Last week, the creditors’ committee representing what’s left of the now-defunct Lehman Brothers asked bankruptcy Judge James Peck to force Treasury Secretary Timothy F. Geithner, who was President of the New York Fed at the time of Lehman’s bankruptcy, to answer a few questions. It turns out that the original subpoena issued by the committee [...]

Continue reading " Treasury Secretary Tim Geithner IGNORED Subpoena to Testify in Lehman Case "

Jon Corzine has resigned from his post as CEO of bankrupt MF Global and, according to the firm, he won’t be taking a severance package on his way out the door. “I have voluntarily offered my resignation to the board of directors of MF Global,” Corzine said in a statement today. “This was a difficult [...]

Continue reading " CEO Jon Corzine Resigns from MF Global "

Another financial giant has fallen.  The fallout from the implosion of MF Global Holdings Ltd rippled through global exchanges this morning, as operators moved to suspend the U.S. futures broker. MF Global filed for bankruptcy protection yesterday following bad bets on euro zone debt, with London clearing house LCH Clearnet declaring the company a defaulter. MF [...]

Continue reading " MF Global Implosion Rocks Futures Exchanges "

It’s official. The S&P 500 has fallen 53 percent from its high back in October of 2007 and has now seen its worst six-month drop in percentage terms – 42.7 percent – since 1932.  In that year, it fell 45.44 percent within a span of six months. A late flurry of selling activity finished off [...]

Continue reading " February: Worst Month Since 1933 "