Supreme Court rules SEC can recoup money in fraud cases
By an 8-1 vote, the justices ruled that the Securities and Exchange Commission can seek to recover the money through a process called disgorgement.
Banking & Finance
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Treasury to provide more details on rescue loans, but watchdogs say not enough
A plan to disclose the names of small business owners who received $150,000 or more in forgivable loans was not enough for to provide a complete picture of how money was allocated.
Indiana 100: CNO investment chief says keep-it-simple approach works best
Eric Johnson leads a team with $25.3 billion in assets under management.
Armed with $100M, Novus Capital prowls for acquisition
The “blank check company”—formed to acquire one or more businesses and merge with them as a way to take those companies public—closed its funding round in May and is looking for a business to buy.
Powell: A stronger job market key to combating inequality
Federal Reserve Chairman Jerome Powell reiterated his belief that Congress must avoid withdrawing its own rescue efforts too quickly or else the most disadvantaged households would disproportionately suffer.
Banks snared in race conversation, confronted by bleak legacy
On the sidelines of protests, organizers are spreading the word about the role of banks in some of the worst chapters of U.S. history, from financing slaveholders to systemic discrimination in 20th century mortgage lending.
Fed moves to ensure companies can tap bond market for funds
The program will purchase existing bonds on the open market, as opposed to newly-issued debt. The announcement boosted the stock market, which was already rebounding from early losses.
House demands coronavirus loan info from Treasury, banks
In the 10 weeks after the Paycheck Protection Program was launched, the SBA says it has processed 4.5 million loans worth $511 billion. But it has yet to reveal the recipients of taxpayer aid.
Protective Insurance rejects investment group’s offer but will explore alternatives
An investment group led by finance-industry veterans V.J. Dowling and David Delaney owns 7% of Protective’s voting stock and had proposed buying the remainder for more than $44 million.
African Americans point to racial biases in economics
The field of economics is facing an upheaval, with African American scholars decrying bias in the profession and presenting evidence that leading journals have failed to publish sufficient research that documents racial inequalities.
Federal Reserve to keep providing aid, sees no rate hike through 2022
Chairman Jerome Powell stressed the Fed’s commitment to ultra-low borrowing rates for the foreseeable future. “We’re not thinking about raising rates,” he said. “We’re not even thinking about thinking about raising rates.”
Federal Reserve acts to broaden appeal of Main Street Lending Program
The Federal Reserve is expanding the range of companies that will qualify for its soon-to-begin Main Street Lending Program, in which the Fed will lend directly to individual companies for the first time since the Great Depression.
Dow jumps 829 points, Nasdaq hits intraday record on surprising jobs report
The S&P 500 jumped another 2.6% after a report said the U.S. job market surprisingly strengthened last month, bolstering hopes that the worst of the recession may have already passed.
Brothers to funnel $4.5M into companies stung by pandemic
Sensing an investment opportunity—and a chance to do good—the four Litt brothers have set aside for investment a portion of the $40 million they reaped from the 2019 sale of their transportation-management firm, Reliable Source Logistics.
Novelty-products firm BigMouth falls silent after years of hype
The firm, which had big growth plans, owes $23 million on a loan that is in default and is winding down operations.
Stocks soar as investors look past civil unrest to economic high notes
Wall Street absorbed better-than-expected economic data: Private payrolls shed 2.76 million jobs in May, ADP reported Wednesday. Economists surveyed by Dow Jones had expected a drop of 8.75 million.
Powell: Fed to soon begin ‘challenging’ Main Street lending program
Federal Reserve Chair Jerome Powell acknowledged Friday that the Fed faces a major challenge with the launch in the coming days of a program that will lend to companies other than banks for the first time since the Great Depression.
Late-session spurt lifts Dow above 25,000 for the first time since early March
The Dow Jones industrial average jumped 553 points Wednesday, about 2.2 percent. Financial stocks and beaten-up industrials helped power the blue chips—a comeback that signals confidence in the recovery.
Wall Street climbs as recovery hopes overshadow virus worries
Stocks surged on Wall Street in morning trading Tuesday, driving the S&P 500 to its highest level in nearly three months.
KAR raises $550M to help it emerge from pandemic shutdown
KAR Auction shares rose more than 9% Tuesday morning after the company announced the investment by London-based Apax Partners, a global private equity advisory firm, with participation by New York City-based Periphas Capital L.P.