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Madoff gets maximum sentence for fraud

A federal judge sentenced Bernard Madoff to 150 years in prison on Monday in a fraud of billions of dollars against victims over a period of ten years, according to Reuters.

Credit card industry to remain lucrative: study

The credit card industry will continue to provide one of the most lucrative returns of the asset classes within banks' portfolios even after new U.S. credit card rules are put in place, analysts at Keefe, Bruyette and Woods said.Congress is mulling regulations on interchange rates -- fees retailers and merchants have to pay to banks that issue credit cards. The legislation would give merchants an...

Madoff: 'I made a terrible mistake'

Bernard Madoff, 71, spoke before a judge on Monday, stating he believes he made a terrible mistake in defrauding investors of billions of dollars, as a judge is set to soon impose a sentence which may put him in prison for the rest of his life.

Oil and economy optimism lift stocks

Stocks rose on Monday as higher oil prices boosted energy shares, and signs of life in the global economy and overseas markets renewed investor optimism on the prospects of a recovery.Oil futures jumped almost 3 percent after Nigerian militants said they attacked a Royal Dutch Shell facility and the U.S. government said oil demand in April was revised upward from a previous estimate...

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State Street may face SEC charges over mortgages

Asset management and servicing giant State Street Corp said it might face civil charges by U.S. securities regulators for exposing investors to losses on subprime mortgages.The company said on Monday that Securities and Exchange Commission staff had issued a Wells notice to its banking unit on Thursday regarding disclosures and management by State Street Global Advisors of acti...

Towers Perrin, Watson Wyatt to merge in $3.5 billion deal

Consulting firms Towers Perrin Forster & Crosby and Watson Wyatt Worldwide said on Sunday they plan to merge in an all-stock deal valued at about $3.5 billion, as they hope to cut costs amid an economic slump that has caused clients to curb discretionary spending.Under terms of the deal, Watson Wyatt shareholders will receive 50 percent of the shares in the combined company, which...

Financial products should be treated as drugs: BIS

Financial products should be treated like medicines and sold to consumers only when they are certified safe to prevent a repeat of last year's financial meltdown, the world's central bankers said on Monday.The Bank for International Settlements , which acts as a forum for central banks, said government efforts to revive the global economy might have only a temporary impact because banks are not ...

What's News - Monday

State Street receives Wells Notice, may be sued by SEC over securities-law violations

Oil rises above $70 after Nigeria attack reports

Oil rose above $70 a barrel on Monday after Nigeria's main militant group said it attacked a Royal Dutch Shell oil platform, outweighing a fairly bearish report from the International Energy Agency .The Movement for the Emancipation of the Niger Delta said its fighters struck the Shell Forcados platform in the Delta state at about 0230 GMT.There was no immediate independent confirmation but Shel...

Oil rises to $70 on Nigeria attack report

Oil rose to $70 a barrel on Monday after Nigeria's main militant group said it attacked a Royal Dutch Shell oil platform, outweighing a fairly bearish report from the International Energy Agency .The Movement for the Emancipation of the Niger Delta said its fighters struck the Shell Forcados platform in the Delta state at about 0230 GMT. [nLT318433There was no immediate independent...

Madoff can expect de facto life term at sentencing

Admitted thief Bernard Madoff will leave his jail cell and be taken under guard to court on Monday morning to hear his punishment for running Wall Street's biggest and most brazen investment scheme.A U.S. judge is expected to sentence Madoff, 71, to an effective life term in prison during an emotional court hearing starting at 10 a.m. EDT, in which some of his defrauded investors will desc...

Wall Street seen opening higher, investors await data

U.S. stock futures pointed to a modestly higher open on Monday as investors looked to new data later in the holiday-shortened week for clues over the direction of the recession-hit economy.

Daily Commentary - 29/06/2009

what is a rare occurrence of late the Aussie dollar remained in a narrow trading band between 0.8040 and 0.8090 on Friday to finish the week exchanging at 0.8070. With no local economic data released the AUD searched for direction from offshore threatening to break higher after better than expected German data however a rebound in demand for USD put a lid on any further advances.

Stock futures flat to higher as data awaited later in week

U.S. stock futures were flat to higher on Monday as investors looked to new data later in the holiday-shortened week for clues over the direction of the recession-hit economy.

Futures flat to higher as data awaited later in week

U.S. stock futures were flat to higher on Monday as investors looked to new data later in the holiday-shortened week for clues over the direction of the recession-hit economy.

Oil rises towards $70 on Nigeria attack report

Oil rose toward $70 a barrel on Monday after Nigeria's main militant group said it attacked a Royal Dutch Shell oil platform, outweighing a fairly bearish report from the International Energy Agency .

Oil rises above $69 on Nigerian attack report

Oil rose above $69 a barrel on Monday after Nigeria's main militant group said it attacked a Royal Dutch Shell oil platform, outweighing a fairly bearish report from the International Energy Agency .

Stock futures flat ahead of Madoff sentencing

Dow Jones futures dipped 0.1 percent, S&P 500 futures were down 0.01 percent while Nasdaq futures traded 0.02 percent higher on Monday morning at 4:45 a.m. EDT, pointing to a flat opening for Wall Street's main equity indexes.

Oil rises over $69 after Nigerian attack report

Oil rose above $69 a barrel on Monday after Nigeria's main militant group said it attacked an oil platform belonging to Royal Dutch Shell despite an amnesty offer from President Umaru Yar'Adua.

Dollar edges up, global stocks hold ranges

The dollar recovered a little ground on Monday after falling late last week on a renewed call by China for a super-sovereign reserve currency, and stocks traded just below the top of recent ranges.

Asia stocks retreat, dollar regains footing

Asian stock markets retreated on Monday as weaker oil prices hit energy shares, even with many investors sticking to the sidelines as the second quarter winds down.

Oil falls below $69 as Nigeria threat eases

Oil fell below $69 a barrel on Monday as the easing of tensions in energy-rich Nigeria prompted some investors to take profit.

Asia stocks mixed, dollar regains footing

Asian stock markets were mixed on Monday as many investors stuck to the sidelines as the second quarter winds down, while the dollar recovered from a slide on worries about the push by major emerging countries for a reserve currency alternative.

Vilified symbol of greed Madoff to hear prison term

Bernard Madoff, who became a symbol of greed in the financial crisis for masterminding Wall Street's biggest investment fraud, faces the rest of his life in prison in one of the stiffest punishments for white-collar crime when he is sentenced on Monday.

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