Results 1 - 10 of 88 for "SUBPRIME"
Global auto woes continue. U.S. auto executives pleaded for a $25B aid package at congressional hearings yesterday. "This is about much more than Detroit," testified General Motors (GM) CEO Rick Wagoner. "It's about saving the U.S. economy from a catastrophic collapse." Lawmakers were less than enthused by the pleas, with some saying the automakers had 'failed models' and s...
Filed under: Management, Goldman Sachs Group (GS), PoliticsThanks to what former Enron CEO, Jeff Skilling, called bad "optics", some top Wall Street executives announced that they're foregoing their normal seven figure bonuses. But I think I am being generous in estimating that those potentially symbolic gestures will only shave a few billion off the Wall Street bonus pool for 2008. We could st...
Are investment grade corporate bonds the new ???safe-haven??? for investors? You certainly wouldn???t think so following their worst monthly drubbing since 1980 in October. September and October sliced and diced investment grade debt to levels unseen in more than two decades with effective yields now at 8% compared to 3.7% for ten-year U.S. T-bonds. Short-term Treasury bonds have been a magnet ...
Are investment grade corporate bonds the new “safe-haven” for investors? You certainly wouldn’t think so following their worst monthly drubbing since 1980 in October. September and October sliced and diced investment grade debt to levels unseen in more than two decades with effective yields now at 8% compared to 3.7% for ten-year U.S. T-bonds. Short-term Treasury bonds have been a magnet since ...
Citigroup Inc. (C) today (Monday) unveiled plans to cut more than 50,000 jobs in the “near term” and slash expenses by 20% to preserve capital as it faces a global slowdown that’s expected to push well into 2009. The cuts are on top of the 23,000 jobs eliminated so far this year. Chief Executive Officer Vikram Pandit plans to whittle the company’s workforce down to 300,0...
Here’s an unbelievable story from Business Week. It details the depths of depravity the mortgage industry sunk to in its chase for the almighty dollar. And being an ex-mortgage broker its contents even blew me away. It is truly disgusting and the subtitle sums it up neatly. It reads: The sexual favors, whistleblower intimidation, and routine fraud behind the fiasco that has triggered the ...
HSBC was one of the first big banks to signal a subprime-mortgage meltdown. Now, the bank's struggles show the next stage of the crisis: aiding borrowers.
Filed under: Management, Industry, Economic data, Financial CrisisThe UAW says that troubles in the car industry are not its fault. According to the union, it was not a series of bad decisions by management either. "This industry is in a crisis situation not of its own making," Ron Gettelfinger said in an interview Saturday afternoon with The Wall Street Journal (subscription required). The sta...
Filed under: ScandalsTalking about the seedy side of subprime lending at the height of the bubble seems redundant -- like talking about Jeffrey Dahmer's dark side. But a piece in BusinessWeek looks at an especially sleazy side of the industry: "Dozens of former brokers and wholesalers say the trading of sexual favors was so common that it came to be expected." Wholesalers reportedly offered loa...