Mortgage and Financial News From 2008-6-26 Page 2
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Ultra-short bond funds that are well managed outrun pack (USA Today)
To put the best possible light on what is a catastrophe for some investors, the past six months have shown us which ultra-short bond funds have decent management, and which ones should be shipped off to Palookaville. And for all investors, especially for those with a morbid interest in how good ideas go bad, the story of ultra-short bond funds provides a useful lesson.
2008-06-26 05:50:00 -
Bad year for Britain's Brown (MSNBC)
Gordon Brown waited for more than a decade to be prime minister. After a dismal first year on the job, many wonder how long he'll last.
2008-06-26 06:46:43 -
This Recession, It's Just Beginning (Washington Post)
So much for that second-half rebound.
2008-06-26 07:46:20 -
Bank of America cutting 7,500 jobs in connection with purchase (Winston-Salem Journal)
Bank of America said yesterday that it will cut about 7,500 jobs after it closes its acquisition of mortgage lender Countrywide Financial Corp.
2008-06-26 09:03:25 -
Bank Of America's Merger Will Bring Loss Of 7,500 Jobs (The Tampa Tribune)
Bank of America said Thursday that it will cut about 7,500 jobs after it closes its acquisition of mortgage lender Countrywide Financial Corp.
2008-06-26 09:09:51 -
Post-Spitzer, a New Breed of Refomer (NYTimes.com via Yahoo! Finance)
Slowly, even a bit gently, Eliot Spitzer’s successor as the attorney general of New York, Andrew M. Cuomo, is shaking up the financial industry.
2008-06-26 09:37:00 -
BofA to cut jobs in wake of Countrywide buy (The Star-Ledger)
Bank of America said yesterday it will cut about 7,500 jobs after it closes its acquisition of mortgage lender Countrywide Financial. The job cuts amount to about 12.5 percent of the combined companies' mortgage, home equity and insurance businesses, after the purchase is completed next week.
2008-06-26 09:40:13 -
Discover's profit rises on higher card use - Newsday
NEW YORK - Discover posted a healthier quarterly profit Thursday than Wall Street expected -- no thanks to the lending business, however. The card company benefited between March and May not from issuing credit, but rather from milking its third ...
2008-06-26 05:09:00 -
Echoes of Great Depression as Dow takes another dive - Times Online
The Dow Jones dived a further 350 points yesterday, giving America’s key economic benchmark its worst June performance since the Great Depression, as oil hit a record and analysts said that the fallout from the credit crunch was far from over ...
2008-06-26 05:37:00 -
This Recession, It's Just Beginning - Washington Post
Vincent Quinones works on the floor of the New York Stock Exchange Wednesday after the Federal Reserve issued a mixed assessment of the economy. Yesterday, the Dow Jones industrial average closed down 358 points. (By Andrew Harrer -- Bloomberg News ...
2008-06-26 07:39:00 -
China Development, Temasek Signal Faith in Barclays Turnaround - Bloomberg
June 26 (Bloomberg) -- The second investment in Barclays Plc by China Development Bank and Temasek Holdings Pte reflects confidence in Chief Executive Officer John Varley 's plan to turn around Britain's fourth-largest bank, investors said. Temasek ...
2008-06-26 03:32:00 -
Consumers switch from loans to credit cards (Daily Telegraph)
Customers are taking out fewer loans and mortgages but switching to credit cards and savings products as they search for different ways to fund their debt, Moneysupermarket said.
2008-06-26 04:39:14 -
Wall St. reels on grim outlook for U.S. banks (The Globe and Mail)
NEW YORK — Earlier this week, an unemployed banker named Joshua Persky paraded himself in front of Charles Schwab's headquarters in midtown Manhattan, handing out résumés and wearing his credentials – quite literally – on his chest: “MIT Graduate for Hire,” announced the placard that dangled over his pinstriped suit.
2008-06-26 06:17:35 -
Wall St. reels on grim outlook for U.S. banks (The Globe and Mail)
More writedowns expected at Citi, Merrill
2008-06-26 06:21:30 -
Wave of bad news sends Dow down nearly 360 (China Daily)
NEW YORK - A barrage of bad news including yet another record high for oil drove stocks sharply lower Thursday, hurtling the Dow Jones industrials down nearly 360 points to their lowest level in almost two years.
2008-06-26 06:23:28