This morning the cops came knocking for two former Bear Stearns managers.
Matthew Tannin and Ralph Cioffi were taken into custody as the first executives to face criminal charges in the wake of the sub-prime market meltdown.
Tannin and Cioffi face many accusations surrounding the collapse of the Bear Stearns High-Grade Structured Credit Strategies Enhanced Leverage Master Fund. Those [...]
Morgan Stanley is the latest investment bank to post poor earnings.
Revenues were down 38 percent, profits were down 57 percent, and the bright side (if there is one) is that Morgan Stanley was able to turn a profit. For the fourth quarter of last year, the company posted its first loss ever: a whopping $3.6 billion, the result of a $9.4 billion [...]
Everyone wants to blame high gas prices on someone or some group…OPEC, oil companies or the government. The latest group coming under scrutiny: oil speculators. They are catching the gas face from all angles, but do they deserve it?
Exactly what are they doing? Here’s a brief tutorial on oil trading:
There are two groups of people [...]
Over the weekend, the Associated Press reported that in the midst of layoffs and rising costs, the median compensation package for chief executives in 2007 amounted to roughly $8.4 million.
Data pulled from 410 of the companies included in the S&P 500 index shows that while the economy was slowing down, the compensation for CEOs was going up… [...]
Yahoo finally struck a deal with the competition!
But, not Microsoft. Yahoo execs announced the company has reached an advertising deal with Google. In a nutshell, Yahoo will be able to display Google ads with Yahoo search engine results. Yahoo reps hope the deal will bring in an estimated $800 million a year.
CEO Jerry Yang spoke of convergence and flexibility in a [...]
Another one two bite the dust…
In its latest move to show commitment to fixing financial woes, Lehman Brothers relieved two of its highest ranking executives of their duties.
In recent days, spectators have been calling for the resignation of CEO Richard Fuld after the company posted a $2.8 billion loss. But, Mr. Fuld has escaped termination…at least for now. Instead, Chief [...]
Today was a terrible day to be an airline. The sector saw sharp decreases across the board as oil prices continued to force markets downward.
Shares of Delta, American and Northwest Airlines dropped more than nine percent. Shares of United Airlines suffered a 12.5% drop. The most lightly impacted carrier was Southwest, whose shares lost about 3% of their value. Perhaps Southwest [...]
Immunicon, a small company which develops diagnostic and research products, filed for Chapter 11 bankruptcy protection today.
Immunicon’s stock has been down steadily for the past two years and has been trading as a penny stock since last winter. Johnson & Johnson subsidiary, Veridex, will purchase nearly all of Immunicon’s assets for approximately $31 million.
The company had partnered [...]
Corn prices have risen ten percent since last Tuesday!
Are the farmers trying to compete with oil traders and speculators? Not so, the cause of the recent corn run-up is much easier to identify. Torrential rain in the country’s Corn Belt is to blame for slowed planting and crop development.
The heavy rains caused the USDA to [...]
Lehman Brothers pre-released details of their earnings announcement originally scheduled for next Monday. The company attempted to soften the blow of a larger than expected $2.8 billion loss with the announcement of plans to raise $6 billion in capital.
For a company that has proclaimed its financial well-being in recent weeks, raising $6 billion in capital may not [...]
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