With complaints about the UK's five biggest banks on the rise, Elaine Moore reports on the rise of the alternative credit sector, from peer-to-peer lenders to payday loans and credit unions. For more personal finance stories, visit http://www.ft.com/personal-finance
The Securities and Exchange Commission (SEC) has charged a municipality for allegedly making misleading financial statements outside of the usual securities filings. The SEC faulted Harrisburg, Pennsylvania , the state’s capital, for misleading statements in the city’s budget report and the mayor’s state-of-the-city address during the 2009-2011 period. At the time, Harrisburg was teetering on the brink of bankruptcy, and it remains in financial straits today, with a state-appointed receiver overseeing its finances.
During the financial crisis, JP Morgan Chairman and CEO Jamie Dimon was the golden boy of Wall Street.
The U.S. is home to some of the greatest colleges and universities in the world.
Occidental Petroleum chairman Ray Irani lost his job Friday after 76% of shareholders opposed his reelection, the latest high-profile executive to be shown the doors.
It's May again, so that means you can't turn on financial TV without being bombarded with advice to dump all your stocks until the end of the summer when it's safe to buy them again. This advice, "Sell in May and go away," is based on analyses of average market performance by month over the past 50 years. Related: Dow 15,000: 'Sometimes a Bullish Market Is Just a Bullish Market' As you would expect (based on the aphorism), and as you can see in this char t, May has tended to be a weak month for stock performance, though stocks have still delivered a positive return in the month
T. Boone Pickens, the billionaire founder, chairman and CEO of hedge fund BP Capital, may be one of the most outspoken insiders in the energy industry. Never one to shy away from controversy, Pickens eagerly discussed “fracking,” Oklahoma earthquakes and his decision to get out of wind energy in an interview at the Milken Institute Global Conference 2013.
By Michael Santoli The Dow Jones Industrial Average jumped above 15,000 for the first time in its long history Friday morning on the strength of a thousand fears going unrealized. The employment report for April — showing a greater-than-forecast 165,000 new jobs and an unemployment rate slipping down to 7.5% — was just the latest bit of economic news that looked merely OK but was good enough to allay widespread anxiety that the U.S.
The BRICs? So yesterday. China?
As was widely expected, the European Central Bank cut interest rates for the first time in close to a year from 0.75% to 0.50%. The rate cut was driven by an economy in recession, with unemployment hitting a record high in April and inflation dropping the most in more than four years