Word: stakingly
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...recovery plan before receiving new government funds. So, just like the automakers, expect some big changes at the banks over the next month. Top executives of Bank of America, Citigroup or Wells Fargo could be out of a job. The government may also decide it wants a much bigger stake in the banks than some are currently letting on. Maybe Tim Geithner and Ben Bernanke are better at tying up loose ends than Steve Rattner and the Automotive Task Force, but odds are there more chapters to come in the big bank crisis...
...confidence in these institutions and even give bank stocks a boost. As news of the results has trickled out in recent days, bank stocks have indeed shot higher as investor fear has subsided. But longer term a big issue remains: Investors need to know just what the government's stakes in these banks are worth since that directly affects what the investors' stake is worth. The government says the future stakes it takes in the banks will not be common equity, but preferred stock that is convertible into common equity - though it may or may not be converted. (Read about...
...That raises a question for investors. If the government buys the bank's common stock outright, investors know how much their own stake is diluted. But since some of the preferreds may convert and others won't, investors are left with a less clear picture of a bank stock's worth...
Bank of America (BAC) will need to improve its capital position by nearly $35 billion, according to several press reports. It may be able to sell its part of its stake in the China Construction Bank, which the FT says could bring in as much as $8 billion...
Recently, rumors that hot breakfast would no longer be available in the House dining halls created quite an uproar on campus. Though the fate of Veritas waffles may be at stake, I trust that the student body can speak for itself about such matters. I am more concerned with another potential budget cut that would involve layoffs of low-wage workers, particularly because their voices are not always heard...