Wall Street Rumors - June 25, 2008
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Illinois Plans to Sue Countrywide, CEO
The Illinois attorney general’s office, which began an investigation into the business practices of Countrywide Financial Corp. (NYSE:CFC) U.S., States Probe Real-Estate Loan Broker
last fall, says it has found enough evidence of wrongdoing that it plans to file a civil suit against the mortgage lender and its chief executive, Angelo Mozilo.
U.S., States Probe Real-Estate Loan Broker
The Federal Bureau of Investigation and securities regulators in California and Pennsylvania are probing a Philadelphia-based loan broker over allegations that more than 100 prospective borrowers lost millions of dollars through a practice in which the firm collected upfront fees for real-estate development but didn’t find any funding.
Mortgage Aid Plan Advances
WASHINGTON — U.S. Senate lawmakers, increasingly aware of the role housing and the economy could play in November’s elections, took a major step toward passage of a broad package of housing legislation Tuesday.
Barclays to Shore Up Finances With $8.86 Billion Share Issue
LONDON — Barclays PLC (LON:BARC) Wednesday became the latest United Kingdom bank to announce a share issue to shore up its balance sheet, which has been weakened by write-downs on credit investments.
Stock Futures Rise, Fed Comments Eyed
U.S. stock futures climbed Wednesday as investors remained focused on pending comments from the Federal Reserve amid a slew of economic data and earnings.
Trichet Signals Rate Rise in July, But Mum About Further Moves
BRUSSELS — European Central Bank President Jean-Claude Trichet repeated Wednesday that the rate-setting ECB governing council could raise the key interest rate July 3, but declined to comment on policy action further down the road to combat runaway inflation.
ILFC May Order 300 Airbus, Boeing Planes as Lease Demand Grows
June 25 (Bloomberg) — International Lease Finance Corp., the world’s biggest aircraft lessor, said it may order 300 jetliners from Boeing Co. (NYSE:BA) and Airbus SAS to meet demand from airlines that can no longer afford to buy their own planes.
MasterCard Settles With American Express for About $1 Billion
June 25 (Bloomberg) — MasterCard Inc., (NYSE:MA) the world’s second- biggest credit-card network, reached an agreement to settle litigation with American Express Co. (NYSE:AXP).
Exchange Says Efforts to Curb Speculation `Foolish’
June 25 (Bloomberg) — Governments would be “foolish” to limit participation in commodity markets and curb speculation because prices are based on supply and demand, London Metal Exchange Chief Executive Officer Martin Abbott said.
Apple’s iPhone Brings Margin Magic
SAN FRANCISCO - Apple’s (NASDAQ:AAPL) upcoming 3G iPhone may cost about $173 to make, giving the company a great shot at a high-margin hit.
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