stock market

UM professor named in $276 million insider trading scandal

Mark Brush — Tue, 20 Nov 2012 19:42:39 +0000

In what is being called "the most lucrative insider trading scheme ever charged," federal prosecutors are filing a criminal case against Mathew Martoma, a former trader at a division of SAC Capital.

Here's the press conference where the charges were described:

Martoma is charged with making around $276 million in avoided losses and combined profits on a deal based on insider information from a University of Michigan professor.

Treasury Dept: state retirement funds sound, despite stock market decline

Steve Carmody — Wed, 10 Aug 2011 05:01:01 +0000

The people who manage more than 50 billion dollars in state retirement funds say the recent stock market drop should not be a serious long term problem. More than 400 thousand former state employees, teachers, state troopers and judges receive checks from the state managed retirement funds.

Terry Stanton is with the State Treasury Department. He says the retirement fund is managed to absorb the changes in the financial world.

Treasury Department hopes to sell off remaining GM stock within 2 years

Zoe Clark — Thu, 27 Jan 2011 12:22:59 +0000

The head of the government's bailout program says the U.S. Treasury Department hopes to sell its remaining shares of General Motors stock over the next two years.

The Associated Press reports:

Timothy Massad, the senior Treasury official managing the government bailout fund, told a congressional hearing that there is now a path forward for Treasury to sell its remaining shares in GM over the next two years if market conditions permit. The Treasury Department trimmed its stake in GM to 26.5 percent of the company, down from 61 percent, when it sold $23.1 billion of GM stock at an initial public offering in November.

Just what does GM's IPO mean for Michigan

Zoe Clark — Fri, 19 Nov 2010 16:32:56 +0000

General Motors (GM) stock returned to trading on Wall Street yesterday for the first time since the company collapsed, declared bankruptcy, and was rescued by an infusion of fifty billion taxpayer dollars.

GM boosts stock price

Zoe Clark — Tue, 16 Nov 2010 13:39:26 +0000

General Motors says it’s raising the price range for its initial public stock offering.

The stock will sell for $32 to $33 per share.

That price range is about 14% higher than was previously expected.

GM didn’t give a reason for the increase but people who have been briefed on the sale say it’s because of high demand from investors.

The IPO is expected on Thursday. The Detroit Free Press reports, "the U.S. Treasury is selling 365 million shares, which will reduce its stake in GM from 60.8% to about 40%."