Carlyle Group is being probed by New York prosecutors and the U.S. Securities and Exchange Commission over whether the world’s second-largest private- equity firm made illegal payments to intermediaries to secure $1.3 billion in investments from the state’s pension fund, according to a person with knowledge of the matter. New York Attorney General Andrew Cuomo […]
Vikram Pandit, CEO for Citigroup, dismissed record low stock performances of just above $1 in a memo to employees, telling them that the bank’s earning power would ultimately prevail. Pandit’s memo was reproduced in on March 9, 2009 in a Wall Street Journal article.. In the letter, Pandit acknowledged his disappointment with Citigroup’s stock price […]
Mega bank Citigroup Global Markets is still facing tough times as the company was hit with a lawsuit from major drug company, KV Pharmaceutical. The complaint alleges that the bank misrepresented the risks associated with auction-rate securities (ARS). As a result, KV is now holding $72 million worth of illiquid auction-rate securities and has been […]
2008 marked many memorable controversies in the financial world. From Bernie Madoffs $50 billion ponzi scheme to the crash of the financial markets, and let’s not forget the collapse of the auction-rate securities (ARS) market. As a result, individual and institutional investors of ARS have now found themselves entangled in a financial nightmare. For investors […]
Investors with Raymond James Financial, who thus far have only received a four-page letter dated January 2, 2009 from Thomas James, chairman and chief executive officer, in which he says the company cannot repurchase the securities it sold because it doesn’t have enough capital on hand, are still holding out for answers from the St. […]