Morgan Stanley is going to win out over Citigroup when a mediator places a value on the Morgan Stanley Smith Barney brokerage, The New York Post reports. The two banks have disputed the value of the joint venture: Morgan Stanley, which owns 51 percent of the brokerage and plans to acquire remaining shares, said Read More
“I guess I’m not as cynical as you are,” Neil Barofsky, former watchdog for the Treasury’s Troubled Asset Relief Program and presently the busiest cynic caught up in the government’s entanglement with the banking business, told The Observer.
In a time when everyone seems to be cheating—and most everyone getting away with it—we’d put it to Mr. Barofsky that there doesn’t seem to be much percentage in honest behavior. If Wall Street executives, tween idols and journalistic heavyweights are shirking the rules to get ahead, doesn’t it make sense for the commoners to do the same?
AIG, the enormous bailed-out insurance company, announced today that the sale of its ALICO life insurance unit to MetLife and its initial public offering of AIA on the Hong Kong stock exchange have netted billions of dollars to repay the U.S. government, which has generously and repeatedly extended a Read More
As the end of the Troubled Asset Relief Program draws near, the agency that hunts down fraudulent recipients of bailout funds is staffing up and ratcheting up its efforts.
Reuters reports that the office of the TARP Special Investor General, which also goes by the spy agency – sounding name TARPSIG, plans to Read More
This afternoon, when Andrew Cuomo announced he filed suit against Bank of America and its former CEO, Ken Lewis, an attorney for Mr. Lewis quickly shot back.
“The decision by Mr. Cuomo to sue Bank of America, Mr. Lewis and other executives in connection with BofA’s acquisition of Merrill Lynch is a badly misguided decision Read More