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Stock Market & Financial Investment News

News Breaks
February 15, 2013
08:15 EDTMFG, MHPS&P may benefit from blame game, WSJ reports
The Delphinus CDO 2007-1 got a triple-A rating and then defaulted within months, hurting investors. The SEC last year blamed Mizuho Financial Group (MFG) and it paid $127.5M to settle the SEC's lawsuit. Now, the Justice Department sees it differently, reports the Wall Street Journal. The Delphinus deal was one of more than 30 CDOs included in the federal government's lawsuit against Standard & Poor's Ratings Services (MHP) last week. Federal prosecutors say that S&P disregarded its own standards when rating Delphinus and the other CDOs, misled investors and should cover losses suffered by federally insured banks and credit unions that bought the securities, which included bundles of subprime mortgages, the Journal says. The discrepancy could give S&P a way to counterattack the Justice Department as the two sides prepare for a battle.Reference Link
News For MHP;MFG From The Last 14 Days
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June 28, 2015
19:09 EDTMFGMizuho chairwoman says cross-shareholdings will be reduced, Nikkei reports
In a Nikkei interview published Friday, Mizuho chairwoman Hiroko Ota said the company's management team understands that Mizuho should cut cross-shareholdings with customer companies. Ota added that "the board is being operated with a sense of urgency... Often, banks do not carry out a process of 'concentration and selection,' but we have created a fiscal 2015 business plan with a narrower focus." Reference Link

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