Economy & Markets
The important economic and stock market news that advisors need to know.
Which City Is No. 1 in Ultra-Rich Individuals? New York, of Course
By Michael S. FischerNew York is home to 6% of the population of the U.S., but counts 13% of ultra-high-net-worth individuals among its residents, according to research by Wealth-X, a global wealth intelligence, due diligence and prospecting firm.
October 19, 2011
More Downgrades Hit Spain, Italian BanksSpain was hit on Tuesday with its third downgrade in 13 months as Moodys Investors Service dropped the troubled countrys rating two notches and left the outlook negative. Italy did not escape the day unscathed, either, as Standard & Poors hit its banking system, downgrading 24 banks and the nation's...
October 19, 2011
St. Louis Fed Chief: Recession Unlikely, Won’t Support Bond BuyingIn a sign of increasing Fed confidence that the U.S. economy has avoided a possible 'double-dip,' James Bullard, president of the Federal Reserve Bank of St. Louis, said current central bank policy is 'appropriately easy' and another recession is unlikely.
October 19, 2011
Citigroup to Pay $285 Million to Settle SEC Charges on CDO DealThe SEC charged Citigroups principal U.S. broker-dealer subsidiary with betting against clients who invested in the CDO as the housing market showed signs of distress.
October 19, 2011
Top 10 Best & Worst Baseball ContractsAs heated as rooting can get for baseball fans defending their teams, one of the things that gets a fan's blood boiling is thinking about the poor investments made by their team.
October 18, 2011
Q3 Earnings: Goldman Joins Other Big Banks in Struggle Through Bad Economic ClimateJoining other big banks that have reported Q3 2011 earnings in the last week, Goldman Sachs on Tuesday announced less-than-stellar results due to trading and investment bank weakness.
October 18, 2011
Grinch Looks Poised to Steal Christmas From Retailers, Mall OwnersThe years longest sustained sales season encompassing Thanksgiving and Christmas is just on the horizon, but early indicators suggest little holiday cheer for retailers.
October 18, 2011
Pozen Argues for $5T Plan to Cut U.S. Debt: Retirement Income SymposiumBob Pozen, the chairman emeritus of MFS Investments in Boston, has a long-term plan to cut the enormous U.S. debt, and it involves Social Security, the only big number that we know how to solve.