Lehman Cleans House (LEH)
If you thought things couldn’t get weirder in the brokerage firm stocks, guess again. Lehman Brothers Holdings Inc (NYSE: LEH) has essentially fired its CFO Erin Callan and its COO Joseph Gregory. Technically Callan…
Banking, finance, and taxes
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Newest first · Page 281AIG (AIG): Better To Keep A Frightened Board Than Throw It Out
Some of AIG’s (AIG) big investors wanted to throw out management. But, that was not enough for them. With the smell of blood in their nostrils they have decided that the board of directors…
Citigroup (C): Pandit As Pollyanna
One of the hedge funds that Citigroup (C) bought from its CEO Vikram Pandit’s money management company, an operation called Old Lane, has gone belly-up. Pandit got $165 million from the deal and was…
Wall St. Capitulates On Financial Shares (C)(MER)(BAC)(WB)(LEH)(AIG)
From the viewpoint of pessimists, it was just a matter of time. The run-up in financial shares which began in mid-March would be tomahawked by a flailing economy and the leprosy of mortgage-backed paper.…
S&P Hikes Amazon.com Corporate Credit Ratings (AMZN)
Standard & Poor’s Ratings Services has raised its corporate credit rating on Amazon.com (NASDAQ: AMZN) to ‘BB+’ from ‘BB’. While this is still junk status, it is now just a notch under "investment grade"…
Private Equity Still Outperforming Over Long-Term
Have you wondered if the current environment was going to signal the death or a serious blow to the end of private equity as we know it? It seems that the reports of private…
The Wheels Come Off The Bus At UBS (UBS)
UBS (UBS) may lose money every quarter from now until the end of time. As the Swiss bank raises $16 billion, it has acknowledged that past deficits may not be the last of it.…
Oppenheimer Takes Down Citigroup (C) And Merrill Lynch (MER), Again
Meredith Whitney of Opperheimer covers financial stocks, but she clearly hates them. At least for the time being. She is no making the point that as MBIA (MBI) and Ambac (ABK) lose their "AAA"…
Lehman (LEH) Raises Too Much Money
Lehman (LEH) appears to have raised $6 billion from places like The New Jersey Division of Investment and Hank Greenberg’s C.V. Starr fund. It is a nice chunk of change, but it is very…
Countrywide’s (CFC) Mozilo: Not An Ethical Bone In His Body
It turns out that Frank Mozilo, head of Countrywide (CFC), was passing out special mortgages to people including two former chiefs of Fannie Mae (FNM). Countrywide did business with the quasi-government operation, so being…
BGC Partners Prices Secondary (BGCP)
BGC Partners, Inc. (NASDAQ: BGCP) priced its public secondary offering of 820 million shares at $8.00 per share. According to the company, 10,000,000 of these are primary shares, 3,926,178 of which are secondary shares…
PrivateBancorp Juices Up Secondary Offering (PVTB)
PrivateBancorp, Inc. (NASDAQ: PVTB) has announced that it increased the size of its secondary offering to a proposed 4 million shares and it priced the secondary offering at $34.00 per share. As far as…
Credit Problems Hit Europe Banks Harder Than US Counterparts
The bankers in Europe are bigger suckers than the bankers in the US. At least that is what the FT claims. It says "Of the $387bn in credit losses that global banks have reported…
AIG (AIG): Betters Earnings Through Lying?
It is beginning to look like the Feds think AIG (AIG) may have misled investors when it valued some of the securities it held. Is it OK to cover-up earnings numbers? Perhaps AIG thought…
Insiders at MBIA & Ambac Buy Shares (MBI, ABK)
We have seen numerous transactions today in different FORM 4 filings where executives at both MBIA Inc. (NYSE: MBI) and AMBAC Financial Group Inc. (NYSE: ABK) have gone out into the open market to…