Word: stocking
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...That seems to be the multibillion-dollar question in an ongoing court battle that pits Greenberg and his firm Starr International against his former employer AIG. The deeply troubled insurance giant claims Greenberg, through Starr International, improperly gained control of hundreds of millions of shares of AIG stock when he was booted from the company in 2005. (See 25 people to blame for the financial crisis...
...trial that started on June 15 in U.S. District Court in New York, AIG contends that the shares as well as over $4 billion in profits that Starr International has reaped from past AIG stock sales were meant to fund a long-standing deferred-compensation program for AIG employees - a program that Greenberg, 84, halted after his acrimonious ouster from AIG amid an accounting scandal...
Faced with troubling signs of a stalling recovery, investors sent the U.S. stock market down sharply on June 15. At the day's close, the Standard & Poor's 500 Index was off 2.4%, with the steepest drops suffered by major banks and commodity producers. Bank of America, the most actively traded stock during the day, saw its price shed nearly 2.8%. The Dow fell 2.1% to close...
...downdraft on June 15 in stock prices was more than a result of lackluster buying. Traders were lightening portfolios as signs of continued economic weakness trumped talk of green shoots and recovery. As David Rosenberg of money manager Gluskin Sheff noted in a Monday-morning report, year-over-year economic numbers are simply awful: raw-steel production (-47.3%); lumber production (-32.6%); railway traffic (-20.1%); electrical output (-12.9%). Such negative numbers, in Rosenberg's view, "hardly paint the picture of an imminent recovery...
Despite June 15th's market weakness, investment managers are optimistic that stocks will not head back to their March lows, since the scariest part of the financial crisis appears to be over. That said, most do anticipate an ongoing correction that might take stock prices down another...