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In yesterday’s NY Times, Andrew Ross Sorkin interviewed Citadel Investment Group founder Ken Griffin, a critic of risk management practices in the financial services industry. “We have a responsibility,” says Griffin, “to manage risk in a way that is prudent.”
A slightly different statement about risk management comes from the folks at Anworth Mortgage [...]
When it comes to the subprime mortgage crisis, IndyMac (IMB) may not be as large of a poster child as Countrywide Financial (CFC). After all, when Congress held a hearing earlier this month, IndyMac’s Chairman and CEO, Michael W. Perry wasn’t even on the invite list. Still, judging by their growing list of bank-owned properties, [...]
After postponing twice, it looks like tomorrow is the day that Countrywide’s (CFC) Angelo Mozilo, as well as Stan O’Neal, and Chuck Prince, formerly of Merrill Lynch (MER) and Citigroup (C) will be heading to Capitol Hill to appear before the House Oversight Committee to talk about compensation and the subprime mess. The formal name [...]
Exactly a year ago, we footnoted about how HSBC (HBC), which was just starting to feel the heat from the subprime mess, was still plenty generous when it came to handing out perks to its top executives. Judging by the 10-K they filed earlier this week, little has changed in the past year across several [...]
It’s no longer news that the subprime crisis is, directly or indirectly, hitting companies in all sorts of industries, or at least making them nervous. Take Wyndham Worldwide (WYN). Wyndham has been busy selling timeshares to would-be vacationers (the company brags that it has the world’s largest “vacation ownership” business), but warns in its 10-K, [...]
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