The recipients of billions of dollars in IOUs being issued by California soon may have a regulated market where they could sell them. Some of the nation’s largest banks say that, starting Friday, they will no longer accept the IOUs. The banks want to pressure the state to end its budget impasse, but their action […]
Clients of financial service firms may be able to recover some, or all, of their investment losses in Fannie Mae and Freddie Mac preferred stocks. Financial advisors and brokers at firms like Merrill Lynch, Citigroup Smith Barney, Wachovia and AG Edwards pitched preferred stocks in Fannie Mae and Freddie Mac to over 1 million investors […]
Marc Dreier, the New York law firm founder charged with defrauding hedge funds, will plead guilty to federal charges including conspiracy and wire fraud on May 11, his lawyer said. Dreier sold more than $700 million in phony promissory notes to at least 13 hedge funds and three individuals, according to an indictment unsealed against […]
General Motors Corp is unlikely to make a $1 billion debt payment due June 1 because it expects to be in the process of restructuring its debt through a voluntary exchange or bankruptcy court by that point, a spokeswoman for the automaker said on Wednesday. GM has been given until June 1 to win sweeping […]
The trustee appointed to liquidate Bernard L. Madoff Investment Securities LLC sued Kingate Management Ltd. for the return of $255 million transferred to the firm’s funds in the months before Madoff’s collapse. Irving Picard, appointed under the Securities Investor Protection Act, filed a complaint April 17 in U.S. Bankruptcy Court in New York stating that […]