NEW YORK (AP) — British billionaire Joseph Lewis plans to take action to protect the value of his 8.4% stake in Bear Stearns Cos., which is being acquired in an emergency deal with JPMorgan Chase %26amp; Co., according to regulatory filing Wednesday.In a Securities and Exchange Commission filing Wednesday, Lewis reported holding 12.1 million shares [...]
NEW YORK�(CNNMoney.com) — Stocks looked for a lower open early Thursday as oil prices dropped below the $100 a barrel mark and claims for unemployment came in higher than expected.Less than an hour before the market open, Nasdaq and S%26amp;P futures were lower, following a sharp sell-off in major indexes on Wednesday.Oil prices plunged as [...]
Congress is set to scrutinise the regulatory framework for investment banks following the Federal Reserve’s decision to offer emergency finance - a move that could lead to tighter regulation of these financial groups.
Lawmakers said they would examine whether investment banks should continue to be regulated by the Securities and Exchange Commission under a light-touch regime, [...]
American Home, Levitz, Holley, Ziff: Bankruptcy
By Bill Rochelle
March 19 (Bloomberg) — Unsecured creditors are known to
object when bankrupt companies try to settle claims against
secured lenders. For American Home Mortgage Investment Corp.,
its the other way around. The former mortgage lender opposes [...]
As Bear Stearns Implodes, Spector Keeps $382 Million
By Yalman Onaran
March 19 (Bloomberg) — Warren Spector, forced out as
president of Bear Stearns Cos. last August, may have outdone his
former mentor James “Jimmy Cayne as the 85-year-old brokerage
firm imploded.
[...]
(adds reaction from Democratic candidate, paragraphs 5-6)
By James Vicini
WASHINGTON, March 15 (Reuters) - President George W. Bush
plans to meet on Monday with top U.S. financial policymakers,
the White House said, at a time of increased strains in credit
markets and fears of a recession.
The White House said on Saturday Bush [...]
WASHINGTON, March 15 (Reuters) - President George W. Bush
plans to meet on Monday with top U.S. financial policymakers,
the White House said, with the meeting coming at a time of
increased strains in credit markets.
The White House said on Saturday that the meeting,
scheduled at 2:10 p.m. EDT (1810 GMT), is with [...]
WILMINGTON, North Carolina, March 14 (Reuters) - Duke
Energy Corp (DUK.N: Quote, Profile, Research) has increased its credit line with banks
led by Wachovia Corp (WB.N: Quote, Profile, Research) to $3.2 billion from $2.65 billion,
the utility holding company said in an 8K filing with the U.S.
Securities and Exchange Commission.
The expanded credit [...]
ALBANY, N.Y. (AP) — New York’s highest court has ruled that Bear Stearns Cos. is responsible for paying most of an $80 million settlement with securities regulators in 2002, clearing the investment’s bank’s insurers from liability in the case.The state Court of Appeals concluded the investment bank’s insurers were not liable for covering $45 million [...]
CARMEL, Ind. (AP) — Insurance company Conseco Inc. on Monday reported a preliminary fourth-quarter loss after paying preferred dividends of $72.2 million, or 39 cents per share, and warned the results could change.Conseco - which is currently reviewing its accounting - did not provide year-ago financials as it plans to restate its annual results [...]
