A 60 Minutes Embarrassment

By Trevor Timm | Leave a Comment

I think more than a few people were taken aback on Monday when, after posting a $2.5 billion dollar profit for the first quarter (NYT: Bank Profits Appear Out of Thin Air), Bank of America’s stock dropped by more than 25%.
I really hope no one was more shocked than Lelsie Stahl of 60 Minutes. As [...]

In Economics April 22, 2009 

Three hours away from the end of the world

By Trevor Timm | Leave a Comment

The entire economic system almost suffered catastrophic failure on September 18th, according to Rep. Kanjorski (D-PA).

Partial transcript (via Ben Smith):

On Thursday at 11:00 a.m. the Federal Reserve noticed a tremendous draw-down of money market accounts in the U.S., to the tune of $550 billion was being drawn out in the matter of an hour or [...]

In Economics February 10, 2009 

Giving new meaning to the term “Bank of America”

By Trevor Timm | Leave a Comment

BANK OWNED BY AMERICA; FEDS BECOME LARGEST SHAREHOLDER…

NEW YORK (CNNMoney.com) — Bank of America has received another $20 billion from the federal government’s bailout fund, along with guarantees on $118 billion of assets at the bank, to absorb its recent purchase of the ailing Merrill Lynch.
Details of the deal were announced by the government in [...]

In Economics January 17, 2009 

Looks like the internet is winning

By Trevor Timm | Leave a Comment

These three stories broke this morning:

McClatchy to Sell Miami Herald

The McClatchy Co., burdened by debt and a steep slide in newspaper advertising, wants to sell one of its most prized properties, The Miami Herald, according to people briefed on the company’s plans.
McClatchy, the nation’s third-largest newspaper chain, has approached potential buyers for The Herald, said [...]

In Economics December 8, 2008