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Merrill Lynch’s Thain to Remain with Bank of America
After executing a preemptive sale of investment bank Merrill Lynch & Co. Inc. (MER), Chief Executive John A. Thain will remain with Bank of America Corp. (BAC) after the merger, the Charlotte-based bank announced yesterday (Thursday).
"I am delighted that John has agreed to join Bank of America," Kenneth D. Lewis, Bank of America’s chairman and chief executive, said in a statement, The New York Times reported. "His experience and expertise will be invaluable as we put our two companies together and move forward as the premier financial services company in the world."
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No Gold, No Market, No Candlesticks
Investors and traders have long been accustomed to the convenience of price charts of stocks, Indexes, and commodities. Today, in computer display if not yet generally in commercially-available printed charts, the Japanese Candlestick format of price presentation reveals much more information than old-style bar charts, especially in connection with the mass psychology which underlies price moves. Stock prices, of course, are available for display in this mode. So are Forex charts and those of the commodities, as well – including the charts of Gold.
The charts are so familiar to us by now that they give us comfort. They are a…
22Sep2008 | William Kurtz | Comments Off | ContinuedThe Three Signs That the Credit Crisis Has Yet to Hit Bottom
Have we seen the worst from the financial sector?”
The question – a very good one – came from an audience member following my global investing presentation at the Agora Wealth Symposium in Vancouver, British Columbia. During my entire time there, the interest in the ongoing credit crisis was intense.
I took a deep breath and launched into my three-point response.
First, I’m encouraged by what I see lately but still believe there is a fair distance to travel before all the skeletons are cleaned out of the financial sector’s closet.
There is a growing body of data that suggests banks have recognized only…
7Aug2008 | Money Morning | Comments Off | ContinuedBarclays Gets a $927 Million Jump Start as Japanese Banks Ramp Up Overseas
Barclays PLC (ADR: BCS), the United Kingdom’s fourth-largest bank, may get a $927 million cash infusion from Japan’s Sumitomo Mitsui Financial Group Inc. by the end of the month. The investment, which will be made through the group’s Sumitomo Mitsui Banking Corp. unit, underscores an evolving trend among large Japanese banks that have so far been unaffected by the subprime collapse.
Sumitomo Mitsui, Japan’s second largest bank, has not confirmed the agreement, but its 100 billion yen investment will secure an approximate 2.3% stake in Barclays. Barclays was racked by the housing collapse that started last year and has since dragged…
21Jun2008 | Money Morning | Comments Off | ContinuedKuwait Sovereign Wealth Fund Considering Bigger Citigroup and Merrill Stakes
Struggling U.S. financials Citigroup Inc. (C) and Merrill Lynch & Co. Inc. (MER) may get another equity injection from state-owned Kuwait Investment Authority (KIA), the fund’s managing director told Reuters.
Their valuations would make it tempting – as both firms are trading near their 52-week lows – but Bader al-Saad said it’s more about the companies’ plans for recovery.
“In Citi or Merrill, if there is good opportunity, we will look into it. Do we increase our stake? It all depends on the performance and strategy,†Saad said when asked whether KIA might raise its stakes in both troubled U.S. banks.
In January,…
4Jun2008 | Money Morning | Comments Off | Continued
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