One day after Rajat K. Gupta, formerly of Goldman Sachs, was sentenced to two years in prison for insider trading, a lawyer for Raj Rajaratnam who is currently serving an 11-year sentence in a Massachusetts prison for the same crime, asked that his conviction be set aside, The New York Times reported.
Finance/Venture
HSBC Settles with Invesor Over Madoff Loss
Banking group HSBC has settled a case brought by a fund over losses it suffered during the collapse of fraudster Bernie Madoff's financial empire, potentially paving the way for more claims against fund custodians.
U.S. Stocks, Oil Rebound on Strong Consumer Data
U.S. stocks and oil prices rebounded on Friday on news U.S. consumer sentiment rose in November to a more than five-year high, offsetting fears a looming "fiscal cliff" in the United States and Europe's troubled finances and weak economies may tip the world into recession.
Trade Deficit Narrows, Economy Resists Global Chill
The trade deficit unexpectedly narrowed in September as exports rose sharply, suggesting global demand for U.S. goods was holding up despite a debt crisis in Europe.
U.S. Consumer Credit Expands But Credit Cards Use Sags
U.S. consumer credit expanded at a solid pace in September in a hopeful sign for household spending, although Americans appeared to use their credit cards more sparingly, Federal Reserve data showed on Wednesday.
Latest News
More than 80 Chief Executive Officers from the country's largest corporations have joined together in a rare show of unity to pressure Congress for a bipartisan plan to shrink the country's debt, Reuters reported Thursday.
The country's second largest bank, Bank of America, has been accused of mortgage fraud in a civil suit filed by the U.S. government in a Manhattan court Wednesday, claiming it sold thousands of home loans that were deliberately processed at such a high speed adequate checks could not be performed, through its Countrywide Financial unit.
U.S. District Judge Jed Rakoff sentenced the former Goldman Sachs director to two years in prison for insider trading and fined him $5 million in a Manhattan court room yesterday.
Warren Buffett, the country's second-richest man and one of the world's most successful investors, told CNBC in an interview Wednesday, that he sees the U.S. economy "inching ahead" despite slowing economies in Europe and Asia.
Republican presidential candidate Mitt Romney has gone on record as saying he is opposed to Federal Reserve Chairman Ben Bernanke's economic stimulus plans as "ineffective and inflammatory," and has vowed to appoint a new Fed Chair, if he is elected, The New York Times reported today.
The U.S. private equity investor FLAG Capital Management announced today that it will acquire Hong Kong-based Squadron Capital, which manages $1.5 million in assets, PRNewswire reported. Its acquisition of the private equity firm will give FLAG a presence in Asia, increasing its total assets under management to $6 billion.
Goldman Sachs reported a strong third quarter this year, more than doubling its revenue to $8.35 billion, from $3.59 billion last year, exceeding the expectations of Wall Street analysts, The New York Times reported Wednesday.
In a 35-page complaint filed by the Securities and Exchange Commission on Wednesday, the agency accuses Jersey City, N.J.-based hedge fund Yorkville Advisors of misrepresenting the value of its assets and lying about performance, The New York Times reported.
Citigroup Inc. announced on Tuesday that CEO Vikram Pandit, 55, who has held the post since the eve of the financial crisis in 2008, is stepping down.
