Word: monday
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...opposite end of the spectrum is the still reasonably healthy JPMorgan Chase, which announced Monday that it is slashing its dividend 87% - in part, said CEO Jamie Dimon, to enable it to buy back as quickly as possible the $25 billion in preferred shares the government purchased from the company in October. That would free JPMorgan from government-imposed pay limits and other pressure from Washington and allow its shareholders to profit more fully from a financial rebound. (Read "How to Know When the Economy Is Turning...
...questions involve what happens to everybody in between. The various federal banking agencies on Monday announced the procedures by which they will convert preferred shares to common stock at troubled banks, and later this week they will begin the promised "stress tests" of the assets of the country's 20 biggest banks. But nobody knows yet how tough those tests will be - and to be honest, nobody knows how tough they should...
...United Auto Workers (UAW) took a major step toward fulfilling the terms of the federal loans doled out to automakers this winter. The union said Monday that it has reached a tentative agreement with Ford to accept some equity instead of cash to finance the special trust for retiree health care, known as the Voluntary Employees Beneficiary Association, or VEBA. (Read "UAW agrees to Concessions With Automakers...
...month of bad public relations for the Vatican, the opportunity to name a replacement for the retiring and less-than-media-friendly Cardinal Edward Egan, 76, Archbishop of New York, was a godsend. The man announced on Monday to lead the archdiocese arrives well equipped for the job. Timothy Dolan, 59, who has been in charge of the Milwaukee Archdiocese since 2002, has long been considered among the most likable and loquacious senior American prelates. In the late 1990s, while serving as rector of the Pontifical North American College, the largest English-speaking seminary in Rome, he was a major...
...Monday afternoon, a military flight touched down at an airbase on the outskirts of London. A frail man disembarked for an undisclosed location. This was the quiet homecoming of Binyam Mohamed, an Ethiopian refugee and British resident, who has finally been released after more than four years in Guantánamo Bay. "I have been through an experience that I never thought to encounter in my darkest nightmares," said Mohamed in a statement, read out by his British lawyer Clive Stafford Smith at a hastily arranged press conference. (See pictures from inside Guantánamo...