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SEC Chief Under Fire as Fed Seeks Bigger Wall Street Role
One Friday in March, with investment bank Bear Stearns Cos. (NYSE:BSC) teetering toward collapse, the chieftains of U.S. financial regulation dialed into a 5 a.m. conference call to craft a bailout plan. When they were done, the Treasury secretary informed the president. The head of the Federal Reserve Bank of New York called Bear Stearns.
Bunge to Buy Corn Products In $4.4 Billion Food Merger
Bunge Ltd. (NYSE:BG) has agreed to acquire Corn Products International Inc. (NYSE:CPO) for $4.4 billion in stock, a sign that surging global demand for food is driving big agriculture to look for increased scale.
Panel Cites Surge in Speculative Oil Trades
WASHINGTON — Speculative traders’ interest in crude oil has grown to the point that they now account for roughly 70% of all trading in West Texas Intermediate crude on the New York Mercantile Exchange, compared with 37% in 2000, according to an investigation by a congressional subcommittee that forms part of an escalating political assault on Wall Street’s role in the run-up in oil prices.
Republic to Acquire Allied Waste Industries In $6.24 Billion Deal
Republic Services Inc. (NYSE:RSG) agreed to acquire Allied Waste Industries Inc. (NYSE:AW) in a $6.24 billion deal that would combine the nation’s second- and third-largest trash haulers, creating a formidable rival to market leader Waste Management Inc. (NYSE:WMI).
Citigroup to Cut 10% of Investment Banking Jobs
Citigroup Inc., (NYSE:C) in the latest sign of bloodletting on Wall Street, is set this week to embark on an aggressive round of layoffs within its investment-banking division, people familiar with the matter said.
Investors Hide as Banks Come Knocking
As banks rack up billions of dollars in losses from bad loans and blundered investments, large investors are becoming skittish about pumping more money into them.
European Industries Shrink, German Business Confidence Declines
June 23 (Bloomberg) — Europe’s manufacturing and services industries unexpectedly shrank and German business confidence slumped in June, increasing concern the European Central Bank’s plan to raise interest rates next month will hurt economic growth.
Most European Stocks Fall, Led by Daimler, BA, HBOS; U.S. Futures Advance
June 23 (Bloomberg) — Most European stocks fell and Asian shares declined as rising oil prices damped earnings prospects for carmakers and airlines and the deteriorating housing market weighed on U.K. banks. U.S. index futures rose.
Bernanke’s Inflation Cure Loses Potency as Import Costs Rise
June 23 (Bloomberg) — What’s good news for U.S. businesses may turn out to be bad news for Federal Reserve Chairman Ben S. Bernanke’s fight against inflation.
Rupee Steepest Slide Since ‘93 Repels Funds on Prices
June 23 (Bloomberg) — The Reserve Bank of India’s first interest-rate increase in 15 months is turning into a case of too little, too late for the rupee.
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