News

• SIFMA Severance Disclosed

  September 4, 2008

  Two executives walked away from the Securities Industry and Financial Markets Association last year with roughly $1 million in severance pay after the Bond Market Association and Securities Industry Association merged to form the group.

• Some Star Hedge Funds Down as Much as 25%

  September 4, 2008

  Hedge fund managers fear that their investors are gearing up for massive withdrawals come the Sept. 30 deadline for year-end notices.

• For Wachovia Utility Man, To-Do List Getting Longer

  September 3, 2008

  David Carroll is about to get his next big job at Wachovia Corp.: Winding down its $122 billion option adjustable-rate mortgage portfolio.

• Federal Student Loan Efforts Finding Fair Share of Takers

  September 3, 2008

  Student lenders plan to finance a significant portion of their federally guaranteed loans this academic year using two programs the Dept of Education started to guarantee liquidity to the market.

• Another Hurricane, a Different Response

  September 3, 2008

  Since Hurricane Katrina, bankers and regulators on the Gulf Coast have prepared obsessively for the next big storm. They got it when Hurricane Gustav came ashore.

• Number of Affluent Households Drops

  September 2, 2008

  15.6 million households have $500,000 or more in net worth, not including primary residences—down 5% from 2007.

• Fannie Exec Talks Risks, Opportunity

  September 2, 2008

  Last week's management shake-up at Fannie Mae has focused attention on the executives who must guide the company through the credit crisis.

• Vanguard Study Shows Pension Act Impact

  September 2, 2008

  A Vanguard Group study found that the Pension Protection Act of 2006 has spurred an increase in employee enrollment in defined contribution retirement savings plans.

• UBS Wealth, JPMorgan Complete First Deals

  September 2, 2008

  The two participated in their first deal together since inking a multi-year agreement to share new-issue product and retail clientele.

• Sun Life Financial Sweetens Its Bonus VA

  September 1, 2008

  Sun Life Financial has increased the premium bonus on its Masters Extra variable annuity contract to 6% from 5%, regardless of the size of the purchase payment or the issue date of the contract.

• Top U.S. Woman on Power List: Bair

  August 29, 2008

  Federal Deposit Insurance Corp. Chairman Sheila Bair is the most powerful woman in the country, according to Forbes magazine.

• Gen X, Y Concerned About Money But Value Lifestyle More

  August 29, 2008

  When it comes to retirement and finances, members of Generation X and Generation Y talk the talk but they don't walk the walk.

• JPMorgan Names Indian Business CEO

  August 29, 2008

  JPMorgan Asia Pacific, a Hong Kong-based arm of JPMorgan, has named former ICICI Group veteran executive Kalpana Morparia chief executive of its Indian operations.

• BoA to Buy $43M of ARS in Mass.

  August 29, 2008

  Massachusetts may be heading closer to a settlement agreement with Bank of America Corp., as the bank agreed to redeem $43 million of auction-rate securities owned by the Massachusetts Turnpike Authority and the Massachusetts Housing Partnership.

• Stress Test: Can Data Reveal Path to a Crisis?

  August 29, 2008

  A Bank of America Corp. collaboration with the Massachusetts Institute of Technology has spawned one initiative to research the way technological innovation could shape retail financial services in the coming years.

• Citigroup Hires Brokers from UBS, Merrill Lynch

  August 28, 2008

  Citigroup Smith Barney has snagged seven brokers from Merrill Lynch and UBS AG, whose assets under management total more than $294 million.

• Advisor Confidence Index Rises 13%

  August 28, 2008

  After two months of decline, advisor confidence in the economy and the stock market rebounded significantly in August, according to Rydex AdvisorBenchmarking.

• Bad Thrift Assets Set Mark, But OTS Chief Is Optimistic

  August 28, 2008

  The thrift industry lost $5.4 billion in the second quarter, its second-largest loss ever, as nonperformers rose to a record $40.5 billion as of June 30.

• SEC, SIFMA in Slugfest Over Municipal Swaps

  August 28, 2008

  The SEC and the securities industry's leading lobbying group are engaged in a heated battle over the extent to which the SEC has enforcement authority over interest rate swap transactions.

• MBIA Lending a Hand to FGIC

  August 28, 2008

  MBIA Inc. will reinsure $184 billion worth of Financial Guaranty Insurance Corp.'s US public finance book, providing a boost to municipal bond holders and to FGIC's statutory capital position.