By Jason Simpkins Associate Editor Despite earlier pledges to hold oil output steady, the Organization of Petroleum Exporting Countries (OPEC) yesterday (Wednesday) announced that it would cut production by 520,000 barrels per day in an effort to "strictly comply" with the production quotas set last September. However, Saudi Arabia, the cartel's largest and most influential […]
Archives for September 2008
September 2008 - Page 8 of 11 - Money Morning - Only the News You Can Profit From
Inside Wall Street: The Hocus-Pocus Accounting Tricks That Will Perpetuate the Capital Markets Credit Crisis
[The second installment of a two-part story detailing how accounting machinations have fueled the capital markets credit crisis. Part I appeared yesterday (Wednesday).] By Shah GilaniContributing Editor Who says accounting can't be fun? When it comes to determining capital adequacy and the solvency of banks and investment banks gutted by this historic capital markets credit […]
Lehman's Early Earnings Do Little to Quiet Market Fears
By Jennifer Yousfi Managing Editor In a move to reassure spooked investors and curtail a crisis of confidence, Lehman Brothers Holdings Inc. (LEH) moved up its third-quarter fiscal earnings release to early yesterday (Wednesday) morning. One day after Lehman stock plunged 45% for the day, dragging the investment bank's market cap below $6 billion, Chief Executive Officer […]
Inside Wall Street: Why Hocus-Pocus Accounting Will Perpetuate the Capital Markets Credit Crisis
By Shah Gilani Contributing Editor I once asked my friend – world-famous magician Lance Burton – if he could show me how he did a particular trick. “Can you keep a secret?” he asked. “Of course,” I replied. “So can I,” he said. The point is that the U.S. Federal Reserve, the U.S. Treasury Department […]
Two Moves That Will Let You Profit From the Fannie/Freddie Bailout
[The second of two parts analyzing the upside and downside of the Fannie Mae/Freddie Mac bailout. Part I appeared yesterday (Tuesday).] By Martin Hutchinson Contributing Editor Between the U.S. Treasury Department’s weekend bailout of Government Sponsored Enterprises (GSEs) Fannie Mae (FNM) and Freddie Mac (FRE) – and Monday’s bullish market reaction – you’d think the […]
Global Investing Roundups
EADS Eyes Tunisia; McDonald’s Thrives on Slump; Reynolds American Makes Cuts; DOJ Hires Big Gun to Scrutinize Google-Yahoo Deal; Google Space; Pending Home Sales Collapse; Manpower Decline; Deficit to Soar to Record in 2009 European Aeronautic, Defence & Space Co. NV (PINK: EADSY), parent company of Airbus SAS, announced yesterday (Tuesday) that it would shift […]
OPEC to Hold Output Steady Despite Oil Price Plunge
By Jason Simpkins Associate Editor The Organization of Petroleum Exporting Countries today (Tuesday) signaled it would hold output steady in coming months despite the significant drop in crude oil prices that has taken place over the past nine weeks. Members of OPEC were scheduled to meet September 9, but the final press conference, when the […]
Lehman Ripe for Takeover as Market Cap Plunges Below $6 Billion
By Jennifer Yousfi Managing Editor Lehman Bros. Holdings Inc.’s (LEH) will announce “key strategic initiatives” early today (Wednesday), just one day after its stock nosedived to its lowest level in almost a decade. Lehman also will announce its expected third-quarter earnings – a week earlier than expected. Once the fourth largest Wall Street investment bank, […]
Bailout Blues: Beware of the Unseen Fallout From the Fannie/Freddie "Rescue" Plan
[The first of two parts analyzing the upside and downside of the Fannie Mae/Freddie Mac bailout. Part II appears tomorrow.] By Keith Fitz-Gerald Investment Director Money Morning/The Money Map Report Many of the largest financial institutions – including banks, insurance companies and mutual funds – own huge blocks of Fannie Mae (FNM) and Freddie Mac […]
Jim Rogers and Warren Buffett at Odds on Fannie/Freddie Bailout
By Jason Simpkins Associate Editor Few analysts have abstained from voicing an opinion about the U.S. government's plan to seize control of Fannie Mae (FNM) and Freddie Mac (FRE), the nation's embattled mortgage behemoths, and that include such eminent investors as Jim Rogers and Warren Buffett. Of course, two of the world's greatest financial analysts […]