Manufacturing and corporate profits are both in recession mode, even though the rest of the U.S. economy continues to limp along.» Read More
A reader by the name of "Jim K." writes in to comment on our coverage of the banking sector. He's a bull who is really hoping we don't change our bearishness.
Former Republican Minnesota Governor Tim Pawlenty may not have officially announced his candidacy for President but the Governor is busy laying out his plan on how to cut the government spending.
Pawlenty is advocating legislation that would block any attempt to raise the debt ceiling, while putting in place a rule prioritizing spending so that the US wouldn't default on its debt when the ceiling is hit.
I spoke with him on this fiscal measure and what the country needs to do before Uncle Sam drives off the fiscal cliff.
Apple shareholders got a shock Monday.
While the U.S. markets were closed for the Martin Luther King Jr. holiday, Steve Jobs sent a letter to his employees saying he was taking a medical leave of absence but was still retaining his title of CEO. Chief Operating Officer Tim Cook would again be responsible for the day to day activities.
His leave begs the question again of transparency and disclosure. Just how much should the company disclose to its shareholders on their CEOs health and when does disclosing too much breach Jobs' privacy? I decided to ask Bruce Weinstein, BusinessWeek.com's Ethics Columnist those questions.
What exactly is the balance of supranational versus national monetary policy in the Eurozone?
It's an excellent question: And, if the ongoing policy parsing over Ireland is any indications, it's an issue that's far from closed.
The best evidence that we're headed for a double-dip in housing is the quality of the mortgages during the recent period in which the housing market seemed to improve in many areas.
In the Freddie Mac review of Citigroup’s performing loans that I mentioned earlier today, the portion rated as “Not Acceptable Quality” was as high as 32 percent in the fourth quarter of 2009. While this has obvious implications for the repurchase or "put-back" liability of Citigroup , it also has broader implications for the housing market and the economy.
While the news that Goldman Sachs is restricting its Facebook investment fund to investors outside the US is already prompting cries that US securities regulations have become perverse, the media seem to be missing an important part of this story. It seems fairly likely that Goldman has discovered—or fears the government will discover—that the news of the proposed $1.5 billion Facebook fund came from within Goldman Sachs itself.
Andrew Ross Sorkin, who broke the news of Goldman's investment and fund with Susan Craig, explains why Goldman now believes it must restrict its offering to non-US investors:
Smallpox is the only disease in human history to be eradicated through vaccination. So why on earth would anyone want to maintain disease stocks of the horrible virus in laboratories? In a word: Bioterrorism.
The assumption that big banks stopped selling defective mortgages to Fannie Mae and Freddie Mac after the housing bubble burst is wrong.
That's the clear message from a study by Freddie Mac of hundreds of mortgages sold to the government-owned mortgage giant in 2009 and 2010.
Citi Misses [CNBC] "Citigroup posted a quarterly profit but missed analyst estimates as revenues from securities and banking operations weakened. The company's net income was $1.3 billion and total revenue for the quarter was $18.4 billion"
"Success Questions at Apple after Jobs's Latest Medical Leave" [Wall Street Journal] "Steve Jobs's latest medical leave from Apple Inc. renews questions about the depth of the company's executive bench. In the near term, there's little doubt the Cupertino, Calif., company can be run ably by Chief Operating Officer Tim Cook, who has successful"
China's Lending Binge [Financial Times] "China has lent more money to other developing countries over the past two years than the World Bank, a stark indication of the scale of Beijing’s economic reach and its drive to secure natural resources."
I know you feel good after celebrating the life, legacy and day off MLK gave us. Here's what you missed while you were re-reading the "I have a dream" speech into the wee hours of the morning and need to know to channel those good-vibes into powering through this 4-day week:
Markets seem to be be moving higher and shirking off bad news no matter what, strategist Michael Farr says.
Barclays was hit by a $108.5 million fine on Thursday as it allegedly worked with super-rich clients in a way that could have facilitated financial crime.
A class action lawsuit accuses banks of conspiring to limit competition in the $320 trillion market for interest rate swaps.