Who knew that a Swiss investment bank was the one hit hardest by the credit crunch?
UBS has written down over $38 billion since news of the crisis broke last summer and shares of the Swiss bank have lost more than half of their value since the start of this year.
Earlier this week, more negative rumors swirled regarding the […]
Back in May, American Airlines announced that it would cut its capacity by 3-4 percent this year, with domestic capacity cuts of approximately 8 percent.
Today, the company announced that it will now cut over 7,000 jobs by the end of 2008, representing an 8 percent reduction in the size of their global workforce.
American, and the entire airline industry, […]
On June 9, Samuel Israel was supposed to report to a federal prison to begin a 20 year sentence on charges of conspiracy and fraud.
On that same day, authorities found Mr. Israel’s car abandoned on a bridge high above the Hudson River. The front of the car bore an interesting message, and I quote, ”Suicide is painless.”
His remains were […]
This summer will go down in history as the summer of discontent…at least amongst analysts following the big banks!
Earlier this month, Credit Suisse downgraded Lehman from outperform to neutral. Earlier this week, analysts at Goldman Sachs issued a series of scathing reports taking aim at the nation’s brokers, issuing particularly negative assessments regarding Citigroup.
Today, Citigroup analysts retained a sell rating […]
This week, Citigroup will begin to dismiss roughly 6,500 workers from its investment bank division.
Record write-downs and mounting losses have led Citigroup to engage in several cost cutting measures. The company has lost roughly $15 billion in the past two quarters. The pending job cuts will reduce Citigroup’s investment bank division by about ten percent.
Citigroup released a statement […]
No one I know is laughing about high gas prices, but several people are making light of the pain we all experience at the pump. Here are a few jokes I have come across:
A woman told her boyfriend, “I want you to take me out, somewhere really expensive for a change.” The man thought for a minute and […]
The Dow sank as much as 140 points heading into mid-day, and sits below the 12,000 barrier broken earlier this week.
There could me many reasons for the decline: rising oil prices, downgrades, shaky earnings, or perhaps risky witches.
Risky witches? Yes, today is a special day for witching and in a Harry Potter-esque scene witches from all over the world have […]
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 […]
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… […]
Where talk is money.
Written by Tisa Silver [email] for b5media.
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