St. Louis companies weather Wall Street storm Sep 17, 2008
That s on top of the more than 500-point plummet Monday, which was triggered by the double punch of s bankruptcy and the forced sale of Merrill Lynch & Co. to. The looming financial problems of hit full force Tuesday as the world s largest insurance company sought a federal bailout. (St. Louis Business Journal, MO)
Americans Are Certain Lehman Is Bad News, Just Not Sure It's Bad for Them Sep 17, 2008
Six months before that was the forced sale, backed by the government, of Bear Stearns Cos. to JPMorgan Chase & Co.. (Bloomberg)
House Democrat looking at market rescue plan Sep 17, 2008
Dodd also announced his panel will hear Tuesday from Bernanke and Chris Cox, head of the Securities and Exchange Commission, on the latest Wall Street woes, including the collapse of Lehman Brothers and forced sale of Merrill Lynch to Bank of America. The senior Republican on Dodd's committee said Paulson is sending a "mixed message" on bailouts after declining last weekend to extend a lifeline to newly bankrupt Lehman Brothers when in March the Federal Reserve provided financial backing for a... (WSVN-TV Miami, FL)
US giant down but not out Sep 17, 2008
2% slide as investors, who were spooked by the forced sale or bankruptcy of three of the five US independents, fled stand-alone investment banks. Australia's home-grown investment bank, Macquarie Group, hit its lowest level in four years, dropping to $33. (Sydney Morning Herald -- Business)
A financial watershed of 'most extraordinary events' Sep 16, 2008
Investors were shaken by the bankruptcy filing of Lehman Brothers investment bank and what was essentially a forced sale of Merrill Lynch to Bank of America for 50 billion in stock. Wall Street swallowed hard on the stunning news of the past few days and it was by no means clear how, whether and when it would be digested. (Columbus Telegram, NE)
Response to Continuing Fallout on Wall Street from the Center for Responsible Lending Sep 16, 2008
The failure of Lehman and forced sale of Merrill underscore the need for stronger regulation of the mortgage market to prevent this from recurring, and, if we want to fix the economy, the need to modify the millions of bad loans that created this mess. The federal government is devoting vast energy and taxpayer dollars to rescue the Wall Street firms that helped cause this catastrophe. (PR Newswire)
Stocks collapse as Dow falls 504 points Sep 16, 2008
Stocks posted big losses in markets across much of the globe as investors absorbed bankruptcy plans at Lehman and Merrill Lynch's forced sale to Bank of America for $50 billion in stock. And perhaps most ominously, American International Group Inc. is asking the Federal Reserve for emergency funding. (Crain's Chicago Business)
Banks in state report stability Sep 16, 2008
By the end of the day, the Dow had dropped more than 500 points as investors reacted negatively to the bankruptcy filing of Lehman Brothers Holdings Inc. and the forced sale of Merrill Lynch to Bank of America. "What can you say?" he said. (Northeast Mississippi Daily Journal)
Bagehot And The Bankers Sep 16, 2008
Lehman's demise as one of Wall Street's oldest and most well known independent firms comes on the heels of the forced sale of Bear Stearns to JP Morgan Chase (nyse: - - ), the government's conservatorship of Fannie Mae (nyse: - - ) and Freddie Mac (nyse: - - ) and now Bank of America's (nyse: - - ) acquisition of Merrill Lynch (nyse: - - ). Just two Wall Street titans remain. (Forbes)
Expert Predicts Local Fallout From Wall Street Collapse Sep 16, 2008
The bankruptcy of and the forced sale of will hurt an already sagging economy, said , professor of finance at. "People are distracted by these big collapses," Seiver said. (NBCSandiego.com, CA)
Congress weighs new regulations amid crisis Sep 16, 2008
The bankruptcy of Lehman Brothers, the forced sale of Merrill Lynch to Bank of America and new worries about the stability of insurer American International Group Inc. on Monday injected new energy into the emerging Capitol Hill debate about stiffer financial regulation. The discussion began in March after the near-collapse of Bear Stearns, when the Federal Reserve stepped in to guarantee $30 billion of the investment bank's assets, including risky mortgage-backed securities. (International Herald Tribune)
Nation's Financial System Gets $50B Boost Sep 16, 2008
It fell 504 points Monday, spurred by the collapse of Lehman Brothers, the forced sale of Merrill Lynch to Bank of America and the precarious state of Dow component AIG.. Lehman Brothers, a 158-year-old investment bank choked by the credit crisis and falling real estate values, filed for Chapter 11 protection Monday. (TheSanDiegoChannel.com, CA)
The big meltdown: Playing the blame game Sep 16, 2008
the forced sale of Merrill Lynch and the ongoing trouble at American International Group left many wondering: Just how did Wall Street get into this mess. As with any Monday morning quarterbacking, there was a lot of finger-pointing, although many experts said it was the culmination of multiple events -- and not a single occurrence -- that caused the financial market meltdown. (NJ.com -- Times)
Overview: Financial markets rocked by Lehman crisis Sep 16, 2008
The dramatic collapse of Lehman Brothers, AIGs appeal for aid and the forced sale of Merrill Lynch sent shockwaves across financial markets on Monday. The S&P 500 closed at its lowest level in nearly three years and recorded its biggest one-day fall for seven years as investors fled from risky assets. (FT.com -- Markets)
Teetering between Keynes and Friedman Sep 16, 2008
The looming bankruptcy of Lehman Brothers and the forced sale of Merrill Lynch, two of the greatest names in finance, marks the end of an era. But what's next. (Globe and Mail -- Business)
McCain wobbles on Wall Street Sep 16, 2008
As Americans digested the news of Lehman Brothers' bankruptcy and the forced sale of Merrill Lynch, Senator Obama excoriated the Bush Administration's policies - and Senator McCain's support for them. "The challenges facing our financial system today are more evidence that too many folks in Washington and on Wall Street weren't minding the store," Senator Obama said. (Sydney Morning Herald -- World)
Too soon to panic at Merrill Lynch in Hopewell Sep 16, 2008
Workers remain optimistic despite the forced sale of the company at half what it was worth a year ago ... HOPEWELL - News of the forced sale of Merrill Lynch and the related Wall Street crisis hit the local workforce at the company's operation in the township in much the same way it has for the rest of the financial world, with workers yesterday expressing a mixture of worry and confusion, and a note of optimism. (The Trentonian, NJ)
Meltdown on Wall Street: Dow off 504 Sep 16, 2008
The pullback occurred across much of the globe as investors absorbed Lehman's bankruptcy filing and what was essentially a forced sale of Merrill Lynch to Bank of America for $50 billion in stock. While those companies' situations had reached some resolution, the market remained anxious about American International Group Inc., which is seeking funding to shore up its balance sheet. (San Diego Union-Tribune)
Amylin shares rise as Icahn boosts ownership stake Sep 16, 2008
The rise was in stark contrast to the wider market, which sunk as Wall Street grappled with Lehman Brothers Holdings Inc.'s move to file for bankruptcy and Merrill Lynch forced sale to Bank of America Corp.. In a Securities and Exchange Commission Friday, Icahn reported that he now owns just under 10. (San Diego Union-Tribune)
Barclays Considers Bid for Lehman as Government Seeks Solution Sep 14, 2008
Lehman CEO Fuld, who participated in the LTCM talks and built Lehman into the biggest U.S. underwriter of mortgage securities during his four decades at the investment bank, was pushed toward a forced sale this past week after talks about a cash infusion from ended, eroding investor confidence and the company's. Citigroup Inc.'s , JPMorgan Chase & Co.'s , Morgan Stanley's , Goldman Sachs Group Inc.'s , Merrill Lynch & Co.'s and Credit Suisse Group AG's were among the CEOs at the meeting with... (Bloomberg)
Pareto's bazooka Sep 13, 2008
A forced sale such as Bear could well work again, but that still leaves two big institutions in the lurch as of Monday morning. The number of companies which can potentially bail out these firms is fairly limited to start with. (Asia Times Online)
Mates in pub brawl for millions Sep 13, 2008
The forced sale of the stakes in the two pubs comes during a slump in the Sydney hotel market. A valuer in the court case described business as facing its worst times in more than a decade. (Sydney Morning Herald)
In Search Of A Lifeline Sep 13, 2008
The earlier forced sale of Bear Stearns to JPMorgan Chase (nyse: - - ) involved the taxpayer through the Fed's guarantee of $29 billion in Bear Stearns assets. A source familiar with Secretary Paulson's thinking on the future of Lehman Brothers says "He is adamant that no government money be used in the resolution of this situation.". (Forbes)
Lehman's Cerf Close to Joining Credit Suisse as Head of European Mergers Sep 13, 2008
Cerf, 45, is preparing to leave as executives at Lehman examine their options and the bank prepares itself for a forced sale. Lehman, once the biggest underwriter of mortgage-backed debt, abandoned talks to receive a cash infusion from Korea Development Bank earlier this week, sparking a 70 percent decline in the bank's stock price in four days. (Bloomberg -- UK)
Chances for Lehman sale cloudy Sep 13, 2008
Fuld, who built Lehman into the biggest U.S. underwriter of mortgage securities during his four decades at the investment bank, was pushed toward a forced sale after talks about a cash infusion from Korea Development Bank ended, sparking a drop of more than 75 percent in the firm s market value this week. Bank of America is considering a joint bid for the company with J.C. Flowers nd China Investment Corp., the Financial Times reported, citing unidentified people. (Atlanta Journal-Constitution -- Business)
Mortgage victory is elusive Sep 13, 2008
Now, thanks to the credit crunch, investors wait for the next government bail-out or forced sale of a shattered institution. As the curtain draws over yet another week of market turmoil, the likelihood of being carved up before the opening bell on Monday is high. (FT.com -- Markets)
Treasury, Fed Said to Call on Wall Street Chiefs to Back Lehman Sep 13, 2008
Chief Executive Officer , who participated in the LTCM talks and built Lehman into the biggest U.S. underwriter of mortgage securities during his four decades at the investment bank, was pushed toward a forced sale this week after talks about a cash infusion from ended, eroding investor confidence and the company's. Government Protection. (Bloomberg)
Area foreclosures drop Sep 7, 2008
However, the number of sheriff's sales scheduled each month offers some insight into the number of homeowners facing the forced sale of their properties. As of Friday, the Erie County Sheriff's Office had scheduled 657 sheriff's sales through the end of November. (GoErie.com)
Walk through Aug 30, 2008
They can range from changes in policies to cease and desist orders to a forced sale, or, finally, a revoked charter and receivership with the. Decision to close. (Columbus Business First, OH)
Chavez Says Cemex `Polluted' Venezuela's Environment and Failed to Invest Aug 22, 2008
Venezuela seized the local operations of Cemex, the largest cement maker in the Americas, as part of a nationalization drive after the government and the company failed to reach an accord on a forced sale. Cemex said it would seek arbitration and called the expropriation a ``flagrant violation'' of the law. (Bloomberg -- Latin America)
BAA 'may have to sell three UK airports' Aug 20, 2008
It described the regulator's verdict as "flawed" and said the forced sale of leading airports would be "counter-productive". The final decision on the company's future will be taken next April. (BBC News)
Dawnay Day's property empire for sale Aug 20, 2008
The falling UK property market is not directly responsible for the forced sale of the investments, which include a 50 per cent stake in the owner of London's upmarket Wolseley restaurant. Dawnay Day's sprawling empire imploded last month after it was forced to put up cash to fund an investment in Ft Management after the fund manager's share price fell. (Independent)
Venezuela cements its control Aug 20, 2008
Any proceeds Cemex gets from the forced sale will be seen as a positive and help reduce its debt, he said. We're content to have reached an agreement and will be working together in a partnership to continue construction growth in Venezuela,'' Maximo Dolman, executive president of Lafarge in the country, said on state television yesterday. (Sydney Morning Herald -- Business)
Forgive them, father Aug 16, 2008
He had been explicitly threatened with the forced sale of his home to meet legal costs, despite a psychiatric report warning such a move might trigger his suicide. Within three weeks, the story was front-page news. (Sydney Morning Herald -- Australia)
Even if a crisis is averted, what about the next one? Aug 10, 2008
In congressional testimony in April, just after he led the forced sale of Bear Stearns, he said, "Our financial system is extremely complex and interconnected." Because of this, he said, "the sudden failure of Bear Stearns likely would have led to a chaotic unwinding of positions in those markets and could have severely shaken confidence.". And Bernanke added, "Given the exceptional pressures on the global economy and financial system, the damage caused by a default by Bear Stearns could have... (International Herald Tribune -- Business)
The SEC's Naked Logic Jul 28, 2008
For one thing, rumors about Bear Stearns losses appear to have been true, confirmed by the federal regulators who oversaw the forced sale of the firm. For another, the list of the largest financial firms being protected from naked short selling by hedge funds (among their most important customers) includes several being investigated for potential manipulation of Bear Stearns and Lehman shares. (Wall Street Journal)
Royal Bank of Scotland likely to shelve sale of insurance unit Jul 24, 2008
"But most investors would rather they didn't sell the business in a forced sale. It's not as if it's a bad business, and selling it would be dilutive to earnings.". RBS, the second-largest British bank after HSBC, said in April that it was targeting a core tier 1 ratio - a measure of a bank's ability to cover losses - of more than 6 percent at the end of this year, taking on a bigger capital cushion than in the past to protect it in more turbulent market conditions. (International Herald Tribune -- Business)
Kicked to the curb Jul 17, 2008
Lenders aren't asking valuers to nominate the best price you'll get for your house but what's the worst case if there's a forced sale. "The general test is, if it's a cold, wintry Saturday morning and the home football team is playing away, and the bank puts a red flag outside a property, we as valuers need to be sure we're going to get a realisation of our valuation," says WBP Property Group's chief executive, Greville Pabst. (Sydney Morning Herald -- Business)
Another Long Day For Lehman Jul 13, 2008
Similar to the March run on Bear Stearns that led to its forced sale to JPMorgan Chase (nyse: - - ), rumors about Lehman's counterparty status are forcing a stock sell-off that becomes a self-perpetuating cycle; the more the stock drops, the more persistent the rumors become. Standard s downgraded Lehman debt last month, keeping it on negative outlook, saying though it has stable funding and excess liquidity, Lehman's reliance on the short-term secured debt markets for funding "could be... (Forbes -- Business)
Lenders could take stake in troubled B&B Jul 8, 2008
Bankers said a buyer is unlikely to come forward unless B&B's situation worsens further and it is practically given away in a forced sale. Entrepreneur Clive Cowdery, who tried to gatecrash the TPG deal with his own plan to inject 400 million pounds through vehicle Resolution, has indicated he is not preparing to return after walking away late last month. (International Herald Tribune -- Technology)
Lean times lighten property tax load for many Jul 8, 2008
A foreclosure is viewed as a forced sale. Q: How do I appeal my property reassessment. (Atlanta Journal-Constitution -- Business)
Credit crunch: House prices show worst fall for 16 years Jul 2, 2008
London-based estate agents Cluttons said more forced sales were starting to appear in the capital ... Richard Cotton, senior partner at Cluttons, said: "We are telling vendors that if they want to sell in the current market we recommend they reduce their prices. Forced sales bring some energy and activity into the market and will break the current deadlock between buyers and sellers. A low price achieved through a forced sale can set a benchmark for home values on a whole street in London.". (guardian.co.uk)
Tax sale of Orosi farmland delayed Jul 1, 2008
Tulare County Superior Court Judge Patrick O'Hara issued a temporary restraining order Monday blocking the forced sale of two parcels of farmland in Orosi. The Orosi Public Utility District sought the tax sale to recover money the district said it is owed for unpaid sewer line assessments. (Fresno Bee -- Local)
Bernanke's words strike false note Jun 27, 2008
Until the vicious circle of foreclosure - forced sale - lower prices - more foreclosures abates, the pressure being transmitted from falling home prices will continue to be the core of the dark cloud of de-leveraging hanging over the US financial system. The 2007 crop of subprime mortgages, which were being written right up to the credit freeze-up in August, was particularly pungent, for by then the banks had already gone through all the subprime borrowers with even a chance of someday paying... (Asia Times Online)
Reining in Wall Street Jun 25, 2008
The impact of a potential Bear Stearns collapse on the larger financial market was considered so serious that Federal Reserve Chairman Ben Bernanke intervened, arranging the forced sale of the investment bank, backed by Fed loans. Until that unprecedented intervention, few people on Wall Street or in Washington supported the idea of the Fed regulating investment banking. (Atlanta Journal-Constitution -- Opinion)
Indian settlementcould be huge Jun 24, 2008
The revenues from mining, grazing, farming, oil wells and timber operations on all Indian lands and also money from the forced sale of more than 90 million of acres of Indian land went into the trust fund. The trust fund money was then to be disbursed to individual Indians. (La Crosse Tribune, WI)
Patrick commits to depot parking garage Jun 14, 2008
City Solicitor Roy Gelineau said the announcement meant city and state officials would not be perusing the forced sale or eminent-domain taking of the Sports Connection, 1886 House and Casa de Lucca restaurant properties on Railroad Avenue, which could have been part of the most recently discussed project. We ve walked away from that part, he said. (Beverly Citizen, MA)
Heathrow Chaos May Stoke Ferrovial Shares With Windfall From Airport Sale Jun 12, 2008
The forced sale of Gatwick or other airports isn't a foregone conclusion, said , joint managing director of Aviation Economics, a London-based consulting company. I'm not sure we can be certain,'' he said in an interview. (Bloomberg -- Europe)
Business.view: Detroit on the Hudson Jun 11, 2008
New York's financial world briefly recovered its confidence after the bail-out and forced sale of Bear Stearns to JP Morgan. Wall Streeters concluded that the American government had decided to keep the financial system alive at any cost. (The Economist)
Payment explains Chapter 11 Jun 3, 2008
Payment said there were benefits to the Chapter 11 filing, expressing the belief that the Sault Tribe should be able to avoid the forced sale covenant from the Michigan Gaming Control Board, shore up deficiencies in management, restructure debt and stay the final 50 million still owed to the former Greek partners until the cash flow situation improves. He also advocated removing tribal board politics from the Greektown Management Board and replace the members with a professional board with... (Sault Ste Marie Evening News, MI)
New recipe for success Jun 1, 2008
After struggling for years with an oversaturated cranberry market and facing a possible forced sale of the company, Ocean Spray capitalized on increased consumer knowledge about cranberries' health benefits. The Lakeville cooperative has come back big with its "Straight from the Bog" marketing campaign and attention to antioxidants, offering numerous new products through health-focused advertising, including a new "Cranergy" energy drink aimed at moms and raising the profile on its sweetened... (Boston Globe)
Memo to BCE investors: Don't worry May 23, 2008
On the other hand, as a small investor, I was never thrilled at the prospect of a forced sale of the shares and incurring the accompanying capital gains and ultimately capital gains taxes. So if it's "no deal," then the shares will stay in the low $30s or even slip to the $25 level, where they frequently land every time the company disappoints. (National Post)
Fed auctions $75B to ease credit stresses May 21, 2008
It's part of an ongoing effort by the Fed to help ease the credit crunch, which erupted last August and hit a crisis point in March with the near collapse and forced sale of Bear Stearns, the nation's fifth-largest investment house, to JP Morgan Chase & Co.. Housing, credit and financial problems have weighed heavily on the economy, sharply slowing its growth. (San Diego Union-Tribune)
Ads may clinch Microsoft-Yahoo deal May 20, 2008
He said a forced sale of Yahoo would damage company morale and could prompt an exodus of talented Yahoo employees. While Icahn made no public statement on Monday, the Reuters news service reported that a "person familiar with his thinking" said Icahn won't be satisfied with anything less than an outright sale to Microsoft. (OregonLive, OR -- Business)
BAA Says Shareholders Agreed to Invest $779 Million in Refinancing Program May 10, 2008
Forced Sale Possible. Competition concerns may prompt remedies ``requiring the sale of one or more of BAA's airports,'' the U.K. regulator said in April. (Bloomberg -- UK)
Paulson: Credit crisis may be easing May 8, 2008
However, Paulson said he believes the turmoil that began last August in credit markets has calmed since mid-March when the crisis claimed its largest victim with the forced sale of Bear Stearns, the nation's fifth largest investment firm, to JP Morgan Chase & Co. "Again, I think we're on the right path," he said. Even though the markets are "somewhat calmer now," Paulson said large portions of the credit markets -- ranging from mortgages to student loans to loans that banks make to each other --... (CNN -- International)
Credit crisis easing, Treasury chief says May 8, 2008
However, Paulson said he believes the turmoil that began last August in credit markets has calmed since mid-March when the crisis claimed its largest victim with the forced sale of Bear Stearns, the nation's fifth largest investment firm, to JP Morgan Chase & Co.. "Again, I think we're on the right path," he said. (OregonLive, OR -- Business)
Tropicana Entertainment files for Chapter 11 protection May 6, 2008
The company will receive the proceeds from the sale but is worried that a forced sale in a bad economy will result in a depressed price. It is already selling its Evansville and Vicksburg casinos to help reduce its debt and could decide to sell other assets as the restructuring process unfolds, Butera said. (Anchorage Daily News)
Fed cuts key interest rate as economy crawls May 2, 2008
If the financial system threatens to break down again the way it almost did just before the Fed engineered the forced sale of the failing securities giant Bear Stearns in March, inflation won't be at the top on the central bank's radar screen. "When push comes to shove, the integrity of the financial system is top priority," Pretti said. (San Francisco Chronicle)
BAA might be forced to sell an airport Apr 22, 2008
The biggest British airline, British Airways, said it would favor a less extreme strengthening of the regulatory framework as opposed to a forced sale. . (International Herald Tribune -- Business)
Executives see credit and housing as big threats Apr 19, 2008
They marked down the prospects both for growth in this country and globally, reflecting the serious toll from a credit crisis that has forced major financial firms to declare billions of dollars in losses and last month claimed its biggest victim with the forced sale of Bear Stearns, the nation's fifth-largest investment house. The Federal Reserve, which has been aggressively cutting interest rates and provided a $30 billion loan to facilitate the Bear Stearns sale to JP Morgan, was given... (MSNBC -- Business)
Finance Officials Tackle Reforms Apr 13, 2008
The crisis claimed its biggest victim last month with the forced sale of Bear Stearns, the nation's fifth largest investment house. Axel Weber, head of Germany's central bank, said the "measures that were taken in the US have already had some effect" and the aggressive interest rate cuts from the Federal Reserve should help bolster growth in the second half of this year. (Newsmax)
New law to stop cheap mortgage 'fire sales' Apr 12, 2008
A spokesman for the Lands Minister, Tony Kelly, said the Government's measures would ensure that in a forced sale, the "mortgagee will be required to ensure a fair market price is achieved". A Nationals MP, Don Page, put a similar bill before Parliament this week; it was rejected by Labor because it did not cover a broad range of issues, such as sales carried out under powers of attorney. (Sydney Morning Herald -- Australia)
Short Sale vs. Foreclosure Apr 11, 2008
Answer: In basic terms, a "foreclosure" is forced sale that results from the failure of the borrower to repay the mortgage. A "short sale" is an agreement between a borrower and a lender under which the lender accepts a loss on the loan which allows the owner to sell or refinance. (RealtyTimes)
Alitalia future in doubt afer Air France talks founder Apr 3, 2008
Its fleet of mostly decades-old, fuel-guzzling aircraft are unlikely to draw much interest from other airlines, while its landing rights in Rome, Milan and other foreign airports would be unlikely to sell for much in the event of a forced sale. 1. (International Herald Tribune -- Business)
