Mortgage finance giant Freddie Mac's massive $2 billion loss yesterday is forcing the once mighty company to seek a cash infusion to shore up its balance sheet. Lehman Brothers and Goldman Sachs have been hired to raise up to $10 billion in added...
Bear Stearns and American International Group got hit with shareholder lawsuits over their overexposure to risky home loans - bad bets that have cost both companies more than $1 billion each in losses. In a suit filed earlier this week in...
Whole Foods Whole Foods Market said fourth-quarter profit fell because of costs related to its pur chase of Wild Oats Markets. Net income dropped 15 percent to $33.9 million, or 24 cents a share, from $39.8 million, or 28 cents, a year earlier. KKR...
Chrysler's bankers failed to sell $4 billion of loans that backed the purchase of the automaker by Cerberus Capital Management LP, according to investors briefed on the decision. JPMorgan Chase notified the potential buyers yesterday, said the...
While the major studios and networks say the Internet is unknown territory, striking Hollywood scribes sure seem to know their way around the Web. Thanks to blogs, social-networking sites and online video, the writers have a cyberspace soapbox to...
Northern Rock Plc, the UK bank bailed out by the Bank of England, slumped for a second day in London trading after saying that bids are "materially below" its market value. The stock fell 6.9 percent to 97 pence, valuing the Newcastle...
Richard Breeden, the activist investor and former head of the Securities and Exchange Commission, successfully ousted the head of H&R Block yesterday after the nation's biggest tax preparer suffered $1 billion of losses tied to the collapse of the...
Countrywide Financial said there's no truth to speculation that the biggest US mortgage company is preparing to file for bankruptcy. "The rumors are absolutely false," said Rick Simon, a spokesman for Calabasas, CA-based Countrywide. The company...
Newspaper advertising sales fell 7.4 percent in the third quarter as real estate and help-wanted classifieds slumped, the Newspaper Association of America said. Ad sales fell to $10.9 billion, said the Arlington, VA-based NAA, an industry...
Oil began again its assault toward the $100-a barrel mark - setting off renewed alarms of a possible recession this winter. Crude surged here to a new high yesterday of $98.03 a barrel, up 3.6 percent, or $3.39 a barrel, while heating oil broke...
MR. Big is eyeing a book deal. Ron Galotti, the real-life role model for the character played by actor Chris Noth in the HBO series "Sex and the City," said McGraw-Hill had approached him about doing a book. He met with publisher reps on Monday...
Yahoo! and AOL, two of the biggest online destinations for watching music videos, are trying to ward off competition from YouTube and MySpace by acting more like sites that mix viral clips and user-made content. Yahoo! yesterday announced a deal...
THINK of it as either an albatross or a huge opportunity. The giant St. John's Center at 550 Washington St. has hit the market and will likely sell for over $600 million. The property, which sprawls along the West Side Highway for 825 feet of...
Saks is single-handedly boosting New York's holiday shopping spirits - thanks to foreign tourists cramming the landmark store with wallets full of cheap dollars. The luxury retailer yesterday said third-quarter profit more than tripled due to...
