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...also means, if you have been following the financial crisis, you won't be too surprised to find out which banks turn out to be stressed. Shares of Goldman Sachs, for instance, are only 40% off where they were a year ago. Citigroup's shares are down 86%. The Administration official also says the Treasury Department may need to pump more money into the banks than it currently has left in its $700 billion financial-rescue fund. But the Treasury Department has no plans to ask for the money immediately...
...first rationale for allowing executives like Lewis and Pandit to remain where they are is that the series of financial company CEO firings which took place less than two years ago was not effective. The results of the turnover were, by almost any measure, a failure. Chuck Prince at Citi was replaced by Pandit, who is considered a well-meaning dolt by most people. Stan O'Neal of Merrill Lynch was replaced by former NYSE CEO John Thain. Thain made the error on more than one occasion of saying the worst was behind Merrill only to end up selling...
...disagree with the observation of some analysts that this deal makes Oracle more IBM than Apple. (Just two weeks ago, IBM had made an unsuccessful attempt to acquire Sun, meeting vociferous opposition from Sun's board, particularly from its chairman, the company's legendary founder Scott McNealy.) With the Sun acquisition, Ellison gets a soup-to-nuts business and the ability to integrate everything from chips to boxes to software. But better than serving the fickle consumer market, as Apple does, he gets to slice off the top of the far more lucrative business market. That allows him to protect...
...turned out that an Italian seismologist, Giampaolo Giuliani, had warned a few weeks ago that an earthquake was likely to strike the region, but officials had poured cold water on his work and accused him of spreading false information. Many scientists still believe that it is impossible to predict earthquakes, and many people that it is impossible to adequately guard against them...
...villains in this saga are not sorry. Almost 70 years ago, C.S. Lewis wrote that "the greatest evil is not done in those sordid dens of evil Dickens loved to paint but ... in clear, carpeted, warmed, well-lighted offices, by quiet men with white collars and cut fingernails and smooth-shaven cheeks who do not need to raise their voices." Never before has the truth of his words been so apparent. Vicky Brago-Mitchell, Los Angeles...