Word: firm
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...firm is taking advantage of the crisis to expand into more areas of investment banking. Teevan has hired 35 people since joining Cantor, with an eye toward building out its high-yield-debt sales and trading business. Other areas Cantor is looking to for expansion include the business of offering advice to troubled companies on how to refinance their debt. The firm is also hoping to break into the business of underwriting stock and bond offerings. "I am very happy I made the move to Cantor," says Teevan. "This place has been rebuilt and it is thriving...
...engagement has become hand-to-hand as the fight to see who will make it out of the rubble of the GM (GM) restructuring comes to a close. The most recent development is that the car company's retired workers are blaming the firm's creditors for dragging their feet and pushing GM closer to bankruptcy. On the one side is a group that wants its money back and on the other are the people who worked on the assembly line for decades and don't want to spend their golden years without healthcare or a pension...
...comeback against both the economy and more well-financed and adroit competitors from Asia. GM is so close to being put into Chapter 11, effectively at the hands of the federal government, that its offer of equity-for-debt will probably by-pass the powerful committee that represents the firm's bondholders in negotiations. The company has made the correct calculation that it is out of time and that good manners won't pave the way to an agreement...
...financial system, Citi, JPMorgan Chase and Goldman Sachs all reported billion-dollar-plus profits for the quarter ending March 31. Wells Fargo, which won't be releasing its earnings numbers until next week, preannounced on April 9 that it made about $3 billion - a record for the firm. (See pictures of the dangers of printing money...
...Pirate Bay, for its part, was unrepentant. In a statement streamed live on the firm's website, Peter Sunde reckoned it "bizarre we were even convicted at all." Its defense: the company doesn't host or store the offending material, and files aren't actually exchanged on the site. Instead, the Pirate Bay acts like a directory, pointing users to material hosted elsewhere on the Web. In that sense, Sunde told the BBC recently, "there's no difference between us and Google." (See the 50 best websites...