Archive for March, 2010
Former JPMorgan (NYSE:JPM) Cazenove Partner Malcolm Calvert Convicted of Insider Trading
In a somewhat surprising finish to a high-level trial in Britain, former JPMorgan (NYSE:JPM) Cazenove partner Malcolm Calvert was convicted five counts of insider trading. The lawsuit was filed by the Financial Services Authority, which has won two other cases over the last year or so. Calvert, 65, could be sentenced up to seven years [...]
Goldman Sachs (NYSE:GS) Attempting to Stop Shaw Communications (TSE:SJRb) from Acquiring Canwest TV Unit
Saying in a filing to a Canadian appeals court, Goldman Sachs (NYSE:GS) said that the lower court in their decision to allow the acquisition of the Canwest TV Unit by Shaw Communications (TSE:SJRb) “utterly failed in its duty to ensure that basic principles of fair play and procedural due process.” Goldman Sachs is asking the [...]
Bank of America (NYSE:BAC) Attorneys Pay Legal Fees for Cabi Downtown Lawyers After Judge Criticizes Them
Although they weren’t required to do it, attorneys for Bank of America (NYSE:BAC) decided to voluntarily pay the legal fees of their opposing lawyers in the Cabi Downtown case, where the judge state they were attempting to only “score a litigation point” in the foreclosure case to decide the future of the property. Judge Laurel [...]
Morgan Stanley (NYSE:MS): SEC Dark Pool Regulation “Too Granular”
In a letter to the Securities and Exchange Commission, Morgan Stanley (NYSE:MS) said the SEC needed to reconsider their regulatory proposal, saying it was too “granular.” The SEC is looking at dark pools in a more mechanical way, and so looks to regulate in that sense. For example, they want to treat what is called [...]
Citibank (NYSE: C) to Double Amount of Private Bankers in North America
Citibank (NYSE: C) plans to double the size of its private banking force in North America over the next few years, according a statement made by Citi Private Bank’s North American Chief Executive Peter Charrington in an interview with Dow Jones Newswires. Charrington said that he would like the unit, which currently has 130 private [...]
Bank of America (NYSE: BAC) Downgrades Chevron (NYSE: CVX) to Neutral, Recommends Exxon Mobil (NYSE: XOM) Instead
Bank of America (NYSE: BAC)’s Merrill Lynch unit has downgraded oil firm Chevron (NYSE: CVX) on Wednesday from neutral to buy, setting a new price target of $90.00 per share for the stock. The downgrade comes just one day after the company announced new plans to streamline the company’s organization and portfolio. Chevron’s move to [...]
Citibank (NYSE: C) Raises Price Target on J Crew Group (NYSE: JCG)
Citibank (NYSE: C) analysts simultaneously raised J Crew Group’s (NYSE: JCG) price target and downgraded the stock from “Buy” to “Hold.” J Crew Group’s price target was raised from $49.00 to $50.00 citing data from J. Crew’s fourth quarter earnings report which was released last night. The stock opened down about 2% today following the [...]
Citibank (NYSE: C) to Sell Citi Property Investors Unit
Citibank (NYSE: C), which is currently 27% owned by the federal government, has agreed to sell its real estate unit, Citi Property Investors, to private equity investor Apollo Management LP. Under the terms of the deal, Apollo will acquire 65 real estate investments that span across 26 countries with a total net asset value of [...]
SEC Charges Stock Loan Trader For Defrauding Morgan Stanley (NYSE: MS) And Bank Of America (NYSE: BAC)
The Securities and Exchange Commission filed charges against a former New York stock loan trader who was employed at Morgan Stanley (NYSE: MS) and Bank of America (NYSE: BAC) for periods of time. The suit claims Salvatore Zangari received kick-backs in excess of $100,000 in exchange for sending stock loan orders to brokerage firms that [...]
Bank of America to End Overdraft Fees on Debit Cards (NYSE: BAC)
Bank of America (NYSE: BAC) announced that customers will soon be unable to spend more money than they have in the checking accounts that are linked to their debit cards. The move made by the Charlotte, N.C. based bank is a step that may become increasingly common among banks as regulators move to limit overdraft [...]
Citibank Stock Hits Fourth Month High (NYSE: C)
Citibank’s (NYSE: C) stock price jumped to a four-month high on Tuesday after positive commentary from investors and analyst spurred buying into the troubled bank. Share of Citibank rose 7.6% throughout the trading day on Tuesday, heading as high as $3.83 throughout the day, the highest price that Citi has traded at since mid-December. The [...]
Options Traders Love Citibank (NYSE: C) and American International Group (NYSE: AIG)
Traders sought options contracts heavily on both Citibank (NYSE: C) and American International Group (NYSE: AIG) as both companies stock prices jumped during mid-day trading on Tuesday. Much of the activity related to Citibank and AIG was positive as investors purchased large swaths of call options, speculating that both companies will see even higher stock [...]
Citibank Offering $2 billion in Trust Preferred Securities (NYSE: C)
Citibank (NYSE: C) announced on Tuesday that it will be offering $2 billion in $25 par 30-yaer trust preferred securities, referred to by many as TRUPS, as part of its ongoing agreement with federal regulators in repaying its federal bailout funds. Back in December, Citibank agreed to sell the trust preferred securities to boost its [...]
Is Investing in Citigroup (NYSE:C) a Fool’s Game at this Time?
While shares of Citigroup (NYSE:C) have had a nice upward swing lately, reaching its 2010 high of $3.81, and up by about 12 percent over the last several days, it seems a rather irrelevant event in my opinion, and nothing in the fundamentals justifies a big move up, other than the fact it’s prices so [...]
Union Pension Fund Sues Goldman Sachs (NYSE:GS)
The pension fund of the International Brotherhood of Electric Workers has sued Goldman Sachs (NYSE:GS), claiming the company paid their executives too much money, and are seeking to recover some of it for their shareholders. This isn’t the first time Goldman has been sued in regard to pay, as a suit close to the same [...]
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