Dutch financial group ING has kickstarted an auction to find a buyer for its U.S. online banking operation ING Direct as part of an effort to raise funds to pay back state aid it received during the financial crisis in 2008.
A report in the New York Post said the sale could raise as much as $10 billion and that several institutions had expressed an interest in buying the unit, including U.S. consumer lender CIT Group, which is now run by former Merrill Lynch CEO John Thain (right).
Prosecutors present opening arguments in their insider trading case against Galleon Group founder Raj Rajaratnam, who they say built an elaborate network of stock tippers who helped him gain $45 million in illicit profits between 2003 and 2009. NYT’s DealBook connects the dots in the complex Galleon network with a helpful visual graphic.
HCA, the biggest U.S. for-profit hospital chain, plans to go public on Wednesday in a deal that could renew investor interest in hospital operators. Analysts expect strong demand even though its private equity owners saddled it with a massive amount of debt.
While a public stock market listing is an attractive option for Switzerland’s Glencore, it is only one of the many avenues open to the world’s largest commodity trader, explains Reuters correspondent Julie Crust.