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Evergreen Investments, the mutual-fund operation, will soon get new leadership. The money-management unit of banking giant Wachovia Corp. told employees on Tuesday that Chief Executive Dennis Ferro, 63 years old, will retire at the end of this year, five years after assuming the top job. He will be succeeded by Peter Cieszko, 48, currently head […]
They’re baaaaack. Those toxic and worthless colllateralized debt obligations (CDOs) that helped drive banks $400 billion into the red are finding new buyers under a different name: Re-Remics. Due to the global credit crunch, CDOs sales fell from $227 billion in 2007 to $1 billion this year so Goldman Sachs, J.P. Morgan and at least […]
Yesterday, the California Attorney General’s office executed a high-profile raid on Redding-based Asset Real Estate & Investment Co. (AREI) as part of their comprehensive investigation into the firm, which has escalated significantly. The raid symbolizes a considerable intensification in the scrutiny that AREI has faced from regulators and law enforcement. AREI stands accused of committing […]
Analysts are forecasting that Citigroup losses will show even more write downs on subprime-related investments in the second quarter, reducing the value of its assets by $8.9 billion. The news has not been good for the nation’s largest bank and indicates more Citigroup trouble. This is the third consecutive quarter showing Citigroup losses, and sent […]
A class action was filed today in the U.S. District Court for the District of Massachusetts on behalf of purchasers of all classes of shares of the Evergreen Ultra Short Opportunities Fund who purchased or otherwise acquired shares of the Fund within three years of the filing of this lawsuit (the “Class”), seeking to pursue […]