The SEC reports that Merrill Lynch has admitted to illegally using billions of dollars of its customers’ money, on a weekly basis from 2009 until last year, to finance its own trades. The well-known brokerage, owned by Bank of America Corp., will pay a $415 million penalty and admits wrongdoing to settle charges that it… Read More >>
S&P May Cut Ratings for BofA, Citi, JPMorgan, Morgan Stanley & Others
Eight major U.S. financial services firms may have another issue to worry about as ratings agency Standard & Poor’s is putting them on a watch list for ratings cuts because these firms may be affected by a proposed rule of the Federal Reserve ending bailouts for firms that are “too big to fail.” The eight… Read More >>
