The huge scam known as Wall Street is clearly alive and kicking as former financial powerhouse Bear Stearns has free-fallen into oblivion, agreeing to be bought out by rival JPMorgan Chase for a measly $2 per share. The nest-egg of 14,000+ employees has effectively been wiped out, along with the fortunes of 1,000’s of other [...]
Exxon Mobil is collecting your hard-earned money at a record pace. The oil giant just reported stellar profits for fiscal year 2007. The whopping $40.6 billion earned by Exxon Mobil in 2007 represents the largest annual profit ever recorded by a U.S. company. That number shatters the record set by none other than itself back [...]
The big news on Wall Street today is that Bank of America has announced plans to buy Countrywide Financial for $4 billion in an all-stock transaction. Countrywide’s stock (ticker symbol CFC) is trading down to 6.75 in the pre-market on the news. The stock was once as high as 45.26 within the past year. So [...]
The Standard & Poor’s/Case-Shiller home price index numbers were released this morning and the numbers were not pretty. Robert Shiller, who helped create the index, had the following to say: “No matter how you look at these data, it is obvious that the current state of the single-family housing market remains grim.” Here are the [...]
A report out this morning indicating that the number of foreclosures filed by homeowners for November 2007 was 68% higher than foreclosures in the same period one year earlier. In all, 201,950 foreclosure filings were reported in November 2007 as compared to 120,334 in November 2006. Nevada, Florida, and Ohio had the highest foreclosure filing [...]
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