April 21st, 2014 by admin | Permalink
The most closely watched of this week’s offerings will be Ally Financial, the former GMAC Inc., which collapsed in 2008 and was resuscitated by a $17 billion federal bailout. The financial services firm plans to offer 95 million shares in an expected price range of $25 to $28 a share.
Underwriters are Citigroup, Goldman Sachs, Morgan Stanley and Barclays Capital which have an over-allotment option on an additional 14.25 million shares. The US Department of the Treasury owns 177.31 million shares, or 36.8% of the company. It is the seller of all 95 million shares in this offering as well as the over-allotment option. Ally Financial will receive none of the gross proceeds of $2.52...
April 18th, 2014 by admin | Permalink
The legacy of Mickey Rooney, who died on April 6 in California at age 93, goes far beyond the silver screen. The prolific film star did a service for millions of elderly in this country by helping to publicize the scourge offinancial elder abuse.Whether its fraudulent sweepstakes phone calls, investments,grandparent scams,or the far more insidious deceptions by neighbors, friends, employees, and relatives, such exploitation is rampant and on the rise. According to the Elder Justice Coalition, an advocacy organization, financial abuse costs its victims $2.9 billion a year, and the direct medical costs associated with elder abuse now exceed $5 billion. Watch our video below on financial elder...
April 17th, 2014 by admin | Permalink
The government has published the submissions it has received for the 2014 Financial System Inquiry. Over 200 industry stakeholders, including the Commonwealth Bank of Australia, ANZ, Westpac, Eftpos, and PayPal, have weighed in on the discussion.
A number of submissions call for a balanced approach to new technologies and technological neutrality in the regulation of Australias digital financial services.
One of the nations biggest financial players, the CBA, warned that new technologies introduced potential risks.
In its submission, CBA proposed that a balanced approach must be taken to regulating digital delivery of financial services that will encourage innovation and competition...