The S&P continues to soar, but a Nobel warns of a bubble and 'the smartest guys in the room' get plenty wrong: This week's market winners and losers.» Read More
NEW YORK, Dec 6- General Electric Co has agreed to pay as much as $18.25 million to settle a class action lawsuit accusing it of rigging bids for municipal securities, court papers filed on Friday show.
Dec 6- A federal judge has granted final approval to Bank of America Corp's record $500 million settlement with investors who claimed they were misled by the bank's Countrywide unit into buying risky mortgage debt. Countrywide had been the largest U.S. mortgage lender before Bank of America bought it in July 2008.
NEW YORK/ LONDON, Dec 6- Just over three decades ago, Goldman Sachs bought a niche coffee-and-gold trading firm called J. Aron& Company, becoming one of the first banks to enter the commodity markets. On Thursday, Deutsche Bank, one of the five biggest players of the past decade, said it would quit commodities trading under regulatory pressure, cutting 200 jobs.
Dec 6- PNC Financial Services Group Inc will pay Freddie Mac $89 million to resolve all repurchase liabilities on home loans sold to the government-backed housing agency through the end of 2008.. Earlier this week, Bank of America said it settled with Freddie Mac on all claims arising from residential mortgages sold to the agency through the end of 2009..
Thefts of bitcoin, including a reported $100 million heist, have been growing, but law enforcers have largely stayed out of investigations. The NYT reports.
NEW YORK, Dec 5- A U.S. judge is considering an alternative that could result in Bank of America Corp paying much less than the $863.6 million the government is seeking as a penalty for the sale of defective mortgages before the financial crisis.
Lululemon Athletica's lesson in yoga public relations: don't stretch the truth.
NEW YORK, Dec 5- Morgan Stanley is offering its brokers an unusual pay incentive over the next two years to convince certain clients to disclose assets held outside the firm, according to the firm's 2014 compensation plan unveiled this week.
Rob Mawhinney desperately wanted to become a rockstar. Instead, he found fame when he pleaded guilty to money laundering and loan fraud.
NEW YORK, Dec 4- The 2014 compensation plan that Merrill Lynch introduced on Wednesday rewards brokers who work in teams and pays them a premium for attracting money from wealthy clients that is put into trusts.
Winthrop H. Smith Jr., Summit Ventures chairman and CEO and author of "Catching Lightning in a Bottle," weighs in on what led Merrill Lynch to nearly collapsing during the financial crisis which forced Bank of America's acquisition.
WASHINGTON, Dec 4- A U.S. lawmaker critical of Wall Street is pushing the nation's six largest banks to voluntarily disclose their donations to think tanks, saying that not doing so threatens the credibility and research of these policy groups.
The "Fast Money" traders share their final trades of the day.
After a judge ruled that the city can proceed with its historic bankruptcy, the stage is set for an epic legal battle over who helps pick up the tab.
NEW YORK, Dec 4- Just a few years ago, Morgan Stanley lacked the expertise, infrastructure or desire to do a lot of lending, but today it is making a big push into loans to bridge a profit gap with rivals.
*2014 comp plan raises small household minimum to $100 K from $75 K. NEW YORK, Dec 3- UBS Wealth Management Americas unveiled its 2014 compensation plan on Tuesday, offering new expense accounts to brokers who produce annual revenue of at least $550,000 and eliminating broker pay for client households with less than $100,000 in their accounts.
NEW YORK, Dec 3- Wal-Mart Stores Inc is sticking with Bank of America's Merrill Lynch unit to run its 401 program with $18 billion in assets, Wal-Mart confirmed on Tuesday. The average Wal-Mart employee has about $18,000 in their retirement account, according to BrightScope, which tracks and rates retirement plans.
NEW YORK, Dec 3- Ben Venue Laboratories, a Bedford, Ohio- based subsidiary of German drugmaker Boehringer Ingelheim has tapped Bank of America Merrill Lynch to explore a possible sale of its generic sterile injectable drugs business.
*Blackstone not selling shares; to retain 76.2 pct stake. Dec 2- Hilton Worldwide Inc said its initial public offering would raise up to $2.37 billion in the biggest-ever hotel IPO, more than doubling Blackstone Group's investment. Blackstone has invested about $6.8 billion in Hilton and its 76.2 percent stake after the IPO will be worth up to $15.7 billion.
Hilton said its IPO would raise up to $2.37 billion, in what would be the biggest-ever hotel IPO and perhaps the second-biggest IPO of the year.