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New York Attorney General Andrew Cuomo told CNBC that his investigation into auction-rate securities sold by banks and brokerages is far from over.
JPMorgan Chase and Morgan Stanley agreed to repurchase a combined $7 billion in auction-rate securities as part of a settlement with regulators.
Some Wall Street banks and brokerages are nearing a settlement with regulators over allegations that they misled investors over the sale of auction-rate securities, CNBC has learned.
The Dow declined by triple digits on Wednesday with financial shares selling off for a second straight day on fresh concerns about the widening impact of the mortgage crisis.
A year after financial tremors first shook Wall Street, a crucial artery of modern money management remains broken. And until that conduit is fixed or replaced, borrowers will see interest rates continue to rise even as availability worsens for home mortgages, student loans, auto loans and commercial mortgages, says the New York Times.
We were reminded today that lower commodities and a higher dollar were not going to solve all the world's problems. What happened is that financials again came to the fore and reminded everyone that:
Some big Wall Street banks may have been premature in believing New York State's investigation into auction-rate securities was over, people inside New York Attorney General Andrew Cuomo's office told CNBC.
Stocks closed lower—even though oil fell to $113 a barrel—as a fresh round of warnings about banking troubles squelched the market's week-long rally.
It’s still pre-season for football, but on Tuesday in New England, the Patriots' stadium will be open. It’s not for football and it’s not for fans -- it’s for borrowers in danger of losing their homes and for the mortgage lenders and banks who hold or service their loans.
Some Wall Street companies might not resume paying New York City taxes for "a number of years'' because they can offset future profits with the losses they are currently suffering, Mayor Michael Bloomberg said on Monday.
The financial sector took several more body blows as losses from the credit crisis continued to mount at some of the world's biggest banks.
Smaller financial firms have found a way to capitalize on their larger rivals' woes, moving to snap up some of the top talent cast adrift by sweeping layoffs at leading investment banks.
UBS will separate its investment bank from its prized wealth management arm, paving the way to sell the business that made it Europe's biggest casualty of the credit crunch.
Stocks moved lower off the market opening on a fresh round of bad news for financials and an economic sign that the US consumer was continuing to struggle.
From mid-July to late July short interest dropped 5.34 percent, on average, in the shares of 17 major financial firms affected by the U.S. Securities and Exchange Commission emergency short-selling rule, according to the latest data from the exchange.
Wachovia increased its previously reported second-quarter loss to $9.11 billion to cover costs to settle a probe of auction-rate securities sales, and said it will cut more jobs as the housing market deteriorates.
New York Attorney General Andrew Cuomo's office, which is investigating Wall Street's sales practices in auction-rate securities, told JPMorgan Chase, Morgan Stanley and Wachovia on Monday that it wants to begin settlement talks immediately.
As of this morning, 449 (just under 90%) of the S&P 500 companies have reported earnings. Here's a look at which companies have had the biggest surprises so far...
Cramer's confident those mid-July lows won't be breached. Here's why.
Another week full of challenges for the stock pickers, another week of brave and ingenious stock picks.