Archive for January 11th, 2008
« Previous EntriesNovaStar cutting 85% of workforce
Friday, January 11th, 2008Read full story for latest details.
Lawmakers urge Mozilo to pay back
Friday, January 11th, 2008Two lawmakers are calling on Countrywide CEO Angelo Mozilo to give a portion of his severance package to charities that could help families affected by the mortgage crisis.
Captain’s Blog, Stardate: 1/11/08
Friday, January 11th, 2008MARKETS: Regarding Bank of America buying Countrywide, we are now starting to see some of the deal making/consolidation that I have been talking about recently. (Leaving aside the issue, as Roddy Boyd points out, that this may be bad money after bad!) I would expect more of these (WaMu/JP Morgan has been on the table) although instead of major deals so far, we are seeing something instead, which is the flurry of capital of infusions from overseas investors into Wall Street investment banks and broker dealers. To wit: Watch Merrill Lynch, where new CEO John Thain would like to match an announcement of a huge new multi-billion write-off with the announcement of more capital. I still think Bear Stearns may be dealt, although without question it could also scale back and live to see another day too. The other really big question on Wall Street is succession at Morgan Stanley, which also could end up happening in a deal. Really the best guy to take over from John Mack already has a job, Vikram Pandit is the CEO of Citibank.
Stocks get pummeled
Friday, January 11th, 2008Stocks tanked Friday, extending the miserable start to 2008, after American Express’s profit warning and Merrill Lynch’s potential $15 billion writedown revived fears that the economy is heading into recession.
Stocks get pummeled
Friday, January 11th, 2008Stocks tanked Friday, extending the miserable start to 2008, after American Express’s profit warning and Merrill Lynch’s potential $15 billion writedown revived fears that the economy is heading into recession.