Mel Karmazin, CEO of the new Sirius XM (SIRI) satellite radio company, gone public with his plan to fix the firm. Shares in Sirius have traded around $.90 over the last several days. They…
Lehman (LEH) says it will go into Chapter 11. Richard Fuld, the company’s CEO, will almost certainly end up being loathed more than the heads of Drexel, Long-Term Capital Management, or any of the…
Shares of Lehman (LEH) were off 84% in European trading. Bank of America (BAC) was down 14%. UBS (UBS) shares fell 7% at the open. Douglas A. McIntyre
According to Reuters, Lehman (LEH) will seek Chapter 11 protection. Reuters reports that Bank of America (BAC) will buy Merrill Lynch (MER) for $50 billion. Reuters reports that AIG (AIG) is facing a liquidity…
AIG (AIG) is seeking a short-term loan from the Fed in the amount of $40 billion. The Insurance firms says it will pay that back shortly from asset sales. In the current crisis, that…
We few, we happy few, we band of brothers; For he to-day that sheds his blood with me Shall be my brother; be he ne’er so vile… Saint Crispen’s Day…
No one likes a sore loser and there will be plenty of those among the executives at banks and brokerage firms that will fail or be sold. A gloating winner is harder to take.…
Merrill Lynch (MER) is gone, sold to Bank of America (BAC) for $44 billion. That is $29 a share, well below its 52-week high of $79, but above the $17 where it closed on…
The Wall Street Journal is reporting that the board of Merrill Lynch (MER) is meeting to approve a $29 a share takeover offer from Bank of America (BAC). If the deal closes tonight, Merrill,…
Several of the world’s largest banks on working on assembling a $50 billion fund to offer capital to weaker financial companies as firms like Lehman (LEH), Merrill Lynch (MER), and Washington Mutual (WM) face…
The latest rumor in the swirl of news around the probable failure of Lehman (LEH) is that Bank of America (BAC) will buy Merrill Lynch for $26 a share. The most recent information on…
Take-Two Interactive (TTWO) chairman Strauss Zelnick overplayed his hand. He continued to refuse a buyout bid from larger game company Electronic Arts (ERTS). Now Take-Two shareholders will pay for Zelnick’s error. According to The…
AIG (AIG) will sell several divisions to raise the capital it needs to stay independent. According to The Wall Street Journal the big insurance company "plans to disclose a comprehensive restructuring by early Monday…
Convinced that a Lehman (LEH) Chapter 11 could cause huge losses for other large financial institutions, the weakest players have become desperate to find partners or buyers. According to The Wall Street Journal, Merrill…
Several media reports say that large financial firms are trying to reduce their risk to deals that they have with Lehman (LEH) in the event that the firm begins a liquidation later today. According…