April 28, 2010 |
Global financial markets tumbled Tuesday as investor sentiment caved to the worsening government-debt crisis in Europe. The Capitol Hill grilling of Goldman Sachs Group Inc. executives on their role in the housing-market meltdown also undercut Wall Street, traders said. Financial shares led the market lower, although Goldman's stock rebounded. U.S. stocks, which Friday had hit 19-month highs, suffered their biggest sell-off since early February. The Dow Jones industrial average slumped 213.04 points, or 1.9%, to 10,991.
April 24, 2010 |
Executives from credit-rating firms Moody's Investors Service and Standard & Poor's presented additional evidence Friday that management pressure to maintain their market share eroded the quality of investment-grade ratings and amplified the nation's financial crisis. Testifying before the Senate Permanent Subcommittee on Investigations, former executives who were closely involved in giving investment-grade ratings to complex financial instruments backed by shaky U.S. mortgages described how they were pressured to give Wall Street what it wanted.
CALIFORNIA | LOCAL
May 24, 2007 |
In his continued effort to bring pressures to bear on the Los Angeles public school system, billionaire philanthropist Eli Broad has committed more than $6 million to a high-performing charter school group to help it dramatically expand. The $6.5-million grant to the Alliance for College-Ready Public Schools from Broad's education foundation, along with $3.
CALIFORNIA | LOCAL
November 3, 2005 |
A proposed tollway intended to reduce traffic on Interstate 5 through South County might have to be financed with up to $245.9 million in junk bonds because of rising cost estimates and plans to bail out the struggling San Joaquin Hills turnpike.
May 13, 2005 |
Ford Motor Co. Chairman and Chief Executive William Clay Ford Jr. said Thursday that he would forgo all compensation until the company's automotive business is sustaining profitability, a move that brought applause from shareholders but little reward on Wall Street.
February 12, 2004 |
The number of companies worldwide having their credit ratings cut to below investment-grade, or junk, will decline for a second straight year as expanding economies boost companies' ability to meet debt obligations, Standard & Poor's said. S&P said 46 companies might fall to junk status this year, down from 65 in 2003 and 82 in 2002. Companies with credit ratings below BBB-minus at S&P are considered junk, or at a greater risk of not being able to repay their debt.