The mayor of Birmingham, Ala., has been arrested on multiple charges of corruption stemming from the issuance of bonds and debt swap agreements that could lead to the largest municipal bankruptcy in American history. Mayor Larry P. Langford is accused of taking $235,000 worth of bribes from William Blount, chairman of the Alabama-based investment bank [...]
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TPM Muckraker reports about possible conflicts of inflict in TARP administration. Imagine!Highlights:The department has hired outside private contractors to administer parts of the bailout program, notes GAO. In their responses to Treasury's requirements, six of the eight service providers selected as of November 25, 2008, identified potential or actual sources of conflict. According to our rev...
General Motors Inc. is sort of the anti-Ross Perot, the company that informs you that no matter what the circumstance, it still needs a boatload of money just to make getting up in the morning worth it. The automotive giant (ish) asked for $18 billion in federal loans, one-and-a-half times the size of what it asked for a few weeks ago, amid a 41% decline in auto sales in November. But the thin...
The integration of Barclays Capital and Lehman Brothers’s North American investment banking team continued apace on Monday, as the British firm announced its deal-makers leadership team. Of the executives named in Barclays Capital’s announcement, all but a few are veterans of Lehman, which collapsed in September. All of the 15 sector verticals hail from Lehman, whose [...]
Voice of America Africa's Largest Coffee Producer Revamps Trading SystemVoice of America- 1 hour ago2008 It is the opening bell on the opening day of coffee trading on Ethiopia's fledgling commodity exchange. And it is busy. Since all coffee trading must … Written by "futures trading" - Google News and Powered by WordPress
Filed under: Good newsIt must be something in the water in Bentonville, Arkansas. The tiny town is home to Wal-Mart (NYSE: WMT), of course, but also the less famous America's Car-Mart (NASDAQ: CRMT), which operates 92 used car dealerships in the South-Central United States.While the auto industry is mired in the biggest downturn in its history, America's Car-Mart is posting some pretty impressi...
New chart from McKinsey global economic sentiment survey showing that North America, surprisingly enough, is actually among the less gloomy places on the globe with respect to thinking that the economy will weaken further from here. Maybe that shouldn't have surprised me, but it did.
Filed under: Law, Bank of America (BAC), HousingEveryone cheered when Countrywide Financial, owned by Bank of America (NYSE: BAC), agreed to modify loans under a settlement with 11 state attorneys general reached in October.Everyone, that is, except the people who held those mortgages and stood to lose hundreds of millions of dollars as a result of slashed balances and reduced interest rates. S...
Shares of Yahoo Inc. jumped more than 8% on a media report that former America Online CEO Jonathan Miller is trying to raise funds to buy a portion or the entire beleaguered Internet giant.
Citigroup (C )and Bank of America (BAC) led the Dow higher and Liberty Media (LINTA) and Sears Holdings (SHLD) topped the Nasdaq 100 as indexes...