Don’t Raid Your 401(k)
March 17, 2008
Record numbers of foreclosures, rising gas and food costs, and just overall tough times have seen many people dipping into their 401(k)s to make ends meet. Although it may seem like the place to go when you’re facing serious hardship, there are some things to consider before you raid your retirement accounts.
Big Losses for PMI Company and HR Block Unloads Option One
March 17, 2008
PMI Group reported a record loss of $1.01 billion or
$12.51 a share for the fourth quarter of 2007.
The losses were tied both to the growing rate of foreclosures which
cost PMI negative income of $236 million in its U.S. mortgage insurance
operations.
Federal Reserve Makes Three Big Weekend Moves
March 17, 2008
The Federal Reserve had a busy weekend.
The Fed announced a new lending program aimed at the
20 large investment banks that serve as “primary dealers” and trade
Treasury securities directly with the Fed. The program would allow…
Stockholders Socked as J.P. Morgan Acquires Bear Stearns in Weekend Rescue
March 17, 2008
The news wasn’t surprising but the price tag was a real
stunner.
On Sunday J.P. Morgan chase agreed to pay $2 per
share to acquire failing Wall Street investment bank
Bear Stearns, lock, stock, and barrel. And the purchase
price, by the way, will be paid entirely in stock and includes purchase
of the company’s 45 story New York office tower…