Financial Biz Cheat Sheet: Conflict of Interest at Harleysville, Moody’s Downgrades European Banks
Harleysville (NASDAQ:HGIC) directors are coming under fire for potential conflicts of interests when customers vote on the sale of the company to rival Nationwide Mutual. Several directors are on both boards.
Hot Feature: European Banks Selling $40B of Assets
Moody’s downgraded the senior debt and deposit ratings of nine Portuguese banks due to exposure to government debt and liquidity strains. The ratings agency also downgraded twelve banks in the U.K. today, saying the government is unlikely to intervene with a bailout should the banks fail.
Don’t Miss: Moody’s Downgrades British Banks
After Morgan Stanley (NYSE:MS) shares surged more than 30% in the last three days, Goldman Sachs (NYSE:GS) is recommending to its clients that they buy calls in the shares in anticipation of a relief rally. Goldman is also suggesting investors sell short-dated CDS on Morgan Stanley.