Nine of the world’s biggest banks agreed to a settlement yesterday with US investors tied to the currency-rigging scandal, in what could be the start of a new wave of throbbing litigation.
Since past few months, the housing industry in United States has been garnering some dismal numbers. As housing sector continues to struggle for 6th straight month in majority of big cities in US, there are not many bright spots in the dark. But, as the property values continue to plunge, people are considering the option to lower their house insurance coverage. However, people fail to consider that their insurance covers the replacement cost of the home and not the market value of their home.
Morgan Stanley has registered a $2.2 billion profit for the 3rd quarter of the year. The investment bank, the 2nd biggest in the United States, made the profit on earnings of $9.9 billion. But the profit was increased by a $3.4 billion gain on an amendment to some of its assets that implicated estimating the value of some of the bank's holdings.
Goldman Sachs has registered a quarterly loss, subsequent to its trading was "considerably impacted" by the debt catastrophe in the eurozone and the broader worldwide economic improbability. The United States bank suffered from a loss of $393 million for the 3rd quarter of year 2011. A year ago, it enjoyed a profit of $1.9 billion.
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