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A Billion Here... track this thread

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A Billion Here...

"A billion here, a billion there, and pretty soon you're talking real money" - attributed, perhaps falsely, to the late, great Illinois Senator Everett Dirksen

Companies now routinely lose billions of dollars...a quarter. And to the U.S. government, $1 billion is chump change. Yet, it's rarely the bosses that take the losses.

Stories

Stories 61 - 80 of 87

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  • May 2008

    • UBS Cuts 5,500 Jobs, Sells Off $15B in Assets

      Wall Street Journal  |  May 6, 08 5:52 AM CDT

      UBS Cuts 5,500 Jobs, Sells Off $15B in Assets

      (Newser) - UBS will cut 5,500 jobs, slightly fewer than expected, by the middle of 2009 as part of a major restructuring effort, the troubled Swiss bank said today in announcing an $11-billion first-quarter loss. Some 2,600 of the layoffs will be among investment bankers, mostly in London and New York. UBS will also sell off $15 billion in mortgage-backed securities to BlackRock and plans further sales of its mortgage holdings in the future. More »

    • UBS to Lay Off 8,000, Add $11.4B to Writedowns

      Bloomberg  |  May 5, 08 6:25 AM CDT

      UBS to Lay Off 8,000, Add $11.4B to Writedowns

      (Newser) - Swiss banking giant UBS will lay off some 10% of its 83,000 workforce and scale back its investment banking arm in an attempt to reassure shareholders that it's taking actions to curtail losses associated with the subprime debacle, reports Bloomberg. Switzerland's largest bank says it will detail a further $11.4 billion in first-quarter writedowns in its earnings report tomorrow—bringing the total to $38 billion over the past three quarters. More »

  • April 2008

    • GM Posts $3.3B Loss on Weak US Market, Strikes

      Associated Press  |  Apr 30, 08 7:16 AM CDT

      GM Posts $3.3B Loss on Weak US Market, Strikes

      (Newser) - General Motors today posted a $3.3 billion first-quarter loss, AP reports, due in part to a weak US market, a strike at a major supplier, and plummeting sales of sport utility vehicles and pickups. The loss amounted to $5.74 per share, including one-time charges. Without the charges, it appeared GM's adjusted results beat Wall Street expectations.   More »

    • Deutsche Bank Posts $220M Loss—First in 5 Years

      Financial Times (UK)  |  Apr 29, 08 6:41 AM CDT

      Deutsche Bank Posts $220M Loss&mdash;First in 5 Years

      (Newser) - Deutsche Bank posted its first quarterly loss in 5 years today, reflecting the impact of the credit crisis on its investment banking activities. Germany's largest bank reported a net loss of $220 million and admitted that the short-term outlook for the firm remained highly uncertain. Deutsche also took $4.2 billion in writedowns, writes the Financial Times . More »

    • Are Wall Street Banks Ready to Risk Again?

      Wall Street Journal  |  Apr 28, 08 9:48 AM CDT

      Are Wall Street Banks Ready to Risk Again?

      (Newser) - Wary investors appear to be returning to Wall Street, the Journal reports, buying back into higher-risk debt issues from the likes of troubled Citigroup and Merrill Lynch. “Risk taking has come back in the market,” said one expert. More »

    • Delta Posts $6.39B 1Q Loss

      Wall Street Journal  |  Apr 23, 08 7:46 AM CDT

      Delta Posts $6.39B 1Q Loss

      (Newser) - Staggering fuel prices overwhelmed a 12% sales increase and pushed Delta Air Lines to a $274-million loss in the first quarter, which ballooned to $6.39 billion on a $6.1-billion non-cash charge reflecting a decline in its market value. Excluding special items—including the bankruptcy-related charge—the airline lost 69 cents a share; analysts had expected 49 cents a share, the Wall Street Journal reports. More »