Financial advisers could soon find themselves paying more for AIG's variable annuities.
The crisis that has swept the financial markets in the past few months, beginning with the collapse of The Bear Stearns Cos. Inc. of New York and continuing with the bailout of Fannie Mae and Freddie Mac, and now the government takeover of American International Group Inc. of New York, makes obvious the need to revamp totally the nation's financial-markets regulation.
Last week's implosion on Wall Street has given financial advisers and their clients a jolt of unprecedented proportions.
Defending his decision to drive Merrill Lynch & Co. Inc. into the arms of Bank of America Corp. in less than 48 hours of negotiations, Merrill chief executive John Thain told the firm's 16,000 brokers last Monday that he had saved their jobs.
U.S. markets are poised to open sharply higher this morning after top government officials from the administration and Congress announced a several actions last night intended fight the mounting financial crisis, according to published reports.
Adding to sweeping government actions announced to alleviate the financial crisis, Treasury Secretary Henry Paulson Jr. this morning proposed new measures aimed at buying bad mortgages and distressed debt.
More than 77% of 1,003 advisers who responded to an <i>InvestmentNews</i> survey over the past 36 hours fear the news coming out of Wall Street is likely to get worse before it gets better.
Legislation that would set up the Office of Insurance Information within the Department of the Treasury has stalled in the House.
MetLife Inc. has some $800 million in exposure to the now-collapsed Lehman Brothers Holdings Inc. and the just-rescued American International Group Inc. and is assessing the recoverability of those investments.
Dekania Corp., a special-purpose acquisition company looking to invest in an insurance business, announced Monday that it was merging with Chicago-based Advanced Equities.
Morgan Stanley, which saw its stock fall as much 28% at one point on Tuesday after a drop of 13.5% on Monday, rushed out its fiscal third-quarter earnings report after the market closed today, trying to reassure investors that it is standing up to the market turmoil that has felled some top competitors.
Following this weekend’s turmoil on Wall Street, financial-sector job cuts may hit new heights, according to a report from Challenger Gray & Christmas Inc. of Chicago.
“There will be massive defections of clients and advisers,” said Liz Nesvold, managing partner of Silver Lane Advisors LLC of New York. “The wirehouse model, which was damaged, is now broken.”
After a weekend of turmoil, shares of American International Group Inc. lost more than half their value in the first hour of trading.
The immediate reaction to last week's federal takeover of Fannie Mae and Freddie Mac was overwhelmingly positive.
Wayne Christian figured the registered representatives of Center, a small town in eastern Texas, could use a business boost. He also thought its pension funds and endowments, which fund scholarships, needed some new investment options.
Protected Tomorrows, an organization that trains financial advisers to serve those with special needs, is starting a program to train advisers to handle the special financial needs of the disabled, said Mary Anne Ehlert, the group's founder.
LPL Financial has agreed to pay a $275,000 penalty for violating customers' privacy, the Securities and Exchange Commission said Thursday.
The chief executive of a subprime lender who lost a $65 million lawsuit against Merrill Lynch & Co. Inc. is demanding another bite at the apple.
