Posted by Heather Ward | Posted on 05-11-2011
WASHINGTON — Jon Corzine stepped down Friday from running the securities firm that collapsed after his disastrous bets on European debt. The move was announced as a criminal probe of the company appeared to be intensifying.
The firm, MF Global, said Corzine has resigned as chairman and CEO and will decline payments from a severance package worth $12.1 million, including cash and benefits.
MF Global filed for bankruptcy protection on Monday after its bets on European debt spooked investors and trading partners.
The company is under investigation by regulators and the FBI because hundreds of millions disappeared from customer accounts as it slid toward bankruptcy.
Corzine ran the investment firm Goldman Sachs and was governor of New Jersey before joining MF Global.
He said in a statement that he feels “great sadness about what has transpired at MF Global and the impact it has had on the firm’s clients, employees and many others.” He said he will continue to assist the company and its board as they continue to sort out what happened in the firm’s final days.
Corzine said his resignation was voluntary, and called it “a difficult decision.”
Regulators say more than $600 million in client money is still missing. Read full post…
Posted by Heather Ward | Posted on 28-10-2011
Motorola Mobility Holdings Inc. plans to cut 800 jobs, it reported in a regulatory filing.
The Libertyville-based mobile-phone maker expects the job cuts will cost it $31 million, according to a filing with the Securities and Exchange Commission, which was reported by Bloomberg.
In August Google Inc. agreed to buy the company for $12.5 billion.
A spokeswoman said in a statement, “Motorola Mobility continues to focus on improving its financial performance by taking actions to manage the company’s costs.
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Posted by Heather Ward | Posted on 16-10-2011
Can you survive a job loss for six months? Do you have some funds stashed away for such emergencies until you gather your reins and surge ahead confidently with a new job and a new plan for the future in place? What about a medical emergency? Do you have resources that you can tap into for such a scenario.
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Posted by Heather Ward | Posted on 12-10-2011
Bertrand’s competition is an economic theory, which indicates how two firms will compete in a duopoly market, using ‘price’ as a weapon. Bertrand Competition is an economic duopoly model. Its theory was propounded by Joseph Louis François Bertrand and is named after him. This theory was actually made to criticize the Cournot’s model which stated that companies will compete with each other by changing the quantities manufactured by them. Read full post…
Posted by Heather Ward | Posted on 26-09-2011
At the end of 2010, the federal government announced a settlement with Bank of America in which the bank bought back $2.87 billion in mortgages that did not meet Fannie Mae and Freddie Mac’s standards — that is these were mortgages where, for example, someone inflated their income to guarantee a loan.
In an Inspector General report released today, however, regulators found that Fannie, Freddie and the Federal Housing Finance Agency (FHFA) failed to scrutinize hundreds of thousands of loans to see if they were eligible for repurchase and that could have cost taxpayers billions. W
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Posted by Heather Ward | Posted on 24-09-2011
It’s a day that thousands of Boeing Co. workers have been waiting for: the delivery of the first 787 aircraft.
Nearly a decade in the making, the Dreamliner hasn’t been a dream for Boeing to create and to produce. But, with the first delivery of the 787 on Monday, Boeing takes a step in the right direction — toward restoring its reputation and toward reaching an ambitious goal of building 10 Dreamliners each month.
“This airplane begins a new chapter in aviation history,” Jim Albaugh, president of Boeing’s commercial airplanes division, said last month, when announcing the delivery date.
Today, executives from Boeing and the 787′s launch customer, All Nippon Airways, privately will sign contracts giving the Japanese carrier the right to the first Dreamliner. Read full post…
