Archive for April, 2010
Morgan Stanley (NYSE: MS) Pulling out of Revel Casino in Atlantic City
Morgan Stanley (NYSE: MS) announced that it will be pulling out of Revel casino in Atlantic City, a move that will result in what the company refers to as a “substantial loss” of its $1.2 billion investment in the partially-built property. The company said in an regulatory filing on Thursday that its board has authorized [...]
Peer To Peer Lending Executives at Prosper Marketplace Take Salary Cut
Top executives at Prosper Inc, a peer-to-peer lending company, have taken significant cuts in pay in 2009 compared to their 2008 compensation levels, according to a new regulatory filing that th company made with the Securities and Exchange Commission. Prosper Chief Executive Chris Larsen earned a 2009 salary of $125,673, down from his $150,000 salary [...]
Prosper Marketplace SEC Filing Admits Riskiness of Peer-to-Peer Loans
Prosper Inc, a peer-to-peer lending company, admitted that it loans are much riskier to investors than its marketing material might lead investors to believe in a new 10-K filing with the Securities and Exchange Commission last week. In the company’s 10-K disclosure, Prosper said that “Our Notes involve a high degree of risk” and that [...]
Former Citigroup (NYSE: C) Chairman to Testify before Financial Crisis Inquiry Commission
Charles Princes, former chairman of Citigroup (NYSE: C), will be answering questions related to Citigroup’s near downfall for the first time since the financial crisis ended to the Financial Crisis Testimony Commission (FCIC) on Thursday. Prince stepped down from his positions following the revelation that the company would need to take $17 billion worth of [...]
JPMorgan Chase & Co (NYSE: JPM) To Enter Liquefied Natural Gas Market
JP Morgan Chase & Co (NYSE: JPM) announced that it would be entering into the liquefied natural gas (LNG) market on Wednesday under a deal with U.S. LNG natural gas importer Cheniere Energy. Under the terms of the two-year agreement, JPMorgan and Cheniere will jointly look into buying opportunities in the global LNG marketplace, combining [...]
Bank of America (NYSE: BAC) to Close Call Center, 165 Employees Laid-Off
Bank of America (NYSE: BAC) told employees of a Pennsylvania-based call center on Thursday that they would lose their jobs as the company winds down operations in the Ferguson Township, PA-based office. Operations at the building located on Park Center Boulevard will wrap up during the next few months before it’s closed at the end [...]
Bank of America (NYSE:BAC) Inks Human Resource Deal with Hewitt Associates and Plateau Systems
Bank of America (NYSE:BAC) has decided to switch human resources providers, and have signed a deal with Hewitt Associates Inc. and Plateau Systems to provide the services starting in 2011. The current contract with fidelity investments for human resources will be dropped as a consequence of the new deal. As far as the new contract [...]
Citigroup (NYSE:C) Hires Paul Phillips from Bank of America (NYSE:BAC)
Looking to shore up its global telecom, media and technology investment banking unit, Citigroup (NYSE:C) hired Paul Phillips away from Bank of America (NYSE:BAC) to become managing director of the division. Phillips was the managing director for the Bank of America technology group, and led the technology investment banking of the company for five years, [...]
General Electric (NYSE: GE) to Invest in Norway’s Wind Power Industry
General Electric (NYSE: GE) has announced that it will be investing $100 million into expanding its wind power activity in the country of Norway, a move which will create 100 new jobs for the country. According to the Norway Post, General Electric plans on establishing a new Oslo-based offshore technology development center to compliment its [...]
S&P Reaffirms AIG’s (NYSE: AIG) Credit Ratings
Standard & Poor’s reaffirmed its A-/A-1 counterparty credit ratings for American International Group (NYSE: AIG) on Thursday. The rating firm also reaffirmed AIG’s A+ counterparty credit and financial strength ratings on its insurance subsidiaries including Chartis and SunAmerica Financial Group. Today, Standard& Poor’s affirmed its ‘A-/A-1′ counterparty credit ratings on American International Group Inc. (NYSE: [...]
Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: MS) Hurting From Drop-Off in Investment Banking
Analysts are cutting their earnings forecasts for Morgan Stanley (NYSE: MS) and Goldman Sachs (NYSE: GS), two of the largest U.S. investment banks, as the result of a general decline investment banking activities such as IPOs, mergers and equities trading. Barclays Capital analyst Roger Freeman lowered his first-quarter earnings prediction for Morgan Stanley to 47 [...]
Citigroup (NYSE: C) to Revamp Algorithm-based Trading Strategies
Citigroup (NYSE: C) will be overhauling its platform of trading strategies as part of an ongoing effort to grow its share of the U.S. equities from 14%, according to Young Kang, global head of algorithmic products at the firm. The New-York based broker is introducing a new set of algorithmic strategy shifts, as well as [...]
EMI Seeking Sony (NYSE:SNE) Deal to Avoid Seizure from Citigroup (NYSE: C)
EMI needs to make up for a funding gap of £100 million or it could face a potential seizure by Citigroup (NYSE: C) a creditor. It now appears that Sony (NYSE:SNE) is ready and willing to make a deal with EMI to win the distribution rights to the British music company’s back catalogue in the [...]
GMAC Names Former Bank of America (NYSE: BAC) Executive as Interim CFO
GMAC Inc, the automotive-lender owned primarily by the U.S. government, has named Bank of America (NYSE: BAC) alumni James Mackey, currently a senior finance executive for GMAC, as its interim Chief Financial Officer, following the departure of Robert S Hull last month, who became the CFO of Provident Equity Partners, a private-equity firm. Mackey’s appointment [...]
Wachovia Name All But Gone from Wells Fargo (NYSE: WFC)
Wells Fargo & Co (NYSE: WFC) announced last weekend that the majority of its Wachovia international locations have begun operating under the Wells Fargo name and brand. Wells Fargo purchased Wachovia Corporation on December 31st 2008 after Wachovia failed during the midst of the financial crisis. Since then, Wells Fargo and Wachovia have been merging [...]
worst video player ever- after over2:00 there's still no video appearing 