Word: morganize
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...number does not account for the huge reductions in dividends at most big banks which occurred at the end of last year. Citigroup (C), Wells Fargo (WFC), Bank of America (BAC), and JP Morgan (JPM) have already made cuts or are candidates to do so. Firms in media from The New York Times (NYT) to newspaper chain McClatchy (MNI) are low on income and high on debt. Any company with dwindling cash will be on the list of firms which are likely to need dividend reductions to preserve their balance sheets...
...enforcement record. At her hearing, the soft-spoken Schapiro bristled at media reports that she "infrequently" pursued tough action against big Wall Street names, saying the stories painted an "unfair picture." While chief at FINRA, she countered, her team handled 15,000 enforcement cases, including big names like Morgan Stanley, Citigroup, Merrill-Lynch and Lehman. "I have never been afraid to go after people I thought who have violated the public trust...
...sudden plunge in exports has taken its toll on China's industrial heartland - southern Guangdong province. Jing Ulrich, chairman of China equities at JP Morgan in Hong Kong, believes some 60,000 businesses closed in the region, and the government estimates about 10 million migrant workers are unemployed. The downturn has put "huge stress on the job market," says Credit Suisse economist Dong Tao, which "could cause some social unrest. That's my worry...
...growth in the fourth quarter, at 6.8%, was the slowest the country has experienced in seven years. Compare that figure to the first half of 2008, when growth was more than 10%, and in 2007, when China posted an eye-popping 13% rate. As Stephen Roach, chairman of Morgan Stanley Asia, put it: "China hit a wall late last year...
...James Stillman, who became City's president in 1891, combined prudence with great ambition. City Bank cruised through the Panic of 1893, thanks in part to the huge stash of gold that Stillman had acquired--gold being the backing for credit then--because he sensed trouble. City joined J.P. Morgan in bailing out the nearly bankrupt Federal Government in 1895 and soon grew to be the country's biggest bank. Its growth went international in 1914, after City lobbied Congress to tweak the Federal Reserve Act and allow branches abroad. (See the best business deals...