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Short trading in 19 major U.S. financial stocks will revert to rules governing other shares Wednesday as a Securities and Exchange Commission experiment against abusive short selling expires.
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.
Melissa Lee has more on the unfolding Merrill Lynch story, with details on its offer to buy back $12B auction rate securities from over 30,000 of its clients, and the ramifications on other Wall Street firms.
Melissa Lee reports a breaking story linked to Citi's settlement and buyback of auction rate securities during tonight's "Fast Money." In an after-hours announcement, another Wall Street giant, Merrill Lynch, stated it too would buy back auction rate securities from its retail clients, who currently hold $12B of those questionable securities.
"[The] stock market: a loser across the board. It was a loser early, it stayed a loser and became a bigger loser as the day went on," Dylan summed up Thursday's trading with that one statement, as AIG and Wal-mart lead the Dow's one-day, 225-point dive. A few lone tech stocks were the only winners in an otherwise distressed market. Adding to the bearish environment was the morning's new jobless claim numbers, the highest reported in several months.
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.
A multi-state task force is probing a total of 12 Wall Street firms, including Citigroup, over how they handled clients' investments in auction rate paper, the Texas state securities commissioner said on Thursday.
AIG reports weak earnings and further write-downs, while GE says the Beijing Olympics will help boost the company's brand image. Following are today's top videos:
Bank of America, the largest U.S. retail bank, said on Thursday it received subpoenas and requests for information relating to auction-rate securities from federal and state government agencies.
U.S. securities regulators have extended through Aug. 12 an emergency rule aimed at curbing abusive short selling in the stocks of 19 major financial firms, including mortgage giants Freddie Mac and Fannie Mae.
If the Commission chooses to no longer enforce its naked short selling rule, the financials could be in some real trouble.
Short positions have dropped further in shares of the 19 financial firms targeted by U.S. regulators' emergency short-selling rule this week, a market data company said on Friday.
Congressman Gary Ackerman has introduced legislation to bring the regulation back. Check out what he had to say to Cramer.
The markets might not feel safe until the SEC puts this former regulation back on the books.
An emergency rule to curb abusive short selling will likely be extended beyond 19 major financial firms as pressure mounts on the U.S. Securities and Exchange Commission to broaden the measure.
Emergency action by U.S. regulators to rein in abusive short-selling in some large financial firms should be expanded to include the stocks of all public companies, a former top markets watchdog said on Monday.
The European Commission wants to cooperate closely with the U.S. Securities and Exchange Commission (SEC) on the planned regulation of credit rating agencies, the German financial weekly Euro am Sonntag reported.
Four billion dollars has been set aside to lure alternative-energy firms to the state.
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.
Short-selling is a vital part of maintaining balance in the market, and people should stop viewing it as "evil" or "un-American", said Paul Roth, a partner at Schulte, Roth & Zabel.