Stanford Gets Grabbed

cityfile · 02/19/09 02:58PM

Allen Stanford, the billionaire financier accused of bilking investors out of an estimated $8 billion, has been located following a nationwide search. The FBI found him in Fredericksburg, Virginia this afternoon and served him with the SEC's complaint. His lobbyist says Stanford is "very depressed," by the way; thanks for your concern. [ABC News]

Stanford Still Missing, UBS Settles Up

cityfile · 02/19/09 07:21AM

• Financial fraudster Allen Stanford remains missing. He's also now under investigation for his possible involvement in laundering money for Mexican drug cartels. [ABC News, Dealbook]
• More on how Stanford lured in clients and what he was promising them. [BN]
• UBS will pay $780 million to settle claims it helped its clients evade taxes. It also agreed to disclose the names of some secret account holders. [BN, NYT]
• Oppenheimer & Co.'s famously bearish bank analyst, Meredith Whitney, is leaving to start her own firm. [NYP, Dealbreaker]
• The scandal over Citigroup's lavish perks continues. [BN]
• The Fed has downgraded its outlook for the economy this year. It's now forecasting an unemployment rate near 9% by the end of the year. [WSJ]
• Take a moment to reflect on how the cuts to bonuses are affecting people beyond Wall Street, won't you? [NYT]

Obama's Housing Rescue, Automakers Come for More

cityfile · 02/18/09 07:21AM

• President Obama is unveiling a $75 billion plan today to help struggling homeowners. A press conference is scheduled for 12:15pm. [WSJ, NYT, CNN]
• The Dow fell 3.8% yesterday to close at its lowest point since November. How today goes hinges on the response to Obama's housing rescue plan. [CNN]
• More on the life and times of Allen Stanford, the Texas financier who may have presided over an $8 billion fraud. [BN, NYT, WSJ]
• GM says it needs another $16 billion to stay in business. Oh, but it's still going to slash 47,000 jobs and close five plants anyway. [WSJ, NYT]
• GE's Jeff Immelt is waiving his $11.7 million bonus. [FT]
• Home construction fell a seventh straight month during January. [WSJ]
• Former CNBC anchor Ron Insana is leaving SAC Capital. [DB]
• More on Jon Winkelried's retirement from Goldman Sachs. [WSJ]