Global bond underwriting activity declined by 29% in 2008 to $4.33 billion, the lowest level seen since 2000, according to data from Dealogic Holdings PLC of London.
The data reflect totals as of Dec. 9.
Following the major shifts in the financial services industry, only $1.85 billion of the year's deals were generated in the fourth quarter, which marked the slowest period since the fourth quarter of 2000.
Activity in
Global bond underwriting activity declined by 29% in 2008 to $4.33 billion, the lowest level seen since 2000, according to data from Dealogic Holdings PLC of London.
The data reflect totals as of Dec. 9.
Following the major shifts in the financial services industry, only $1.85 billion of the year's deals were generated in the fourth quarter, which marked the slowest period since the fourth quarter of 2000.
Activity in
Staff at the SEC’s Division of Enforcement has informed Reserve Management Co. Inc. that it intends to recommend that the Securities and Exchange Commission bring an enforcement action against the company for violating federal securities laws.
The staff also told the New York-based company, which serves as the investment adviser to the Reserve family of funds, that it intends to recommend enforcement actions against Bruce Bent, president of the management company and president and chairman of each Reserve fund and his sons; Bruce Bent II, senior vice president of the management company and co-CEO of each fund; and Arthur Bent III, chief operating officer and treasurer of RMCI and co-chief executive officer of each
In a sign that the global credit freeze may be thawing slightly, the London Interbank Offered Rate yesterday for three month loans — the interest rate that banks charge to borrow from one another — sank by 0.01%, its lowest level since September.
Three-month dollar Libor rates fell to 1.45%, marking its lowest level since the immediate aftermath of the collapse of New York-based Lehman Brothers Holdings Inc. in mid-September.
On the heels of GMAC Financial LLC’s approval by the Federal Reserve as a bank holding company(InvestmentNews, Dec. 29), the Department of the Treasury announced late yesterday that it will inject $5 billion into the financing arm of General Motors Corp. from the $700 billion Troubled Asset Relief Program.
The Treasury has also agreed to lend up to $1 billion to Detroit-based General Motors in order to allow the ailing U.S automobile giant to support GMAC reorganizing into a bank holding company.
On the heels of GMAC Financial LLC’s approval by the Federal Reserve as a bank holding company(InvestmentNews, Dec. 29), the Department of the Treasury announced late yesterday that it will inject $5 billion into the financing arm of General Motors Corp. from the $700 billion Troubled Asset Relief Program.
The Treasury has also agreed to lend up to $1 billion to Detroit-based General Motors in order to allow the ailing U.S automobile giant to support GMAC reorganizing into a bank holding company.
The 195 New York Stock Exchange member firms that conduct business with the public posted after-tax losses of $6.95 billion in the third quarter on revenue of $44.13 billion.
This compared with $2.49 billion in after-tax losses on revenue of $78.79 billion in third quarter of 2007.
The number of unprofitable firms increased to 78 in the third quarter from 55 in the year-ago period.
The number of profitable firms fell to 117 from 141.
The Securities and Exchange Commission Tuesday approved temporary exemptions allowing London-based LCH.Clearnet Group Ltd. to operate as a central counterparty for credit default swaps.
"Today's announcement is an important step in our efforts to add transparency and structure to the opaque and unregulated multitrillion-dollar credit default swaps market," SEC Chairman Christopher Cox said in a statement.
"These conditional exemptions will allow a central counterparty to be quickly up and running, while protecting investors through regulatory oversight.
The Securities and Exchange Commission Tuesday approved temporary exemptions allowing London-based LCH.Clearnet Group Ltd. to operate as a central counterparty for credit default swaps.
"Today's announcement is an important step in our efforts to add transparency and structure to the opaque and unregulated multitrillion-dollar credit default swaps market," SEC Chairman Christopher Cox said in a statement.
"These conditional exemptions will allow a central counterparty to be quickly up and running, while protecting investors through regulatory oversight.
The Securities and Exchange Commission Tuesday approved temporary exemptions allowing London-based LCH.Clearnet Group Ltd. to operate as a central counterparty for credit default swaps.
"Today's announcement is an important step in our efforts to add transparency and structure to the opaque and unregulated multitrillion-dollar credit default swaps market," SEC Chairman Christopher Cox said in a statement.
"These conditional exemptions will allow a central counterparty to be quickly up and running, while protecting investors through regulatory oversight.
The Securities and Exchange Commission Tuesday approved temporary exemptions allowing London-based LCH.Clearnet Group Ltd. to operate as a central counterparty for credit default swaps.
"Today's announcement is an important step in our efforts to add transparency and structure to the opaque and unregulated multitrillion-dollar credit default swaps market," SEC Chairman Christopher Cox said in a statement.
"These conditional exemptions will allow a central counterparty to be quickly up and running, while protecting investors through regulatory oversight.
The Securities and Exchange Commission Tuesday approved temporary exemptions allowing London-based LCH.Clearnet Group Ltd. to operate as a central counterparty for credit default swaps.
"Today's announcement is an important step in our efforts to add transparency and structure to the opaque and unregulated multitrillion-dollar credit default swaps market," SEC Chairman Christopher Cox said in a statement.
"These conditional exemptions will allow a central counterparty to be quickly up and running, while protecting investors through regulatory oversight.
The Securities and Exchange Commission Tuesday approved temporary exemptions allowing London-based LCH.Clearnet Group Ltd. to operate as a central counterparty for credit default swaps.
"Today's announcement is an important step in our efforts to add transparency and structure to the opaque and unregulated multitrillion-dollar credit default swaps market," SEC Chairman Christopher Cox said in a statement.
"These conditional exemptions will allow a central counterparty to be quickly up and running, while protecting investors through regulatory oversight.
The Securities and Exchange Commission Tuesday approved temporary exemptions allowing London-based LCH.Clearnet Group Ltd. to operate as a central counterparty for credit default swaps.
"Today's announcement is an important step in our efforts to add transparency and structure to the opaque and unregulated multitrillion-dollar credit default swaps market," SEC Chairman Christopher Cox said in a statement.
"These conditional exemptions will allow a central counterparty to be quickly up and running, while protecting investors through regulatory oversight.
The Securities and Exchange Commission Tuesday approved temporary exemptions allowing London-based LCH.Clearnet Group Ltd. to operate as a central counterparty for credit default swaps.
"Today's announcement is an important step in our efforts to add transparency and structure to the opaque and unregulated multitrillion-dollar credit default swaps market," SEC Chairman Christopher Cox said in a statement.
"These conditional exemptions will allow a central counterparty to be quickly up and running, while protecting investors through regulatory oversight.
The Securities and Exchange Commission Tuesday approved temporary exemptions allowing London-based LCH.Clearnet Group Ltd. to operate as a central counterparty for credit default swaps.
"Today's announcement is an important step in our efforts to add transparency and structure to the opaque and unregulated multitrillion-dollar credit default swaps market," SEC Chairman Christopher Cox said in a statement.
"These conditional exemptions will allow a central counterparty to be quickly up and running, while protecting investors through regulatory oversight.
The Securities and Exchange Commission Tuesday approved temporary exemptions allowing London-based LCH.Clearnet Group Ltd. to operate as a central counterparty for credit default swaps.
"Today's announcement is an important step in our efforts to add transparency and structure to the opaque and unregulated multitrillion-dollar credit default swaps market," SEC Chairman Christopher Cox said in a statement.
"These conditional exemptions will allow a central counterparty to be quickly up and running, while protecting investors through regulatory oversight.
The Securities and Exchange Commission Tuesday approved temporary exemptions allowing London-based LCH.Clearnet Group Ltd. to operate as a central counterparty for credit default swaps.
"Today's announcement is an important step in our efforts to add transparency and structure to the opaque and unregulated multitrillion-dollar credit default swaps market," SEC Chairman Christopher Cox said in a statement.
"These conditional exemptions will allow a central counterparty to be quickly up and running, while protecting investors through regulatory oversight.
The Securities and Exchange Commission Tuesday approved temporary exemptions allowing London-based LCH.Clearnet Group Ltd. to operate as a central counterparty for credit default swaps.
"Today's announcement is an important step in our efforts to add transparency and structure to the opaque and unregulated multitrillion-dollar credit default swaps market," SEC Chairman Christopher Cox said in a statement.
"These conditional exemptions will allow a central counterparty to be quickly up and running, while protecting investors through regulatory oversight.
The Securities and Exchange Commission Tuesday approved temporary exemptions allowing London-based LCH.Clearnet Group Ltd. to operate as a central counterparty for credit default swaps.
"Today's announcement is an important step in our efforts to add transparency and structure to the opaque and unregulated multitrillion-dollar credit default swaps market," SEC Chairman Christopher Cox said in a statement.
"These conditional exemptions will allow a central counterparty to be quickly up and running, while protecting investors through regulatory oversight.
The People's Bank of China today cut interest rates by 0.27% to 5.31%, marking the fifth time that the bank has cut rates in the past four months.
China's central bank also cut the deposit rate by 0.27% to 2.25%
Additionally, the bank cut the ratio that banks must set aside as deposits by 0.5% to 15.5% of their deposits.
Last Friday, the Bank of Japan cut its key lending rate by to 0.1%, from 0.3%, and downgraded its assessment of the economy.
Situation: Tax law mandates the use of certain interest rates — called applicable federal rates — in promissory notes between related parties and in valuing the gift portion of certain planning transactions.
Because current yields on Treasury obligations are at historic lows, certain estate planning techniques can be very attractive.
Here’s how your client can take advantage of current low interest rates by using these techniques.
Solution: Applicable federal rates, which are computed and published by the Internal Revenue Service monthly, are based on the weighted average market yield for marketable Treasury obligations. The AFR rates for January 2009 range from 0.81% for short-term securities (those that mature in three years or less) to 2.06% for securities maturing in four to nine years and 3.57% for longer-term debt. These are historically low interest levels for Treasury securities.
Clients of Bernard Madoff who were lucky enough to withdraw part or all of their investment before the money manager confessed to a $50 billion Ponzi scheme are now concerned that they will have to give their money back, according to a Bloomberg report.
The former investors — which include individuals, charities and hedge funds — in his brokerage firm, Bernard L. Madoff Investment Securities LLC of New York, could potentially face lawsuits due to a New York state law that would call for a claw-back of paid-out funds.
Mutual fund assets will remain in decline unless regulations put them on equal footing with other investment vehicles, such as ETFs, according to a study released this week by Celent, a Boston-based research and consulting firm.
The firm projected that within five years, fund groups will decline from more than 7,000 to closer to 2,000.
The study, which examined the impact of the global credit crisis on the wealth management industry, predicts that assets of the mass market will shift more to stable value funds, annuities, cash and bank deposits, fixed-income vehicles and ETFs.
The Federal Reserve Board on Friday released revised terms and conditions involving the program dubbed Term Asset-Backed Securities Loan Facility.
Under TALF, the Federal Reserve pledged to lend as much as $200 billion to holders of newly issued, highly rated, asset-backed securities collateralized by student loans, auto loans, credit card loans and loans guaranteed by the Small Business Administration. The program aims to revive the waning securitization market.
Mary Schapiro’s replacement as head of the Financial Industry Regulatory Authority Inc. is likely to come from outside the self-regulator that oversees that brokerage industry and its registered reps, industry executives said this morning.
Those comments came in reaction to the news of President-elect Barack Obama’s nominating her to head up the Securities and Exchange Commission.
“I suspect the new person won’t come from the current Finra staff,” said Art Grant, CEO of Cadaret Grant & Co. Inc. of Syracuse, N.Y., an independent broker-dealer with over 900 affiliated reps.
The FBI has set up a hotline for investors who believe they were victims of an alleged $50 billion Ponzi scheme orchestrated by Wall Street veteran Bernard L. Madoff.
People who believe they were bilked by the founder of New York-based Bernard L. Madoff Investment Securities LLC can call (212) 384-2359.
The former chairman of The Nasdaq Stock Market Inc. in New York was arrested by federal agents Dec. 11 and charged with running a huge scheme that has allegedly resulted in at least $50 billion in losses for numerous individual and institutional investors (
Another prominent wirehouse branch manager has been shown the door, as Morgan Stanley yesterday cut ties with the head of its Washington complex.
Jerry Castro was escorted from the branch yesterday morning, according to an industry source, who asked not to be named.
No specific reason has surfaced for the move, the source said.
Christine Pollack, a spokeswoman for the New York-based firm, declined to comment about the reasons for Mr. Castro’s leaving the company.
Morgan Stanley CEO John Mack sounded the retreat today, announcing that his firm would abandon some risky businesses after his firm posted a stunningly large $2.4 billion quarterly loss.
The decision to cease certain types of proprietary trading and reduce principal investing, among other things, marks the dramatic reversal of the strategy Mr. Mack embraced when he took over in 2005: To amp up the amount of risk taken by the firm.
Some of the world's biggest banking institutions and hedge funds reported potential huge losses on Monday as the impact of alleged fraud by arrested Wall Street investment manager Bernard Madoff spread far beyond U.S. borders, according to the Associated Press.
Britain's Royal Bank of Scotland Group and Man Group, Spain's Grupo Santander SA, France's BNP Paribas and Japan's Nomura Holdings all reported that they had fallen victim to Mr. Madoff's alleged $50 billion Ponzi scheme.
H&R Block Inc. posted a second-quarter loss today but improved from the year-earlier period.
The Kansas City, Mo.-based tax services provider reported a net loss of $134.9 million, or 41 cents a share, for the quarter ended Oct. 31, compared with a net loss of $502.3 million, or $1.55 cents a share, in the year- earlier period.
The improvement was attributed to a decision to exit its subprime-mortgage business and the sale of its H&R Block Financial Advisors unit to Minneapolis-based Ameriprise Financial Inc.
H&R Block Inc. posted a second-quarter loss today but improved from the year-earlier period.
The Kansas City, Mo.-based tax services provider reported a net loss of $134.9 million, or 41 cents a share, for the quarter ended Oct. 31, compared with a net loss of $502.3 million, or $1.55 cents a share, in the year- earlier period.
The improvement was attributed to a decision to exit its subprime-mortgage business and the sale of its H&R Block Financial Advisors unit to Minneapolis-based Ameriprise Financial Inc.
Longtime American International Group Inc. executive Kevin Kelley has been named chief executive officer of Ironshore Inc.
Mr. Kelley was formerly chairman and chief executive of AIG's Lexington Insurance Co., the world's largest excess and surplus lines insurer. Bob Deutsch, Bermuda-based Ironshore's founding CEO, was named the its president.
Ironshore also announced that it has hired Shaun Kelly, Lexington's former president and chief operating officer, to serve as CEO of Ironshore's U.S. operations.
H&R Block Inc. posted a second-quarter loss today but improved from the year-earlier period.
The Kansas City, Mo.-based tax services provider reported a net loss of $134.9 million, or 41 cents a share, for the quarter ended Oct. 31, compared with a net loss of $502.3 million, or $1.55 cents a share, in the year- earlier period.
The improvement was attributed to a decision to exit its subprime-mortgage business and the sale of its H&R Block Financial Advisors unit to Minneapolis-based Ameriprise Financial Inc.
H&R Block Inc. posted a second-quarter loss today but improved from the year-earlier period.
The Kansas City, Mo.-based tax services provider reported a net loss of $134.9 million, or 41 cents a share, for the quarter ended Oct. 31, compared with a net loss of $502.3 million, or $1.55 cents a share, in the year- earlier period.
The improvement was attributed to a decision to exit its subprime-mortgage business and the sale of its H&R Block Financial Advisors unit to Minneapolis-based Ameriprise Financial Inc.
H&R Block Inc. posted a second-quarter loss today but improved from the year-earlier period.
The Kansas City, Mo.-based tax services provider reported a net loss of $134.9 million, or 41 cents a share, for the quarter ended Oct. 31, compared with a net loss of $502.3 million, or $1.55 cents a share, in the year- earlier period.
The improvement was attributed to a decision to exit its subprime-mortgage business and the sale of its H&R Block Financial Advisors unit to Minneapolis-based Ameriprise Financial Inc.
Longtime American International Group Inc. executive Kevin Kelley has been named chief executive officer of Ironshore Inc.
Mr. Kelley was formerly chairman and chief executive of AIG's Lexington Insurance Co., the world's largest excess and surplus lines insurer. Bob Deutsch, Bermuda-based Ironshore's founding CEO, was named the its president.
Ironshore also announced that it has hired Shaun Kelly, Lexington's former president and chief operating officer, to serve as CEO of Ironshore's U.S. operations.
Longtime American International Group Inc. executive Kevin Kelley has been named chief executive officer of Ironshore Inc.
Mr. Kelley was formerly chairman and chief executive of AIG's Lexington Insurance Co., the world's largest excess and surplus lines insurer. Bob Deutsch, Bermuda-based Ironshore's founding CEO, was named the its president.
Ironshore also announced that it has hired Shaun Kelly, Lexington's former president and chief operating officer, to serve as CEO of Ironshore's U.S. operations.
Longtime American International Group Inc. executive Kevin Kelley has been named chief executive officer of Ironshore Inc.
Mr. Kelley was formerly chairman and chief executive of AIG's Lexington Insurance Co., the world's largest excess and surplus lines insurer. Bob Deutsch, Bermuda-based Ironshore's founding CEO, was named the its president.
Ironshore also announced that it has hired Shaun Kelly, Lexington's former president and chief operating officer, to serve as CEO of Ironshore's U.S. operations.
Longtime American International Group Inc. executive Kevin Kelley has been named chief executive officer of Ironshore Inc.
Mr. Kelley was formerly chairman and chief executive of AIG's Lexington Insurance Co., the world's largest excess and surplus lines insurer. Bob Deutsch, Bermuda-based Ironshore's founding CEO, was named the its president.
Ironshore also announced that it has hired Shaun Kelly, Lexington's former president and chief operating officer, to serve as CEO of Ironshore's U.S. operations.
H&R Block Inc. posted a second-quarter loss today but improved from the year-earlier period.
The Kansas City, Mo.-based tax services provider reported a net loss of $134.9 million, or 41 cents a share, for the quarter ended Oct. 31, compared with a net loss of $502.3 million, or $1.55 cents a share, in the year- earlier period.
The improvement was attributed to a decision to exit its subprime-mortgage business and the sale of its H&R Block Financial Advisors unit to Minneapolis-based Ameriprise Financial Inc.
H&R Block Inc. posted a second-quarter loss today but improved from the year-earlier period.
The Kansas City, Mo.-based tax services provider reported a net loss of $134.9 million, or 41 cents a share, for the quarter ended Oct. 31, compared with a net loss of $502.3 million, or $1.55 cents a share, in the year- earlier period.
The improvement was attributed to a decision to exit its subprime-mortgage business and the sale of its H&R Block Financial Advisors unit to Minneapolis-based Ameriprise Financial Inc.
Longtime American International Group Inc. executive Kevin Kelley has been named chief executive officer of Ironshore Inc.
Mr. Kelley was formerly chairman and chief executive of AIG's Lexington Insurance Co., the world's largest excess and surplus lines insurer. Bob Deutsch, Bermuda-based Ironshore's founding CEO, was named the its president.
Ironshore also announced that it has hired Shaun Kelly, Lexington's former president and chief operating officer, to serve as CEO of Ironshore's U.S. operations.
Merrill Lynch ended its 94 years of independence when shareholders voted to approve the sale of the nation’s largest brokerage house — with its “thundering herd” of brokers, “Bullish on America” slogan, and all — to Bank of America Corp.
During a special shareholders meeting at company headquarters in New York, Merrill shareholders approved the sale of the company to the Charlotte, N.C.-based bank. Bank of America shareholders then gave a thumbs-up to the acquisition.
Shares of National Financial Partners Corp., the troubled amalgamator of financial planning firms, climbed more than 40% today after the New York-based company said its banks agreed to an amended credit agreement.
The new agreement reduces the credit facility available to NFP and raises its borrowing rate and fees, but also temporarily allows the company to increase its ratio of debt to equity.
Without such an increase, the company was in danger of defaulting on its debt agreement and could have been forced into bankruptcy, according to some principals at the insurance, planning and brokerage firms affiliated with NFP.
American International Group Inc. will award 38 of its executives with as much as $4 million each as part of a retention program, according to a letter from chief executive Edward Liddy.
Employees with salaries between $160,000 and $1 million can receive between $92,500 and $4 million in retention pay, according to a Dec. 5 letter chief executive officer Edward Liddy sent to Rep. Elijah Cummings, D-Md., and a member of the House Committee on Oversight and Government Reform.
The Securities Industry and Financial Markets Association of Washington and New York and the American Securitization Forum of New York will jointly sponsor the creation of a U.S. Covered Bonds Council.
Announced today, the council aims to be a collaborative forum for market participants to promote the U.S. covered-bonds market.
It will work to develop a liquid and efficient market that fosters public confidence in such bonds.
The latest performance data from the hedge fund industry shows that its indexes continue to decline at a slower pace than that of the stock market, but are still widely underperforming bonds.
The Hennessee Hedge Fund Index fell 2.7% in November for an 11-month decline of 18.4%.
The Credit/Suisse Tremont Hedge Fund Index lost 0.7% in November and is down 16.1% this year.
The HFRI Weighted Composite Index was down 1.4% in November and lost 17.8% over the first 11 months of the year.
The latest performance data from the hedge fund industry shows that its indexes continue to decline at a slower pace than that of the stock market, but are still widely underperforming bonds.
The Hennessee Hedge Fund Index fell 2.7% in November for an 11-month decline of 18.4%.
The Credit/Suisse Tremont Hedge Fund Index lost 0.7% in November and is down 16.1% this year.
The HFRI Weighted Composite Index was down 1.4% in November and lost 17.8% over the first 11 months of the year.
The Securities Industry and Financial Markets Association of Washington and New York and the American Securitization Forum of New York will jointly sponsor the creation of a U.S. Covered Bonds Council.
Announced today, the council aims to be a collaborative forum for market participants to promote the U.S. covered-bonds market.
It will work to develop a liquid and efficient market that fosters public confidence in such bonds.
The Securities Industry and Financial Markets Association of Washington and New York and the American Securitization Forum of New York will jointly sponsor the creation of a U.S. Covered Bonds Council.
Announced today, the council aims to be a collaborative forum for market participants to promote the U.S. covered-bonds market.
It will work to develop a liquid and efficient market that fosters public confidence in such bonds.
The Securities Industry and Financial Markets Association of Washington and New York and the American Securitization Forum of New York will jointly sponsor the creation of a U.S. Covered Bonds Council.
Announced today, the council aims to be a collaborative forum for market participants to promote the U.S. covered-bonds market.
It will work to develop a liquid and efficient market that fosters public confidence in such bonds.
The latest performance data from the hedge fund industry shows that its indexes continue to decline at a slower pace than that of the stock market, but are still widely underperforming bonds.
The Hennessee Hedge Fund Index fell 2.7% in November for an 11-month decline of 18.4%.
The Credit/Suisse Tremont Hedge Fund Index lost 0.7% in November and is down 16.1% this year.
The HFRI Weighted Composite Index was down 1.4% in November and lost 17.8% over the first 11 months of the year.
Even Harvard is singing the Wall Street blues.
The vernerable university’s endowment, the nation’s largest — and much envied for its typically outsized portfolio gains — lost 22% of its value, or $8 billion, from July through October.
The endowment’s domestic stock and foreign equity portfolios were particularly hard hit, according to university officials.
The endowment was worth $36.9 billion as of June 30, the end of its fiscal year.
Mortgage applications soared in the last week of November as homebuyers took advantage of low interest rates following the Fed’s announcement that it would buy Fannie Mae and Freddie Mac debt and mortgage-backed securities.
Indeed, the latest survey from the Mortgage Bankers Association in Washington shows that its seasonally adjusted Market Composite Index, which measures total mortgage application volume, jumped 112.1% to 857.7 for the week ended Nov. 28 — its highest level since March.
Despite all odds, Americans may be feeling good about their own financial future, but many are becoming cautious about their investments, according to a study released by Allianz Life Insurance Co. of North America.
Forty-six percent of the1,000 American adults polled by the Minneapolis-based insurer said that they were very confident about their financial situations, compared to 43% who said they were very concerned.
However, many of those polled were also shying away from getting into the capital markets.
In the wake of four straight quarterly losses for Citigroup Inc., its top executives are ready to give up their 2008 bonuses, the Financial Times reported today.
Former Treasury Secretary Robert Rubin, who serves as Citigroup’s director and senior counselor, told the bank’s board that the funds that would have been used for his bonus could be better spent on other employees.
A Citigroup spokeswoman would not say how many executives may forgo their bonuses only saying,"decisions by the board have not been made at this time."
This month and next, help your clients by advising them to use a 2008 Roth IRA conversion to take advantage of the stock market decline.
That will be the case for clients who meet these two criteria: They have traditional individual retirement accounts, 401(k)s or other company retirement plans (if they are eligible to take a distribution from the company plan) that are invested in stocks, and have 2008 income that doesn't exceed $100,000 on a single or joint tax return.
Financial institutions now have three more months to take advantage of some of the Federal Reserve’s liquidity boosters.
The Fed said on Tuesday that it is extending three programs until April 30.
The first, the Primary Dealer Credit Facility, gives discount window loans to primary dealers. The second, the Asset-Backed Commercial Paper Money Market Fund Liquidity Facility, makes loans to banks so they can purchase asset-backed commercial paper from money market mutual funds.
The Goldman Sachs Group Inc. is expected to record a loss as large as $2 billion for its fiscal fourth quarter ended Nov. 28, according to a report in The Wall Street Journal that cited industry insiders.
The loss, which would be the company's first since it went public in 1999, is projected to be $5 per share, according to the insiders, and is more than five times larger than the consensus for the New York-based firm, which faces write-downs in areas ranging from private equity to commercial real estate.
Life insurance sales dropped during the third quarter as new annualized premium for individual coverage fell 11% year over year, according to LIMRA International Inc.
That represents an overall 4% decline in annualized premiums year to date, according to the Windsor, Conn.-based marketing and research group.
Variable life and variable universal life insurance — products that invest a portion of customers’ premium into the equity markets — experienced the greatest decline in sales. Variable life fell 41% in annualized premiums, while its variable universal cousin took a 33% dive in premiums.
Jefferson National Life Insurance Co. of Dallas today added the Rydex Variable Trust Managed Futures Strategy Fund to its Monument Advisor variable annuity.
The fund, designed to provide low correlation to traditional asset classes, gives customers exposure to a managed futures strategy and offers them exposure to long and short positions in the futures market — with the exception of energy, Jefferson said.
Rather than providing direct exposure to the futures market, the fund uses structured notes and other financial instruments. The fund seeks to deliver the returns of the Standard and Poor’s Diversified Trends Indicator, which is divided equally between physical commodities, such as grains and livestock, and financials, which include the euro and the yen.
Sales on Black Friday — the day after Thanksgiving, thought to be the busiest shopping day of the year — fared better than anticipated but did not rescue November retail sales, according to a report from Thomson Reuters of New York..
In fact, November same-store retail sales may be the worst recorded due to drastic price cuts: The success of Black Friday sales probably came at the expense of margins as stores cut prices, the report said.
Two months after acquiring Washington Mutual Inc., JPMorgan Chase & Co. announced yesterday that it will slash 9,200 jobs from the Seattle-based bank that succumbed to the credit crunch.
New York-based JPMorgan Chase will cut 4,000 WaMu positions by the end of January, and the remaining 5,200 employees will stay on as transition workers and leave their jobs over the course of 2009, according to a JPMorgan Chase spokeswoman.
Two months after acquiring Washington Mutual Inc., JPMorgan Chase & Co. announced yesterday that it will slash 9,200 jobs from the Seattle-based bank that succumbed to the credit crunch.
New York-based JPMorgan Chase will cut 4,000 WaMu positions by the end of January, and the remaining 5,200 employees will stay on as transition workers and leave their jobs over the course of 2009, according to a JPMorgan Chase spokeswoman.
Two months after acquiring Washington Mutual Inc., JPMorgan Chase & Co. announced yesterday that it will slash 9,200 jobs from the Seattle-based bank that succumbed to the credit crunch.
New York-based JPMorgan Chase will cut 4,000 WaMu positions by the end of January, and the remaining 5,200 employees will stay on as transition workers and leave their jobs over the course of 2009, according to a JPMorgan Chase spokeswoman.
Highbridge Capital Management LLC is placing a restriction on client withdrawals to avoid the forced sale of assets, according to the Wall Street Journal, which quoted people familiar with the fund.
The New York-based hedge fund company’s multistrategy fund has slumped about 25% this year. Investors have asked to withdraw 36% of its assets, the Journal reported, citing individuals knowledgeable about the fund.
To protect the fund’s viability, Highbridge will pay 30% of withdrawals in cash and distribute the remainder in a year or more, the Journal said. After withdrawals and investment losses, this once $15 billion fund might be be worth $6 billion.
Two months after acquiring Washington Mutual Inc., JPMorgan Chase & Co. announced yesterday that it will slash 9,200 jobs from the Seattle-based bank that succumbed to the credit crunch.
New York-based JPMorgan Chase will cut 4,000 WaMu positions by the end of January, and the remaining 5,200 employees will stay on as transition workers and leave their jobs over the course of 2009, according to a JPMorgan Chase spokeswoman.
Two months after acquiring Washington Mutual Inc., JPMorgan Chase & Co. announced yesterday that it will slash 9,200 jobs from the Seattle-based bank that succumbed to the credit crunch.
New York-based JPMorgan Chase will cut 4,000 WaMu positions by the end of January, and the remaining 5,200 employees will stay on as transition workers and leave their jobs over the course of 2009, according to a JPMorgan Chase spokeswoman.
Highbridge Capital Management LLC is placing a restriction on client withdrawals to avoid the forced sale of assets, according to the Wall Street Journal, which quoted people familiar with the fund.
The New York-based hedge fund company’s multistrategy fund has slumped about 25% this year. Investors have asked to withdraw 36% of its assets, the Journal reported, citing individuals knowledgeable about the fund.
To protect the fund’s viability, Highbridge will pay 30% of withdrawals in cash and distribute the remainder in a year or more, the Journal said. After withdrawals and investment losses, this once $15 billion fund might be be worth $6 billion.
The number of troubled banking institutions — ones that the FDIC is monitoring because they are in danger of failing — grew 46% in the third quarter, marking the highest level since the fourth quarter of 1995.
The number of such banks grew to 171 from 117, according to the Federal Deposit Insurance Corp.
Additionally, nine FDIC-insured institutions failed in the third quarter, the most since the third quarter of 1993.
Highbridge Capital Management LLC is placing a restriction on client withdrawals to avoid the forced sale of assets, according to the Wall Street Journal, which quoted people familiar with the fund.
The New York-based hedge fund company’s multistrategy fund has slumped about 25% this year. Investors have asked to withdraw 36% of its assets, the Journal reported, citing individuals knowledgeable about the fund.
To protect the fund’s viability, Highbridge will pay 30% of withdrawals in cash and distribute the remainder in a year or more, the Journal said. After withdrawals and investment losses, this once $15 billion fund might be be worth $6 billion.
The number of troubled banking institutions — ones that the FDIC is monitoring because they are in danger of failing — grew 46% in the third quarter, marking the highest level since the fourth quarter of 1995.
The number of such banks grew to 171 from 117, according to the Federal Deposit Insurance Corp.
Additionally, nine FDIC-insured institutions failed in the third quarter, the most since the third quarter of 1993.
The number of troubled banking institutions — ones that the FDIC is monitoring because they are in danger of failing — grew 46% in the third quarter, marking the highest level since the fourth quarter of 1995.
The number of such banks grew to 171 from 117, according to the Federal Deposit Insurance Corp.
Additionally, nine FDIC-insured institutions failed in the third quarter, the most since the third quarter of 1993.
Two months after acquiring Washington Mutual Inc., JPMorgan Chase & Co. announced yesterday that it will slash 9,200 jobs from the Seattle-based bank that succumbed to the credit crunch.
New York-based JPMorgan Chase will cut 4,000 WaMu positions by the end of January, and the remaining 5,200 employees will stay on as transition workers and leave their jobs over the course of 2009, according to a JPMorgan Chase spokeswoman.
The number of troubled banking institutions — ones that the FDIC is monitoring because they are in danger of failing — grew 46% in the third quarter, marking the highest level since the fourth quarter of 1995.
The number of such banks grew to 171 from 117, according to the Federal Deposit Insurance Corp.
Additionally, nine FDIC-insured institutions failed in the third quarter, the most since the third quarter of 1993.
The number of troubled banking institutions — ones that the FDIC is monitoring because they are in danger of failing — grew 46% in the third quarter, marking the highest level since the fourth quarter of 1995.
The number of such banks grew to 171 from 117, according to the Federal Deposit Insurance Corp.
Additionally, nine FDIC-insured institutions failed in the third quarter, the most since the third quarter of 1993.
Socially conscious funds are one of the highest growth areas of the mutual fund industry and have outperformed their peers in recent time periods, according to a study released today by New York-based Lipper Inc.
Since 2001, assets in socially conscious funds have grown 71% to $26.9 billion as of Oct. 31.
Among them, green funds, which seek investments with a positive environmental impact, have experienced a 640% increase in assets to $1.1 billion, from $153 million over the same time period.
Highbridge Capital Management LLC is placing a restriction on client withdrawals to avoid the forced sale of assets, according to the Wall Street Journal, which quoted people familiar with the fund.
The New York-based hedge fund company’s multistrategy fund has slumped about 25% this year. Investors have asked to withdraw 36% of its assets, the Journal reported, citing individuals knowledgeable about the fund.
To protect the fund’s viability, Highbridge will pay 30% of withdrawals in cash and distribute the remainder in a year or more, the Journal said. After withdrawals and investment losses, this once $15 billion fund might be be worth $6 billion.
Socially conscious funds are one of the highest growth areas of the mutual fund industry and have outperformed their peers in recent time periods, according to a study released today by New York-based Lipper Inc.
Since 2001, assets in socially conscious funds have grown 71% to $26.9 billion as of Oct. 31.
Among them, green funds, which seek investments with a positive environmental impact, have experienced a 640% increase in assets to $1.1 billion, from $153 million over the same time period.
Socially conscious funds are one of the highest growth areas of the mutual fund industry and have outperformed their peers in recent time periods, according to a study released today by New York-based Lipper Inc.
Since 2001, assets in socially conscious funds have grown 71% to $26.9 billion as of Oct. 31.
Among them, green funds, which seek investments with a positive environmental impact, have experienced a 640% increase in assets to $1.1 billion, from $153 million over the same time period.
Socially conscious funds are one of the highest growth areas of the mutual fund industry and have outperformed their peers in recent time periods, according to a study released today by New York-based Lipper Inc.
Since 2001, assets in socially conscious funds have grown 71% to $26.9 billion as of Oct. 31.
Among them, green funds, which seek investments with a positive environmental impact, have experienced a 640% increase in assets to $1.1 billion, from $153 million over the same time period.
Socially conscious funds are one of the highest growth areas of the mutual fund industry and have outperformed their peers in recent time periods, according to a study released today by New York-based Lipper Inc.
Since 2001, assets in socially conscious funds have grown 71% to $26.9 billion as of Oct. 31.
Among them, green funds, which seek investments with a positive environmental impact, have experienced a 640% increase in assets to $1.1 billion, from $153 million over the same time period.
