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The Big Banks

Started by S Goldstein; Last updated Feb 15, 08 8:07 AM CST by D Lim | View history

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The Big Banks

The financial services giants have taken enormous hits in the subprime mortgage crisis this year, but 2008 is expected to be a very good year for the Street

Stories

Stories 41 - 60 of 139

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March 2008
- London Bankers Drown Sorrows at Easter
  
  newser | Independent (UK) | Mar 21, 08 10:34 AM CDT
  
  As the Bank of England mulled injecting billions more into the nation's shaky financial system, bankers in the city of London swilled pints and reflected on their state of affairs, reports the Independent . "We are meant to be at work but we've come here for some solace," said one banker in a London pub. As a lot, they weren’t optimistic about the BofE’s proposed bailout. More »
- Hedge Funds Cash In on Collapse of Bear
  
  newser | Wall Street Journal | Mar 20, 08 9:25 AM CDT
  
  The epic collapse of Bear Stearns didn't mean bad news for everyone on Wall Street—several big hedge funds made a mint off it, the Wall Street Journal reports. The funds essentially placed bets that Bear would stumble, then raked in millions when the security firm's shares took a nosedive. The SEC is investigating to make sure profiteers did not have insider knowledge of the coming collapse. More »
- Morgan Stanley Beats Estimates With 42% Q1 Drop
  
  newser | Bloomberg | Mar 19, 08 7:53 AM CDT
  
  A day after posting its biggest gain on Wall Street in more than a decade—shares rose 18% to $42.86—securities firm Morgan Stanley today reported a second straight quarterly loss, as first quarter earnings fell 42% to $1.55 billion, from $2.67 billion a year ago, reports Bloomberg. But Morgan joined Goldman Sachs and Lehman Brothers in beating analyst expectations, prompting a runup in early trading. More »
- Lehman Bros. Q1 Profits Plunge 57%
  
  newser | Wall Street Journal | Mar 18, 08 8:18 AM CDT
  
  Lehman Brothers, which yesterday lost 19% of its market value, today reported a 57% drop in net income for the first quarter and a 31% drop in net revenue. But those dire figures still beat analyst forecasts, sending the stock up 12% in premarket trading, the Wall Street Journal reports. The earnings were brought low by a $1.8 billion mortgage writedown. More »
- Stocks Bounce, End Mixed
  
  newser | CNN | Mar 17, 08 3:50 PM CDT
  
  Stocks seesawed throughout the day, finally ending today's session mixed, with the Dow closing up. The markets struggled to rebound from serious losses sustained after Bear Stearns' fire sale; buyer JPMorgan Chase's stock closed up 11%. The Dow ended up 21.16 at 11,972.25, the Nasdaq down 35.48 at 2,177.01, and the S&P 500 down 11.54 at 1,276.70. More »
- JP Morgan CEO Emerges as Wall Street Force
  
  newser | Wall Street Journal | Mar 17, 08 12:08 PM CDT
  
  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 »
- Gov't Will Do 'What It Takes' for Economy: Paulson
  
  newser | Associated Press | Mar 16, 08 4:55 PM CDT
  
  Treasury Secretary Henry Paulson vowed today to do “what it takes” to uphold a weak economy, the AP reports. “No one is debating the fact that this economy has slowed way down,” he said on the Sunday show circuit. "We feel it, we know it, the American people know it." He also backed the Federal Reserve move to fund Bear Stearns, calling it necessary to keep “disruption from spilling out into the real economy.” More »
- Economy in Trouble: Bush
  
  newser | Associated Press | Mar 14, 08 3:00 PM CDT
  
  The economy is experiencing difficulties, but President Bush said today he is certain a recovery will come soon, the AP reports. “In a free-market economy there will be good times and bad times” he said in a speech to the Economic Club of New York. “We’re going through a hard time.” Democrats wasted little time in rebutting, dispatching Chuck Schumer to invoke Herbert Hoover. More »
- JP Morgan, Feds Bail Out Bear Stearns
  
  newser | Wall Street Journal | Mar 14, 08 9:25 AM CDT
  
  Bear Sterns has reached out to rival JP Morgan Chase and the Federal Reserve Bank of New York for emergency funding to reassure investors concerned about the struggling investment bank's deteriorating liquidity, the Wall Street Journal reports. The move is a startling indicator of how hard the subprime virus has hit US credit markets and financial firms. More »
- Carlyle Near Collapse After Defaulting on $16B
  
  newser | Wall Street Journal | Mar 13, 08 7:31 AM CDT
  
  Carlyle Capital announced overnight that it is defaulting on $16.6 billion in debt, and its creditors are likely to take possession of its remaining assets. The latest casualty of the credit catastrophe is a major embarrassment for Carlyle Group, the private equity firm whose executives own 15% of the fund, reports the Wall Street Journal . Carlyle's fall demonstrates how the world's biggest banks are now playing hardball with their best clients. More »
- Home-Equity Loans Latest to Bite Banks
  
  newser | Wall Street Journal | Mar 12, 08 12:03 PM CDT
  
  Home-equity loan defaults are soaring, the Wall Street Journal reports, as the trickle-down effect of the subprime mortgage crisis makes its way into what was once a source of big profits for lenders. JP Morgan Chase and Wells Fargo both escaped major writedowns on subprime mortgages gone bad, but already are feeling the pain from home-equity losses. More »
- Morgan Stanley Boss Faces Shareholder Pressure
  
  newser | New York Times | Mar 11, 08 9:25 AM CDT
  
  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 »
- Subprime Lender CEOs Defend Exec Pay
  
  newser | New York Times | Mar 7, 08 3:50 PM CST
  
  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 »
- House Hits High Bonuses at Strapped Companies
  
  newser | Associated Press | Mar 7, 08 7:53 AM CST
  
  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 »
- Goldman Analysts Warn of Next Crisis
  
  newser | Wall Street Journal | Mar 3, 08 4:10 PM CST
  
  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 »
- Wall Street Faults Rules on Writedowns
  
  newser | Wall Street Journal | Mar 1, 08 12:09 PM CST
  
  After months of staggering writedowns battering Wall Street, some investors and executives are charging that accounting rules are exaggerating losses and triggering slumps like yesterday’s 315-point plunge in the Dow, reports the Wall Street Journal . Rules requiring companies to value holdings at current market rates, no matter how volatile, have a domino effect, they say: "The market falls, forcing banks to take write-offs, pushing the market lower, causing more write-offs," the Journal writes. More »
February 2008
- Citi Blocks Hedge Fund Withdrawals
  
  newser | Wall Street Journal | Feb 15, 08 1:35 PM CST
  
  Still struggling with billions of dollars in subprime losses, Citigroup blocked nervous investors from bailing out of a hedge fund specializing in corporate debt, reports the Wall Street Journal. Investors tried to pull more than 30% of $500 million in assets from CSO Partners, which posted an 11% loss last year and was re-funded with $100 million from Citigroup last month. More »
- Warren Buffett Chides Banks for Role in Market Mayhem
  
  newser | Daily Telegraph (UK) | Feb 7, 08 2:42 AM CST
  
  Billionaire Warren Buffett thumbed his nose at eminent investment banks today, claiming they caused their own demise in the subprime mortgage meltdown. "It's a little poetic justice, in that the people that brewed this toxic Kool-Aid found themselves drinking a lot of it in the end," Buffett said. More »
January 2008
- FBI Targets 14 Firms in Subprime Fraud Probe
  
  newser | Wall Street Journal | Jan 30, 08 6:26 AM CST
  
  The FBI is investigating 14 companies linked to the subprime mortgage crisis, the Wall Street Journal reports. The bureau is pursuing allegations including accounting fraud and insider trading, said a bureau spokesman. An investigation into the complex secondary mortgage market could implicate major firms that have lost billions of investor dollars on mortgage securities, according to an agent. The companies were not named. More »
- Breakup Rumors Swirl Around SocGen
  
  newser | Reuters | Jan 29, 08 12:11 PM CST
  
  Wounded Société Générale is looking more and more like a takeover target, prompting France's prime minister to jump into the fray today and say the government would defend the country's second-largest bank against hostile raids, the Wall Street Journal reports. With a $7.1 billion loss from fraudulent trades shaking confidence in the bank and its stock price plummeting, some analysts are predicting a breakup, Reuters reports. More »

Stories 41 - 60 of 139

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Subprime Collapse • Credit Market Chaos • Merrill Lynch • The Markets • Bear Stearns • A Billion Here... • Is It Recession? • SocGen Fraud • Mergers & Acquisitions • The Dow

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