Employees of Countrywide Financial Corp. have lost millions of dollars in 401(k) assets as the value of the company’s stock dwindled due to its alleged illegal actions, according to the law firm of Hagens Berman Sobol Shapiro.
The Dow Jones industrial average fell 249.97, or 1.87%, to 13,113.38, while the S&P 500 dropped 25, or 1.69%, to 1,453.55 and the Nasdaq was down 48.62, or 1.86%, to 2,565.7.
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Moody’s expects the credit market turmoil spurred by subprime lending woes and the related flight to quality to last for months while a protracted repricing of risk takes place.
Hedge funds overall experienced outflows of $32 billion in July, according to data from the TrimTabs/Barclay Hedge Fund Report.
Morgan Stanley has less exposure to the rot in the credit markets than many of its peers, says a Sanford C. Bernstein analyst.
InvestmentNews Daily will not be published on Monday, Sept. 3, in observance of Labor Day.
U.S. stocks rebounded yesterday, regaining the losses of the previous session in a mostly technical rally with an absence of negative news.
Scott Schoelzel, executive VP and portfolio manager at Janus Capital, will step down at the end of the year.
Gordon Robert Moore was indicted by a Colorado grand jury on 45 counts of theft, securities fraud and forgery.
