More Parrot CEO's & Its Deja Vu, All Over Again
Another parrot CEO let out of the cage...
AIG posted a $7.8 billion Q1 loss, May 14th, AIG CEO Martin Sullivan: "Our fundamental business performance is sound."
Today, the mismanaged and financially troubled insurer ousted their CEO and said the management change is not in response to its second quarter results. Ok, sure thing.
Deja Vu all over again... Lehman Brothers, posted their first ever loss as a public company ($2.8 billion) after recording massive trading and hedging losses.
Level 3 assets totaled about $38 billion at the end of the quarter, as Lehman shed $147 billion of assets during the quarter.
Fixed income revenue was a negative $3 billion.
The AAA-rated bonds backed by Alt-A mortgages were priced at about 70 cents on the dollar.
European mortgages were valued based on the assumption of a 28% housing price decline.
Shares in the troubled #4 US investment bank ($6 billion in panhandling last week) are down 60% YTD.
CEO Richard Fuld: "Our core business and our strategy are sound." Alrighty then.
AIG posted a $7.8 billion Q1 loss, May 14th, AIG CEO Martin Sullivan: "Our fundamental business performance is sound."
Today, the mismanaged and financially troubled insurer ousted their CEO and said the management change is not in response to its second quarter results. Ok, sure thing.
Deja Vu all over again... Lehman Brothers, posted their first ever loss as a public company ($2.8 billion) after recording massive trading and hedging losses.
Level 3 assets totaled about $38 billion at the end of the quarter, as Lehman shed $147 billion of assets during the quarter.
Fixed income revenue was a negative $3 billion.
The AAA-rated bonds backed by Alt-A mortgages were priced at about 70 cents on the dollar.
European mortgages were valued based on the assumption of a 28% housing price decline.
Shares in the troubled #4 US investment bank ($6 billion in panhandling last week) are down 60% YTD.
CEO Richard Fuld: "Our core business and our strategy are sound." Alrighty then.
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