulate the products as securities.
While pundits and industry insiders laud Bank of America Corp.'s acquisition of Merrill Lynch & Co. Inc., there might be a casualty few have considered.
Sallie Krawcheck may have spoken up one too many times.
InvestmentNews argued last week that the entire regulatory system for the financial industry needs to be revamped, after an independent commission has thoroughly reviewed the factors that contributed to the mess.
Wirehouse reps were breathing a bit easier last week as their employers were able to step back from the brink of financial collapse.
Investors scared away by shaky equity markets have been mining the gold market, but advisers are mixed as to whether the investments in the precious metal are a long-term play.
In a sign that the economy is growing at a slower pace than first thought, the growth of the U.S. gross domestic product was revised downward to a final reading of 2.8% for the second quarter, according to data from the Department of Commerce.
Accounting for roughly 10% of the nation’s retail-securities business done at banks, JPMorgan Chase & Co. is set to become even more dominant in that segment once it completes its $1.9 billion takeover of Washington Mutual Inc.
