Two former Bear Stearns hedge-fund managers have been acquitted of lying to investors about the implosion of the subprime mortgage market.
A Brooklyn jury found Ralph Cioffi and Matthew Tannin not guilty Tuesday on all counts of conspiracy and fraud. It was the first criminal case to hit Wall Street amid the housing market meltdown.
Prosecutors claimed [...]
Archive for the ‘Global Economy’ Category
Bear Stearns execs acquitted of subprime fraud
November 10th, 2009 by Financial Writer
Tags: bear stearns, housing market, investors, mortgage, mortgage market, wall street
more...Dodd to Propose Removing Fed, FDIC Bank Supervision
November 10th, 2009 by Financial Writer
Senator Christopher Dodd will propose creating a single U.S. regulator that would strip the Federal Reserve and Federal Deposit Insurance Corp. of bank- supervision authority, said a person familiar with the matter.
Dodd, chairman of the Senate Banking Committee, would eliminate the Office of the Comptroller of the Currency and the Office of Thrift Supervision and [...]
Tags: bank supervision, banking committee, christopher dodd, fdic, fed, Federal Reserve, financial
Can’t find the hot new toy? Blame the economy
November 9th, 2009 by Financial Writer
Robotic toy hamsters, the latest Barbie dolls and stylish boots are disappearing from store shelves as holiday shoppers start to get serious. But don’t confuse this with the days of Tickle Me Elmo.
Instead of a throwback to great buying binges of the past, the empty shelves are just another sign of bad times.
The shortages come [...]
Tags: economy, hasbro, inventories, money, thanksgiving, toy
Fed says banks eye tighter terms on credit cards
November 9th, 2009 by Financial Writer
Banks expect to tighten terms on credit cards in response to a new law that aims to protect consumers from sudden rate hikes, the Federal Reserve said Monday.
A quarterly survey by the Fed found that many banks expect to increase rates, reduce credit limits and raise annual fees for both prime borrowers — those with [...]
Tags: banks, borrowers, credit cards, economic recovery, Federal Reserve, increase rates
Suspect in Orlando office shooting had money woes
November 6th, 2009 by Financial Writer
A man so broke that he said he didn’t have the money to visit his son 30 minutes away opened fire Friday at the engineering firm that fired him two years ago, killing one person and wounding five, authorities said.
As officers led a handcuffed Jason Rodriguez into a police station, a reporter asked the divorced [...]
Tags: bankruptcy, financial, killing, money
Hyatt Hotels rises from IPO price in debut on NYSE
November 6th, 2009 by Financial Writer
Shares of Hyatt Hotels Corp. rose sharply Thursday in the iconic hotel chain’s first day on the New York Stock Exchange, with investors appearing to dismiss concerns about infighting among its founder’s heirs and tepid hotel reservations around the world.
Hyatt’s stock gained $3, or 12 percent, to $28 in afternoon trading.
The company, based in Chicago, [...]
Tags: hyatt hotels, investors, IPOfinancial, money raised
Dollar flat as ECB, BoE leave rates unchanged
November 5th, 2009 by Financial Writer
The dollar was nearly flat Thursday after the European Central Bank and Bank of England left their respective key interest rates unchanged.
Higher interest rates can support a currency as investors transfer funds in search of better returns. The ECB and BoE maintained their rates at 1 percent and 0.5 percent, respectively, higher than the Federal [...]
Tags: bank of england, dollar, dow jones, economists, euro, stock market
Senator: No fed money for US-China wind project
November 5th, 2009 by Financial Writer
A Democratic senator is calling on the Obama administration to reject an expected request for federal economic stimulus money as part of a $1.5 billion West Texas wind energy project because he says it will generate Chinese, not American, jobs.
The U.S.-China venture, announced last week, would erect 240 huge Chinese-manufactured wind turbines on 36,000 acres [...]
Tags: federal economic, generate chinese, megawatt wind turbines, money
Growing PayPal may one day overshadow eBay
November 4th, 2009 by Financial Writer
Most people know eBay Inc. for its online marketplace, where deals abound on everything from gadgets to antique furniture. But soon, eBay’s biggest business will likely be PayPal, the online payments service that has been growing steadily even as the economy has stumbled.
EBay has spent much of the past two years trying to improve its [...]
Tags: bank accounts, business, ebay, financial, marketplace, paypal, transactions
A look at economic developments around the globe
November 4th, 2009 by Financial Writer
The British government moved to break up the country’s two biggest retail banks, imposing a major shakeup on the financial sector as it exacts payback for last year’s massive state bailout at the height of the financial crisis.
The government also injected billions of pounds more of taxpayer funds into Royal Bank of Scotland PLC and [...]
Tags: banking sector, economic, financial crisis, financial sector, retail banks
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