By Greg Morcroft
U.S. financial shares fell broadly Wednesday, pulling back after an influential
Oppenheimer & Co. analyst said that banks will need to raise lots of additional
capital this year - and likely will face further credit downgrades as a result.
“From July 2007 to date, over $5 trillion worth of securities have been
downgraded, but [...]
It would be interesting to see how the price difference relates to what the artist / songwriter ultimately gets for the song purchased.
SAN FRANCISCO (MarketWatch) — Apple Inc. on Tuesday made its last appearance at the annual Macworld conference, releasing a new version of its MacBook Pro notebook and announcing pricing and copy protection changes [...]
Lead Article NY Times Today (Regarding Wallstreet Bonuses over the Last 5 yrs)
“As a result of the extraordinary growth at Merrill during my tenure as C.E.O., the board saw fit to increase my compensation each year.”
— E. Stanley O’Neal, the former chief executive of Merrill Lynch, March 2008
For Dow Kim, 2006 was a very good [...]
“The transformation of the years of easy credit into a financial nightmare for many big companies is illustrated by the Bank of England in its Quarterly Bulletin, which was published overnight.
This transition from credit feast to credit famine is depicted in a chart of the maturity profile of outstanding European corporate debt (stay awake, this [...]
NEW YORK (Dow Jones)–Citigroup (C) survived last week’s stock plunge with its
earnings power intact and, with the governments move last weekend to boost the
giant banks capital levels and insure billions of dollars in assets, is able to
absorb future losses without further help, Chief Executive Vikram Pandit said
Tuesday in an interview with Charlie Rose.
The intervention over [...]
GM needs federal aid in coming weeks: chief
General Motors is in such dire financial straights that it needs to line up a federal aid packaged before president-elect Barack Obama takes office in January, the automaker’s chief executive said Monday.
“This is an issue that needs to be addressed urgently,” Wagoner told Automotive News, adding that now [...]
Some parts of the bailout plan being led by Assistant Treasury Secretary Neel Kashkari, are even finding unwilling participants. The American Bankers Association asked the Treasury Department for clarification about which banks should participate and how.
“Bankers across the country are extremely upset about the manner in which the CPP (Capital Participation) program is rolling out. [...]
Even more astounding is that now the Big Banks have gotten $125 billion of the $700 billion from the ROB AMERICA PLAN, guess what they’re going to do with it? They don’t know! And they may just sit on it! Isn’t that special?
Paulson pleaded passionately and arm twisted the country for this money saying [...]
NEW YORK (MarketWatch) — Eaton Corp. on Monday is forecasting a U.S. economic recession starting in the fourth quarter, with a possible recovery beginning at the end of next year, Chief Executive Alexander Cutler said Monday in a post-earnings call. The Cleveland company, which makes electrical, aerospace and automotive markets, predicts “an extremely difficult environment” [...]
Merrill Lynch reports $5.2 billion loss
By Sam Mamudi, MarketWatch
Last Update: 10/16/2008 8:53:00 AM
NEW YORK (MarketWatch) — Merrill Lynch, which agreed last month to be acquired
by Bank of America, on Thursday posted a wider third-quarter loss, hit by
write-downs and credit losses.
Merrill (MER) lost $5.15 billion, or $5.58 a share, in the quarter, compared to a
loss of [...]
CUPERTINO, Calif. (MarketWatch) — Apple Inc. unveiled new additions to its line
of laptop computers Tuesday, including a model targeted to the lower-priced,
sub-$1,0000 market that could be a popular draw for consumers in a slowing
economy.
At an event at the company’s Cupertino, Calif., headquarters, Apple (AAPL) said
it will cut the price of its cheapest MacBook model to [...]
TORONTO (Reuters) - Yamana Gold (AUY) is not on the hunt for acquisitions, the company’s chief executive said on Tuesday.
“We’re committed to growth, but it is organic growth for this company for the next year to couple of years, at least,” CEO Peter Marrone said at the Denver Gold Forum.
“I believe that we have better [...]
NEW YORK (MarketWatch) — Ladenburg Thalmann on Monday cut its 2008 and 2009
profit estimates for Morgan Stanley on worries that management turmoil and a dip
in equity markets will affect the bank’s bottom line. Analyst Dick Bove trimmed
his 2008 estimate for the bank to $4.34 a share from $4.80 a share, and for 2009
to $5.14 a [...]
Lehman president, CEO to give up bonuses: report
By Riley McDermid, MarketWatch
Last Update: 6/27/2008 8:03:00 AM
NEW YORK (MarketWatch) — The chief executive and president of Lehman Bros.
Holdings have said that they will forgo their 2008 bonuses in a nod to the
beleaguered investment bank’s recent troubles, a report said Friday.
Earlier this month, Lehman (LEH) reported its first [...]
SAN FRANCISCO (MarketWatch) — BlackRock Inc. invested in Lehman Brothers’ equity
offering this week, Chief Executive Laurence Fink told CNBC on Wednesday. He
declined to say how much BlackRock invested in the brokerage firm. Fink said
Lehman is adequately structured to avoid a liquidity crisis like the one that
almost felled Bear Stearns in March. It’s time to start [...]
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