Investing

Washington, D.C., Nov. 5, 2009 — The Securities and Exchange Commission today charged a pair of lawyers for tipping inside information in exchange for kickbacks as well as six Wall Street traders and a proprietary trading firm involved in a $20 million insider trading scheme.    » read more »

Hedge Fund Managers, Professional Traders and Senior Corporate Executive Among Newly Charged in $33 Million Scheme

Washington, D.C., Nov. 5, 2009 — The Securities and Exchange Commission today announced additional charges in its insider trading enforcement action against billionaire Raj Rajaratnam and Galleon Management LP by charging 13 additional individuals and entities, including three hedge fund managers, three professional traders at New York-based Schottenfeld Group, and a senior executive at Atheros Communications, a California-based developer of networking technologies.    » read more »

Senator says failure to address market structure issues could mean systemic risk

November 5, 2009 -- WASHINGTON, D.C. – In a speech on the Senate floor today, Senator Ted Kaufman continued his push for more regulatory oversight of the U.S. equity markets by the Securities and Exchange Commission (SEC). As Kaufman noted, “just over one year since the collapse of Lehman Brothers ... Wall Street is essentially unchanged.” Not only are the same practices that led to the financial debacle 14 months ago still present, but the market is increasingly dominated by “new practices which are leading to new problems and new systemic risks.”

The danger, Kaufman warns, is that with no immediate crisis at hand, it is all too easy to slip back into complacency.    » read more »

November 2, 2009 -- Washington, D.C. -- The U.S. Department of the Treasury today announced its current estimates of marketable borrowing for the October – December 2009 and the January – March 2010 quarters:

* During the October – December quarter, Treasury expects to issue $276 billion in net marketable debt, assuming an end-of-December cash balance of $85 billion, which includes $15 billion for the Supplementary Financing Program (SFP). The borrowing estimate is $209 billion lower than announced in July 2009. The decrease in borrowing is primarily related to cash balance adjustments related to the SFP, and lower outlays offset partially by lower receipts.    » read more »

November 3, 2009 -- The U.S. Department of the Treasury today announced that on October 30, 2009 Angelo, Gordon & Co., L.P. and GE Capital Real Estate completed an initial closing of a Public-Private Investment Fund (PPIF) established under the Legacy Securities Public-Private Investment Program (PPIP). Small, minority-, and women-owned businesses that are partnering with Angelo, Gordon & Co., L.P. and GE Capital Real Estate include:

* CastleOak Securities, L.P.
* Park Madison Partners LLC.    » read more »

Cites Chamber President Donohue’s own track record as director of scandal-ridden companies

November 2, 2009 -- Washington, D.C. – Change to Win (CtW) Chair Anna Burger today called on members of the House Committee on Financial Services to reject the U.S. Chamber of Commerce’s less than credible rhetoric and to approve the Waters/Peters Amendment to the Investor Protection Act of 2009 in this Wednesday’s vote. The Waters/Peters amendment affirms the Securities and Exchange Commission’s (SEC) authority to adopt a uniform proxy access rule.    » read more »

Identifies Projected, Annualized, Pre-Tax Cost Savings of $1.4-$1.7 billion

New Brunswick, NJ (Nov. 3, 2009) – Johnson & Johnson today announced global restructuring initiatives designed to strengthen the company’s position as the world’s leading global health care company. The company is taking steps to prioritize its innovation efforts around the many growth opportunities in health care and to execute aggressively on bringing key new products to market.    » read more »

Washington, D.C., Oct. 30, 2009 — The Securities and Exchange Commission today charged the former chief financial officer of a San Francisco private investment firm and six of his relatives and friends with insider trading, alleging that their scheme collectively reaped more than $8 million in illicit profits from unlawful trades in the securities of Tempur-pedic International, Inc. and Acxiom Corporation.    » read more »

October 28, 2009 -- Washington, D.C. - U.S. Senator Daniel K. Akaka (D-Hawaii) today introduced the Mutual Fund Transparency Act of 2009 to require the disclosure of mutual fund fees and costs, strengthen the independence and governance of mutual fund boards, and impose a fiduciary duty on all investment advisors.

"Working families rely on mutual fund investments to pay for their children's education, prepare for retirement, and attain other goals," Senator Akaka said. "My legislation will ensure that investors are provided with meaningful information such as hidden broker commissions and average fees for comparable transactions to help them make informed financial decisions. It would also require the SEC to study ways to improve the financial literacy of mutual fund investors."    » read more »

Firm Hires Services, Consulting and Sales Staff to Serve Local Clients and Prospects

SINGAPORE and BOSTON, 19 October 2009 — Eagle Investment Systems LLC, a leading provider of financial services technology and a wholly owned subsidiary of BNY Mellon Asset Servicing, today announced the opening of a new operational centre in Singapore. The new office is Eagle's first in Asia1*.

While Eagle has been servicing clients in the region for more than seven years, the company has recently decided to establish an office here in response to continued growth in business opportunities across Asia Pacific over the last two years.    » read more »

Board also declares 256th consecutive quarterly dividend

October 16, 2009 -- JUNO BEACH, Fla. – FPL Group, Inc. (NYSE: FPL) today announced that William H. Swanson has been appointed to the company’s board of directors. Swanson, 60, is chairman and chief executive officer of Raytheon Company (NYSE: RTN).

Swanson’s appointment increases the size of the FPL Group board from 12 to 13 members.

"We are pleased to have Bill join our board and to be able to draw upon his proven business leadership as well as his deep understanding of innovation and technology," said Lew Hay, chairman and chief executive officer of FPL Group.    » read more »

Will Sell Retail Asset Management Business, Including Van Kampen Investments, to Invesco and Maintain Minority Stake in Combined Firm

Oct 19 2009 -- New York -- Morgan Stanley (NYSE: MS) today announced as part of a restructuring of its investment management division a definitive agreement to sell its retail asset management business, including Van Kampen Investments, Inc., to Invesco Ltd. (NYSE: IVZ), a leading independent global investment management company. This transaction allows the Firm to focus on its institutional client base - including corporations, pension plans, large intermediaries, foundations and endowments, sovereign wealth funds, and central banks, among others.    » read more »

High-Ranking Corporate Executives Also Charged in Scheme That Generated More Than $25 Million in Illicit Gains

Washington, D.C., Oct. 16, 2009 — The Securities and Exchange Commission today charged billionaire Raj Rajaratnam and his New York-based hedge fund advisory firm Galleon Management LP with engaging in a massive insider trading scheme that generated more than $25 million in illicit gains. The SEC also charged six others involved in the scheme, including senior executives at major companies IBM, Intel and McKinsey & Company.    » read more »

Manhattan U.S. Attorney Charges Hedge Fund Managers, Fortune 500 Executives, and Management Consulting Director in $20 Million Insider Trading Case

October 16, 2009 -- PREET BHARARA, the United States Attorney for the Southern District of New York, and JOSEPH DEMAREST, JR., Assistant Director-in-Charge of the New York Office of the Federal Bureau of Investigation ("FBI"), today announced charges against six individuals arising out of their alleged involvement in the largest hedge fund insider trading case in history.    » read more »

FAIRFIELD, Conn. – Oct. 16, 2009 – GE announced today third-quarter 2009 earnings from continuing operations (attributable to GE) of $2.5 billion, or .22 per share, including the effect of .05 in restructuring and other charges, down 51% from the third quarter of 2008. Industrial segment profit grew 4% in the quarter compared to the year-ago period.

Cash generated from GE Industrial operating activities totaled $4.4 billion in the quarter and $11.5 billion year to date, up 1%. Total company backlog of equipment and services grew 2% to $174 billion over the prior quarter.    » read more »