John Thain, chief executive of NYSE Euronext, is to be the new chairman and chief executive of Merrill Lynch, as Stan O'Neil leaves the bank following heavy losses in the subprime mortgage meltdown. John Thain, chief executive of NYSE Euronext, is to be the...
FRANKFURT AFP — The German insurance group Allianz is to decide on Sunday what to do with troubled banking unit Dresdner Bank, and is in talks with Commerzbank and the Chinese bank CDB, a press report said Tuesday. The Allianz supervisory board has been called to meet on...
BERLIN AFP — US private equity group Lone Star is to take over IKB, the German bank rescued by state development bank KfW after falling victim to the subprime mortgage meltdown, KfW said Thursday. The sale price for KfW's 91 percent stake in IKB was not disclosed with...
PARIS AFP — French bank BNP Paribas reported a 34-percent fall in second-quarter profit on Wednesday, citing the impact of the US subprime meltdown, but said it remaind in better shape than most of its competitors. The bank said its net earnings in the April-June period came to...
PARIS AFP — The collapse of the subprime mortgage market in the United States and the subsequent global financial crisis has provoked the sharpest fall on world stock markets since the end of the Internet bubble in 2001-2002. In the last year, leading indices have lost between 12...
Podcasts What In the archives Coming in August Length Where The Voices of Financial Times Press FT Press and Wharton School Publishing authors share ideas on two channels, Voice of Business and Voice of Finance & Investing. Profiting from social networking. Why house prices have fallen...
(PINKSHEETS: OXFD) - As the banking industrycomes to terms with the ever-expanding subprime mortgage meltdown,Houston-based Oxford Funding stands ready to buy distressed debt at pennieson the dollar and turn around bad loans, the company says. The news of Merrill Lynch selling off billions of dollars in troubled loansat just 22...
Bickering Over Terminology Delays Real Action SAN DIEGO--There's a debate in the media about the recession. On the right are those who say that the economy has never been better. Not so fast, says the official left: we've just started a recession. Phil Gramm, McCain's former...
Collapse of Big Companies Creates More Scrutiny on Outside Auditors, Internal Management Financial reporting has been under a magnifying glass since the scandals at Enron Corp., WorldCom Corp. and other companies rocked the nation earlier this decade. The corporate fraud found at those companies forever changed...
The nation's largest credit-rating agencies failed to protect investors during the real estate boom because of sloppy business practices and inadequate staffing, federal regulators said in a report issued Tuesday. An investigation by the Securities and Exchange Commission, launched 10 months ago because of the subprime...
WASHINGTON AFP — Federal Reserve chairman Ben Bernanke called Tuesday for legislation to provide "more robust" supervision of Wall Street investment firms to help avert crises like the one that felled Bear Stearns. Bernanke, speaking to a forum on mortgage lending, said regulatory loopholes helped precipitate...
For 10 years, individuals, companies and the public sector have all been living on credit, going still deeper into the red. Meanwhile, as a nation, we're saving less of our income than at any time since the 1950s. Amid government inertia and misguided intervention by the...
WASHINGTON, July 1 /PRNewswire/ -- Effects of the global credit crisis are now hitting the market for warehousing and distribution center development, Traffic World magazine reports. In the current print and online (http://www.trafficworld.com/) editions, William Hoffman, associate editor, Logistics and Technology, writes that two...
WASHINGTON AFP — Bank of America said Tuesday it completed its purchase of Countrywide Financial, the largest US mortgage lender that had been at the center of the country's subprime loan crisis. The deal makes Bank of America the largest US mortgage originator and servicer. ...
WASHINGTON, July 1 /PRNewswire/ -- Effects of the global credit crisis are now hitting the market for warehousing and distribution center development, Traffic World magazine reports. In the current print and online (http://www.trafficworld.com/) editions, William Hoffman, associate editor, Logistics and Technology, writes that two...
[ILLUSTRATION OMITTED] PHIL GRAMM can't say he wasn't warned. The former Texas senator, now the co-chairman of John McCain's presidential campaign, was a principal subject of a front-page Washington Post story on April 2. "Democratic opponents are already plotting attacks" on Gramm, reported Jonathan Weisman....
ExpertSource: TOPIC: As mortgage troubles continue, a few companies are stepping in to assist their employees who are facing foreclosure, according to an article by the Wall Street Journal. These companies are providing interest-free loans, grants, employee-assistance programs and educational seminars on personal finance. A...
June 25 National Press Club Event, Teleconference Announce Findings of Demos Report Praising the Dodd/Frank Plan but Calling for Additional Measures WASHINGTON -- Demos: Time: 1PM EDTDial in number: (888) 491-8283Conference ID: 53531509 With millions of American families facing foreclosure and the U.S....
WASHINGTON AFP — A year after a summer subprime crisis roiled markets and squeezed credit worldwide, analysts are looking for signs the worst is over for the troubled US housing market and banks that made risky bets on the sector. Economists are divided on the crisis...
NEW YORK -- Two former Bear Stearns hedge fund managers were hauled into jail Thursday and charged with lying to investors about the collapse of the subprime mortgage market, perhaps signaling the start of a wave of prosecutions arising from the housing meltdown. ...
Articles 2008-06-20
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