Finance Institutional Investment
Federal Pension Watchdog Picks Advisors for Shift into Real Estate
Dec. 23, 2008
The federal Pension Benefit Guaranty Corp. has revealed the investment firms that will act as its strategic partners in managing $2.5 billion in assets and supporting PBGC’s in-house investment staff. The firms are BlackRock, The Goldman Sachs Group and J.P. Morgan Chase, all headquartered in New York City.
Pink Slips Proliferate in November
Dec. 05, 2008
The magnitude of the unemployment numbers--533,000 jobs evaporated in November, according to the Department of Labor--took economists and analysts by surprise this morning.
Government Mulls More Mortgage-Rate Intervention
Dec. 04, 2008
Has the government hit on a bailout method that works? At least partly? Fed intervention to lower mortgage rates might allow some homeowners (those with good credit) to refinance their way out of high post-teaser rates.
Morgan Stanley Ups Stake in Struggling General Growth
Dec. 03, 2008
Morgan Stanley has become the second investor to take a large stake in General Growth Properties Inc., the struggling mall operator headquartered in Chicago. Morgan Stanley bought more than 13.6 million shares, upping its stake in the company from 3 percent to 5.1 percent.
More Bad Numbers for Economy
Dec. 03, 2008
The Institute for Supply Management, which released its manufacturing index for November recently (those numbers were bad), has more bad news for the nation today: U.S. service industries, which constitute about nine-tenths of all domestic economic activity, contracted in November.
Fed Says it Still Has Arrows in its Quiver
Dec. 02, 2008
The Federal Reserve has acknowledged that the recession won't be over anytime soon by extending a number of temporary programs designed to deal with the credit freeze and generally unstable financial markets.
RREEF Nails Down Stake in Rosen Real Estate
Dec. 02, 2008
RREEF Alternative Investments has finalized its agreement to acquire “a significant minority interest” in Rosen Real Estate Securities L.L.C., a Berkeley, Calif.-based real estate investment advisor.
Recession is Officially Here, Says Group
Dec. 01, 2008
Who decides when it's a recession? The Business Cycle Dating Committee of the nonprofit research organization known as the National Bureau of Economic Research, that's who, at least as far most economists and parts of the U.S. government are concerned.
Financial Update-Consumer Spending Sees Historic Drop
Nov. 26, 2008
Consumer spending numbers, as expected, are going nowhere but down. The U.S. Department of Commerce is reporting that personal consumer spending among Americans dropped 1 percent in October compared with the month before, which is the largest decline since September 2001. On the other hand, saving is up. Personal saving as a percentage of income rose to 2.4 percent during the same month, up from 1 percent in September.
A New Economic Crew in Town
Nov. 24, 2008
At around noon Eastern Time, President-elect Barack Obama made it official: Timothy Geithner will be U.S. Secretary of the Treasury and Lawrence Summers will be director of the National Economic Council. Interestingly, neither man has ever worked in a major capacity for a Wall Street bank, as have many previous shapers of U.S. economic policy, though Geithner has been an important liaison between the banking industry and the government as head of the New York branch of the Fed.
Financial Market Update-Big 3 Continue to Angle for Aid
Nov. 19, 2008
The bosses of the Big Three automakers, who are facing the prospect of being bosses of the Not-So-Big-Three anymore, came before Congress today to beg, "Please, sir, can I have some more?" As in more loans to stay afloat, besides the $25 billion already committed to retool to build fuel-efficient cars.
Financial Market Update-Bair, Paulson Quarrel in Burning House
Nov. 18, 2008
Federal Deposit Insurance Corp. Chairman Sheila Bair is on the warpath for more aggressive government intervention in the foreclosure crisis, saying today before the House Financial Services Committee that the government is "clearly falling behind the curve" on the issue.
Forest City Completes Trio of Financing Deals Totaling $167M
Nov. 10, 2008
Despite the sagging economy and possible recession, Forest City Enterprises Inc. recently completed three financing transactions totaling more than $167 million. Still, even the $10.9 billion Forest City has learned that the nagging credit crisis is making it ever more difficult to ferret out lenders with money to lend.
Tax Credit Equity Fund Gets $50M for Low-Income Development
Nov. 06, 2008
National New Markets Fund L.L.C. has received a $50 million New Markets Tax Credit allocation from the Treasury Department to provide funding for real estate development in financially strapped neighborhoods. This allocation marks the third that the fund--created by Strategic Development Solutions and Economic Innovation International Inc.--has been awarded by the department.
Market Advances as Nation Eyes Election
Nov. 04, 2008
At long last, election day is upon us. Or rather, it's the last day people in many states can vote, since so many have done so already. What will it bring to the financial markets? If nothing else, an end to some bedeviling uncertainty about who will occupy the White House come January, and whether the Democratic Party will actually have a filibuster-proof majority in the U.S. Senate.
Treasury, FDIC Working on Plan to Help Distressed Homeowners with Mortgages
Oct. 31, 2008
For those waiting to see if any of the $700 billion federal bailout fund would deal with rising numbers of foreclosures and homeowners with distressed mortgages, help could be on the way. Major news organizations have reported that the Treasury and Federal Deposit Insurance Corp. are working on a plan to have the government back mortgages of up to 3 million struggling homeowners who would get their mortgages lowered.
Guardian Nabs 111,000SF Suburban D.C. Office for $55M
Oct. 30, 2008
Ownership of Quincy Crossing, a fully-leased 110,900-square-foot office building in Arlington, Va., less than five miles across the Potomac River from the White House in Washington, D.C., has changed hands. Normandy Real Estate Partners sold the Class A property to Guardian Life Insurance Co. in a transaction valued at $55.5 million.
IMF Broadens Efforts to Contain Global Credit Crisis
Oct. 24, 2008
Even as former Federal Reserve chairman Alan Greenspan stepped down yesterday from an unhappy experience testifying before Congress, the International Monetary Fund was stepping up to help a growing circle of nations that are being hurt by the worldwide credit crisis.
Bush Invites G-20 to Meet in Washington
Oct. 22, 2008
Though we’re apparently starting to get past the initial rush of rescue measures on the credit crisis, the global coordination efforts might be getting bigger. This morning, White House press secretary Dana Perino announced that President Bush has invited the leaders of the Group of 20 industrial countries to meet in Washington on Nov. 15 for the first of a series of summits that will address the troubled financial markets and the global economy.
After the Close: Financial Market Update-Wed., Oct. 22
Oct. 22, 2008
Investors may not be worrying so much about the credit panic -- no longer a panic, now just "credit malaise" -- but they do seem to be concerned about the lousy third-quarter numbers companies are turning in, and gloomy profit forecasts, as the world enters a recession. If Wall Street worried about such things, they would also take note of the fact that jobs are being shed like autumn leaves.
Financial Market Update-Tues., Oct. 21
Oct. 21, 2008
As of mid-day (and as the Dow futures market had predicted), the DJIA is down, though not by a record amount: 174 points, or about 1.88 percent. The Nasdaq and Standard & Poor's 500 edged down somewhat more, at 2.9 percent and 2.3 percent, respectively.
Financial Market Update-Mon., Oct. 20
Oct. 20, 2008
As of early afternoon Eastern Time, the Dow Jones Industrial Average was up 2.4 percent, and likewise the Nasdaq and Standard & Poor's 500 gained ground. But these days, "it ain't over till it's over" has never been more apt in tracking the daily rises and falls of the market.
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