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...weekly also owned by Manhattan Media. But due to the current financial crisis, Blum said, Manhattan Media decided to suspend publication of 02138. “It’s going to be a very difficult time to re-launch a magazine,” said Tom F. Allon, CEO of Manhattan Media. “Magazines that are well-established are having their challenges.” Allon said that although he has not heard from alumni since the suspension was announced, “We expect they’ll be disappointed.” While Allon said...
Things got even worse this week. Chrysler, citing the lack of financing for car sales, announced that it was chopping 25% of its white collar work force, about 5,000 people, and a like number of contract workers. "These are truly unimaginable times for our industry," said CEO Robert Nardelli in the statement. "We continue to be in the most difficult economic period most of us can remember." GM boss Rick Wagoner told employees in an Email that the company has to make more cuts and urged anyone on the retirement fence to get off it and go, since buyout...
...basis. At Thursday's volatility conference, held at City University of New York's Baruch College, some of the people closest to the market swapped stories of operating in such a harried environment. "Everything happens so quickly now, you don't have time to digest it," said Tim Mahoney, CEO of Bids Trading, an order execution firm, speaking from the dais. "I'm grateful to be here and not on the desk," joked George Bodine, the director of trading at General Motors Investment Management. "It gives me one day of reprieve...
Though stock exchanges are trying to, at least at the margin. Reto Francioni, CEO of Deutsche Borse, a stock exchange in Frankfurt, described how volatility disruptions now kick in hundreds of times a day. When a stock's price jumps outside of its proscribed range, word goes out and trading switches over to an auction format for about five minutes to give all the market participants a chance to regroup, process any new information they might have - and to prevent the volatility from feeding on itself. "When markets aren't acting rationally, it's healthy to slow them down," said...
...largest gifts came from campaign chairman Finn M.W. Caspersen and the family of Lazard CEO Bruce J. Wasserstein, who donated $30 million and $25 million, respectively—the two largest donations in the school’s history. The Wassersteins’ and Caspersen’s gifts will go toward a facility housing an academic center, a student center, and offices for legal clinics...