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April 2008
- UBS Posts $12B Quarterly Loss; Chairman Steps Down
  
  Bloomberg | Apr 1, 08 6:08 AM CDT
  
  (Newser) - UBS announced a $12.1 billion first-quarter loss and another $19 billion in writedowns as fallout from the US subprime meltdown continued to haunt the Swiss banking giant, reports Bloomberg. Chairman Marcel Ospel, who oversaw the creation of the bank in 1998 will step down. UBS says it will ask shareholders to approve up to $15.1 billion in new funding. More »
  
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  subprime crisis • Citigroup • Merrill Lynch • UBS
March 2008
- Clear Channel, Buyers Sue Banks Over Soured Deal
  
  Wall Street Journal | Mar 26, 08 6:02 PM CDT
  
  (Newser) - The two private-equity firms set to buy Clear Channel sued the group of banks they had engaged to fund the deal, the Wall Street Journal reports. Joined by Clear Channel, Bain Capital and Thomas H. Lee Partners accused the consortium—including Citigroup, Deutsche Bank, and Wachovia—of breaching contract by attempting to back out of the deal amid the tanking credit market. More »
  
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  Citigroup • mergers and acquisitions • private equity • Morgan Stanley • Deutsche Bank • Bain Capital • Credit Suisse • Royal Bank of Scotland • Clear Channel • leveraged buyouts • Thomas H. Lee Partners
- Stocks Fall on Recession Fears
  
  Bloomberg | Mar 26, 08 3:39 PM CDT
  
  (Newser) - Stocks fell today amid a new wave of recession concerns, Bloomberg reports. A big drop by Citigroup led financials to their worst plunge in almost two weeks, and oil prices jumped back up after inventory showed supply unchanged from last week. The Dow ended down 109.74 to 12,422.86, the Nasdaq off 16.69 to 2,324.36, and the S&P 11.86 to 1,341.13. More »
  
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  stock market • credit crisis • recession • oil price • Citigroup • Clear Channel
- JP Morgan CEO Emerges as Wall Street Force
  
  Wall Street Journal | Mar 17, 08 12:08 PM CDT
  
  (Newser) - JP Morgan Chase CEO James Dimon is a hands-on boss who writes out a detailed to-do list each morning and has managed to keep his company healthy while many of its rivals are ailing or even critically ill, reports the Wall Street Journal. Dimon's focus has been on creating a bank strong enough to withstand any crisis. Investors say he’s succeeded. More »
  
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  Wall Street • Citigroup • Bear Stearns • JPMorgan Chase • James Dimon • Alan Schwartz
- Investors Ask: Who's Next?
  
  Financial Times (UK) | Mar 17, 08 6:54 AM CDT
  
  (Newser) - Wall Street, reeling over JP Morgan’s bargain-basement purchase of Bear Stearns, is anxiously watching to see “who’s next” to succumb to the continuing credit squeeze, reports the Financial Times. As investment banks prepare to release first quarter results this week—led by Goldman Sachs and Lehman Brothers tomorrow—the mood is grim. “Short-sellers could have a field day with bank stocks this week,” said one banker. More »
  
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  Financial Crisis • Wall Street • subprime crisis • Lehman Brothers • Citigroup • Bear Stearns • Goldman Sachs • JPMorgan Chase
- Bear Bailout Invites the Bears
  
  Wall Street Journal | Mar 14, 08 3:40 PM CDT
  
  (Newser) - News of the Bear Stearns bailout triggered a sell-off today as investors were reminded that the true depth and breadth of current credit problems remains uncertain, the Wall Street Journal reports. Bear Stearns stock closed at 30, down a breathtaking 47.4% on the day. The Dow fell 194.65 to 11,951.09, the Nasdaq 51.12 to 2,212.49, and the S&P 500 27.34 to 1,288.14. More »
  
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  Financial Crisis • Dow Jones • Federal Reserve • S&P 500 • Nasdaq • Citigroup • Bear Stearns • Bank of America • AIG • Countrywide Financial • American Express • Federal Reserve Bank of New York
- Morgan Stanley Boss Faces Shareholder Pressure
  
  New York Times | Mar 11, 08 9:25 AM CDT
  
  (Newser) - With $11 billion in writedowns already on the books and a history of making risky trades and building debt, Morgan Stanley CEO and chairman John Mack is facing scrutiny from some shareholders, the New York Times reports. He has substantial support, but at least one activist group is pushing for him to relinquish his chairman’s role. More »
  
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  Citigroup • Merrill Lynch • Bank of America • Morgan Stanley • Wachovia • Washington Mutual • John Mack
- Subprime Lender CEOs Defend Exec Pay
  
  New York Times | Mar 7, 08 3:50 PM CST
  
  (Newser) - Banking executives who took home huge paychecks even as the subprime mortgage crisis battered their companies appeared before Congress today to defend their actions. Democrats on the House Oversight Committee grilled them about their enormous pay packages as Republicans apologized to them and questioned the premise of the hearing, the New York Times reports. More »
  
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  Congress • subprime crisis • Citigroup • Merrill Lynch • Bank of America • Countrywide • executive compensation • financial institutions • House Committee on Oversight and Government Reform • bonuses • Charles Prince • Stanley O'Neal • Angelo Mozilo
- House Hits High Bonuses at Strapped Companies
  
  Associated Press | Mar 7, 08 7:53 AM CST
  
  (Newser) - A House committee wants to know why the CEOs of three companies mired in the subprime crisis collected massive bonuses as their firms bled billions, AP reports. The targets include Merrill Lynch, Citigroup, and Countrywide, all of which posted stunning losses last year. Countrywide CEO Angelo Mozilo and the former CEOS of Merrill and Citigroup, Stanley O'Neal and Charles Prince, will be on the hot seat. O'Neal and Prince were fired, but pocketed hefty payouts on the way out. More »
  
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  subprime crisis • Citigroup • Merrill Lynch • executive compensation • Henry Waxman • Countrywide Financial • House Committee on Oversight and Government Reform • Charles Prince • Stanley O'Neal • Angelo Mozilo
- Goldman Analysts Warn of Next Crisis
  
  Wall Street Journal | Mar 3, 08 4:10 PM CST
  
  (Newser) - Commercial real estate could be the next victim of the current economic downturn, and if it is, expect it to cause another full-fledged crisis, the Wall Street Journal reports. Commercial real estate values could fall as much as 26% over the next 2 years, Goldman Sachs analysts predict, leading to another round of huge write-offs and creating "a significantly longer tail than subprime." More »
  
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  Lehman Brothers • Citigroup • Bear Stearns • Merrill Lynch

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