March 2, 2014 |
There are two broad categories of government reformer. One is the type who tries addressing government inequities where and as they occur - a housing crisis here, a water crisis there, racial discrimination here, there and everywhere. Then there's the type who advocates throwing out the old system wholesale and starting from scratch. Timothy C. Draper, 55, a successful venture capital investor with a lengthy record of public involvement to his name, plainly has thrown in his lot with the latter group.
February 27, 2014 |
The sudden collapse of the Mt. Gox bitcoin exchange Tuesday demonstrated to the public just how risky the virtual currency can be. Prosecutors have rushed to investigate, and regulators in the U.S. and Japan, where Mt. Gox was based, are mulling how to extend their purview to bitcoin trades. One senator even called for a ban on the currency. Investors, however, have long been keenly aware of the perils associated with the volatile commodity. While the currency is in its infancy, those with little appetite for risk should stay away.
February 25, 2014 |
It was supposed to revolutionize the global monetary system. Instead, the bitcoin virtual currency that has captured the imagination of investors and financiers is on the verge of collapse. In a stunning blow to a novel way to buy products and services, the world's largest exchange for trading bitcoin currency shut down Tuesday, triggering a massive sell-off and sending many prospective investors away - perhaps for good. "This is extremely destructive," said Mark Williams, a risk-management expert and former Federal Reserve Bank examiner.
February 12, 2014 |
One of the tallest office buildings in downtown Los Angeles has been acquired by Hollywood-based real estate investor CIM Group in an unusual portfolio sale that also included a regional shopping center in Montclair, a high-rise in Anaheim and a hotel in Bakersfield. The crown jewel of the seven properties acquired by CIM Group was Two California Plaza, a prestigious but troubled skyscraper on Bunker Hill where gleaming office towers erected during the last building boom decades ago are having a tough time attracting tenants.
January 31, 2014 |
NEW YORK - A New York state judge has approved nearly all of an $8.5-billion settlement between Bank of America and large investors who suffered losses in mortgage-backed bonds stemming from the housing meltdown. The settlement centers around mortgage-backed securities for which the Bank of New York Mellon Corp. acted as a trustee. Some of the claims in the 3-year-old case were not resolved, and the agreement still faces challenges despite the judge's approval. The case's resolution would help Bank of America put baggage stemming from the financial crisis behind it. The Charlotte, N.C.-based bank has struggled to lay to rest lingering fallout from its ill-fated 2008 acquisition of Countrywide Financial Corp., the Calabasas mortgage lender.
January 31, 2014 |
The stock market closed out its worst month in more than a year and a half as turmoil in the developing world sparked a broad decline in U.S. share prices. The Dow Jones industrial average slumped nearly 150 points to end January with a 5.3% drop, its worst monthly performance since May 2012. The Standard & Poor's 500 index lost 3.6% last month, though it is only back to where it was in mid-December. Investors have been unnerved by the ongoing plunge in emerging-market currencies, which has exposed economic strife in countries such as Turkey, India and South Africa.