Word: quarterly
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...loans." Well, the bank might then have $200 in loans, but it still has only $5 in common shareholders' equity. The result: if just 2.5% of its loans go bad, the bank's shareholders are wiped out. Wisely, the largest banks in the nation lent less in the fourth quarter of 2008 than in the previous three months - a strategy that has drawn some complaints. But that hasn't removed the pressure on their shares. That's because the banks have had to continue to take loan losses. And banks don't have the option to pass those losses...
...Since 1998, it has spent $62 billion on share buybacks, according to S&P. The result is that over the past decade, BofA's tangible-capital ratio - the amount of tangible equity in relation to tangible assets - has nearly halved from 5% in 1998 to 2.8% in the third quarter of 2008. It became a bank built on air. (See pictures of scared traders...
...Jobs and consumer confidence are Siamese twins. Retail sales in the last two months of 2008 have already confirmed that. Consumer consumption likely raced downward after the holiday. Store closings and retail industry lay-offs are signs that the shoppers who did not show up in the fourth quarter are staying away...
...fourth quarter GDP number may have been a little better than expected. Joblessness and a bleeding off of some of that overstocked inventory spell a historic drop...
...would like to thank Dean Dingman for continuing to increase food literacy among Harvard students—particularly when it comes to vegetarian cuisine. A recent survey by Aramark, a leading food service provider, concluded that nearly a quarter of college students are actively seeking vegan options when they sit down to eat, for reasons ranging from their own health to environmental concerns to of course cruelty to animals. As such, it’s more important than ever for HUDS to meet this growing demand for creative and cruelty-free meals...