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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 […]
DBSI which went bankrupt last fall, was “doomed to fail,” said Joshua R. Hochberg, an examiner appointed by a bankruptcy court to examine DBSI’s business affairs. But the company’s troubles did not stop founder and president Douglas Swenson and other officers, directors, owners and top employees from giving “significant amounts of money to themselves,” according to […]
Ameriprise Financial has reached a settlement with the Commonwealth of Massachusetts in connection with allegations of deceptive sales practices. The settlement requires the Minnesota-based broker-dealer to pay fines in the amount of $200,000. The government complaint contended that Ameriprise failed to adequately supervise its financial representatives, thus allowing this instance of broker misconduct to take […]
Mary Shapiro, Chairman of the U.S. Securities and Exchange Commission (SEC), gave a speech at the Securities Industry and Financial Markets Association (SIFMA) annual meeting yesterday signaling the agency’s priorities in the coming months and years. Key issues raised by Chairman Shapiro include revitalizing enforcement efforts, the need for forthrightness in consumer products, as well […]
CIT Group Inc. failure to secure a second government bailout has prompted renewed bankruptcy fears. The New York based lender who traditionally looked to institutional investors for capital is coming under increased scrutiny from retail investors for its offering of corporate notes marketed under the name, “InterNotes.” Some have wondered what a company that traditionally […]