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’SEC finalises ARS settlements with BofA, RBC, Deutsche…
From the SEC:
Washington, D.C., June 3, 2009 – The Securities and Exchange Commission today announced finalized settlements with Bank of America, RBC Capital Markets, and Deutsche Bank to resolve SEC charges that the firms misled investors regarding the liquidity risks associated with auction rate securities (ARS) that they underwrote,
Wall St banks in tax dodge probe
Some of the biggest US investment banks and brokerages – including Morgan Stanley, Lehman Brothers, Citigroup and Merrill Lynch – marketed allegedly abusive transactions that helped foreign hedge-fund investors avoid billions of dollars in US taxes over the past decade,
Merrill survey sees world downturn
A global recession is widely expected by fund managers as the credit crunch marks its anniversary by mutating from a financial crisis into a world economic downturn, Merrill Lynch reckons. Almost one-quarter
Merrill sells insurance units at cut price
Merrill Lynch’s sale of two life-insurance units to Dutch insurance and investment-products provider Aegon NV has closed, with the $1.25bn price tag $50m less than the two parties agreed to in August, reports the Wall Street Journal.
Top of the silly season: Buffett, Merrill, China SWF, Alitalia
Just in case you missed them:
Buffett spends big on acquisitions
Warren Buffett, the US billionaire investor, made some striking moves in late December: On Christmas Day, Buffett’s group Berkshire Hathaway used $4.5bn of its $50bn cash pile to buy 60% of Marmon,
Temasek eyes stake in Merrill
Merrill Lynch, facing the likelihood of billions of dollars in additional Q4 mortgage-related write-downs, is expected to become the latest financial firm to get a capital infusion from an Asian government investment fund,
Writedown reveals more pain for Bear Stearns
Trouble at Bear Stearns intensified on Thursday when the investment bank reported a quarterly loss – the first in its 84 years as a public company – that was nearly four times analysts’ forecasts.
Moody’s puts banks’ CPDOs on review
The volatility in credit markets appears set to claim fresh victims after Moody’s on Thursday put a number of complex and highly leveraged products, known as CPDOs, on review for downgrade.The move affects seven deals from the bank that invented the product,
Sell Sports Direct, advises red-faced Merrill
Investors in Sports Direct, the UK sports retailer, were Wednesday advised to sell the stock by Merrill Lynch, less than a year after the bank brought the retailer to market at more than three times its current share price.
S&P sees short-term pain for investment banks
Soured mortgages and stalled corporate finance deals will hurt third-quarter profits of the five largest US investment banks, Standard & Poor’s analysts said on Wednesday, reports Reuters. But the analysts did not expect the banks to post losses,