November 21, 2008: Pandit says Smith Barney’s not for sale
Reports as of 1/11/2009, Morgan Stanley could pay $2-3 billion for Smith Barney.
“I think Bob Steel’s the one guy I trust to turn this bank around, which is why I’ve told you on weakness to buy Wachovia (WB).”
— Jim Cramer, CNBC commentator, Sept. 15, 2008
“I expect there will be some failures. I don’t anticipate any serious problems of that sort among the large internationally active banks that make up a very substantial part of our banking system.”
Ben Bernanke, Federal Reserve chairman, Feb. 28, 2008
Kirk Kerkorian’s Tracinda has sold entire Ford stake
Previously in June 2008, Kerkorian made an offer of $8.50 per share.
“I think you’ll see (oil prices at) $150 a barrel by the end of the year”
T. Boone Pickens, June 20, 2008
“No! No! No! Bear Stearns is not in trouble.”
Jim Cramer, CNBC commentator, Mar. 11, 2008. Five days later, JPMorgan Chase (JPM) took over Bear Stearns with government help, nearly wiping out shareholders.
ITT Reaffirms 2008 profit Views
ITT Corp. on Tuesday said it’s sticking with its 2008 profit view and took aim at boosting its dividend by 22% in 2009, but signaled a slowdown in some of its businesses. The White Plains, N.Y. engineering and manufacturing company ITT Corp (ITT) expects 2009 earnings of $3.60 to $4.00 a share, compared to its 2008 target of $3.97 [...]
Madoff Fraud Costs Maxam Capital Management $280 million
“I’m wiped out,” said Sandra Manzke, Maxam’s founder and chairman. The Darien, Conn., fund of hedge funds will have to close as a result of the losses, she said.
Bank of America to cut up to 35,000 jobs
Bank of America (BAC) said late Thursday that it plans to cut up to 35,000 jobs over the next three years
Karmazin: Not Enough Cash to Pay Off Debt
CEO Mel Karmazin, addressing investors at Merrill Lynch’s 2008 Media Fall Preview conference in Marina del Ray, Calif., yesterday, said that the company does not have enough cash to pay off its debt but is confident that it will receive bank financing.
CT Attorney General: AT&T CEO Will Not Disclose Pay
Already facing harsh criticism over 400 jobs cuts in Connecticut, AT&T Inc. now finds itself fighting efforts by state regulators to make it report executive compensation.
Whole Foods CEO speaks out in case against FTC
Whole Foods CEO John Mackey said Tuesday that the Federal Trade Commission’s pursuit of antitrust claims in his company’s acquisition of Wild Oats is “almost a vendetta” and is wasting time and money.
T Boone Pickens “Oil Won’t Fall Below $40/Barrel”
“I don’t think you will stay at that level very long because you are going to start shutting down a lot of projects,” he said at a press conference in New York. “It will be obvious we can’t sustain anything like that.”
Novellus to cut workforce by 10%, CEO Salary
Novellus Systems Inc. on Tuesday said it plans to cut 10% of its workforce and warned that its results for the current quarter will be “below the low end” of guidance due to weakening demand.
John Mack - CEO Morgan Stanley Won’t Receive Bonus
The online edition of The Wall Street Journal, citing unnamed sources, reported Monday that Morgan Stanley’s John Mack decided to forgo his bonus because it “would send the wrong message.”
Merrill CEO Won’t Receive $10 Million Bonus
Merrill announced late Monday that Thain will not get a bonus for 2008. In addition, Merrill’s other four top executives, including Gregory Fleming and Robert McCann, will also go without bonuses, the firm said in a statement.
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- November 21, 2008: Pandit says Smith Barney’s not for sale
- “I think Bob Steel’s the one guy I trust to turn this bank around, which is why I’ve told you on weakness to buy Wachovia (WB).”
- “I expect there will be some failures. I don’t anticipate any serious problems of that sort among the large internationally active banks that make up a very substantial part of our banking system.”
- Kirk Kerkorian’s Tracinda has sold entire Ford stake
- “I think you’ll see (oil prices at) $150 a barrel by the end of the year”
- “No! No! No! Bear Stearns is not in trouble.”
- ITT Reaffirms 2008 profit Views
- Madoff Fraud Costs Maxam Capital Management $280 million
- Bank of America to cut up to 35,000 jobs
- Sam Zell on CNBC
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