Beijingâ??s foreign reserve holdings have surged through the $2,000 billion mark, as money pours back into China to take advantage of faster economic growth and rapidly inflating asset prices.
The Department of Justice has opened an investigation into the credit derivatives market, with letters sent to over a dozen dealers asking for several yearsâ?? worth of detailed information about trading and pricing.
Hedge fund manager Ezra Merkin has agreed to sell his art collection for $310m, with the net proceeds to go toward possible payment to his investors who lost money in the Bernard Madoff investment fraud.
Losses on US credit cards hit a record 10.44 per cent in June, squeezing profit margins for credit card securitisations to a 10-year low, according to Fitch Ratings.