Madoff enjoyed an image as a self-made financial guru whose Midas touch defied market fluctuations. But his investment advisory business was exposed in 2008 as a multibillion-dollar Ponzi scheme that wiped out people’s fortunes and ruined charities and foundations.
Simon Property seeks to raise $300M with blank check company filing
Simon Property Chairman and CEO David Simon will serve as chairman of the special purpose acquisition company. His 33-year-old son, Eli Simon, senior vice president of corporate investments at Simon Property, will be its CEO.Read More
Report: Steak n Shake hires adviser to help it navigate debt morass
FTI Consulting will work with the Indianapolis-based company as it explores a possible out-of-court restructuring of its debt and lease obligations or a bankruptcy filing, The Wall Street Journal reported.Read More
First Merchants makes big moves after lending-bias settlements
First Merchants has begun constructing a $2 million branch that’s expected to open in the mostly Black Avondale Meadows neighborhood in late November. It’s he most visible sign yet of sweeping changes at the Muncie-based financial institution after it settled redlining investigations last year.Read More
Venture firm opening Indy office to target the overlooked
Cincinnati-based Lightship Capital is opening an Indianapolis-area office within three months to provide underrepresented entrepreneurs here access to a $50 million investment fund.Read More
Federal Reserve Chairman Jerome Powell said that he doesn’t expect to raise the Fed’s benchmark interest rate, currently pegged at nearly zero, this year.
The rollout of COVID-19 vaccines and vast sums of government aid will accelerate global economic growth to a record high this year in a powerful rebound from the pandemic recession, the International Monetary Fund says in its latest forecast.
The S&P 500 and Dow Jones industrial average both reached record highs as the economy showed more signs that it’s continuing to recover.
The financially troubled credit union had been operating under a conservatorship since January. As part of the liquidation, about 500 members and most of their deposits have been transferred to Indianapolis-based Elements Financial Credit Union.
Federal investigators say George S. Blankenbaker Jr. and three of his companies raised more than $11 million from at least 109 investors in a fraudulent scheme he operated from 2016 to 2019.
One frequent mistake of first-time homebuyers is to “over buy,” thinking their future salary will make the payments easier. Buy a house you can afford and will enjoy.
The easing of the regulation had been intended to give banks flexibility in what assets they could hold to meet regulatory requirements during the t ffthe pandemic, when banks were having to suddenly write down billions of dollars of loans.
Another climb in bond yields helped pull money out of Big Tech companies, which have started to look expensive after months of soaring through the pandemic.
Tech shares tumbled anew on Monday, sending the Nasdaq composite index down 11% from its all-time high, as investors fled high-valuation stocks for companies whose fortunes are closely tied to the economic cycle.
Janet Yellen, the first woman to head the Federal Reserve and the U.S. Treasury Department, said “there is a cultural problem in the profession, and we need to change the culture.”
Investors were encouraged by a government report that U.S. employers picked up the pace of hiring last month.
Consumer borrowing is closely watched for indications about Americans’ willingness to take on more debt to finance their spending, which accounts for two-thirds of U.S. economic activity.
Many businesses are facing liquidity constraints or are being required to redesign their business model to respond to evolving consumer trends or supply-chain disruptions.
The Office of the Comptroller of the Currency, which regulates federally chartered U.S. banks, has recently given banks the go-ahead to engage in certain types of cryptocurrency transactions.
The speed at which the yield on the 10-year Treasury has climbed has forced investors to re-examine how they value stocks, bonds and every other investment. And the immediate verdict has been to sell them at lower prices.
Stocks and bonds sold off on Thursday after Federal Reserve Chairman Jerome Powell underwhelmed markets by refraining from pushing back more forcefully against the recent spike in Treasury yields.
Banks have less than a year before the Fed has indicated it will stop allowing them to enter into new contracts pegged to LIBOR, a bedrock of the financial system being phased out by global policy makers.
A steady march higher in Treasury yields has been drawing money out of the stock market and leading investors to question the massive run-up in Big Tech valuations.