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...lingered about whether the chief executive was completely honest with shareholders about the state of Merrill - specifically about the year-end bonuses paid out to Merrill employees despite the investment bank's huge 2008 losses. Bank of America shareholders have already voted to remove Lewis from the post of chairman in part because losses at Merrill turned out to be worse than Lewis let on. But that has failed to put the issue to rest. (See 25 people to blame for the financial crisis...
...approve the deployment of the now canceled system). What's more, they can perform missions other than missile defense, and they are considerably cheaper. "This system gives us a much more significant and robust capability to adapt to the threat as it actually emerges," Marine General James Cartwright, vice chairman of the Joint Chiefs of Staff, said Thursday, Sept...
...much awaited sweeping health-reform legislation comes under heavy fire from both the left and the right, Senate Finance Committee chairman Max Baucus is doing his best to keep his game face on. In an interview with TIME.com, he said the reaction he has gotten "feels like it's about right, because this is something that can pass ... It's a sense of inevitability that [the bill] is pretty close to the mark here." But after a stormy closed-door session with his fellow Finance Committee Democrats, Baucus is sounding open to making some changes, even before he bangs...
...virtual Who's Who of battered luxury chains. "Saks and Neiman's sales are horrendous. Tiffany was down 27% in U.S. same-store sales last quarter, Bulgari was down 21%, Harry Winston sales were down 49%, and [LVMH Moet Hennessy] Louis Vuitton down 23%," says Howard Davidowitz, chairman of Davidowitz & Associates, a retail consulting and investment banking services firm. "If you look at Madison Avenue, it's a ghost town in terms of store closings. It's an absolute disaster." (Read "How Consumers Shop Differently Today...
After months of anticipation and blown deadlines, Senate Finance Committee chairman Max Baucus on Wednesday finally unveiled his bill to overhaul the nation's health-care system. The Montana Democrat did his best to sell the controversial proposal, stressing that it was largely in line with the principles laid out last week by President Barack Obama: it has a 10-year price tag of less than $900 billion, doesn't add to the deficit and includes a mechanism to ensure that those with pre-existing conditions can't be denied coverage. But Baucus' relentlessly positive spin couldn't change...