It was January 2011, and markets were rallying around the globe, driven by optimism that the U.S. and European economies were on the rebound. One rising stock was Janus Capital Group Inc. (JNS), the Denver-based asset management firm.
Investors were betting that Janus, with its lineup of growth-oriented mutual funds, would benefit from the surge. JPMorgan Chase & Co. (JPM) analyst Kenneth Worthington disagreed.
Sifting through Janus’s funds, he saw that returns had begun to [...]
Banks from Citigroup Inc. (C) in the U.S. to BNP Paribas SA (BNP) in France are racing to shed assets and raise money ahead of new global capital rules that start taking effect in 2015. For Canadian lenders, these moves have created the opportunity to go on a shopping spree.
Canada’s six largest banks have spent $37.8 billion since 2008 on about 100 acquisitions at home and abroad, Bloomberg Markets magazine reports in its [...]
We haven’t been hearing a lot from Matt Taibbi lately because he’s on deadline.
But he took a break from his furious writing to comment on this week’s bank earnings and the impending Moody’s downgrade of a few of the major Street players — BofA, Morgan Stanley, Goldman and Citi.
We know that earlier this week, Black Rock’s Larry Fink said that if some of these banks were downgraded, his massive asset management firm would have to stop doing business with them [...]
Every workday morning in London, at about 10 o’clock, representatives from 19 banks make a series of decisions that affect financial transactions around the world, from what homeowners pay on their mortgages to the underlying value of credit-default swaps and corporate bonds.
The bankers’ power is unsettling, says Tim Price, who helps oversee more than $1.5 billion as director of investment at PFP Group LLP, an asset-management firm in London.
“It’s a [...]
Alistair Darling has launched a stinging attack on Sir Mervyn King, claiming the Bank of England governor did not understand the unfolding financial crisis in 2007, took the wrong policy action and ended http://ftalphaville.ft.com/thecut/2011/09/05/668546/darling-launches-sti…
Greece’s finance minister has staunchly defended his handling of the country’s relations with international lenders, the FT reports, accusing his critics of promoting “a mood of uncertainty and scaremongering.” [...]
“The special survey of 400 large firms was taken between March 25 and April 11 in tandem with the monthly Reuters Tankan, a poll of corporate sentiment… While Japanese companies are likely to be squeezed by production disruptions in northern Japan, as well as power shortages and supply woes, they may not feel the same pain as after the collapse of Lehman Brothers, when [...]
If there’s one piece of financial advice that most people agree on it’s that individual investors should buy mutual funds.
Because the mutual funds do the work that individual investors don’t have the time, skill, or money to do: Figure out which stocks are good and which stocks are bad and invest your money accordingly.
But that’s a false promise, says Mark Hebner, who is CEO of a $1.5 billion [...]
Benefits that favor one group over another need to be considered when making cuts.
The ability of the wealthy to pay 0-15% federal income tax because of stock instead of wage is obviously a ‘favorable benefit’ that penalizes those who are paid a wage.
Corporate effective tax rates are between 0-5% that is a benefit that penalizes the wage earners.
Wage earners pay a higher percentage of their income for sales, property, gas, [...]
(Fox business)Gold hit a fresh record high on Wednesday while world stocks declined as unrest in the Middle East and North Africa drove up oil prices and pushed investors into safer assets.
The MSCI world equity index slipped 0.2% and was off about 2% from a 30-month peak set in February. The index is still up about 3% since the start of the year.
U.S. stocks were slightly higher as [...]