UBS (UBS) telegraphed all ships in the known world as it sank into the Atlantic like the Titanic. The big bank will fire 5,500 poor souls and sell $15 billion of its…
According to Reuters, UBS (UBS) will cut 5,500 jobs. The company is also selling $15 billion in subprime mortgage paper to Blackrock. Reuters writes that Bernanke says that high foreclosure rates are…
Late word is that the hedge fund business that Citigroup (C) CEO Vikram Pandit sold to the bank for $800 million has lost a huge amount of its value. All of the…
Everyone loves covering Warren Buffett, rain or shine. His long-term shareholders love him, the media follows his every move, and everyone on Wall Street either cares about his potential next buyout or…
According to Reuters, bank analysts are concerned that Citigroup’s (C) decision to raise money signals more trouble ahead for banks. Reuters reports that Starbucks (SBUX) will sharply cut the number of stories…
Not everyone believes that Citigroup’s (C) current stock sale of $4.5 billion will end the large bank’s need for capital. Oppenheimer analyst Meredith Whitney thinks that ongoing problems at the firm will…
Douglas A. McIntyre The promise from Wall St. firms was implied, not spoken. The heads of operations like Morgan Stanley (MS) and Merrill Lynch (MER) said that the worst was probably over in the credit…
According to Reuters, the Fed will probably cut rates and them pause for some time Reuters writes that senior financiers see the current economic situation as a recession on Main Street and …
Citigroup Inc. (NYSE: C) has come out tonight saying it will sell some $3 Billion in common stock. Citi claims that after its last $6 Billion, this $3 Billion would take its…
Douglas A. McIntyre Citigroup (C) started two hedge funds last year and sold interests in them to well-off retail investors. What those people were not told is that the investments were risky. Now, Citi is…
Douglas A. McIntyre Former World Bank chief James Wolfensohn thinks the credit crisis will take $1 trillion in losses out of the market. That is a number much higher than most estimates. It also means…
According to Reuters, Cadbury is looking at buying Hershey. Reuters writes that banks being sued by Clear Channel (CCU) have asked for a delay of a Texas trial. Reuters reports that share…
Consumers and businesses are faced with two difficult problems as a result of major banks taking huge write-offs. The first is that, even though the Fed is chopping rates, lower interest loans…
Royal Bank of Scotland (RBS) will raise as much as $24 billion to bolster its capital position, a dubious record which US banks will not want to match anytime soon. The big…
The mid-month reports on short interest in NYSE shares showed that many short sellers moved out of big financial stocks but made large bets against airlines and auto companies. With the prices…
