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Latest Headlines
Daniel Mudd steps down
Confirming media reports, Daniel Mudd--the former chief of Fannie Mae who now stands accused of fraud by the SEC--has stepped down as CEO of alternatives investments giant Fortress.
In a statement for shareholders, he said, "I do not want the uncertainty associated with a leave of abs
Predictions for Goldman Sachs in 2012
In an imagined email to Goldman Sachs shareholders, Breakingviews finds an interesting way to raise some bold possibilities for the bank in 2012.
"The 46 percent decline in our share price is not what you have come to expect from us. We are changing our business and management in ways that
Judge critical of SEC settlements
There is something refreshing about Judge Jed Rakoff's critiques of various SEC settlements with banks, notably Bank of America and Citigroup.
Rakkoff raises some common sense issues that reveal the folly of the settlements. For example, why should companies be able to settle without admitting
Citigroup invests in own hedge funds
Bloomberg notes that Citigroup has invested $800 million of shareholders money in the firm's own hedge funds. Wasn't that supposed to be a "no-no" under the Volcker Rule?
For the most part, the answer is yes. But the law does allow some prop investment in alternative funds. Banks can own u
Banks buying back shares
Banks have been pretty clear that they want to return capital to shareholders this year, though that has obviously done little for their share prices.
At some point, dividends will be raised significantly. As of now, some banks are buying shares back at historically low prices. JPMorgan bought
Banks eager to buy back stock
Banks are trading so far below their book value that they must be good investments right now, right?
A lot of value investors have been burned by such thinking. But if you really believe in the long-term viability of the banks, then why wouldn't you buy? Bank executives are obviously in this c
Big debate continues over insider trading legality
Ever since the insider trading scandals hit the headlines, people have been debating whether insider trading should be legalized.
The pro-insider trading crowd argues that the effect will be additional price information reflected in stock prices in more timely fashion, which is a good thing.
Sarbanes Oxley relief could be on the way for more companies
The dearth of small company IPOs has yet to heat up as a political issue, but in this season of economic discontent, perhaps it's only matter of time before the candidates start talking about it. And
Wells Fargo mulls Morgan Stanley purchase
The prognosis for Morgan Stanley--once among the mightiest of Wall Street firms, with a rich and proud history--has become so bleak that some are speaking about it as a takeover candidate.
One the possible buyers would be no less than Wells Fargo, a California-based bank that in many ways seem
Bank of America defends right to make a profit
Brian Moynihan has herculean tasks ahead of him on so many fronts, not least of which is dealing with the Durbin Amendment, which is now live and in effect. The bank has potentially billions in foregone fees that it has to make up, so you can understand why Moynihan would favor a new fee on debit
