Financial Business Review: Wells Leads Banks, Carlyle Goes Large
Although Carlyle (NYSE:CG) had to reduce its initial public offering price to $22 per share, which brought a somewhat disappointing amount of $671 million, it was still the largest such event in the U.S., so far in 2012.
A United States Attorney has weighed in on alleged money-laundering at HSBC (NYSE:HBC), saying that “HSBC is to Riggs [bank] as a nuclear waste dump is to a municipal land fill.”. Riggs Bank, located in the District of Columbia, is the attorney’s metaphor for scandal, as he or she added that HSBC’s promise to stop the abuses from a decade before, was simply a “sham” which was purposely designed to lend a coverup.
Don’t Miss: Protesters Air Bank of America’s Dirty Laundry.
Wells Fargo (NYSE:WFC) builds on its leading position in the home mortgage market, as it raises its loan origination figure from 30.1 to 33.9 percent in the first quarter, which beats the combined number of loans of the next seven lenders. However, Paul Miller doesn’t expect the company to add a lot more to its share from this point, remarking that “The government is concerned about (its) dominant position”.
It was revealed Thursday that Oaktree Capital (OAK), an investment company run by Howard Marks which recently went public with a lackluster initial public offering, has an investment of 5.5 percent by David Einhorn’s Greenlight Capital. Shares are up in response.
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