General Growth (GGP), the big mall owner, filed for bankruptcy, as many experts thought it would. The company has $27 billion in debt and, with real estate prices depressed, it may be…
According to Reuters, Obama said that the recession would be halted by government efforts. Reuters reports that Treasury wants broad new powers to wind down troubled non-bank financial firms. Reuters reports that…
After days or pressure from Congress and the public, AIG (AIG) released data about which counterparties to it credit default swap portfolio got large chunks of money from the federal government bailout…
Bank of America (BAC) hit another 52-week low today at $3.77. Wells Fargo (WFC) got close. The IMF said that that the banking crisis is far from over.
According to Reuters, Wall St. workers face a bleak future. Reuters reports that the Senate has agreed to a soft "buy America plan." Reuters reports that the government needs an investment plan…
According to Reuters, Steve Jobs will take a medical leave from Apple (AAPL) until June 30. Reuters reports that Bank of America (BAC) is in discussions with the government to get billions…
The conventional wisdom was that 2008 would be the worst year for bank losses in years, but that it would be the bottom. The damage of mortgage-backed securities has moved into the…
According to MarketWatch, "Standard & Poor’s cut the credit rating or outlook of 12 major U.S. and European financial institutions Friday, saying the move reflected its view of the significant pressure on…
According to Reuters, investors and banks are in a struggle over whether financial companies should be able to change the way they value assets under accounting rules. Reuters writes that improvements in…
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…
According to Reuters, Warren Buffett and the head of Blackstone (BX) called for a solution to the govenment’s growing debt load and reliance of foreign investors to finance US borrowing. Reuters reports…
"You can fool some of the people all of the time, and all of the people some of the time, but you can not fool all of the people all of the…
Douglas A. McIntyre According to Reuters, T Boone Pickens is seeking an "army" of business leaders and citizens to back alternative energy. Reuters reports that Starbucks (SBUX) posted if first loss as a public company…
Market in Asia were mixed The Nikkei fell .2% to 13,238. KDDI was down 2.7% to 632000. Mazda was up 4.6% to 550. The Hang Seng was up .7% to 21,424. China…
Douglas A. McIntyre According to Reuters, US car sales hit a 15 year low. Reuters writes that Paulson said the US is facing a tough Q2. Reuters reports that Starbucks (SBUX) will close 600 stores…
