Word: banke
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Citigroup may soon get all the sleep it needs. Investors are growing increasingly concerned that the global financial behemoth could go the way of Bear Stearns, Lehman Brothers and Merrill Lynch. Shares of the company, which was once the world's largest bank, closed at $3.77 on Friday. The company's board members reportedly met on Friday and will continue to talk over the weekend to discuss the firm's options. There are a number of possible outcomes, not all of which conclude with the end of Citi. "Somehow they need to get the price of their stock up," says...
...Most analysts believe Citigroup can survive its current market woes, though probably not without some changes. In a report out on Friday, Deutsche Bank analyst Mike Mayo, who has been a long-time bear on Citi, says the company has adequate capital to survive. When you factor in the $25 billion Citi got from the Treasury's Troubled Asset Relief Program, Mayo estimates the bank has as much as $100 billion in cash cushion...
...deflation isn't just a U.S. anxiety. Japan, which emerged from deflation only earlier this decade, is now back in recession, has negligible inflation and could soon see prices fall again. So too in Europe, where the European Central Bank was behind the curve in seeing the risks to growth that the credit crisis posed and kept interest rates too high for too long. Though Europe is not in outright deflation yet, the pressures across the continent are all trending downward. Even in China, the world's largest developing nation, officials acknowledge that the risk of inflation - their main concern...
...Merrill Lynch economist King argues, it's likely that the deflationary forces will intensify as the result of a vicious cycle. As economic conditions deteriorate, bank lending naturally declines because the number of credit-worthy borrowers - whether corporate or individual - shrinks. In other words, financial institutions that got into their current egregious situation by making bad loans aren't going to recover by making more bad loans. Thus a declining economy leads to contractions in lending, which further dampens demand...
...life, Weber, the author of a newly released biography, sought to introduce the man who was known as Charles-Édouard Jeanneret-Gris before his career took off. “Getting to know the man behind Le Corbusier is like getting inside a Swiss bank vault,” Weber said. His book is the “first to approach Le Corbusier in a narrative that goes through his life,” he told community members last night. The book signing, organized by Random House Publishers, Harvard Book Store, and the Department of Visual and Environmental...