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First there was former Connecticut Governor John Rowland who resigned in July 2004 from office during a corruption investigation, and later spent 10 months in a federal prison camp after pleading guilty to accepting gifts and vacations from people doing business with the state. Then there was former New Jersey Jim McGreevey who left office… Continue reading Another Northeast Governor In Hot Water as Spitzer Apologizes to Family, State of NY

The Justice Department and the Federal Bureau of Investigation have opened a criminal inquiry into Countrywide Financial for suspected securities fraud as part of the continuing fallout over the mortgage crisis, according to government officials as first reported on Saturday in the “Wall Street Journal.” The federal authorities are looking at whether officials at Countrywide,… Continue reading Fed Opens Probe into Countrywide for Securities Fraud

In an interview on CNBC’s “Squawk Box” billionaire Wilbur Ross says the current market downturn differs from previous slumps in that no American banks have yet failed this time, but he suggests that’s about to change. “I think that’s going to be the next wave, and coupled with problems in the commercial real estate market;… Continue reading CNBC: Billionaire Ross Sees Bank Failures as Next Wave

On Monday Carlyle Capital Corp (CCC), an affiliate of private equity firm Carlyle Group, stated that it has asked lenders for a standstill agreement as it faces more than $400 million in margin calls. CCC, which is 15 percent owned by the private equity group’s managers, said it was still in talks with its lenders… Continue reading Carlyle Capital Wants More Time to Deal with Margin Calls

Friday, the world’s largest bond insurer, MBIA Inc stated that it had asked Fitch Ratings to withdraw its insurer financial strength ratings for six units, including MBIA Insurance Corp., its main bond insurance arm. Fitch is the only one of the three major U.S. credit rating agencies that was still reviewing MBIA’s critical “AAA” ratings… Continue reading Bond Insurer MBIA Wants Fitch to Withdraw Ratings

Today Nationwide Financial Services Inc announced that affiliates of parent Nationwide Mutual Insurance Co have offered to buy all of its outstanding Class A common stock for about $2.2 billion. Nationwide Mutual is offering holders of Nationwide Financial’s Class A common stock $47.20 a share in cash — a 24 percent premium over Friday’s closing… Continue reading Nationwide Mutual to Buy its $2.2 Billion Shares in its Financial Company

Berkshire Hathaway Inc, billionaire Warren Buffett’s company, will sell its 16.3 percent stake in White Mountains Insurance Group Ltd in a transaction valued at $836 million, according to a statement on Monday by White Mountains. Seven years after investing in the Bermuda-based insurer, Berkshire will exchange its 1.724 million shares for about $751 million of… Continue reading Berkshire to Sell Shares in White Mountains

Wednesday evening the House of Representative approved mental health care benefits parity legislation, which differs from that passed by the Senate last year. Passed by a vote of 268-148, the House bill would require group health care plans to offer the same coverage for mental disorders as they do for other medical conditions, requiring many… Continue reading Mental Healthcare Parity Bill Passed by the House, Differs from Senate Bill

The insurance industry is getting in on the eco-bandwagon. Consumers can now buy “green” policies that cover the house itself — and the car in the driveway. New policies will pay to rebuild a home using green materials after it’s destroyed by fire or other disaster, and offer discounts if you buy a hybrid car… Continue reading Insurance Shows its Green Side

According to a report by Dallas-based MarketScout, the downward trend that insurance rates have experienced reflected moderating signs last month with a 14 percent composite decrease, one point less than January.    According to the report, its figures, based on its insurance exchange transactions, shows the composite decrease continues to slow, moving from 16 percent… Continue reading MarketScout: Downward Trend Eases Up on Insurance Rates Last Month