S&P Ratings Overhaul Hits Banks Hard
Standard & Poor's revamped its ratings criteria and lowered the ratings of 15 U.S. and European banks by one notch on Tuesday, leaving 20 more bank ratings unchanged and raising two by a notch apiece.
Eurozone Banks Boost Capital by Redefining Risk
Some Eurozone banks are redefining risk in order to meet capital requirements. Many officials and banking experts say the practice is legal but undermines the goal of ensuring the financial institutions are healthy.
European Markets, Italian Bonds Down
Worries over the European debt crisis drove markets and Italy’s bonds lower on Monday, with gold and the dollar gaining over the euro. Angela Merkel’s party lost elections in Germany over the weekend as well, showing opposition to euro bailouts the German chancellor has advocated.
Chinese Jewelry Retailer Names Seven Banks to Aid IPO
Chow Tai Fook, a decades-old Chinese jewelry retailer with 1,400 stores, has hired seven banks to underwrite its forthcoming IPO in Hong Kong,it was reported late Monday. The main underwriters are to be Deutsche Bank, Goldman Sachs Group, HSBC Holdings and JPMorgan Chase.
Early in 2007, HSBC took a $6.3 billion charge because of exposure in the sub-prime mortgage market. Shortly thereafter Knight Vinke Asset Management announced it...
Charles Schwab Declares Independence
Chairman says the company is not for sale
Kenneth Feinberg of Selected American Shares
S&P Rank: 5 Stars Finding High Quality Keeps Selected American Shares on Track
Bullish on Advice
Merrill Lynch used to sell stocks. Now it's peddli