Market News

Regions Financing (RF)

Regions Financial Corp.’s brokerage arm Morgan Keegan & Co. said a lawsuit filed by former client Consulting Services Group LLC is “full of omissions, misstatements and half truths” and is nothing more than a tactic to turn attention away from its own shortcomings.
CSG, a Tennessee-based investment advisory firm for institutions, foundations, pension funds and high-net worth individuals, filed a civil lawsuit last week in Shelby County, TN Circuit Court against Morgan Keegan over losses in Morgan Keegan’s former RMK Funds. Losses in the funds ranged from 51% to 86% last year just before Morgan Keegan sold the funds to a third party. The total value had dropped from a high of $4.4 billion to around $350 million when they were jettisoned.

Jan 1 · 4:01:00 PM · Source: MSN Money
Track · email · face · Twitter · digg · COMMENTS
by Michael Oliveto

Regions Financing (RF)

Regions Bank said that it is closing five of its Central Florida branches as part of a companywide cost-cutting effort designed to save millions of dollars and help reverse recent losses.
Regions, the fifth-largest bank in Central Florida, plans to shut the branches in Orlando, Longwood, Oviedo, Holly Hill and Ormond Beach early next year, a spokesman for the Birmingham-based bank said. The cutback affects about 6 percent of Regions' offices in Central Florida.

Jan 1 · 3:59:00 PM · Source: Orlando Sentinel
Track · email · face · Twitter · digg · COMMENTS
by Michael Oliveto

Morgan Stanley (MS)

Morgan Stanley was accused in a lawsuit, filed by the public employees' retirement system of the Virgin Islands, of defrauding investors in a collateralized debt obligation, called the Libertas CDO, by collaborating with ratings companies to place triple-A ratings on the notes.
Morgan Stanley, the sixth-biggest U.S. lender by assets, arranged the offering as it was short-selling almost the entire $1.2 billion worth of assets in the CDO, according to a complaint filed today in federal court in New York. Morgan Stanley was betting the entire investment it was promoting would fail, the public employees' retirement system of the Virgin Islands said in the complaint. The firm achieved its objective.

Jan 1 · 3:26:00 PM · Source: Business Week
Track · email · face · Twitter · digg · COMMENTS
by Michael Oliveto

Morgan Stanley (MS)

Morgan Stanley plans to change how top executives are paid, with more compensation possibly deferred and tied to stock benchmarks.
The investment bank is the latest Wall Street firm to bow to increasing pressure from shareholders and Washington to scale back lavish compensation packages as the country digs out of a prolonged recession; one for which the financial industry shoulders much of the blame. Earlier this month, Goldman Sachs announced its top 30 executives would not get cash bonuses this year and instead receive deferred stock compensation.

Jan 1 · 3:18:00 PM · Source: CBS News
Track · email · face · Twitter · digg · COMMENTS
by Michael Oliveto

Goldman Sachs (GS)

Goldman Sachs won the biggest share of the $923 million in fees from U.S. initial public offerings in 2009, while Citigroup Inc. fell out of the top five after its revenue plummeted more than 50%.
Goldman Sachs made $191.6 million helping take 16 companies from Hyatt Hotels Corp. to Cobalt International Energy Inc. public in 2009, an increase of more than 60 percent from 2008, preliminary data compiled by Bloomberg show. Citigroup’s share of fees dropped to $68.3 million, making the New York-based lender the only underwriter that participated in at least $1 billion worth of sales to suffer a decline in revenue.

Jan 1 · 2:28:00 PM · Source: Bloomberg
Track · email · face · Twitter · digg · COMMENTS
by Michael Oliveto

Goldman Sachs (GS)

A unit of Goldman Sachs bought about $57 million in claims on bankrupt Lehman Brothers Holdings Inc. from Japan’s Shinkin Central Bank, according to court filings.
The claims consist of Yen-denominated bonds issued by Lehman with fixed and floating rates, which have matured or come due next year, according to the filings yesterday in U.S Bankruptcy Court in New York.

Jan 1 · 2:25:00 PM · Source: Bloomberg
Track · email · face · Twitter · digg · COMMENTS
by Michael Oliveto

Goldman Sachs (GS)

Goldman Sachs has filed for regulatory approval with the U.S. Securities and Exchange Commission to launch market-tracking indexes for several emerging markets.
The first ETF from Goldman Sachs will focus on the top 85 percent of companies as measured by market value in China, India, Brazil and Korea, according to the filing. The index itself will be created by an unnamed company not connected to Goldman Sachs.

Jan 1 · 2:24:00 PM · Source: American Banking News
Track · email · face · Twitter · digg · COMMENTS
by Michael Oliveto

Goldman Sachs (GS)

Shenzhen Nanshan Power Co., a utility based in the southern Chinese city, said it refused demands by a Goldman Sachs Group Inc. unit to pay $80 million for alleged default on oil-hedging contracts.
Shenzhen Nanshan and Goldman Sachs disagreed on the cause for terminating the contracts in December 2008 and it remains to be determined which party should incur the trading losses, the Chinese firm said in a stock exchange statement today. Shenzhen Nanshan said that while negotiations with Goldman Sachs' Singapore unit are continuing, it won't rule out the possibility of legal action.

Jan 1 · 2:22:00 PM · Source: Business Week
Track · email · face · Twitter · digg · COMMENTS
by Michael Oliveto

Previous · Next