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In yesterday’s NY Times, Andrew Ross Sorkin interviewed Citadel Investment Group founder Ken Griffin, a critic of risk management practices in the financial services industry. “We have a responsibility,” says Griffin, “to manage risk in a way that is prudent.”
A slightly different statement about risk management comes from the folks at Anworth Mortgage [...]
Last Tuesday, we footnoted about an interesting disclosure in Wachovia’s (WB) 8K announcing first quarter earnings. There was new language about a potential restitution involving a former Wachovia customer called Payment Processing Center that had bilked lots of people — many of them elderly — and that at least some Wachovia executives seemed to know [...]
Judging by the news this morning about new subpoenas going out over auction rate securities, this is one more headache for Wall Street that’s likely to get worse. So I decided to take a look at how companies are talking about this mess in their recent filings. The short answer is a lot more than [...]
Of all the news that came out about Wachovia (WB) yesterday — the unexpected loss, the $7 billion in new capital, and the dramatic cut in the dividend — there were several new disclosures, primarily related to legal troubles — in the 8-K they filed yesterday that went largely unnoticed. We’ll take them in order:
Wachovia [...]
Being an aspiring actress is no doubt hard work and sometimes you wind up doing stuff you’re less than proud of for the paycheck. Or the clip. Yesterday, the SEC announced that it was suspending trading in three companies: NeoTactix (NCTX), Graystone Park Enterprises (GPKE), and Younger America (YNGR). The suspensions were not for securities [...]
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