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The municipal bond market, already under a dark cloud due to rising risk levels, apparently has a pattern of lax financial reporting practices that could further elevate concerns about the market. A new study from DPC Data Inc. found that bond-issuing municipalities in general are delaying or ignoring their annual financial disclosure reporting requirements. In […]
Indemnification dispute with the insurer won’t affect their businesses, firm insists By Bruce Kelly At the same time that LPL Holdings Inc. and the three broker-dealers it bought from Pacific Life Insurance Co. were filing suit against the insurer, LPL was reaching out to its advisers to reassure them that the dispute wouldn’t affect their […]
Scott Rothstein, partner of South Florida law firm Rothstein Rosenfeldt Adler, has found himself at the center of an FBI investigation. The Bureau is alleging that Rothstein may be the linchpin of an investment scam that could top $1 billion. Rothstein, who is out of town at an undisclosed location, is not yet being charged […]
Though taxpayer money has thus far kept embattled financial institution CIT Group, Inc. alive, the government is faced with the reality that it has made a bad investment. The company has finally filed for bankruptcy after unsuccessfully attempting to generate capital from the government, and generating capital from individual investors. CIT Group Issues The reality […]
CIT’s move will wipe out current holders of its common and preferred stock, likely meaning the U.S. government and taxpayers will lose the $2.3 billion sunk into CIT last year to prop up the ailing company. Goldman Sachs however, will gain $1 billion because of CIT’s bankruptcy, according to a report published Oct. 4 by […]