An award-winning journalist and New York Times best-selling author, David Faber is a co-anchor of CNBC's "Squawk on the Street" (M-F: 9 a.m.-12 p.m. ET) and an anchor and co-producer of CNBC's acclaimed original documentaries and long-form programming.
During the day, Faber breaks news and provides in-depth analysis on a range of business topics during the "Faber Report." In his 20 years with CNBC, Faber has broken many big financial stories including the massive fraud at WorldCom, the bailout of the hedge fund Long Term Capital Management and Rupert Murdoch's unsolicited bid for Dow Jones.
Faber has reported nine documentaries for CNBC for which he has received Loeb, Emmy, Peabody and duPont awards.
His book, "The Faber Report," was published by Little, Brown in spring 2002; his second book, "And Then the Roof Caved In," was published in the summer of 2009 by John Wiley.
He holds a bachelor's degree in English from Tufts University.
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After getting two earnings reports in the media space in the last day, while it’s not clear there were not any significant worries uncovered, neither of the companies in question is having a good day in the stock market.
It is has become clear that until today shareholders of Wilmington Trust had no idea how bad things had gotten for the bank. Bad enough, in fact, that management chose to sell itself for roughly 43 percent below it's stock market value on Friday.
The two stories related to mortgages do not have a great deal in common, other than tracing their lineage to the home loans of dubious provenance that were doled out to anyone with a pulse between 2005-07 and quickly packaged up into securities and sold by Wall Street to accounts around the planet.
Airgas sent a letter to Air Products reiterating its opposition to the $65.50 offer. More importantly, it also stated that each of Airgas' ten directors think the offer is inadequate. This is significant because in a hotly disputed vote Air Products succeeded in replacing three Airgas directors.
Banks stocks are getting crushed again today as investors wake up to a fear we first told you about yesterday: That significant liabilities are possible for the big banks who securitized mortgages due to misrepresentations about the standards attested to for the mortgages in the pool.
As if the problems in foreclosures weren't enough, another potential problem for the nation's big banks is raising its head today and is the key reason that shares of banks such as Bank of America are down sharply and credit default swap for some banks are widening.
Bill Ackman, the noted activist investor with a noticeably mixed track record when it comes to investing in retail is at it again.
'This sector is probably better than people think. And if you look at the valuations, things have gotten very cheap, there is a lot of negativity around the group—but fundamentally the drivers are in place,' Nomura's Michael Nathanson told CNBC.