4 Financial Stock Stories for Labor Day Weekend Perusal

Morgan Stanley (NYSE:MS): Current price $25.77

The Wall Street bank that owns of the biggest brokerage on the planet has been sued by the National Credit Union Administration over the sale of $566 million in residential mortgage-backed securities to two credit unions which later failed. An August 16 filing in federal court in Kansas City indicated that Morgan Stanley and three of its divisions made misleading statements regarding the securities in offering documents.

The agency announced the lawsuit Friday, saying that it waited until all defendants had been served, elaborating that the originators of the securities “systematically abandoned the stated underwriting guidelines in the offering documents. The securities were significantly riskier than represented.”

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The Goldman Sachs Group Inc. (NYSE:GS): Current price $152.53

The former employee of Goldman Sachs Group, Matthew Marshall Taylor, was fined $500,000 for defrauding the investment bank in December 2007 by concealing trading positions, according to the Commodity Futures Trading Commission on Friday. The U.S. District Court for the Southern District of New York ordered Taylor to pay the civil fine after ruling that he violated anti-fraud provisions. The court order originates from a complaint filed on November 8, 2012, according to the agency.

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Deutsche Bank (NYSE:DB): Current price $43.45

The former Deutsche Bank Chief Executive Josef Ackermann unexpectedly stepped down as chairman of Zurich Insurance Group on Thursday, following his acknowledgment that he might be accused of sharing the blame for the apparent suicide of the firm’s chief financial officer.

Ackermann, who has frequently been a controversial figure during his decade as CEO of Deutsche Bank, commented in a statement that he was “deeply shocked” by the death on Tuesday of Chief Financial Officer Pierre Wauthier, and that any claim that he shared responsibility was “unfounded.” However, Ackermann said that the scandal could make it difficult for him to remain the chief of Zurich Insurance.

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UBS AG (NYSE:UBS): Current price $19.35

The Swiss banking giant UBS  recently said that it will reinforce its back office operations in Nashville, which will result in the creation of 1,000 jobs in that city during the next five years. Currently, UBS AG has roughly 200 people employed in Tennessee’s capital across its two offices and wealth management division. What is more, the bank intends to invest around $36.5 million in a new shared-services center, which will serve the firm’s wealth management and investment banking operations.

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