September 13, 2008 |
Fidelity Investments settled a probe of its sales of auction-rate securities, agreeing to buy back $300 million of the instruments seven months after the market for them collapsed, officials of New York state and Massachusetts said. Fidelity, the world's largest mutual fund manager, is the first retail broker to settle with the states. Citigroup Inc., UBS, Goldman Sachs Group Inc. and five other underwriters settled claims in recent weeks stemming from the broader, nationwide probe of firms that allegedly marketed the securities as being as safe as cash alternatives.
November 8, 1989 |
The Treasury Department postponed a planned auction Tuesday of $40 billion in government securities because Congress had not yet raised the national debt ceiling. The failure to raise the debt ceiling caused concern among owners of Treasury bills and other government securities.
March 30, 2011 |
The Federal Reserve rejected a $15.7-billion bid from American International Group Inc. for a pool of mortgage-backed securities Wednesday and said it would sell off the bonds over time instead. The news is a blow to AIG, which has been trying for months to buy the bonds for the investment portfolios of its insurance units. AIG took its bid public March 10, offering cash for the assets of a vehicle called Maiden Lane II. The Fed created the entity during the depths of the financial crisis to take the securities off AIG's hands and help prevent the collapse of what was then the world's largest insurer.
July 7, 2011 |
The Treasury Department has recovered about 65% so far of the $225 billion it spent to purchase mortgage-backed securities to help stabilize the housing market during the Great Recession. As the government slowly sells off its holdings, officials reiterated Wednesday that they expected to make a profit on the sales of the securities purchased from mortgage financing giants Fannie Mae and Freddie Mac in 2008 and 2009. Last month the Treasury sold $10.6 billion in securities and received an additional $2.1 billion in principal and interest payments, bringing the outstanding principal in the department's holdings to $94.5 billion.
October 23, 2001 |
Motorola Inc. said it plans to raise as much as $1.4 billion from two securities offerings, and use the proceeds to cut short-term debt and for general corporate purposes. The Schaumburg, Ill.-based company, whose debt was downgraded last week, is cutting 26% of its employees this year amid a global slump in demand for telecommunications equipment and expects to post its first full-year operating loss in at least 45 years.
May 4, 2006 |
The Securities and Exchange Commission will reduce by $1 billion the fees it levies on securities transactions, a move that will benefit ordinary investors, the head of the agency told Congress on Wednesday.
June 21, 1996 |
Southern California mortgage companies still see the effects of the state's long recession on home loans, especially on so-called "subprime" loans to borrowers who don't qualify for conventional mortgages. Duff & Phelps Credit Rating Co., blaming the earlier soured housing market, recently downgraded securities backed by mortgage pools put together by Long Beach Mortgage Co. in Orange and Quality Mortgage Co. in Irvine.
December 4, 1987 |
Wall Street's real power brokers all stayed home. Attendance was down 14%. And opening the brokerage industry's 16th annual convention was a film clip of Ann Miller tap dancing her way through the hit song from the vintage movie "Easter Parade," "Shakin' Your Blues Away." Black Monday has even taken its toll on the securities industry's yearly four-day boondoggle in this Florida resort town.
March 16, 2000 |
Shares of security software makers fell, led by Check Point Software Technologies Ltd. (CHKP), on concern that the stocks have risen too high too quickly. Check Point, which makes software that guards computer networks against hackers, tumbled $38.19, or 15%, to $208.69--its biggest decline since April 5. VeriSign Inc. (VRSN), a maker of software used to issue computerized IDs, slid $22.88 to $194.75, while rival Entrust Technologies Inc. (ENTU) fell $13.38 to $99.13.
September 21, 1999 |
Enticed by the 1990s bull stock market, Austin Dunn has tried to get rich fast by trading volatile technology and Internet stocks. To build his $93,000 portfolio that includes such companies as Amazon.com, Yahoo and Microsoft, he has upped the ante by borrowing more than $20,000 on margin from his Charles Schwab brokerage accounts. His wife, Katherine, is concerned because Austin, 49 and a part-owner of a machine tool repair firm, doesn't have a penny in a qualified retirement plan.