The most charitable thing that can be said about Vikram Pandit, the CEO of Citigroup (NYSE:C) since December 11. 2007, is that he was in the wrong place at the wrong time. The bank’s…
Updated throughout the day. Updated 12.43 PM EST: Apple may hire its own video game developers to create iPhone and iPod products (Apple Insider) Updated 11.57 AM EST: Devon Energy (NYSE:DVN) may…
John Paulson is rather notorious, and wealthy, for how much he picked up by shorting financial stocks on the way down. But the financial world found out in August that Paulson &…
Short sellers have bought into the notion that the financial industry is in full recovery. Shares sold short in Wells Fargo (NYSE:WFC) fell 8% to 78.8 million shares. Shares short in CIT…
Updated throughout the day. Updated 10.30 AM EST: Oracle (NASDAQ:ORCL) believes that EU authorities may try to block its buy-out of Sun (NASDAQ:JAVA) (FT) Updated 10:26 AM EST: Apollo Management is buying debt…
Reuters:Â Â Investors in the banking sector were disturbed by the CIT (NYSE:CIT) bankruptcy. Reuters:Â Â Summers will lead a high level meeting on the economy. Reuters:Â Â US companies are holding more cash. Reuters:Â Â …
Updated throughout the day. Updated 3.23 PM EST:Â Analyst Michael Mayo says Citigroup (NYSE:C) will take a $10 billion write down the quarter. Citi denies it (CNBC) Updated 10.24 AM EST:Â Cisco…
The SEC missed a number of signals in the Bernie Madoff case. Some concerns were raised by his clients and Barron’s years before he was caught. It seems that a similar pattern holds…
Reuters:Â Â The US economy is stable but risks remain according to Geithner. Reuters:Â Â JPMorgan (NYSE:JPM) raised concerns about Galleon in 2001. Reuters:Â Â As many as five million Americans have been infected with…
Updated throughout the day. Update 12.05 PM EST: UBS (NYSE:UBS) may spin off PaineWebber (Breakingviews) GMAC has asked the Treasury Department for several billion more dollars in loans. (NYTimes) Barry Diller’s IACI (NASDAQ:IACI) might…
Short interest in a number of major financial firms rose for the period ending October 15. Shares short in Citigroup (NYSE:C) rose 51% to 178.1 million. The short interest in CIT (NYSE:CIT)…
Pay czar Kenneth Feinberg has already effectively clipped the compensation wings of Bank of America (NYSE:BAC) CEOÂ Ken Lewis by taking away all of his 2009 compensation. Feinberg now plans to cut the…
Former Fed chief Paul Volker has argued that America’s largest banks should be broken up to prevent a situation in which another credit crisis would force the government to spend hundreds of billion of…
Douglas A. McIntyre Reuters:Â Â China is having trouble managing supply and demand. Reuters:Â Â Geithner said the core programs of the TARP are ending. Reuters:Â Â Yahoo! (NASDAQ:YHOO) tripled it profits. Reuters:Â Â Sun Microsystems (NASDAQ:JAVA) will cut…
It has taken the DJIA a little over 32 weeks to move from 6,547 to just over 10,000, a move up of 53%. The index will be back over 14,000 by the…
