The SEC has halted short sales on 799 financial companies. Why so?
Well with short sales, profits are made when stock prices drop and instead of waiting for a decline, some people have tried to cause the decline. A short sale allows you to reverse the traditional buy-low, sell-high trade with sell-high, buyback-low. You borrow shares from another investor, sell the [...]
The stock market had a good day since the Dow rose over 400 points, but all is not well in the money market.
The Putnam Prime Money Market Fund announced that it will liquidate the fund after investor withdrawals left the fund unable to redeem shares without suffering losses.
The fund was valued around $12 billion and [...]
I threw it out there earlier this week, but it has been confirmed: Washington Mutual is looking for a buyer.
Maybe WaMu has publicly denied rumors that it was searching for a buyer, while privately sporting a “FOR SALE” sign in an attempt to raise confidence or safe face…I’m reaching here!
IDK, but WaMu’s stock has shed over 90 percent of [...]
According to the New York Post it may be Washington Mutual.
This does not mean a government bailout, but Federal regulators have been in touch with several banks including JPMorgan and HSBC about the possibility of buying Washington Mutual.
WaMu officials insist the bank is not looking for a buyer and that stock price is not an [...]
The Federal Reserve will provide AIG will receive an $85 billion loan in exchange for an 80 percent stake in the company.
Financing options from the private sector were ruled out earlier today (reportedly due to time constraints more so than lack of available cash from banks) and the government (and the world) could not afford [...]
CNBC recently reported that after his CNBC interview, former CEO Hank Greenberg fired off a letter to AIG to say a few things.
In this letter, Mr. Greenberg allegedly offers his assistance in AIG’s time of distress, rebukes the board of directors for refusing his help and threatens to wage a takeover via proxy fight!
Meanwhile, the amount of [...]
Hank Greenberg, former Chief Executive Officer of AIG, is pleading for the U.S. government to help AIG out of what he says is just a liquidity issue.
This morning, an interview with Greenberg ran on CNBC in which he discussed the damage done to his personal wealth and the potential worldwide damage to be done if AIG [...]
Most people are too busy paying attention to the stock market to know that oil has taken a plunge, too.
Oil dropped below $92 per barrel this morning. This is major considering the record high of $147+ earlier this summer.
When oil reached a record high in July it was the hot topic for traders, analysts, consumers, and [...]
The Dow Jones Industrial Average lost 504 points today after a chaotic weekend revealed the acquisition of one investment bank and the bankruptcy of another.
News of Lehman’s bankruptcy traveled the world and directed markets south. Markets in Australia, Europe and Asia closed significantly lower as foreign banks rushed to announce their limited exposure to Lehman Brothers.
China’s Shanghai Composite fell 3.7 [...]
AIG, the giant insurer, is now seeking $40 billion of emergency funds from a variety of sources, including the Fed. The stock sank over 30 percent last week and as much as another 52 percent this morning.
I am not aware of the Fed offering money to insurance companies but perhaps the Fed’s choice to open [...]
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