Dodge & Cox Assets Fall 47% as Financial Picks Prove `Breathtakingly Bad’ Dodge & Cox lost almost half of its assets in the past year, the most among the 20 largest U.S. mutual-fund companies, after sticking with financial stocks such as American International Group Inc. and Citigroup Inc.
Stanford Prayer With Dying Man Pumped Agents Selling Alleged Ponzi Scheme When Jason Green wanted his team of financial advisers to sell more of Stanford International Bank’s certificates of deposit, he knew where to turn: Proverbs 13:11.
AIG Warned U.S. Failure Would Cripple World’s Banks, Money Funds, Insurers American International Group Inc. appealed for its fourth U.S. rescue by telling regulators the company’s collapse could cripple money-market funds, force European banks to raise capital, cause competing life insurers to fail and wipe out the taxpayers’ stake in the firm.
Buffett Says U.S. Economy Has `Fallen Off a Cliff’ as Berkshire Units Hurt Billionaire Warren Buffett, whose Berkshire Hathaway Inc. posted its worst results ever in 2008, said the economy “has fallen off a cliff” and that efforts to stimulate recovery may lead to inflation higher than the 1970s.
Caisse de Depot’s Ex-Chief Takes Blame for Asset-Backed Securities Drop Caisse de Depot et Placement du Quebec’s former chief executive officer, Henri-Paul Rousseau, took the blame for failed investments in asset-backed securities while saying he’s not responsible for the pension manager’s full C$39.8 billion ($30.6 billion) loss last year.
Global Economy Will Shrink First Time Since World War II, World Bank Says The global economy is likely to shrink for the first time since World War II, and trade will decline by the most in 80 years, the World Bank said.
GE Capital Taps Citigroup, Credit Suisse, Goldman to Sell U.S.-Backed Debt General Electric Capital Corp., the finance arm of General Electric Co., hired five banks to manage a sale of U.S. government-backed bonds as debt investors speculate the finance unit will need to raise more capital.
Depression Dynamic Takes Hold as World Trade, Banking System Revisit 1930s The U.S. economy’s vital signs may not confirm a diagnosis of depression. The symptoms increasingly point to one.