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  • Financial Crisis Accountability on the Cards - 22 August 2013
  • The recently released results of the review of the 2008 financial crisis by the Government Accountability Office (GAO) has revealed that federal and state insurance regulators helped to minimize the economic turmoil and maintain general stability in the market. The GAO found that, with a few exceptions, the effects of the 2008 financial crisis on policyholders and insurers were limited. A coalition of state regulators under the banner of the National Association of Insurance Commissions took action during the crisis by insisting on detailed reports from insurers, as well as altering reporting rules and criteria for determining the risk factor of securities.

  • Wall Street Slips; BoA Faces Lawsuits - 8 August 2013
  • Wall Street slumped for the third session in a row in response to disappointing earnings reports and the news that the US government has filed lawsuits against Bank of America for alleged mortgage-backed securities fraud. Not surprisingly the financial sector reflected some of the biggest losses on Wall Street with Bank of America stocks falling 11 cents to $14.53. The Dow Jones industrial average dropped 48.07 points to 15,470.67, the Nasdaq composite fell 11.76 points to 3,654.01 and the S&P 500 lost 6.46 points to close at 1,690.91 on Wednesday. Taking into account the gains of last week, the general consensus is that the losses of the past three days is not a cause for concern.


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