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...complaint says Stanford Bank has more than 30,000 clients in 131 countries and $7.2 billion in assets. It says the company's larger group, Stanford Financial Group, is a privately held entity with $50 billion "under advisement...
...action also charged the bank's chief financial officer, James Davis, as well as Laura Pendergest-Holt, chief investment officer of Stanford Financial Group. A temporary restraining order entered by U.S. District Court Judge Reed O'Connor froze Stanford's assets, and a receiver has been appointed to marshal them...
...outgoing enforcement chief, Linda Thomsen, said Stanford promised "improbable and unsubstantiated high interest rates" allegedly earned through a unique investment strategy. The bank purportedly achieved double-digit returns on its investments during the past 15 years...
...force on Tuesday, dragging the broad market indexes down near the lows reached last November. The Standard & Poor's 500 index, weighed down by financials, fell 4.56%, while the Dow Industrials sank 3.8%, falling to within a fraction of its November 2008 low. Among the hardest hit sectors were bank stocks, down 10%, oil service stocks, down 8.2%, and semiconductor stocks, which fell 6.7%. Gold Mining was among the rare winners Tuesday, with the industry group rising 2.5%. (See pictures of the top 10 scared traders...
When most people hear the term "green building," they probably imagine something like Bank of America's (BoA) soon-to-be-completed Midtown Manhattan headquarters. The skyscraper will have floor-to-ceiling insulating glass walls, automatic light dimming, water recycling, air filtration and on-site power generation. Those green features have helped make the BoA Tower the first skyscraper to win a Platinum Leadership in Energy and Environmental Design (LEED) rating, the highest possible such award. They also helped ensure that the tower won't be cheap - the project is estimated to cost about $1 billion. (Read "Building Materials: Cementing...