New York regulator looks at mortgage servicer
Benjamin Lawsky, head of New York’s Department of Financial Services, is looking into the nation’s fourth-largest mortgage servicing company for conflicts of interest. It’s another blow to the image of the industry. Michael Corkery had this story in the New York Times: New York State’s top banking regulator said he had new concerns about Ocwen Financial, […]
Home Depot sees Christmas in the Spring
The world’s largest home improvement chain is doing some work on its own bottom line. After reporting sales less than analysts expected, Home Depot is banking on higher demand after winter storms and premium products to increase the bottom line. Dhanya Skariachan wrote for Reuters that the retailer is predicting higher demand as people make […]
HSBC earnings disappoint
Europe’s largest bank fell short of expectations as revenue declined and they didn’t cut enough costs. The economy is begining to recovery but not fast enough for the bank to meet its targets. Bloomberg’s Howard Mustoe and Gavin Finch had this story: HSBC Holdings Plc (HSBA), Europe’s largest bank, posted full-year profit that missed analyst […]
Comcast and Netflix reach streaming agreement
Netflix is striking deals now to make sure its content will stream without interruption. It reached an agreement with Comcast for an undisclosed amount to directly connect to its network. The New York Times had these details in the story by Noam Cohen: Comcast, the country’s largest cable and broadband provider, has reached an “interconnection […]
Energy Future Holdings may file for bankruptcy
Energy Future Holdings, formerly known as TXU, is likely to file for bankruptcy court protection. The company was part of one of the biggest leveraged buyouts in history, and the news will likely tarnish the idea of large deals. The Wall Street Journal story by Emily Glazer and Mike Spector said the company was lining […]
Coverage of Facebook’s latest acquisition
Facebook announced its biggest acquisition to date, purchasing Internet text service WhatsApp for $16 billion to $19 billion. The number depends on if you count the $3 billion in restricted stock options. Either way, it’s a vast sum of money. Reed Albergotti, Douglas MacMillan and Evelyn M. Rusli wrote for the Wall Street Journal that […]
More stories of bankers behaving badly
Kevin Roose is being compared to Michael Lewis for his inside Wall Street book “Young Money,” which hit stores Tuesday. For the piece, Roose followed eight young bankers during their first years at various Wall Street firms. As an aside, he also managed to sneak into one of the most secretive parts of the club […]
More Libor charges as case expands
British authorities filed charges against three more people in the ever-widening Libor manipulation case. Manipulating the benchmark rate has been a global scandal involving several firms since July 2012. David Enrich and Margot Patrick wrote in the Wall Street Journal about the expanding nature of the probe: British prosecutors filed criminal charges against three former […]
Union defeated In The South
It looks like workers in Tennessee have decided that unionizing still isn’t for them. The United Automobile Workers attempt to organize a Volkswagen plant in Chattanooga failed, something most of the media dubbed a sweeping defeat for organizing the entire South. Here’s the story from Reuters by Bernie Woodall: In a stinging defeat that could […]
Bloomberg Businessweek’s six-cover story
This week’s edition of Bloomberg Businessweek rolled out with six different covers each featuring a low-paid worker in a story about raising the minimum wage. Peter Coy wrote the story: Raising the minimum wage is certain to be a wedge issue for Democrats in the midterm elections because it’s the rare redistributive measure that enjoys broad […]
