Fannie Mae $19 billion loss and asks feds for another $15 billion loan
Filed under: Company News, Earnings, Fannie Mae
The news just keeps getting worse at embattled mortgage finance company Fannie Mae (FNM). The Washington, D.C.-based company, which buys up mortgages from banks, posted on Thursday a staggering $18.9 billion loss — its ninth consecutive deficit — as it incurred more expenses stemming from foreclosed properties. The news forced the outfit, which already has a $200 billion credit facility with the U.S. government, to hit up the feds for another $15 billion, the company said in a statement.
On the plus side, Fannie Mae, which has been under government receivership since last year, said its third-quarter revenue rose 6 percent to $5.9 billion from $5.6 billion in the previous quarter, as net interest income rose.
Continue reading Fannie Mae $19 billion loss and asks feds for another $15 billion loan
Fannie Mae $19 billion loss and asks feds for another $15 billion loan originally appeared on DailyFinance on Thu, 05 Nov 2009 18:10:00 EST. Please see our terms for use of feeds.
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Fannie Mae $19 billion loss and asks feds for another $15 billion loan
Tags: colo-bleeding, credit-facility, cuts-on-his, edgewater colorado, entry, fannie, fannie mae, net-interest, news
Fox News v. Sesame Street: Beck, O’Reilly fans angry over Oscar’s parody
Filed under: Media, News Corp.
On the eve of its 40th anniversary, Sesame Street is courting a strange political controversy. A two-year-old episode featuring Oscar the Grouch as a (what else?) grouchy TV news reporter for (who else?) the Grouch News Network has caused a minor Internet kerfuffle among steamed fans of News Corp.’s (NWS) Fox News.
In the episode in question, Oscar the Grouch is a reporter covering, in breathless cable-news fashion, the trials and tribulations of Horatio the Elephant, who’s trying to extricate himself from a bathtub. Oscar’s quest for “all grouchy, all disgustin’, all yucky” news goes awry when there’s “breaking news” — namely, Cookie Monster breaking a cookie.
Continue reading Fox News v. Sesame Street: Beck, O’Reilly fans angry over Oscar’s parody
Fox News v. Sesame Street: Beck, O’Reilly fans angry over Oscar’s parody originally appeared on DailyFinance on Thu, 05 Nov 2009 18:00:00 EST. Please see our terms for use of feeds.
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Fox News v. Sesame Street: Beck, O’Reilly fans angry over Oscar’s parody
Tags: a-friend-via, corp-, elephant, entry, fannie mae, grouch news network, net-interest, oscar the grouch, pbs, street
Borders will axe 200 Waldenbooks stores, 1,500 jobs
Filed under: Company News, Media
Borders (BGP) announced Thursday afternoon that it will close it will close 200 of its WaldenBooks stores by early January, cutting as many as 1,500 jobs, most of them part-time. The move is intended as part of Borders’s ongoing plan to streamline costs and find its way out of a money pit that’s plagued it for years and led to a flurry of executive shuffles.
The shutdown will leave 130 of the mall-based WaldenBooks stores in operation; 45 branches had closed since the end of May.
“We believe there remains an opportunity to profitably operate a much smaller Waldenbooks segment that complements our core Borders superstore business and continues to serve readers in their communities,” Borders CEO Ron Marshall said in a statement. The closings, he said, “will reduce the number of stores with operating losses, reduce our overall rent expense and lease-adjusted leverage, and generate cash flow through sales and working capital reductions.”
The move comes as Barnes & Noble (BKS) prepares to shutter all but two of its smaller, mall-based B. Dalton stores by January, signaling the last nail in the 1980s-era heyday of shopping-mall retail for book chains. But mostly, it’s further indication of Borders’s ongoing financial struggles: the company almost lost its place on the NYSE this year. Its stock rose 1.44% to $2.11 per share in trading today.
Borders will axe 200 Waldenbooks stores, 1,500 jobs originally appeared on DailyFinance on Thu, 05 Nov 2009 17:40:00 EST. Please see our terms for use of feeds.
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Borders will axe 200 Waldenbooks stores, 1,500 jobs
Tags: a-much-smaller, barnes and noble, barnesandnoble, bookstores, borders, comes-as-barnes, indication, net-interest, retail, shopping malls, shoppingmalls, the-mall-based, trading-today-, waldenbooks
