Word: problem
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...Pfizer and Wyeth are facing a problem which is systemic and not isolated to their industry. Each expects revenue to fall in the near future as some of their largest-selling drugs lose patent protection. Putting the two companies together will allow them to fire tens of thousand of people and cut other overlapping costs. The firms are nearly identical, which makes expense savings certain...
...infuriated Lewis by paying out a couple of billion bucks in bonuses before the deal had closed and before disclosing to Lewis that Merrill was going to produce $15 billion in losses for the quarter. Hey, he was just taking care of his people. What's the problem...
...problem was that in doing so, Thain broke another cardinal rule: Don't surprise the boss - especially on the negative side. Lewis was reportedly apoplectic about the size of Merrill's losses in the fourth quarter. But here's a question: What were BofA's risk managers doing? When BofA did its due diligence, it certainly went over Merrill's trading book. If the losses were tied to positions that had already been taken, then shame on BofA. If Merrill's traders made bad bets in the fourth quarter, it's worth asking again, Where were BofA's risk...
...Maybe, but Lewis could use the illusion of a bigger loss to get money from the government and at the same time get rid of Thain. What's more, if Lewis hangs on, the latest loss makes 2009 earnings look better than they otherwise would. The only problem with this theory is that it's very risky for Lewis, because the big loss at Merrill makes him look bad too and puts him at risk as well...
...panhandle for the summer.“Why should I be part of a society that doesn’t want me?” O’Brien said. “I decided to stop being part of the solution and [start being] part of the problem.”He added that soliciting in Harvard Square can actually be quite profitable. “A single adult male can make $50 to $100 a day,” O’Brien said, pointing out that Supplemental Security Income—government assistance for low-income...