Politics Enters IndyMac Aftermath 

Aug 21, 2008,

By John Churchill

The California Attorney General, Edmund “Jerry” Brown, is considering a request by 51 former IndyMac bank employees to investigate New York Democratic Senator Charles Schumer’s role in the collapse of IndyMac Bank. ...

Putnam, Janus Pay For Market Timing Scandal—But Did Anyone Really Lose Any Money? 

Aug 20, 2008,

By Stan Luxenberg

In the fall of 2003, newspaper headlines blaringly announced the arrival of the mutual fund market-timing scandals. ...

OUTSTANDING SALES ASSISTANT NOMINATIONS 

Aug 19, 2008

The editors of Registered Rep. are undertaking a comprehensive survey of sales assistants, and to complement our disclosure of the results, which will appear in our October issue, we would like to profile a number of outstanding SAs. But we need your help! We are counting on nominations of sales assistants from the financial advisors with whom they work to make our selection....

Ladies Get Millions In Smith Barney Discrimination Case 

Aug 15, 2008,

By John Churchill

A federal judge gave final approval to a $33 million class-action settlement on Wednesday between Citigroup and current and former female financial advisors. ...

Ameriprise Buys H&R Block Reps 

Aug 13, 2008,

By Halah Touryalai

Ameriprise Financial is 900 advisors stronger after it purchased H&R Block Financial Advisors (HRBFA) for $315 million in cash yesterday. ...

Broker’s Mum on Missing Millions 

Aug 12, 2008,

By Halah Touryalai

When asked about the millions of dollars missing from his clients’ accounts, Michael J. Park, a Brentwood, TN stockbroker, didn’t offer much of an explanation. ...

The News Is Ugly At UBS; Clients Flee; 2Q Earnings Are Worse Than Expected; Reorg Strategy 

Aug 12, 2008,

By John Churchill

As you know, UBS reported a larger-than-expected second-quarter loss of $327 million today. Contributing to the dismal result was another $5.1 billion in U.S. mortgage related write-downs....

Citi Settles With SEC and Cuomo Over ARS Failure 

Aug 7, 2008,

By John Churchill

Citigroup reached a settlement with the SEC and the New York Attorney General, Andrew Cuomo, Thrusday over allegations that the firm made misrepresentations in its marketing and sales of auction rate securities to clients....

Citi to Yield Big Bucks in Auction-Rate Securities Talks? 

Aug 6, 2008,

By John Churchill

Citigroup may soon eat $8 billion worth of failed auction rate securities it sold to clients, and get slapped by the SEC with a $100 million fine, according to a report from Bloomberg that cites people familiar with the case....

More Trouble For Lehman, But No Meltdown In Sight 

Aug 4, 2008,

By John Churchill

Lehman Brothers may be considering shopping around $30 billion in beat-down commercial mortgage-related assets, according to a report in the New York Post from last Friday, which cites anonymous insider sources. ...

The Bear Talks 

Aug 4, 2008,

By Nancy N. DiCostanzo

It was only a matter of time before a book about Bear Stearns’ demise hit the bookshelves. ...

Massachusetts Says Merrill Defrauded ARS Clients 

Jul 31, 2008,

By John Churchill

It just keeps getting worse for big named Wall Street firms. Today, William Galvin, secretary of the Commonwealth, announced that he is suing Merrill Lynch for fraudulent auction-rate securities (ARS) sales. ...

Merrill’s CDO Sale—With A “Call” Option 

Jul 29, 2008,

By John Churchill

Just what did Merrill Lynch do today? Did it actually sell something? Or just move something off its balance sheet for now? Welcome to the world of accounting. ...

Wachovia Could Sell Retail Brokerage: Analysts 

Jul 28, 2008,

By Kristen French

After a posting record $8.9 billion quarterly loss in the second quarter, Wachovia could sell its mutual fund business, securities brokerage or its Northeast and Texas branches, according to analysts. But Wachovia says the brokerage isn’t for sale. ...

Wall Street Turf Wars: SEC Versus Fed 

Jul 24, 2008,

By Kristen French

Could it be that a turf war is breaking out? In testimony before Congress Thursday morning, Securities and Exchange Commission Chairman Christopher Cox asked legislators to give the SEC authority to regulate investment banks. ...

UBS Sued By N.Y. AG For ARS Fraud 

Jul 24, 2008,

By Halah Touryalai

UBS is facing the first nationwide lawsuit regarding auction-rate securities compliments of the New York Attorney General, who sued the firm for securities fraud....

Uncle Sam: Give Us A New Bubble 

Jul 24, 2008,

By David A. Geracioti

The debate about government’s role in the economy just got stoked big time, what with the recent news that Treasury Secretary Henry Paulson wants to shore up Fannie Mae and Freddie Mac with taxpayer dollars. ...

Wachovia Earnings Down; Stock Up 27 Percent In Two Days 

Jul 23, 2008,

By John Churchill

Wachovia, now with A.G. Edwards under its wing, unloaded a whopper of bad news yesterday, reporting a second quarter loss of $8.9 billion, or $4.20 per share; that’s nearly three times more than some analysts expected. ...

Woo-hoo! Citigroup Only Loses $2.5 billion In 2Q; Client Assets Flee Smith Barney 

Jul 18, 2008,

By John Churchill

Citigroup reported its second quarter earnings today, beating analyst expectations by losing far less money than anticipated. ...

Merrill Posts Huge 2nd Quarter Loss; Retail Less Bad Than Principal Trading and Investment Banking 

Jul 17, 2008,

By John Churchill

Today, Merrill Lynch provided a damper to the financial sector rally that has occurred over the past two days by reporting even worse quarterly earnings than analysts expected. The firm announced a loss of $4.7 billion in the second quarter, it’s 4th consecutive quarterly loss, driven by $9.4 billion in losses related to CDOs, ineffective hedges against those CDOs and residential mortgage exposure. ...

Regulators Search Wachovia Headquarters for ARS evidence 

Jul 17, 2008,

By Halah Touryalai

Wachovia Securities St. Louis offices were searched today by the Missouri Securities Division after more than 70 formal auction rate securities complaints were filed against the St. Louis-based firm....

Shhh! SEC Says Loose Lips Might Sink Financial Ships 

Jul 16, 2008,

By John Churchill

The SEC issued an “emergency order” yesterday that basically warned investors not to get “naked” if they planned on shorting any one of a list of 19 specific financial company stocks. Naked short that is. ...

UBS Offers Fig Leaf To FAs And Clients 

Jul 16, 2008,

By John Churchill

UBS is trying to address two of its thorniest problems: angry investors who hold frozen auction-rate securities, and angry financial advisors who are leaving because they feel the firm has lost the plot—or simply because they want those fat recruiting bonuses being offered by rival firms....

Morgan Stanley Offers $50 million In Overtime Settlement 

Jul 14, 2008,

By Halah Touryalai

Last week, Morgan Stanley rounded out the last of the national overtime settlements among wirehouse firms with a $50 million deal....

Wives Divorcing (Suddenly) Sugar-less Daddies; Wall Street Pugilists  

Jul 14, 2008,

By Kristen French

It seems that ladies who lunch do not like to give up those lunches, nor their shopping sprees, Gucci handbags and Hamptons summer getaways—no matter what the condition of their marital finances. ...