Investors in the $3.7 trillion municipal market assumed Illinois lawmakers would fix the worst- funded U.S. state pension system. The legislature’s latest failure is showing buyers the cost of inaction.
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.
Hartford Financial Services Group Inc., the insurance company pruning operations after an activist investor urged it to split up last year, hired Deutsche Bank AG to seek a buyer for its Japanese business, people with knowledge of the matter said.
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.