Economy & Markets
The important economic and stock market news that advisors need to know.
Gundlach Guilty of Fiduciary Breach, but Awarded Millions in Damages
By Gil WeinreichA jury awarded Jeffrey Gundlach and co-defendants $66.7 million but found he breached his fiduciary duty and violated trade secrets when the star fund manager broke off from TCW to start rival firm DoubleLine Capital.
September 16, 2011
Barclays to Open Gold Vault in LondonBarclays Capital has heeded the siren call of goldat least to its customers. It announced Friday that it was planning, together with The Brinks Co., to build a new precious metals vault to hold the physical assets its customers have purchased in the quest for safe investment havens this year.
September 16, 2011
UBS on Review for Moody’s DowngradeThe same day the $2 billion loss hit the news, the firm was placed on review by Moodys Investors Service for possible downgrade over its risk control measures.
September 15, 2011
Britain Sues Europe’s BankBritain is taking the European Central Bank to court on Thursday at the European Court of Justice in Luxembourg, the first time a government has taken such an action.
September 14, 2011
Rep. Barney Frank: President Should Appoint Fed LeadersThe top Democrat on the House Financial Services Committee is pushing to limit the voting rights of regional Fed presidents on central bank interest rate decisions.
September 14, 2011
Senate Finance's Baucus: Let Tax Cuts for Wealthy ExpireAt a hearing held by the Senate Finance Committee on Wednesday to discuss the committees ongoing efforts to reform the tax code, Sen. Max Baucus, D-Mont., chairman of the committee, said the lower tax rates for the nations wealthiest workers must expire, rather than making major cuts to Social Security...
September 14, 2011
Stagnation Nation: Census AnalysisThe gap in what people earn today compared to what they once earned goes far to explain the current pervasive sense of economic malaise, U.S. Census data show.
September 14, 2011
Schwab Survey: Advisors Less Bullish on Economy, MarketsA summer survey of Schwab-affiliated RIAs found expectations of double dip increased following debt ceiling drama.