Banking

  • October 28, 2005

    House Bill Targeting Fannie Mae, Freddie Mac Passed

    Mortgage-buying giants Fannie Mae and Freddie Mac are facing increased scrutiny after the U.S. House of Representatives passed Wednesday legislation to tighten its grip on the government-sponsored companies amid high-profile accounting scandals.

  • October 25, 2005

    SEC Probe Into R&G Widens Puerto Rican Mortgage Scandal

    R&G Financial has joined two other major Puerto Rican mortgage companies as the subject Securities and Exchange Commission investigations, announcing that the SEC has launched an informal inquest into its accounting practices.

  • October 24, 2005

    SEC Investigates BanCorp Accounting Discrepancies

    The Securities and Exchange Commission has begun a formal investigation into mortgage loans acquired by Puerto Rican mortgage company First BanCorp. The investigation comes in the wake of several scandals that have recently hit the Puerto Rican banking industry.

  • October 20, 2005

    Refco Paid Insiders $1B In Cash Before Collapse

    In a discovery sure to prompt several more class-action lawsuits, Refco’s financial statements revealed that before the firm’s collapse insiders received over $1 billion in cash.

  • October 19, 2005

    Pension Funds Win $78.9 M In WorldCom Suit

    Five New York pension funds that sued WorldCom Inc. after the company’s collapse have reached a $78.9 million settlement with the fallen telecommunications company.

  • October 18, 2005

    Refco Files For Bankruptcy, Agrees To Sell Futures Brokerage

    Just two months after an impressive $585 million initial public offering, Refco Inc. has filed for bankruptcy, agreeing to sell its core futures brokerage for $785 million in order to salvage some of its other subsidiaries.

  • October 18, 2005

    $19B Tug-O-War Pits AIG Against Its Former CEO

    American International Group Inc. and its former chief executive are both claiming control over $19 billion in AIG stock that was once used to provide bonuses to top-performing executives.

  • October 18, 2005

    Attorneys Eye "Tidal Wave" Of Biz Method Patents

    A landmark decision by the U.S. Patent & Trademark Office this week will lead to a wave of new business-method patents, widening the canyon between U.S. law and the patent regime in other countries, patent attorneys agree.

  • October 17, 2005

    Class Action Suits Filed Against Refco Underwriters

    As futures broker Refco’s financial situation becomes increasingly dire, litigation against the company continues to mount, now encompassing the banks that underwrote Refco’s initial public offering.

  • October 14, 2005

    SEC Sues Wood Partners Over Investment Decision

    The Securities and Exchange Commission has sued Wood River Capital Management LLC, the once high-flying Idaho hedge fund, alleging the firm misled investors by placing the majority of its assets in a single company.

  • October 13, 2005

    Check Technology Case Stays In Texas

    A Texas check imaging company that has rattled money-center banks with sweeping patent litigation has successfully fought back an attempt led by Citigroup to move the case to another jurisdiction.

  • October 13, 2005

    Former Hedge Fund Exec Pleads Guilty In Pharma Stock Scandal

    A hedge fund manager pled guilty Wednesday to lying to regulators about how much stock his fund held in various biopharmaceutical companies and inflate demand for their stock.

  • October 13, 2005

    Refco CEO Arrested, Released on $50M Bond

    Former Refco Inc. CEO Phillip Bennett has been arrested on charges of securities fraud and released on $50 million bond that included his Park Ave. penthouse and $5 million in cash as collateral.

  • October 12, 2005

    A.G. Edwards Faces Three Investigations For Market Timing

    Three investigations have been initiated into the legality of mutual fund transactions made by brokerage A.G. Edwards,according to wire reports.

  • October 12, 2005

    Spitzer’s Case Against Former BofA Broker Dismissed

    The first broker brought to trial by New York State Attorney General Elliott Spitzer in his attack on mutual fund trading abuses, has slipped through the attorney’s fingers.

  • October 12, 2005

    Supreme Court Denies Petition To Hear Merrill Lynch Case

    The Supreme Court has denied a petition for a writ of certiorari that would have reinstated a class action lawsuit alleging that Merrill Lynch and one of its analysts misled investors.

  • October 7, 2005

    Hedge Fund Won’t Return Investors' Calls, SEC Probing

    Wood River Partners LP, the once high-flying hedge fund in Ketchum, Idaho, is under investigation by the Securities and Exchange Commission, according to the New York Times.

  • October 11, 2005

    CEO Owed Refco $430M; Class Action Suit Filed

    Futures broker Refco Inc. has placed chief executive Philip Bennett on probation after discovering he owed the company $430 million.

  • October 11, 2005

    SEC Launches Man Group Probe In $175 Million Fraud Case

    The Securities and Exchange Commission has begun an investigation into Man Group, prompted by allegations that the hedge fund helped Philadelphia Alternative Asset Management hide $175 million in losses from investors.

  • October 10, 2005

    Justice Dept. Mulls Fairfax Probe--Report

    Fairfax Financial Holdings Ltd., the Canadian holding company under probe by the Securities and Exchange Commission, has denied reports the U.S. Justice Department joined the investigation.