Almost three years ago, when Goldman Sachs Group Inc. paid $550 million to settle fraud accusations by the Securities and Exchange Commission, one of the claims was that Goldman misled the bond-insurer ACA Financial Guaranty Corp. in a horribly complex deal named Abacus.
Stanford University and the University of Chicago, among the 10 highest-ranked U.S. schools, plan to offer tax-exempt revenue bonds amid the biggest rally this year in the $3.7 trillion municipal-debt market.
U.S. Treasury Secretary Jacob J. Lew will meet tonight with Wall Street executives after convening several economists earlier this week to discuss challenges facing the labor market including long-term unemployment.
President Barack Obama said he is nominating Penny Pritzker, the Chicago businesswoman, philanthropist and Hyatt Hotels Corp. heiress who led record fundraising for his 2008 campaign, as secretary of commerce.
Former Goldman Sachs Group Inc. executive Fabrice Tourre lost a bid to bar a recorded 2007 phone call from a July 15 trial of U.S. Securities and Exchange Commission claims that he misled investors in a collateralized debt obligation.