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Archive for January, 2006
Tuesday, January 31, 2006 Investigators not finished with mortgage lenders By Ian Mylchreest The investigation into sub-prime lending and the industry’s predatory tactics will not end with the Ameriquest settlement, reports the Los Angeles Times. Sub-prime lenders write mortgages for customers with poor credit or low incomes.
Bear Stearns has already given documents on loans it has bought to the FTC and the bank’s unit is already being targeted [...]
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Tuesday, January 31, 2006 Exxon hides its light under a bushell By Ian Mylchreest Exxon Mobil has ousted Wal-Mart as the revenue leader and its announced results for 2005 put it ahead of some significant countries, reports the New York Times. The company made over $36 billion on revenues of $371 billion.
The company is fighting with the rest of the industy to stave off the threat, and it’s only [...]
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Tuesday, January 31, 2006 Hotel chain could be starting a trend By Ian Mylchreest Westin Hotels decision to ban smoking at all its properties could be the start of a trend, reports USA Today. The company annnounced late last year that it would go smoke-free in all its hotels.
A survey by the paper shows that at least 200 hotels nationwide are non-smoking and two counties in Ontario also ban [...]
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Tuesday, January 31, 2006 And they’re off By Ian Mylchreest Defying the skeptics, Judge Sim Lake managed to seat the jury to try former Enron Chairman Ken Lay and CEO Jeffrey Skilling in just one day, reports the Houston Chronicle. After various motions to move the trial to avoid the wrath of the locals, many of whom lost money in the energy trader’s collapse, the [...]
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Tuesday, January 31, 2006 Morgan Stanley sells aircraft business By Ian Mylchreest Morgan Stanley has unloaded its aircraft leasing arm for a higher than expected $2.5 billion, reports the London Telegraph. London-based private equity outfit Terra Firma was the lucky buyer.
The deal is part of the revamping under new CEO John Mack. The bank took a $1 billion write down on the losing aircraft business and its [...]
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Tuesday, January 31, 2006 Safe as a bank? By Ian Mylchreest We commonly assume that commercial banks are regulated and stick to the safe stuff while the investment banks exist for the riskier bond and currency trading. Not so, reports Forbes, because accounting rules give commercial banks a perverse incentive to hold on and keep the bet going where investment banks have to take the hit [...]
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Tuesday, January 31, 2006 Pension board tries to unload United stock By Ian Mylchreest The government owns a 20 percent stake in United Airlines, which is set to exit bankruptcy very soon. The Pension Benefit Guaranty Corporation that holds that stock is trying to sell half of it in the next couple of days, reports the New York Times.
The agency ended up as a creditor in the bankruptcy and [...]
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Monday, January 30, 2006 Shame on our oil companies By Len Butcher Tomorrow night President Bush will give his State of the Union address, and by what I’ve heard, he will give a speech outlining plans for some of the country’s problems, rather than giving a “feel-good’ speech, although I’m sure he will tell his fellow Americans that things aren’t as bad as they’ve been led to [...]
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Monday, January 30, 2006 Late post for Monday By Steve Sebelius Busy day here at Various Things & Stuff’s headquarters in a nondescript building somewhere near McCarran International Airport. So, let’s stick with Friday’s quick hits format, and cover as much ground as we can.
• U.S. Sen. John Kerry was one of those desperate souls trying to impress the liberal base of the Democratic Party [...]
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Monday, January 30, 2006 Carson City faces a gaming boom and bust? By Ian Mylchreest The casino industry is enjoying a renaissance up north, reports the Reno Gazette-Journal. At the same time, skeptics say there are not enough locals for all the properties.
“I don’t think there is a shortage of places to gamble in Carson City right now,” says Ormsby House co-owner Don Lehr. His property is undergoing renovations and [...]
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