As JPMorgan Chase & Co.’s Jamie Dimon prepares for a vote tomorrow on whether he should keep his chairman and chief executive officer titles, he may take comfort knowing most of his biggest shareholders are led by men with the same dual role.
Morgan Stanley was sued by a Birmingham, Alabama, medical center over claims the bank received improper payments from ING Life Insurance and Annuity Co. in exchange for referral of retirement-investment business.
February 15, 2013 - In the third season of PBS's hit drama "Downton Abbey," the usually unflappable Lord Grantham is brought to tears by a bad investment. Against his broker's advice, he puts the bulk of his wife's inheritance in one promising Canadian railway stock, the nonfictional Grand Trunk Railway. That backfires when the railway's resident genius, Charles Hays, dies on the Titanic in 1912. By 1920, it's facing bankruptcy.
February 22, 2013 - Helaine Olen has had it with self-proclaimed personal finance gurus offering glib advice. In her new book, "Pound Foolish," she describes how middle-class families are being buried by stagnant wages, and the rising costs of housing, education and health care emergencies. Meanwhile, she argues, the replacement of pensions with 401(k)s means financial firms found millions of new customers, but workers ended up worse off. The "personal finance and investment industrial complex" profit while half of Americans live paycheck to paycheck.
Detroit emergency manager Kevyn Orr’s road to fiscal recovery for the insolvent city may hit potholes with its largest union, whose leaders haven’t met with him and say he should look elsewhere to cut costs.
The value of the New York state pension fund rose to a record $160.4 billion in year ending March 31, recovering after the financial crisis wiped out almost one-third of its assets, Comptroller Thomas DiNapoli said.