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Columbia Trust had no branches and had outgrown its headquarters at 135 Broadway. [24] In 1914, the name was changed back to Columbia Trust Company before it was acquired by merger by the Irving Bank of New York (which had been founded in New York in 1851) in February 1923. [25] After the merger, it was called the Irving Bank-Columbia Trust ...
When the bid failed, banks that had lent money to the cornering scheme suffered runs that later spread to affiliated banks and trusts, leading a week later to the downfall of the Knickerbocker Trust Company, New York City's third-largest trust. The collapse of the Knickerbocker spread fear throughout the city's trusts as regional banks withdrew ...
The recovery of funds from the Madoff investment scandal has been underway since the scandal broke in December 2008. That month, recovery trustee Irving Picard received funds from the Bank of New York account where Bernard Madoff held new investments into his Ponzi scheme. As it has been concluded that no legitimate investments were made on the ...
By Luc Cohen. NEW YORK - A former Allianz fund manager was spared prison time on Friday over his role in a meltdown of private investment funds sparked by the COVID-19 pandemic that caused an ...
This was the first legal action made against Bear Stearns. Co-President Warren Spector was asked to resign on August 5, 2007, as a result of the collapse of two hedge funds tied to subprime mortgages. A September 21 report in The New York Times noted that Bear Stearns posted a 61 percent drop in net profits due to their hedge fund losses. [16]
When Genius Failed: The Rise and Fall of Long-Term Capital Management is a book by Roger Lowenstein published by Random House on October 9, 2000.. The book tells an unauthorized account Long-Term Capital Management (LTCM), a hedge fund staffed with prominent academics and investors, which had early success for several years before an abrupt collapse and rushed bailout organized by government ...
The bank accounts of tens of thousands of U.S. businesses and consumers have been frozen in the aftermath of the abrupt shutdown and bankruptcy of financial technology company Synapse, which acts ...
The fund began as Dalio's personal trust fund and was subsequently opened to clients. [36] Its goal was to create "high, risk adjusted returns" that exceeded the general market's return. [ 36 ] [ 79 ] The All Weather fund contains more than $46 billion and is one of the largest funds in the U.S. as of 2011. [ 80 ]