Raj Rajaratnam, 54, the founder of the Galleon Group and a hedge fund multimillionaire, began his 11-year prison sentence at a former military base, near the town of Ayer, Massachusetts.
A strange and winding day for the shares of major U.S. financial companies ended as oddly as it began, as shares of major U.S. banks seemed to brush off bad news on sovereign debt ratings that rattled the wider market and shares of five of the biggest financial institutions traded on the New York Stock Exchange ended the session on a sell imbalance.
Break out the bubbly, Michael Kors is going public, with an IPO valued at $3.6 billion.
In a research note, banking industry analyst Matthew Burnell reduced fourth-quarter earnings estimates for JPMorgan Chase (NYSE:JPM), Citigroup (NYSE:C), Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS). Burnell reduced the earning estimates for JPMorgan and Citi by about 4 percent, but sounded a much more pessimistic note on Goldman and Morgan Stanley.
A U.S. House of Representatives committee voted to subpoena Jon Corzine to testify before Congress about the collapse of MF Global Holdings Ltd., after the former CEO refused an earlier invitation.
Research in Motion capped an already dismal year with a steep profit warning on Friday, taking a huge charge to write down inventories on its languishing PlayBook tablet and sending its shares tumbling more than 8 percent.
It seemed like it was only yesterday (perhaps because it actually was only three days ago, on Tuesday), when the shares of the banking giant teetered precariously above the $5 mark, a few cents off the dreaded "4 handle." Many were predicting a catastrophic sell-off. Fast-forward to today and Bank of America is trading at $5.74 per share, a jump of 13.66 percent in slightly over 60 hours.
Zynga, the online gaming site partially owned by facebook, filed a revised IPO document Friday indicating plans to raise as much as $1 billion, which could be the most since Google’s 2004 offering.
Looking for the richest 1 percent? There's a gaggle roaming the Capitol Hill Rotunda. For all the focus on Wall Street's ills and the growing income disparity in America, a prominent target has been overlooked: Congress. Many lawmakers have enjoyed handsome levels of fiscal success.
Republican lawmakers blasted the chairman of the U.S. futures regulator on Thursday for his agency's role in the collapse of MF Global and called his recusal from the investigation a way to "avoid the heat."
Officials from major New York property owners said 2011 office leasing activity was strong, despite broader economic concerns, in a panel at the Goldman Sachs Commercial Real Estate Symposium in Lower Manhattan on Thursday.
The original Manhattan is surging back to life ten years after the terror attacks of 9/11, and trends are showing the square-mile tip of the island south of Chambers Street is quickly surpassing its past glory.
U.S. crude futures fell back on Thursday after government data showed that new filings for jobless benefits unexpectedly rose last week to their highest level since late October, a bad sign for oil demand. Oil traded down $1.01 to $99.41 per barrel on Thursday at mid-day.
Goldman Sachs (NYSE: GS) says it is betting the situation in Europe will deteriorate next year, eventually affecting the still-strong German economic engine and prompting a new wave of fears that European companies will default on their bonds.
European shares fell in choppy trade on Thursday after data showed new U.S. claims for unemployment benefits rose unexpectedly last week, with some investors booking profits after equities jumped 9 percent in the previous four sessions.
Woodford, who blew the whistle on accounting tricks at Olympus after he was sacked in October, said he was putting together a team of candidates for a new board and talking to shareholders about replacing the current leadership, hopefully by February.
A year after four hedge funds were raided as part of a sweeping probe into insider trading, agents are ready to arrest as many as three people who worked at the raided funds, sources familiar with the investigation told Reuters.
Getco LLC, an electronic market maker and high-frequency trading specialist, on Wednesday said it agreed to buy Bank of America Corp's floor-trading operations at the New York Stock Exchange, significantly expanding its market-making operations.
The former chief executive of disgraced Olympus Corp, Michael Woodford, launched a campaign on Thursday to oust the board of directors, reclaim his old job and bring in his own team to save the Japanese firm from a big accounting scandal.
The former chief executive of Japan's disgraced Olympus Corp, Michael Woodford, launched a campaign on Thursday to oust the board of directors, reclaim his old job and install his own team to save the firm from a big accounting scandal.
NEW YORK, Nov 30 - Facebook games developer Zynga Inc is seeking a lower-than-expected $10 billion valuation for its initial public offering, which is to be priced on December 15, two people close to the process said on Wednesday.
Zynga is expected to price its shares on December 15 in one of the most highly anticipated IPOs of the year.
