More Trouble Ahead For Financials
Bank of America said its provisions against loan losses would come to $3.3 billion in the fourth quarter amid deterioration in consumer real estate and small business loans. Bank of America’s capital ratios continue to decline, and the bank may not resume stock buybacks until 2009. Wachovia, the fifth-largest U.S. bank by market value, said [...]
Will Beazer Survive ?
Beazer Homes (BZH) CEO Ian McCarthy anticipates 2008 to be another difficult year. He says the Atlanta-based builder is focused on managing issues that have surfaced over the past few months, such as a recent financial restatement and an internal investigation concerning compliance. The company also is installing a downturn management plan that will focus [...]
Abu Dhabi Saves The Day
A $7.5 billion Abu Dhabi deal to buy Citigroup shares may have created a model for acquisitions by Gulf and other emerging-market investors scouring the ruins of the U.S. mortgage crisis for bargains. The Abu Dhabi Investment Authority sought no role in managing Citi Citigroup Inc C 30.32 0.52 +1.74% NYSE Quote | Chart | [...]