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USA Today
Citigroup’s tab for reimbursing clients who said the financial giant misled them into investing in risky hedge funds marketed as the safety equivalent of municipal bonds has soared to at least $85 million. And counting. The payments, awarded since 2008 in 59 arbitrations or settlements, represent just part of a continuing legacy of the nation’s […]
New York Times
For baseball — not unfamiliar with scandal and bankruptcies, ugly divorces and criminal trials — this promises to be something new: the owners of a marquee team in federal court to face accusations that they enriched themselves and ran their team with illegitimate profits from one of history’s greatest scams. Imagine, for instance, what jury […]
Reuters
In an ideally-transparent world, you’d know as much about your broker as you know about the ingredients in packaged junk food label: All of the bad stuff would be instantly on display. But in the U.S., some of the most important information about a broker is off limits to individual investors. At present, you can […]
Business Week
Vikram Pandit knows one way to make big money in hedge funds: sell them. In July 2007, Pandit sold Old Lane Partners LP to Citigroup Inc. for $800 million and pocketed $165 million for his stake. Then he took over the bank’s in-house hedge-fund group, now called Citi Capital Advisors, or CCA. He became chief […]
Reuters
Ongoing efforts by regulators to give the public more details about financial advisers’ backgrounds still haven’t solved a key problem — getting more investors to use that information. The Financial Industry Regulatory Authority recently took a step toward resolving that issue. In a notice on Tuesday, FINRA invited suggestions from the public on possible improvements […]