From Bloomberg News | Financier John P. Calamos Sr., the founder of Naperville, Illinois-based Calamos Asset Management Inc., is being sued along with his firm by an investor who claims they needlessly spent $280 million to redeem illiquid auction-rate securities in 2008 and 2009.
Filed under: Investing
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U.S. bankers want part of Basel plan dropped
A leading U.S. banking group is urging Basel Committee negotiators working on new international capital standards to ditch part of their proposal. Get the full story »
BP booted from ethical investment index
BP Plc will be evicted from the FTSE4Good ethical investment index after its Gulf of Mexico oil spill, index compiler FTSE said Friday, as BP said it would delay its third-quarter results due to the challenges of accounting for spill costs.
FTSE said BP would be dropped from FTSE4Good, which many managers of ethical funds use to screen companies before including them in their portfolios, Sept. 18, citing a FTSE policy committee. Get the full story »
Moody’s may raise McDonald’s ratings
(Reuters/Molly Riley/Files)
Moody’s Investors Service said on Friday it may raise its ratings on McDonald’s Corp. due to solid operating performance and growth prospects.
Moody’s placed McDonald’s A3 senior unsecured rating, the seventh-highest rating, and Prime-2 short-term commercial paper rating on review for possible upgrade.
“The review for possible upgrade reflects McDonald’s solid operating performance achieved through various strategic initiatives such as new product innovation, cost savings, re-imaging and new restaurant growth,” Moody’s analyst Bill Fahy said in a statement. Get the full story »
Fed buys another $1.35B of Treasurys
Bloomberg News | The Federal Reserve bought another $1.35 billion in of Treasurys as part of a program begun Aug. 17 to reinvest money from the mortgage securities to keep liquidity in the financial system. This brings the total Fed investment to $14.24 billion.
Sep. 9, 2010 at 9:56 a.m.
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Filed under: Economy, Government, International, Investigations, Investing, Regulations Brits hit Goldman with $27M nondisclosure fine
Britain’s financial watchdog fined Goldman Sachs Group Inc. 17.5 million pounds ($27 million) for failing to tell the regulator it was the subject of a U.S. probe, reviving disclosure headaches for the Wall Street powerhouse.
The fine — one of the biggest imposed in Britain — stemmed from Goldman’s troubled Abacus mortgage-security product, which was the focus of an investigation by the U.S. Securities and Exchange Commission. Get the full story »
Sources: Taxpayers may face initial loss on GM IPO
The U.S. government is likely to take a loss on General Motors Co. in the first offering of the automaker’s stock, six people familiar with preparations for the landmark IPO said. Get the full story »
Young investors shun stocks, risk
Only 22 percent of investors under the age of 35 say they’re willing to take on a substantial level of risk, according to the Investment Company Institute. Compare that with 2001, when that same group outpaced every other age bracket.
“We’re coming off a series of financial crises that hit this young generation at points in their lives where external events shape strong opinions,“ said Christopher Geczy, adjunct associate professor of finance at University of Pennsylvania’s Wharton School. Get the full story »
2 N.J. funds win $12M in suit linked to Madoff
Investors in Gabriel Capital LP, a so-called feeder fund that funneled money to imprisoned swindler Bernard Madoff, were awarded $12.74 million by a panel of three arbitrators, court records show.
The award to two New Jersey investment funds was disclosed in a filing Thursday with the New York State Supreme Court in Manhattan. Get the full story »
Goldman closing trading desk under reform rules
Goldman Sachs Group Inc. is closing its principal strategies desk as it works to comply with new U.S. rules on proprietary trading, Bloomberg News reported Friday.
The report, citing two people with knowledge of the decision, said Goldman would delay announcing the move as 65 to 70 members of the unit sought new jobs. Some traders and support staff could be reassigned in the firm, and a team in Asia could look to start a new hedge fund, it said. Get the full story »
Sep. 2, 2010 at 11:22 a.m.
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Filed under: Bank failures, Banking, Consumer news, Investing ShoreBank successor boosts online savings rates
Urban Partnership Bank, the successor to the recently failed ShoreBank, has already boosted the interest rates on a couple of savings accounts for its online ShoreBank Direct.
The ShoreBank Direct Online Savings Account now pays a 1.25 percent annual percentage rate with a $100,000 minimum balance, up from 1.19 percent. It also pays 1.2 percent for balances of less than $100,000, up from 1.03 percent.
The rate hikes were first reported by www.depositaccounts.com, a tracker of bank account trends. Get the full story »
Carl Icahn buys more Motorola shares
Billionaire investor Carl Icahn is continuing to buy up shares of Motorola Inc., disclosing his second batch of purchases in a week. Get the full story »
Ameritrade fixes derivatives platform glitch
TD Ameritrade Holding Corp. said Tuesday that it had resolved technology issues that slowed trading and other functions on its Thinkorswim derivatives platform.
The retail brokerage cited a problem with one of Thinkorswim’s market-scanning functions, which affected customers Monday and resurfaced shortly after the open Tuesday. Get the full story »
Notebook: Canning’s son opens grocery store
In 2006, Madison Dearborn Partners LLC Chairman John Canning told the Tribune that he’d love to see his son, then a chef in Boston, return to Chicago to start his own business.
The private equity executive has gotten his wish.
Tim Canning, 34, has opened Lemon Tree Grocer about 100 yards from the Metra stop in Downers Grove. The high-end market has more than 40 full- and part-time workers, including a butcher that can work his way through a whole cattle and explain cuts of beef. It’s the first business that the younger Canning has started. Get the full story »
Aug. 27, 2010 at 4:21 p.m.
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Filed under: Bank failures, Banking, Economy, Investing, Policy Fed gets 60-day delay on bailout disclosure
A U.S. appeals court granted the Federal Reserve a 60-day delay in implementing a ruling to force the central bank to reveal details of its emergency lending programs to banks during the financial crisis. Get the full story »
