CEO Vikram Pandit Kenneth Lewis Company Going Against Him Slow to cut costs, snowballing losses, spins all results positively, voracious consumer of taxpayer funds Bad acquisition of Countrywide, worse deal for Merrill, bonus scandal, gorged on i-bankers at peak of market Going For Him Engineering background, Suaveness. Southern…
Treasury
The New Glossary of Finance Terms
The New Glossary of Finance Terms Bonus: A form of extortion whereby employees of a company extract either shareholder or taxpayer money for their own pleasure regardless of the success or failure of said company. Derivatives: Trading vehicles created by over-educated finance professionals for whom speculating in stocks and bonds was not quite risky or volatile enough. Bulge…
Geithner Makes His First Impression…And It Sucks
As I watched the Dow Jones Industrial Average do that cascading-down-400-points thing that it’s gotten so good at, I listened in disbelief as our new Treasury Secretary Tim Geithner went through the whole litany of how we got to this point. Does anyone really need a recap of the last 18 months and what’s gone on? …
