Word: stockely
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...capturing--via the profane, telling quote--the high-noon drama of the meltdown. When Morgan Stanley CEO John Mack tells Lehman boss Dick Fuld, "There are rumors that you guys are in trouble," Fuld, the "Gorilla of Wall Street," answers with tough-guy bravado, "It's bullshit." Lehman's stock price was soon in free fall...
After the firm imploded, friends of Fuld's worried not only about the spread of the financial disaster worldwide but also about his safety, as enraged employees, who had invested their life savings in now worthless company stock, cleared out. Though Wall Street, with government intervention, survived, Gasparino has plenty of finger-pointing to offer. He argues, for instance, that the SEC should be disbanded because of "the false sense of security it provides." Then again, after reading this book, you're not likely to be that susceptible anymore...
...facts tell the dismal story. In the 10 years ending Dec. 31, 2008, investors suffered a negative 3.15% real return in U.S. stocks, constituting the fourth worst 10-year period since 1871. Given the pummeling the stock market has taken this decade - even after this year's rally, the S&P 500 index remains 32% below its all-time high reached in October 2007 - many are now questioning whether stocks should be the cornerstone of investors' long-run portfolios...
...Egyptian Foreign Ministry summoned the Algerian ambassador in Cairo last week to hear complaints about violence against Egyptians and Egyptian businesses in Algiers; and Algeria slapped Egyptian telecommunications giant Orascom Telecom with a $596.6 million bill for outstanding taxes, sending Orascom shares - a popular Middle East stock - tumbling. On Nov. 19, Egypt recalled its ambassador to Algeria "for consultations...
Rather than reject the deal, outright, Tehran declares support for its framework, but has begun floating counter-proposals on the timing and scale of the Iranian uranium exports it would involve, aiming to avoid relinquishing most of Iran's existing nuclear fuel stock by the end of this year, as the Vienna proposals envisioned. Iran's foreign minister, Manoucher Mottaki, on Wednesday reiterated that Iran would not ship out its stockpile, "but can review swapping it simultaneously with nuclear fuel inside Iran." That's simply the latest in a series of counter-proposals floated through the media, none of which...