Watching for news on companies that suck
For years, political watchdog groups have complained about Fannie and Freddie Mac’s intense lobbying efforts to influence lawmakers.
Secretary of the Treasury’s latest statements and intention of backstopping both Fannie and Freddie’s securities by the U.S Government have raised serious questions of conflict of interest.
The real question is, how can these institutions be allowed to spend […]
Continue reading " Fannie Mae and Freddie Mac Still Lobby Congress "
The cat is out out the bag on executive pension plans
According to a recent article in the “Wall Street Journal”, large companies with the help of pension and tax consultants have discovered that they can fund the “HCE” (Highly Compensated Employee) plans out of the existing pension plan for the average worker
It was generally accepted […]
Continue reading " Top Executive Benefits Risk Workers Retirement "
Competing brokerage firms appear to have ramped up their pursuit of UBS brokers and clients following the announcement that Texas regulators have scheduled a hearing on the firm’s role in selling auction-rate securities to investors.
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UBS lawyer David Aufhauser resigned amid a New York state civil complaint against the firm. Rivals are pursuing UBS brokers and clients.
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Wachovia’s CEO indicated that the recent shakeup in the bank’s executive suite is over. There had been speculation that more executives could be forced out of the bank after it announced the departure of its CFO and chief risk officer.
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Apparel chain Steve & Barry’s has agreed to be acquired by turnaround specialist Bay Harbour for $163 million. The deal is subject to bankruptcy-court approval and the negotiation of store leases.
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Standard & Poors, aka “S&P” is one of a handful of players in the bond and securities rating space that have been in the news lately concerning inherent conflict of interest.
Let’s see if I got this right, the entity’s that want to sell securities pay S&P a fee to rate the risk of these securities. […]
Massachusetts regulators sued Merrill, accusing the firm of fraud over its sales of auction-rate securities.
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General Motors reported a stunning $15.5 billion second-quarter loss, slammed by sinking auto sales, bad lease deals and costs tied to restructuring. The quarterly loss — the third-biggest in GM’s history — marks the latest chapter in the long, rough slide of the auto maker, a company that once dominated the world automotive industry.
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Auto makers posted double-digit declines in U.S. auto sales in July, kicking off the second half of a dismal year. GM and Chrysler boosted incentives to help dealers clear more inventory.
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