The office of Andrew Cuomo, attorney general for the state of New York, has been the source of a number of major consumer and civil investigations in recent years, including:
%26bull; 2002 - 2003: An investigation of Wall Street investment firms resulted in a $1.4 billion settlement by 10 firms accused of conflict of interest in […]
The Bush administration’s 218-page plan to overhaul financial regulation, released Monday by Treasury Secretary Henry Paulson, would:_Expand the role of the President’s Working Group on Financial Markets to include the entire financial sector rather than just financial markets._Create a federal commission, the Mortgage Origination Commission, to develop uniform, minimum licensing standards for mortgage market participants._Close […]
WASHINGTON
- It’s a Herculean task: revamping a financial regulatory system dating back to the Civil War to deal with 21st century crises imperiling the country.Under an ambitious Bush administration plan, the Federal Reserve would take on the unwieldy role of uber cop in charge of financial market […]
The Minnesota House today passed a bill that would expand consumers’ rights to sue their insurance companies.
It would require insurance companies to act in good faith in denying claims from their clients or face penalties.
Hotly debated and lobbied by trial lawyers on one side and the insurance industry on the other, the bill passed the […]
NEW YORK (Reuters) - Warren Buffett’s Berkshire Hathaway Inc said on Friday quarterly profit fell 18 percent, hurt by lower earnings from insurance underwriting and a decrease in investment gains.
In his annual letter to Berkshire shareholders, Buffett said insurance earnings would likely fall further, after a second straight year without major insured catastrophes.
Berkshire had been […]
U.S. stocks rallied in the final 30
minutes of trading, helping the market post its second straight
weekly gain, as speculation bond insurer Ambac Financial Group
Inc. may be rescued overcame concern bank earnings will falter.
American International Group Inc. and JPMorgan Chase Co.
led the […]
Billionaire investor Warren
Buffetts Berkshire Hathaway Inc. said fourth-quarter profit
fell 18 percent on declining insurance rates.
Net income decreased to $2.95 billion, or $1,904 a share,
from $3.58 billion, or $2,323, a year earlier, the Omaha,
Nebraska-based company said today in a statement. Berkshire
typically gets about […]
Billionaire investor Warren Buffett
stepped into a debate about the emergence of sovereign wealth
funds, saying the government-controlled firms are fueled by U.S.
spending overseas, not political motives.
This is our doing, not some nefarious plot by foreign
governments, Buffett, the chairman of Berkshire Hathaway Inc.,
said yesterday […]
Insurance Australia Group Ltd., the
nations largest auto and home insurer, posted a sixth straight
profit drop, spurring speculation that Chief Executive Officer
Michael Hawker will be replaced and the company taken over.
Insurance Australias market value has halved to A$6.9
billion ($6.5 billion) since Hawker last […]
NEW YORK (Reuters) - FGIC Corp’s plan to split its municipal bond business into a separate company could eventually lift values of state and local government debt it guaranteed, investors and issuers said on Friday.
The move by FGIC, which on Thursday became the first insurer to lose its top “AAA” rating from all three rating […]