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COUNTYWHACKED
Former Countrywide CEO Angelo Mozilo and two associates are charged by the SEC with fraudulently concealing how toxic the mortgage giant's lending practices had become. Mozilo is also accused of cashing in nearly $140 million in stock while knowing, but not publicizing, that the company was headed for trouble.
UN-BEAR-ABLE
Alan Schwartz presided over the death of Bear Stearns. Now he's managed to get another job...in finance! Schwartz joins Guggenheim Partners, though I'm sure many former Bear employees who've not fared so well wish he was instead sweeping floors at the Guggenheim Museum.
TANKS FOR THE MEMORIES
China blocks websites like Twitter to censor dissent on the 20th anniversary of the Tiananmen Square uprising. As if we don't all know what happened.
DEAD MEAT
A bankrupt medical device company in Massachusetts lists nine cadavers as assets. Innovative Spinal Technologies, in Chapter 7 liquidation, notes that eight of the bodies are "partially used". I wonder what that does to the resale value.
TOO CAVALIER
Cleveland Cavs star Lebron James fouls out in the business of managing his image when he refuses to shake hands with the other team after Orlando wins their series.
U...B-S
UBS lowers its price target on GM stock to $0...the day AFTER bankruptcy. Thanks!
AND THE WINNER IS...GM
General Motors [GMGMQ
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] insisted for months that bankruptcy was not an option. This week it became the only option. Now that the government owns most of GM, some fear the "new management" could make a bad situation worse.
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