Tuesday, May 29, 2012

Citigroup dissolves panel overseeing toxic assets

Welcome to the morning roundup. Here's a look at what's news in banking and finance.

Toxic assets. Citigroup Inc. has dismantled a board committee created to police the disposal of toxic and unwanted assets, Bloomberg reports. About $200 billion of those assets remained when directors dissolved the Citi Holdings oversight panel last month. Analysts tell Bloomberg it's a risky move.

Housing strength? The spring season is expected to be the strongest in the housing market since the mortgage meltdown, Reuters says. Sales in April were up 10 percent from the year before, according to the National Association of Realtors, and pointed higher. Of course, the Case-Shiller price index released this morning was only up one-tenth of a percent from the period before, and down nearly 3 percent from last year.

Japan targets JPM. Japanese regulators have opened a probe into whether JPMorgan Chase leaked inside information while underwriting a Japanese glass company's IPO, the Wall Street Journal reports. The country's securities and exchange regulator has said it wants to fine an asset managmeent company for shorting Nippon Glass Sheet stock based on insider information.

Stock market retreat. The financial industry hoped the excitement surrounding Facebook's IPO would bring investors back to the stock market, the New York Times writes. Instead, investors are increasingly nervous to jump in: The portion of Americans invested in the stock market fell this year to its lowest level since the late 1990s, the Times reports.



1 comments:

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