UBS' Director of Floor Operations Art Cashin, reflects on 35 years with the firm.» Read More
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.
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Stocks are likely to follow the dollar, commodities trade again Tuesday, with little economic news to drive direction early.
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.
Jon Hilsenrath, money and investing news editor at The Wall Street Journal, offered CNBC his weekly "Five for Five": the five stocks investors must watch this week.
Time for Fast & Furious -- you know the drill!
After introducing guest trader Zach Karabell, aka "The Academic," the gang immediately dives into the main lesson learned after stocks soar to end the week (the highest close since June). The dollar also "exploded," with its biggest jump in 8 years against the euro. "Currencies typically do not move like that," says Dylan of the USD's 3.3% gain this week. The S&P 500 also had its best week since April, due in part to the commodities pullback -- it ended the day up 2.4%.
Swiss bank UBS has agreed to buy back $19.4 billion of debt securities whose value collapsed during the global financial crisis and to pay $150 million in fines to settle charges it misled investors, Massachusetts' top securities regulator said.
Despite markets' downtrends, Julius de Kempenaer from Talergroup said the worst is over for the financial sector.
Citigroup will buy back more than $7 billion in auction-rate securities and pay $100 million in fines as part of settlements with federal and state regulators, who said the bank marketed the investments as safe despite liquidity risks.
Stocks ended near session lows as oil ended above $120 a barrel and two Dow components missed the Street's targets.
A lawsuit against UBS alleging that the Swiss bank engaged in fraud related to holdings of a fund in loss-making company Endwave was dismissed by a New York Supreme Court judge, court documents showed.
Merrill Lynch's latest effort to shed its subprime debt could set the standard for a final round of writedowns in the financial sector.
New York Attorney General Andrew Cuomo filed a civil lawsuit on Thursday against UBS, accusing the Swiss bank of steering customers into auction-rate securities that this year became impossible to cash out of amid the credit crunch.
This is not a good day for consumer discretionary stocks. From housing to restaurants to hotels to autos, companies are reporting notably slower sales, and they are not anticipating much of a rebound in the second half of the year.
New York attorney general Andrew Cuomo is preparing to file civil securities-fraud charges against UBS, possibly as early as this week, the Wall Street Journal said on Wednesday.
Securities regulators from several states raided the St. Louis headquarters of Wachovia Securities, part of Wachovia, as part of a broad investigation into questionable practices involving auction rate securities, Missouri officials said.
Swiss bank UBS will discontinue offshore banking and securities services to U.S. residents through its branches, a UBS executive said Thursday at a congressional hearing on offshore tax havens.
British mortgage bank Bradford & Bingley won shareholder backing for a 400 million pound rights issue rescue but not until executives were quizzed on the troubled fundraising and the lender's future.
A U.S. Senate subcommittee accused banks in Switzerland and Liechtenstein of helping wealthy Americans evade billions in taxes each year, and urged the establishment of tougher laws to combat offshore tax havens around the world.