NASD says Morgan Stanley withheld emails
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Securities regulators on Tuesday accused big investment firm Morgan Stanley Inc. of repeatedly withholding documents sought in connection with customer complaints and falsely claiming that millions of e-mails it had were lost in the Sept. 11, 2001 terror attack on the World Trade Center.
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Undoing a technology outsourcing deal set in late 2002, J.P. Morgan Chase yesterday said it would take back 4,000 of IBM's employees who have been providing the Wall Street firm with an array of technology support services.
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Morgan Stanley  on Wednesday  said it has suffered a $3.7 billion loss stemming from its U.S.  subprime mortgage exposure, which it expects will reduce  fourth-quarter earnings by about $2.5 billion.
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Federal prosecutors have asked the Securities and Exchange Commission for information gathered from an investigation of Merrill Lynch &amp; Co's  activities in mortgage securities, The Wall Street Journal reported on Friday.
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Morgan Stanley  agreed to pay $12.5 million to resolve regulatory charges that it failed to provide arbitration plaintiffs with e-mails it said were destroyed in the September 11, 2001, attacks, when in fact it had saved the e-mails on backup files.
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The NASD on Wednesday submitted recommendations to the US Securities and Exchange Commission to limit the use of soft dollar deals and increase disclosure about such practices.
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Bank of New York reportedly is negotiating with federal prosecutors to avert a potential criminal indictment. The Wall Street Journal reports that the bank is facing charges it failed to report suspicious activity at one of its branches.
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Morgan Stanley  will pay $12.5 million to resolve charges that it failed to produce e-mails in arbitration cases and falsely claimed the e-mails were lost in the September 11, 2001, attacks.
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American International Group used obscure subsidiaries to elude restrictions on campaign donations to New York candidates.
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Morgan Stanley  is cutting about 1,000 jobs in the coming week, part of efforts to trim costs ahead of what it expects will be a tougher business environment, a person briefed on the moves said on Thursday.
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UBS Securities, the investment-banking division of the Swiss-based UBS, was accused by Massachusetts regulators of dishonest and unethical practices in dealings with hedge-fund advisers. The subsidiary, based in Stamford, Conn., gave hedge-fund managers below-market rent, low-interest personal loans and other benefits to retain and increase business, according to a complaint from the office of William Galvin, the secretary of the commonwealth and its top securities regulator. The complaint also accuses UBS of failing to supervise gifts and gratuities. The action, filed with the stateâs Securities Division, seeks a cease-and-desist order, a censure and an undisclosed administrative fine, the statement said. Doug Morris, a UBS spokesman in New York, declined to comment.
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New York State prosecutors are investigating whether Wall Street banks withheld information about the risks posed by investments linked to subprime mortgages.
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WASHINGTON -- The National Association of Securities Dealers censured Morgan Stanley and fined the securities firm $100,000 for failing to disclose to municipal bond buyers that the bonds could be called before their maturity dates, which could result in
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In a sign that the New York Times Co.  may be trying to appease investors who have criticized it, the newspaper publisher invited Morgan Stanley money manager Hassan Elmasry and another large shareholder, T. Rowe Price Group Inc., to make presentations to its board of directors late last month, The Wall Street Journal reported.
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By JOE BEL BRUNO  NEW YORK - Morgan Stanley Inc., the second-biggest investment house on Wall Street, said Tuesday it will shed its Discover credit-card business in a bid to pump up shareholder value.  Speculation has swirled for years that Morgan Stanley would split off the No.
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Investment bank Morgan Stanley gets a record $19m fine from the New York Stock Exchange for a number of regulatory and supervisory lapses.
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The NASD ordered Citigroup Inc.   to pay $1.12 million over a scheme by more than 100 brokers to  obtain mutual fund sales charge waivers by falsely claiming  their customers, including hedge funds, were disabled.