The company that paid the most ever for a single residential property in the US is giving up and giving the development back to its lenders, says the WSJ. [More]
economy
White House Proposes New Banking Rules, Wall Street Freaks Out
By 1.21.10
So, we used to have this thing called the Glass-Steagall Act, which separated investment banking from commercial banking. Then we didn’t anymore. Now the President has proposed new rules that would effectively restore some of the provisions of Glass-Steagall. Wall Street is like, so not cool with it, however. [More]
Starbucks Remembers How To Sell Coffee
By 1.20.10
Starbucks used to make a lot of money selling coffee-like sugar bombs that people loved and would pay for with cash from their HELOCs. Those days are over, but there’s good news. Starbucks has remembered how to sell coffee and is now doing so in a profitable way. [More]
Citi: We Lost $7.6 B, But On The Bright Side, We Fired 100,000 People
By 1.19.10
Citi CEO Vikram Pandit is reassuring investors today after his firm lost $7.6 billion in 2009 by telling them to look on the bright side — at least they fired 100,000 people. [More]
Tavern On The Green Auctioning Off Ladies Riding Tigers And Other Crazy Stuff
By 1.12.10
Now you can own a piece of the twinkly and storied history of the (bankrupt) Tavern on the Green by jumping in on the auction action. To appease a gala ballroom’s worth of rapacious creditors, everything must go! Lot 598: Etched Glass Mirror of Lady Riding a Lion (starting bid: $2000). Lot 617: Four Sets of Six Mother of Pearl Caviar Spoons (starting bid: $100). Maybe buy some place settings and a few choice pieces and recreate your own Tavern on the Green in your breakfast nook? [More]
Rental Vacancies Are Up Along With Foreclosures. Wait, What?
By 1.11.10
So apparently apartment vacancies were up to 8% in the last quarter, which is weird because one would assume that people getting tossed from their foreclosed houses would be renting. Marketplace has some thoughts on the problem. [More]
Move Your Money From Big Banks To Small Ones
By 1.4.10
The canaille likes to bitch that big banks haven’t been punished enough, so why not put your money where your mouth is? That’s the premise behind “Move Your Money” which encourages everyone to withdraw their savings from the pockets of the pimps of Wall Street and redeposit with well-rated community banks. [More]
Panorama Of Macy's 34th St. Shopping Throng
By 12.24.09
The crush of consumers packing the department store’s eight-story shopping emporium on 34th street in Manhattan would seem to belie the notion that this will be a dark Christmas for retailers. However, the red crossouts on the price tags reveal two, three rounds of price-slashing. While the crowd is packed, their shopping bags are not. Passing underneath arches of holiday bowers sported animated signs with sparkle dust writing out “Believe,” they are gleaners, browsing for bargains, and choosing but a few of them. I took a panorama shot. (2000 pixel version) [More]
Consumers Permanently Downgrading Brands They Buy
By 12.9.09
A new McKinsey report says that a large number of consumers who are switching to cheaper brands during the recession are switching for good. Of those surveyed, 34% said they no longer preferred the costlier products. 41% said that although the liked the better stuff, it wasn’t worth it anymore. Have you downgraded during the recession? Is the switch for good? Leave your thoughts in the comments. [More]
$700 Billion Bank Bailout Extended Until 2010
By 12.9.09
The administration announced it’s extending the $700 billion financial bailout program until next fall. The Treasury said it’s important to hold onto money and have it available in case any new catasrophes slam our financial system: [More]
Sample Phone Scripts Used By Sleazy Subprime Lenders In 2005
By 12.2.09
An ex-subprime lender employee of a sent us the scripts they used to cold-call homeowners back in 2005 to get them to ditch their 30-year fixed mortgages for risky sub-prime loans. One of them is called, “Wholesale Gangsta Script,” which I think about says it all right there. [More]
About 1 In 4 Borrowers Is Underwater
By 12.1.09
The Wall Street Journal says the number of borrowers currently underwater on their mortgage (meaning they owe more than the property is worth) has swelled to 23%. Ouch. [More]
Slothful Home Loan Modifiers Earn More Money When You're Delinquent
By 11.30.09
With a rising wave of foreclosures looming, the Treasury is stepping up pressure on lenders to finish modifying home loans and to pick up the pace. Potentially exacerbating the problem is that many loans are held by servicers whose fees increase the longer borrowers remain in default. [More]
9 Dancing Ladies Cost More Than 7 Swans A Swimming This Year
By 11.30.09
It costs a little more this year to win the affections of the 9 Ladies Dancing of “The 12 Days Of Christmas Fame,” according to the 26th annual PNC Christmas Price Index. The rise in gold prices has pushed up the price of the rings required to win the women’s affection of the nine dancing ladies to $5,473.07, while falling the falling price of fowl has pushed down the swan cost to $5,250.00. Full chart inside. [More]
AOL To Axe 1/3 Of Workers
By 11.19.09
You’ve got pink slip! AOL plans to reduce its workforce by a third as it prepares to be spun off from its ill-fated Time Warner marriage. Who will be left to “cancel the account?” [AP] (Photo: RogueSun Media)
