3 Financial Stock Stories to Close the Trading Week

Goldman Sachs Group (NYSE:GS): Current price $154.08

On Friday, Goldman Sachs Asset Management said that it has made an agreement with Fifth Third Bank for eligible plan investors in the Fifth Third Stable Value Fund to change over to the Goldman Sachs Stable Value Collective Trust Fund, which is a new stable value fund that is expected to be formed by Goldman Sachs Trust Company. The transaction shows GSAM’s commitment to the defined contribution investment-only business, and highlights the importance of stable value  as an investment option for retirement plan participants.

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Barclays (NYSE: BCS): Current price $17.47

Shares fell by 7 pence to 295 pence, in early trading Friday morning on word that the Prudential Regulatory Authority said it had discovered a 3 billion pound capital shortfall at the bank. The PRA assessed eight major United Kingdom banks and building societies to make certain they held capital resources representing a minimum 7 percent of their risk-weighted assets by the end of the current year. As at the end of 2012, the PRA calculated risk-weighted assets and capital resources at Barclays stood at £501 billion and £32 billion respectively, generating a ratio of 6.4 percent.

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MetLife (NYSE:MET): Current price $44.819

Metropolitan Life Insurance Co. could be liable for a $2.2 million tax penalty imposed by a 2003 amnesty program, although it was unaware that it owed extra taxes at the time, according to an Illinois Supreme Court ruling on Thursday. In a 4-to-2 decision with one justice not participating, the court decided that the phrase “all taxes due” in the amnesty act means precisely that: taxes due, whether the taxpayer knows they are or not. MetLife is obliged to forfeit the penalty on underpaid taxes from 1998 and 1999, even though it did not know the amount it had to pay until an audit was completed in 2004, eight months after the amnesty ended.

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