CIT Group filed for bankruptcy under a pre-packaged deal that will allow the company to file for Chapter 11 yet emerge from court protection after a year. This will be the largest company since Lehmann Brothers to file for bankruptcy. In addition to CIT, dozens of banks have gone under this year, casualties of a bloody, ongoing...
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The crisis that almost brought about the fall of civilization as we know was started by unscrupulous Wall Street bankers and brokers who knew that any risk they incurred would be passed on to somebody else. After the federal government stepped in and prevented a financial catastrophe, many observers believed that a new, sobered...
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After President Obama made his passionate and forceful speech about the need for more regulation of Wall Street and the giant banking firms, reaction was mixed. Many people do not believe that Wall Street has the will to behave better. When you break down the substance of Mr. Obama’s speech, there are major flaws in his...
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Recently, we have been bombarded by news that the stock market is doing remarkably better than it has been over the last year. Despite the dismal news from lagging indicators such as unemployment and home purchases, the stock market has risen above 9,000 for the first time in many months. Insider confidence is high because the...
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The news from throughout the country has been discouraging. Unemployment hit 9.5%, while real unemployment hovers around 16.5%. Over two million jobs have been lost since Mr. Obama took office. Foreclosures are rising, while economists expect 1.5 million people to file bankruptcy this year. Many states are facing severe...
read moreThe quest for capital and all of the advantages that it brings has consumed man since we developed opposable thumbs. While many movies deal with money as a peripheral issue, there are some great movies that deal with the mechanics of making money. I have always been fascinated with the inner workings of our...
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