The Other Side of Life 24/7: Daily Investor Briefing: Wall Street gains on Bernanke comments...

Friday, August 31, 2012

Daily Investor Briefing: Wall Street gains on Bernanke comments...

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08/31/2012

Reuters Election 2012 Daily round-up of the day's top news from the campaign trail, the White House and all the politics in between

Wall Street gains on Bernanke comments

NEW YORK (Reuters) - Stocks rose on Friday after Federal Reserve Chairman Ben Bernanke, expressing "grave concern" for the country's stagnating job market, said the central bank was prepared to take further steps to strengthen the economy if necessary.

Bernanke says Fed ready to act but short on specifics

JACKSON HOLE, Wyoming (Reuters) - Federal Reserve Chairman Ben Bernanke on Friday left the door wide open to a further easing of monetary policy, saying the stagnation in the U.S. labor market was a "grave concern," but he stopped short of providing a clear signal of imminent action.

Exclusive: Morgan Stanley Smith Barney rainmakers consider exit

NEW YORK (Reuters) - Several dozen Morgan Stanley Smith Barney advisers who manage tens of billions of dollars of client money are considering leaving the firm, saying that widespread technology problems have made it very difficult for them to do their jobs, according to people familiar with the matter.

Central bankers warned can limit, not escape contagion

JACKSON HOLE, Wyoming (Reuters) - Nations fearing financial contagion from troubled neighbors can reduce the risk by strengthening their banks, top monetary policymakers were told on Friday, which some saw as an argument for tough action now to stem more harmful damage later.

Citigroup settles borrowers' home equity loan lawsuit

(Reuters) - Citigroup Inc has agreed to change some of its home equity lending practices and let borrowers whose credit lines were suspended or cut to challenge its actions or recover some fees.

Consumer confidence rises but outlook still grim

NEW YORK (Reuters) - Consumer sentiment hit a three-month high in August as households chipped away at outstanding debt, though Americans were pessimistic about the future, a survey showed on Friday.

Three ex-UBS bankers guilty in municipal bond rigging case

NEW YORK (Reuters) - Three former UBS AG executives were convicted on Friday of conspiring to deceive U.S. cities and towns by operating a scheme to rig bids to invest municipal bond proceeds.

Department of Justice looks to next era of money-laundering cases

(Reuters) - The Department of Justice is shifting its sights to a new offensive in combating money laundering: bringing criminal charges against banks and other financial institutions for weak compliance systems that fail to catch illicit money flows.

Weidmann resignation report turns up heat on ECB's Draghi

BERLIN/FRANKFURT (Reuters) - German central bank chief Jens Weidmann's reported threat to resign has piled pressure on European Central Bank President Mario Draghi to mollify opposition to a new bond-buying plan without tying it up in so many knots it is rendered ineffective.

BlackRock picked its battles in fierce proxy season

BOSTON (Reuters) - Funds run by BlackRock Inc went along with management during high-profile proxy contests at JPMorgan Chase & Co and Citigroup Inc, new filings show, limiting gains by dissident shareholders during the noisy spring proxy season.