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Citi's Michael Klein Will Finally Have Time for Model Trains and Stamp Collecting: Citigroup's announcement today that Michael Klein is leaving the company surely makes one wonder whether there is a reason for Citigroup. Klein, oft referred to as one of the bank's "most senior executives" though he is all of 44, is leaving "to pursue other opportunities." He should have a...; Tags: Corporate governance, Financial services, Dan Ackman, Prince, Citigroup Inc., Klein; Blog posts 2008-07-21
Why We Can't Stop Making Bad Decisions: Might the bailout of the week strategy in vogue in Washington be simply irrational behavior on an institutional level? I hinted at this in Peeling Away the Economic Onion. I ran across this Shankar Vedantam column in the Washington Post, Taking More Risks Because You Feel...; Tags: Michael Fitzgerald, government official; Blog posts 2008-07-17
Top 5 Recession-Proof Jobs: The Find: The economic news may be moving from bad to dreadful, but at least some folks don't have to worry; one recruitment company has identified the top five recession-proof jobs. The Source: A study from Washington, DC based recruitment company, Jobfox. The Takeaway:...; Tags: Recruitment & Selection, Sales strategy, Jessica Stillman, Jobfox, job, recruitment company; Blog posts 2008-07-16
Seven Ways to Escape Your Cell Phone Contract: You know the drill: To get a cell phone on the cheap, you have to sign up for a two-year service contract. But what if you want to get out of that contract (so you can buy, oh, I dunno, an iPhone 3G)? Normally you're subjected to a hefty early...; Tags: Financial services, Rick Broida, cell phone, ETF, phone; Blog posts 2008-07-16
Fail Locally, Think Globally: Erin Callan, deposed last month as CFO of Lehman Brothers, has moved over to Credit Suisse. Her position is a brand new one: global head of Credit Suisse's hedge fund business. Before she moved to the management suite at Lehman she advised hedge funds there and is...; Tags: IPO, Investment, Dan Ackman, NOW IT, Lehman Brothers Inc., Fortress, Erin Callan; Blog posts 2008-07-15

The Mortgage Crisis: Predators Who Bite Their Own Backsides: As the banking/housing crisis has progressed, there has been much talk about "predatory" loans. What's a predatory loan? There is no universal definition. But the term seems to involve loans that the borrower is eager to take, but will be unable to repay. In other words,...; Tags: Mortgages, Dan Ackman, borrower, bank; Blog posts 2008-07-14
Solarfun CEO Powers Up Own Bank Account: The Company: Solarfun Power Holdings is a vertically integrated manufacturer of silicon ingots and photovoltaic PV modules located in Shanghai, China. The Filing: A registration statement filed with the SEC on June 27. The Finding: The prospectus, which allows for original security-holders of $175 million in...; Tags: Manufacturing, Financial accounting, Semiconductors, Investment, bank, David Phillips, Solarfun Power Holdings, Linyang Electronics, Yonghua Lu; Blog posts 2008-07-10
No Exit For VCs: Venture capitalists are having a confidence crisis as dwindling exit opportunities and a weak economy conspire to put the kibosh on returns. According to the Silicon Valley Venture Capital Confidence Index the second quarter registered a reading of 3.07 on a 5 point scale, down from the...; Tags: IPO, Investment, Larry Dignan, Mark Cannice, venture capital; Blog posts 2008-07-09
Field Report from Steve & Barry's: What a Bankrupt Retailer Looks Like: While I was writing this story, Steve & Barry's filed for reorganization. The Wall Street Journal predicted Steve & Barry's Chapter 11 filing yesterday, saying that rescue financing and takeover talks with Sears Holdings had come to nothing. The filing alludes to potential sale of assets, but says business continues...; Tags: Retail, Investment, Lisa Everitt, Steve & Barry; Blog posts 2008-07-09
CEOs Can't Handle the Downturn: UK business leaders have their heads in the sand as the economy goes into sharp decline, says the Hay Group's report, 'Fight or Flight?' It exposes what Hay describes as a "startling lack of forward planning" among British businesses. Just over half of the 120 senior business...; Tags: Hay Group, U.K., Strategy, Currency & Foreign Exchange, Financial Planning, Sales Strategy, Sales Force Management, Financial Services, Management, Finance, Sales, Joanna Higgins; Blog posts 2008-07-08
FASB 140 and the Random Walk: We know that mortgage giants Fannie Mae and Freddie Mac posted sharp declines today. And we are told -- though we don't really know -- that this drop pulled the financial sector and even the broader market lower as well. We are also told that the reason for Fannie...; Tags: Operational accounting, Financial services, Financial accounting, Dan Ackman, accounting, Bruce Harting, Federal Reserve Board, Freddie Mac, Fannie Mae, Financial Accounting Standards Board; Blog posts 2008-07-07
The Budweiser Wars: Where's Lou Dobbs?: Maybe I've missed it, but I have been waiting for CNN pundit Lou Dobbs to weigh in on the foreign invasion of an American icon -- Budweiser beer. After finding its initial $65 a share bid for Anheuser-Busch Companies rebuffed, InBev SA, the Belgian-Brazilian brewer of such...; Tags: Peter Galuszka, A-B, InBev; Blog posts 2008-07-07
Hank Paulson Enjoys Power, Wants More: Back in June 2006, when Hank Paulson agreed to become Treasury Secretary, you had to wonder what he was thinking. Paulson, then the CEO of Goldman Sachs, had one of the most lucrative jobs in the world, and perhaps the most prestigious job in finance. And he was going to...; Tags: Government, Financial accounting, Regulations, Dan Ackman, Hank Paulson; Blog posts 2008-07-03
Lehman Shares are Wasted on Lehman Bankers: Why does Lehman Brothers have shareholders at all? Yesterday, the venerable investment bank's shares were rocked by rumors that it would be bought at a deep discount to its book value, perhaps by Barclay's. The shares were then buoyed by a Morgan Stanley analyst report that such...; Tags: Financial services, Dan Ackman, Lehman Brothers Inc., banker; Blog posts 2008-07-02
Goldman $10 Billion Fund to Invest in LBO Loans: Report: NEW YORK (Reuters) - Goldman Sachs GS has raised $10 billion to create a fund that will invest in loans used to back leveraged buyouts and take advantage of a gap in the markets caused by the credit crisis, according to a Financial...; Tags: Financial Times, Goldman Sachs & Co., LBO, Mergers & Acquisitions, Financial Services, Investment, Finance; News items 2008-07-23
CBA Working Exclusively to Acquire Amro: Commonwealth Bank of Australia Ltd CBA says it has entered exclusive talks to acquire the local arm of investment bank ABN Amro.CBA was already widely speculated to be interested in ABN Amro Australia Holdings while Tuesday night National Australia Bank Ltd announced it had pulled out of the race...; Tags: ABN AMRO, Bank, Financial Services, Investment, Free Trade, Finance, AAP; News items 2008-07-23
Bove Cuts Regions Financial to Neutral: (Reuters) - Analyst Richard Bove downgraded Regions Financial Corp RF to "neutral" from "buy," and said the large U.S. southeast regional bank was unable to grasp the opportunities before it, partly due to constant management turmoil and the lack of underwriting...; Tags: Bank, Financial, Regions Financial Corp., Financial Services, Investment, Finance, BlackRock Inc.; News items 2008-07-24
Venture Capital Isn't as Sick as VCs Want You to Think: At least a few venture capitalists seem to be crying in their cognac about the collapse of the IPO market for venture-backed firms. According to a study by the National Venture Capital Association, leaked first to the New York Times, not a single venture-backed company went public in the...; Tags: Financial Planning, Investment, Dan Ackman, IPO, Paul Kedrosky, venture capital; Blog posts 2008-06-30
Entrepreneur Media Deal Hitting Last Minute Snags: Report: Entrepreneur Media, the Irvine, CA-based parent of Entrepreneur magazine, has been hitting last minute snags in its deal to be sold to Austin Ventures, NYP's Keith Kelly is reporting. Earlier last month, we reported that it was being bought by AV the majority and another private equity firm for...; Tags: Entrepreneur Media, Equity, Financial Services, Investment, Entrepreneurship, Finance, Management, Rafat Ali; News items 2008-07-23
Northern Rock Names Barclays Exec Hoffman as CEO: LONDON (Reuters UK) - Northern Rock, the bank taken under state control after a funding crisis, said Barclays BARC executive Gary Hoffman would take over as its chief executive in October. Ron Sandler, who was appointed as executive chairman when the government took control of...; Tags: Bank, Chairman, Barclays Plc., CEO, Financial Services, Sales Channel, Sales, Oukbs; News items 2008-07-23