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Falling Glass a Metaphor for Bank of America's Finances?
FINANCE • The debris falling off the new Bank of America tower at 42nd Street may have been metaphoric. The firm just reported steep losses, and their wannabe investment-banking unit, set to anchor the new tower, performed the worst. [MarketBeat/WSJ, Deal Journal/WSJ] • Congrats, James Cayne — nobody wants anything to do with Bear Stearns. Contrary to reports, both Warren Buffett and China's Citic Bank denied any interest in the bank. [DealBook/NYT] • Today's the real anniversary of the 1987 stock-market crash, but at least one veteran thinks parallels to the present are overblown. "The market is just like generals — everyone prepares for the last war." [MarketBeat/WSJ]
Posted 10/19/07 in Daily Intel : Company Town
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Rupert Murdoch and the ‘Journal’ Eye Washington
MEDIA • Murdoch's WSJ plans to take on the Times' Washington bureau. What's next, Hollywood? [NYO] • Jeff Zucker and NBC bought Oxygen, the cable network for bored housewives, at the bargain-basement price of $925 million. [NYT] • CNN's Rick Sanchez has one big skeleton in his closet. After drinking a little too much at a Dolphins game, the eight o'clock anchor did a hit-and-run on a pedestrian who later died from his injuries. "It could have happened to anybody … There were probably a lot of other people leaving the stadium that had had a couple of beers as well." No wonder he was nicknamed Miami's "Least Credible News Personality." [NYO]
Posted 10/10/07 in Daily Intel : Company Town
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