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When Alan Mulally took over as CEO of Ford in September 2006, the storied automaker was losing money on every car it produced, staring at a $17 billion annual loss, and getting trounced by the likes of Honda and Toyota on the global stage. “We were going out of business,” Mulally recalled matter-of-factly in a [...]
Just days after its controversial IPO, Facebook and its Wall Street bankers have been hit by shareholder lawsuits alleging that the social networking giant and its underwriters concealed the company’s decelerating revenue growth from investors. The lawsuits come amid a growing furor about whether Facebook’s banks selectively disclosed information that gave favored clients an unfair [...]
Facebook’s Wall Street investment banks warned top clients of new doubts about the social network’s financial prospects just days before the company’s IPO, according to a series of reports that emerged Tuesday.
Although the Facebook IPO was a big success for Facebook and its early investors and insiders — who sold $9 billion worth of shares they’d acquired at lower prices — the offering was a disappointment for many investors who clambered to get a piece of the most-hyped IPO in nearly a decade.
World leaders have gathered this weekend for the G-8 summit. Here’s a portion of my recent interview with Ian Bremmer, president of the Eurasia Group and author of “Every Nation for Itself: Winners and Losers in a G-Zero World.” Read more: G-8 or G-Zero? Why the West No Longer Sets the Global Agenda
Facebook’s public debut — the largest tech IPO in history — performed below expectations Friday, jumping 13% to hit $43 just minutes after trading began, only to retreat quickly to the initial offering price of $38. At that point, the IPO underwriters, including the largest banks on Wall Street, stepped in and waged a buying-battle to support [...]
Eight years after launching Facebook in a Harvard dorm room, Mark Zuckerberg is about to pull off one of the most valuable stock offerings in U.S. history — and the largest ever in tech — making him one of the world’s richest men, worth nearly $20 billion. Thousands of employees and early investors will reap [...]
Days after disclosing a massive derivatives trading loss, JPMorgan Chase was hit with three shareholder lawsuits accusing company executives — and its CEO Jamie Dimon — of misleading investors about the extent of the blunder. The flurry of legal paper came as news emerged that the losses at the nation’s largest bank have grown by 50% to $3 billion — just days after the debacle was disclosed.
Chesapeake Energy’s stock price dropped to the lowest level since March 2009 on Tuesday, after a major credit ratings agency downgraded the nation’s second-largest natural gas producer on news that the company will take a $4 billion loan — higher than the $3 billion previously announced — to pay off an existing credit line. It’s [...]
The FBI has opened a probe of JPMorgan’s $2 billion botched trade, which has wiped out nearly $20 billion in shareholder equity and renewed calls for more aggressive regulation of Wall Street. News of the federal probe, which was first reported by The Wall Street Journal, came as CEO Jamie Dimon faced tough questions Wednesday [...]
