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The CDO Song

Our thanks to one of our readers who sent in this little ditty, which should be sung to the tune of 'American Pie.'

Another CEO Said To Have Resigned

The Wall Street Journal has reported that Jim Cayne, boss of over at Bear Stearns, has told his board and certain senior executives that he is to step down as CEO, although he will retain his position as chairman. Cayne, 74 on Valentine's Day, is expected to be succeeded as CEO by firm President Alan Schwartz.

ABN Wields Axe

The Netherland's biggest bank, ABN Amro, are to shut down it's US equities and mergers and acquisitions businesses with the loss of 550 jobs.

Thain Gets Testy As Merrill Writes Down Another $9.75bn

Merrill Lynch CEO John Thain is a thoroughly decent and honest man. He came to the firm on a turnaround mission some 8 months ago, promising to get his hands dirty and to make the tough decisions required to get the company back on the road to recovery.

Good As Goldman ?

Shush

The Goldman Sachs halo has slipped a little in the last few days, as the firm has found itself in the middle of a brawl involving allegations that some of its traders may have been behind attempts to manipulate the market by the spreading of false rumors. Goldman denies the allegations, effectively saying that the claims are nothing more than false rumors themselves.

Merrill Posts Big Loss, More Writedowns Expected

Merrill Lynch posted a bigger-than-expected second-quarter loss Thursday. The firm came in with a $4.65bn net loss in the period, after $3.5bn writedowns in CDOs, a $2.9bn loss on hedges with financial guarantors, a $1.7bn writedown on US financial investments, $1.3bn writedowns on residential mortgage exposures and $348m related to LBO financings.

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