Sunday, November 4, 2007

SEC Investigating Citigroup Accounting

From MarketWatch:

SEC reviewing bank's accounting; more subprime losses may emerge
The report also said the Securities and Exchange Commission is reviewing Citi's accounting for a type of funds known as structured investment vehicles (SIVs). The bank may report further losses on Monday, reflecting more declines in the value of some subprime-related securities since the end of the third quarter, the newspaper said, citing unidentified people familiar with the situation....MORE

U.S. stocks to extend fall next week; financials in focus

..."The market is obsessed with these credit problems. People feel like they're standing in a mine field and they don't know where all the mines are," said Brian Gendreau, investment strategist at ING Investment Management. "We're looking for an opportunity to go back into equities. I just don't think next week is going to be the time. There's still just too much uncertainty."...MORE