S&P Expects Federal Lawsuit Over Mortgage Ratings
The U.S. government is expected to file civil charges against S&P, alleging that it fraudulently gave high ratings to mortgage debt that later plunged in value and helped fuel the 2008 financial crisis.
SEC, DOL Enforcement Roundup: CDO Woes, Short-Selling Brothers, Amish Fund
Recent actions by the SEC and DOL included fines of $127.5 million for a securities firm over false CDO credit ratings and $14.5 million for two short-selling brothers, along with deferred prosecution for an Amish fund.
Top 10 Countries With Most Millionaires: Capgemini/RBC
Where are today’s HNW individuals most likely to be found? Capgemini/RBC Wealth Management's 2012 World Wealth Report lists the top countries for millionaires.
S&P Downgrades Spain
Spain suffered another downgrade as Standard & Poor's cut its sovereign credit rating and its unemployment rate rose to its highest level since the early 1990s—now one of the highest in the world.
U.S. Bank Lending Below Depression-Era Levels: S&P
U.S. bank loans are at such lows that the economic recovery has been nearly loan-free, S&P's head of financial institutions ratings said Wednesday in New York.
Fitch Ratings Downgrades 5 European Countries
Fitch Ratings went on a roll on Friday, downgrading Belgium, Cyprus, Italy, Slovenia and Spain with the threat of additional cuts in the next one to two years.
Top Portfolio Products: ProShares ETF Focuses on Germany; BlackRock Offers New Fund
New products over the last week include a new ETF focusing on German debt from ProShares and a reintroduced multi-asset income fund from BlackRock.
ProShares Launches ETF Focused on German Debt
ProShares announced Thursday the launch of the first U.S.-based ETF focused on sovereign and sub-sovereign debt from Germany, which has the world's third-largest public debt market and is widely recognized for its fiscal strength.
S&P Downgrades French Banks
Standard & Poor's downgraded four French banks on Monday, saying that its action came as a result of its downgrade of France itself earlier in the month.
S&P Cuts EFSF Rating
Standard & Poor's followed up its mass cuts to the credit ratings of eurozone countries on Friday with a cut in the credit rating of the European Financial Stability Facility on Monday. EFSF officials said that nonetheless the facility was well enough funded to cope with the eurozone debt...