Doug Mirabelli was a catcher for the Boston Red Sox between 2004 and 2007. He was well known for being able to handle the tricky and unpredictable knuckleball thrown by teammate Tim Wakefield. That experience may have helped him deal with Merrill Lynch after he sued them for failing to properly diversify his portfolio.
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When we talk to our clients about their experiences with their brokers, especially at the firms such as Merrill Lynch, Citibank, and Morgan Stanley Dean Witter, they often express a sense of betrayal. They ask questions such as, “How could he (or she) does this to us?” or “How could they have lost us tens of thousands of dollars and then not even return or calls?”
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Morgan Stanley has been ordered to pay $371,000 (including interest) in excessive markups and markdowns for corporate and municipal bond transactions. FINRA (formerly the National Association of Securities Dealers) also fined Morgan Stanley $1 million.
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It is harder and harder to be shocked by news of monkey business at our largest financial institutions. But somehow, what MF Capital, the firm headed by former Goldman Sachs head and former New Jersey Governor and United States Senator Jon Corzine, is accused of doing, still manages to be shocking.
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The Commodity Futures Trading Commission has proposed finalizing a rule that would limit the ability of brokerage houses to borrow their customer’s funds and use them to invest in foreign debt.
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Millions of Americans were affected by the collapse of mega-bank Washington Mutual, but perhaps no one suffered as much as Patricia Chapman.
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In 2008 Oliver Stone made the decision to produce is film sequel, "Wall Street: Money Never Sleeps". By the time the movie released to audiences worldwide earlier this year, average Americans were still feeling the effects of the recession and directing their ire at Wall Street.
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In response to the Dodd-Frank law, passed by Congress to prevent additional securities crimes, there will be a new reshuffling of power and responsibility among regulators to assume these new roles.
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After a week of arguments between lawyers on both sides, Charles Schwab agreed to repay investors of its YieldPlus Fund as part of a $235 settlement with the state of California.
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Goldman Sachs cannot escape the mess stemming from its disastrous collateralized debt obligations, which is certainly good for investors. As a result of the latest SEC probe, the broker-dealer will pay an additional $650,000 for failing to disclose that two of its employees were under serious investigation.
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