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Last year one U.S.-stock mutual fund made money. One. Out of thousands. TIME's Barbara Kiviat spoke with Tom Forester, who steered the $62 million Forester Value Fund to a category-besting 0.4% return, about a very difficult year and what lies ahead. (See pictures of the Top 10 scared traders...
These days, however, few people think the capital-purchase plan makes sense. Paul Miller, an analyst at Friedman Billings Ramsey who covers bank stocks, says the problem with it is that the government is buying preferred shares and not common stock. Miller says preferred equity does nothing to help out common shareholders. That's because holders of preferred shares can demand their money back before holders of common stock can. As a result, bank stocks continue to plummet. And no matter how much total capital a bank or any firm has, if its stock goes to zero...
That's why Miller argues that the government should start buying up common stock in the troubled banks, which would boost their stock prices, erase the perception of imminent failure and remove the likelihood that customers will run with their money. It may even boost lending. Of course, the problem with this is that some of these banks might need too much capital - and if the government buys all the common stock needed to fix the problem, it will own the banks, possibly a few times over. So a switch to buying common stock points to nationalization. (See pictures...
Thain played by that rule even though he was relatively new to Merrill, having arrived 14 months ago from the New York Stock Exchange. But he infuriated Lewis by paying out a couple of billion bucks in bonuses before the deal had closed and before disclosing to Lewis that Merrill was going to produce $15 billion in losses for the quarter. Hey, he was just taking care of his people. What's the problem...
...Playboy brand, it is said to be much beloved by Hefner, who is still its editor in chief. But longtime Playboy Enterprises Inc. CEO and even longer time Hef daughter Christie Hefner will step down at the end of January, so change is inevitable. And Playboy Enterprises Inc. stock has been vulgar, dropping 90% in a year. The company has an entertainment arm in Los Angeles and licenses its name and bunny logo to anyone who'll pay, including a wine company in 2008, but is said to make most of its money from its less well-known, more hard...