Over the last week, both major financials and techs sold off substantially, another sign that one major sector is doing nothing to offset the other. Taken in tandem with GE’s (NYSE: GE)…
According to Reuters, Citigroup (C) will sell $12 billion in troubled loans to a group of private equity firms. Reuters reports that some members of the Fed believe that the US will…
A decade ago, when there were big problems in the financial markets a very small group of people came in for the fix. E. Gerald Corrigan, a man of massive girth and…
According to Reuters, Lehman (LEH) raised $4 billion. Reuters writes that US factory orders probably fell in February. Reuters reports that the Fed approved the JPMorgan (JPM) purchase of Bear Stearns (BSC)…
Another director of Bear Stearns Companies, Inc. (NYSE: BSC) has unloaded his holdings as the stock was trading north of a buyout price for some time. Paul A. Novelly, a director, has…
Douglas A. McIntyre Banks are going to the Fed and getting money at 2.5% and putting it onto their balance sheets. What do the big money centers do with the money? They make investments in…
There has been some misplaced optimism that financial stocks bottomed earlier this month based on the notion that much of the bad news about write-offs had come out. Mid-month, the Fed increased…
Countrywide NYSE: CFC) chief operating officer David Sambol cannot get a job as a garbage man. He is viewed as being too closely tied to policies whereby his company made subprime mortgage…
According to Reuters, Bank of America (BAC) will pay the president of Countrywide (CFC) $28 million to stay and run the company after the buy-out is complete. Reuters writes that the chairman…
James Cayne, chairman and, before he was asked to leave, CEO of Bear Stearns (NYSE: BSC) sold all of his holdings in the firm for $61 million, according to filings with the…
Douglas A. McIntyre Bear Stearns Companies Inc. (NYSE: BSC) has an SEC filing out showing that Chairman James "Jimmy" Cayne sold shares the day after JPMorgan Chase (NYSE: JPM) sweetened its bid offering to $10.00.…
Douglas A. McIntyre A day after taking down its earnings forecasts for Citigroup (C), JP Morgan (JPM), and Wachovia (WB), Oppenheimer has cut its first quarter numbers on Merrill Lynch (MER) and UBS (UBS). According…
Oppenheimer’s Meredith Whitney is currently the most followed bank and financial firm analysts on Wall Street. We don’t normally like to review analyst calls that are not fresh calls from the same…
Goldman Sachs says that write-downs for subprime mortgage paper, LBOs, credit cards,and other bad paper could hit banks and brokerages for $460 billion. That is almost three times the write-offs taken by…
According to Reuters, Comcast (CMCSA) and Time Warner Cable (TWC) are in talks to fund a wireless venture to be operated by Clearwire (CLWR) and Sprint (S). Reuters writes that new home…
