Wall Street Roundup: GM’s many bankers. Hedge fund police.
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Layoffs pick up. In a bad sign for economic recovery, the number of people applying for jobless benefits climbed last week rather than falling as had been expected.
Testing AIG. American International Group is preparing for its first bond offering since it was bailed out by the government, testing how much investors have regained faith in the company.
GM’s many bankers. General Motors is enlisting nearly every big bank on Wall Street to help with its initial public offering.
Hedge fund police. California and other states may soon have to become the regulators of thousands of hedge funds, a role for which many are not entirely prepared.
Potential $42-billion losses. Banks could lose as much as $42 billion when government agencies force them to buy back defective mortgages, according to the Fitch rating agency.
-- Nathaniel Popper in New York