What Does Wall Street Owe Its Clients? Not Much
It's only when clients ask for financial advice that banks owe a fiduciary duty to them -- and these activities contribute just a tiny portion of banks' revenue.
merrill lynch
Legal Briefing: Will Big Banks Pay Over Misleading Ratings?
MBIA has sued Merrill Lynch because the CDOs on which Merrill bought insurance from MBIA were AAA-rated junk. MBIA says Merrill knew the CDOs didn't deserve the top rating at the time it insured them. If this case succeeds, big banks may find dud ratings very expensive.
BofA-SEC Deal Gets a Grudging OK in Court
Calling it "half-baked justice," District Court Judge Jed Rakoff nonetheless approved Bank of America's $150 million settlement with the SEC. It ends the government's pursuit of BofA over the Merrill Lynch merger, but it doesn't protect the bank from other lawsuits.
Citigroup May Ask $10 billion for Private Equity Arm
Citigroup (C) may sell its private equity operations, Citi Private Equity, for $10 billion. The reason for the sale is simple. Citigroup is still trying to rebuild its troubled balance sheet and the $10 billion would come in handy. Of course, getting $10 billion may be easier said than done.
Tarnished Wall Street Exec Thain May Lead CIT
John Thain, the former CEO of Merrill Lynch and NYSE Euronext is the top candidate for the CEO job at CIT despite his tarnished reputation.
Bank of America's New CEO Takes the Reins
Brian Moynihan seems keen to show the world that he's in charge of Bank of America. In his first public speech as head of the largest U.S. bank, the BofA insider says the industry is 'ready to move forward' after learning "tough lessons."
Will We Get to Dow 11,500 in 2010?
As easy as it was to be bearish in 2009, it sure didn't pay. The markets have produced stellar gains that were inconceivable back in March. And while some may suggest that we're in another bubble, there's ample reason to think stocks can climb even higher through 2010 before going pop.
