When it comes to economic growth, 2016 is looking a lot like 2015 — and probably even worse.» Read More
In his latest weekly note, John Hussman once again states that markets are wildly overbought, etc.—the same thing he's been saying for awhile.
He does draw special attention to the fact all these bank CFOs have been resigning, and nobody seems to care int he market.
The news that Bank of America had hired Gary Lynch, formerly the General Counsel of Morgan Stanley, to the new post of global chief legal officer is a clear demonstration that the bank continues to play games with its shareholders. It is also giving rise to insider sniping about its general counsel.
Bank of America shares gave up more than 2 percent Friday on disappointing earnings. But a bad quarter may be the least of the bank’s worries.
The largest bank by deposits just lost its chief financial officer and just hired one of the most connected regulatory lawyers in the U.S.
Both events are alarming.
T. Rowe Price disclosed Friday that nineteen of its mutal funds hold shares of Facebook worth $190.5 million. While it is not unique for a mutual fund to hold shares of a private company, this could tell us something about Facebook's plans for an IPO.
Goldman Sachs’ trading desks owned nearly twice as much municipal debt at the end of 2010 as they did at the end of the previous year, according to the company’s annual report.
Irving Picard's lawsuit against JPMorgan reveals many names of executives who suspected that Bernie Madoff's fund was a ponzi scheme, but did nothing.
The worst news is about Brian Sankey. After Madoff's arrests, because even though the firm's executives had held a lunch meeting to discuss their doubts about Madoff in 2007, a year before the scheme unravelled, he allegedly advised that the existence of the firm's doubts “never [see] the light of day again.”
Here’s my nomination for the worst recommendation by the Senate panel on the financial crisis: the proposal for the Securities and Exchange Commission to rate credit ratings agencies based on their “accuracy.”
Everyone agrees that inaccurate ratings of mortgage-related financial products—from straight mortgage-backed securities to complex derivatives—contributed to the financial crisis. And nearly everyone would like credit ratings agencies to perform better in the future.
Bank of America Swings and Misses [CNN Money via Fortune]
OK that's just sketchy. Galleon chief put millions into fund of ex-employee who is testifying in favor of Rajaratnam. [NYTimes]
Check out the list of JPMorgan bankers who doubted Madoff in 2007 [NYTimes]
The Fed will likely raise rates more than the market expects as inflation ticks up, BAML's Michael Hanson says.
China's foreign reserves fell for a third straight month in January, as the central bank dumped dollars to defend the yuan.
For months we have watched energy, materials, and global industrials weaken on concerns about oil oversupply and slower global growth.