Lloyds Banking Group Plc plans to auction about $8.7 billion of U.S. mortgage securities without government backing that were issued before the credit crisis, according to a person with knowledge of the offering.
George Canellos, 48, has one of the Securities and Exchange Commission’s top jobs. The SEC’s new chairman, Mary Jo White, appointed him as co-director of the enforcement division, along with Andrew Ceresney, a former partner of White’s at Debevoise & Plimpton. Their job is to oversee 1,200 investigators, accountants and lawyers who try to root out corruption on Wall Street. Canellos should be above reproach.
Asian stocks advanced, with the regional benchmark ending the week near its highest since June 2008, as the yen’s slide past 100 against the dollar buoyed exporters in the busiest week of Japan’s earnings season.
Philip Falcone, who once ran one of the biggest hedge funds in the industry, reached a settlement with regulators that bars him from investing client money for at least two years, while allowing him to run a company modeled on Warren Buffett’s Berkshire Hathaway Inc.
Japanese and Australian stock futures gained, with the Asia-Pacific benchmark equities gauge poised to extend a five-year high, as rising metals prices boosted raw- material producers and profits at National Australia Bank Ltd. cheered investors.
Russian stocks rose for a second day, erasing earlier declines, amid bets the European Central Bank will cut interest rates to fuel growth in the country’s biggest trade partner. OAO Sberbank, the nation’s biggest lender, advanced.
An investment adviser will pay more than $120,000 to resolve U.S. regulatory claims that he lied to the California Public Employees’ Retirement System and other clients about the amount of money his firm managed.
For years, gold's allure grew as the metal's price smashed through record after record. That put many financial advisers in the position of trying to dissuade clients from investing in the stuff. "I see no purpose in gold," says Sheryl Garrett, founder of the Garrett Planning Network. "I would rather own pretty much anything."