Its allegedly rosy ratings for mortgaged backed securities understated the severity of the growing housing crash and may have actually contributed to the financial crisis. Michael de la Merced has been following the story reporter for our partner, The New York Times.
The insurance giant A.I.G. would like to thank you for bailing them out a few years ago. They'd also like to sue you. Michael de la Merced of The New York Times explains why.
It has been a tumultuous year for big banks, and today is turning out to be no different. JPMorgan and Wells Fargo released their earnings reports today.
Barclays Bank chairman, Marcus Agius resigned today. This comes a week after Barclays was fined $ 450 million for alleged manipulation of interest rates. The practices of Barclays and a number of other banks are under scrutiny because of a wide-ranging investigation by regulators. Agius has been chairman of Barclays since 2007 and he'll stay with the bank until his successor is found.
Losses from the bet "gone wrong" at JPMorgan Chase could total as much as $9 billion. Last month, chief executive Jamie Dimon said the bank had lost $2 billion on a dodgy bet on credit derivatives. But according to our partner The New York Times, that's just the tip of the iceberg.
After a shaky debut, Facebook is getting off to a bad start on its first week of trading as a publicly held company. Facebook's stock is sinking nearly seven percent, falling below the $38 IPO price, in the social network's second day of trading as a public company Monday. Joining us is reporter for our partner the New York Times Michael de la Merced.
In a major hit for Wall Street, JP Morgan Chase disclosed a $2 billion loss on Thursday related to its credit investment portfolio. The trickle down effect could mean a loss of another $800 million in the second quarter for the bank’s Chief Investment Office. The Takeaway talks with Michael de la Merced, reporter for The New York Times' Deal Book.
AT&T announced Monday that it would end its attempted takeover of T-Mobile, saying that it could not overcome opposition from the Justice Department and the Federal Communications Commission. The $39 billion deal would have been the largest corporate merger of the year, and would have created the nation's biggest mobile phone provider. The Obama administration opposed the deal on anti-trust grounds, and the Justice Department sued in August to stop the merger from happening. Michael de la Merced, Dealbook reporter for The New York Times, discusses the latest on the story.
Former MF Global CEO Jon Corzine will testify before the House Committee on Agriculture on Thursday to discuss his leadership of the bankrupt brokerage firm. The former Democratic governor and senator released testimony in advance of the hearing, saying he does not know where $1.2 billion in missing client money went. Michael de la Merced of The New York Times' Dealbook reports on the latest.
Former New Jersey governor and Goldman Sachs executive Jon Corzine resigned as chairman and CEO of MF Global, the brokerage firm that filed for bankruptcy on Monday. Corzine has chosen to forfeit his $12 million severance package. Under Corzine's leadership, MF Global lost two-thirds of its market value. A federal investigation is now under way after MF Global disclosed that $630 million of customer money was missing. Corzine is said to have retained a criminal defense attorney. Michael de la Merced, reporter for The New York Times' DealBook, discusses the latest developments.