Investors of auction-rate securities were misled
Investors of auction-rate securities were misled
A report by the Association for Financial Professionals says more than 85% of the firms that invested in the auction-rate securities market, which collapsed spectacularly amid the global credit crunch, were led to think or explicitly told that Wall Street banks would support the market in the event of a crisis. The report might add yet more pressure to banks’ already strained relationships with customers caught in the collapse.
Nigerian rebels shake world’s oil markets
An internal rebellion in Nigeria is increasingly adding to worries about the world’s oil supply already focused on flash points such as Iraq and Iran. Armed rebels from the Movement for the Emancipation of the Niger Delta have staged bold attacks on Nigeria’s oil infrastructure and kidnapped foreign workers for ransom. The group says it represents an impoverished region’s rage against a negligent and corrupt central government and oil companies that have wrought terrible environmental damage.
Credit Card debt hurting upper-income consumers
Crushing credit-card debt is moving up the income ladder as the US economy slumps. “People of all walks of life have been either guilty of overspending or the victim of some misfortune such as a job loss, an illness or a divorce,” said Greg McBride, a senior financial analyst for Bankrate.com. The average debt rose to $6,900 per consumer in the last year, a 21% increase, according to data by Experian
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