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Originally posted by burntheships
Here we go...another big securities fraudster scammer being
"discovered" by the SEC. It only took them ten years to get around to Madoff!
"Based on what we know, there is not any issue with client funds or securities being missing or misappropriated."
March 9 (Bloomberg) -- The U.S. economy’s vital signs may not confirm a diagnosis of depression. The symptoms increasingly point to one.
As in the Great Depression, world trade is collapsing, wealth is evaporating and the banking system is broken. Deflation is a growing threat as companies slash production, pay and prices. And leaders worldwide are having difficulty making headway in halting the self-perpetuating decline.
“We are tracking 1929-1930,” says Barry Eichengreen, a professor of economics and political science at the University of California, Berkeley.
The pound was down almost four cents at $1.3761...
...Against the euro, the pound was down two-and-a-half cents at 1.0885 euros...
..."What's going on in UK shares at the moment is putting pressure on sterling," said Geraldine Concagh at AIB Group Treasury.
She added that the Bank of England's programme of quantitative easing will put further downward pressure on sterling...
NEW YORK (MarketWatch) -- Shares of Dow Chemical Co. were halted Monday following conflicting reports on a settlement with Rohm & Haas Co. However, Rohm & Haas Chief Executive Raj Gupta told several media outlets a settlement has not been reached over a soured $13 billion merger deal. The two companies were scheduled to meet in court earlier Monday, but delayed the trial to continue negotiations for a settlement. Dow Chemical put the deal on hold in January following the financial crisis and the economic downturn, saying now wasn't the time to swallow such a large acquisition. Shares of Dow fell 11.3% to $6.31 before being halted. Shares of Rohm & Haas rose 7.7% to halt at $68.70 at last check.
Originally posted by xoxo stacie
reply to post by redhatty
So they halted the shares because they lost 11% or because they may have reached a settlement?( and not disclosed it?)
Dow Chemical and Rohm & Haas reached a settlement on Monday under which Rohm shareholders will receive $78 a share.
Dow now also has the option to issue $500 million in additional equity at the closing of the deal.
The Haas Family Trust and the Paulson Trust will take $2.5 billion worth of preferred equity as part of their consideration.
The $78-a-share offer was the original purchase price that was about to be litigated this week in Delaware Chancery Court.
The Dow Chemical and Rohm & Haas deal will close no later than April 1.
Originally posted by xoxo stacie
Airline Stocks: Airline stocks pressured by higher oil prices
This has got to be an idea of a sick joke somewhere. Since when is 100$ a barrel cheaper PRESSURE?
Airlines can't catch a break these days no matter how hard they try. Case in point -- United Airlines has announced it could lose as much as $544 million because of falling oil prices. Say what? United has fallen victim to its own efforts to manage what's been a devastating rise in fuel costs. The airline, like just about everyone else in the business, has been buying jet fuel using a tactic called hedging. Ben Brockwell of the Oil Price Information Service calls it "an insurance policy against prices rising." So long as prices are rising, it works. But if prices start falling, it can quickly become a fiscal disaster, as many airlines are discovering.
WASHINGTON (MarketWatch) -- Lawmakers in the Senate and House on Monday announced plans to introduce legislation creating a Financial Products Safety Commission that would approve mortgage products and provide consumers with advice about credit cards and retirement accounts.
Sens. Charles Schumer, D-NY, and Richard Durbin, D-Ill., plan to discuss their legislation to create the commission at a press conference on Tuesday. Reps. Bill Delahunt, D-Mass., and Brad Miller, D-N.C., will discuss the creation of similar legislation they are introducing in the House, according to Delahunt spokesman Rory Sheehan.
Miller and Delahunt have the support of House Financial Services Committee Chairman Barney Frank, D-Mass., who has indicated that creation of such a panel is a top priority of the business committee.
The panel would provide independent advice to consumers on mortgage products. It would also be charged with approving new financial and home loan products before they can be marketed to consumers.
Credit market indicators – barometers of stress since the financial crisis began 18 months ago – are once more flashing red.
Heightened concern over the fate of US carmakers and worries about escalating losses at banks and financial institutions and at General Electric, the largest debt issuer in capital markets, are creating a grim mood.
“There has been a strong repricing of credit risk as there is a panic almost about the financial sector,” Brian Yelvington, strategist at Creditsights, says.
“So far, most of the pain of the problems at financial institutions is being taken by shareholders and taxpayers, but there are real concerns that the problems will be so large that the pain will shift to holders of bonds and other securities.”
Debt from financial institutions – including some of the biggest banks such as Citigroup and Bank of America – is widely held by investors ranging from pension funds to insurance companies.
Concerns about the value of these holdings have pushed risk premiums higher across the board.
“We are in another round of the credit crunch where the intensity is spreading,” Mary Miller, director of fixed income at T. Rowe Price, says.
Obama Wants Review Of Signing Statements
President Wants To Know How Bush Used Notations For Officials On How To Implement Laws
When signing legislation, Mr. Bush often would use such statements to direct officials to ignore parts of the law he thought were incorrect or restricted the administration's constitutional powers.
Gibbs said presidents have used such statements to note potential problems and Mr. Obama planned to continue that practice. But Gibbs said Mr. Obama would not use those signing statements to completely disregard Congress' intent.
Huh...thought Obama held the title on speaking out both sides of his mouth...guess he's giving lessons now...
FDIC: We've Got You Covered
With 17 Federally-Insured Banks Failing So Far This Year, Chairman Says Agency Can Handle Losses
(CBS/AP) The head of the agency that insures bank deposits said Monday it has plenty of money to cover any failures this year.
Sheila Bair, chairwoman of the Federal Deposit Insurance Corp. (FDIC), said the agency has set aside $22 billion to cover any projected losses over the next year, leaving $19 billion.
Just 2½ months into the year, 17 federally insured banks have failed.
Appearing on CBS' The Early Show, Bair said the FDIC does not predict how many more banks might fail this year, but did admit that "the number will go up, and it will continue to go up. But we've been preparing for this for some time, so it's well within our capacity to handle."