The state of New York will bring legal action against Citigroup, accusing the bank of fraudulently selling auction rate securities and destroying documents that had been subpoenaed by the state.
In another sign of a floundering economy, the unemployment rate vaulted to 5.7% in July.
The exchange posted a 21% increase in the second quarter but came in markedly below expectations.
There’s some movement in the data consolidation and reconciliation industry that advisers should keep an eye on.
“The [SEC] emergency order will further constrain normal market operations," said the Managed Funds Assoc. president.
While U.S. marshals were hunting down convicted hedge fund fraudster Samuel Israel III, their agency was busy recovering most of his firm's remaining assets.
Deutsche Bank’s second-quarter net income fell 36% to $1 billion from $2.8 billion a year earlier.
The state charged Merrill Lynch with fraud related to auction rate securities and settled a similar claim with UBS.
The economy grew at an annual rate of 1.9% in the second quarter, a slower growth rate than had been expected.
The SEC has voted unanimously to help investors find free financial information about muni bonds on the Internet.
