Newspaper wrap-up: The cost of bad loan reserves
Posted Apr 22nd 2008 9:00AM by Laurie Pasternack
Filed under: Newspapers, Magazines, Hewlett-Packard (HPQ), Citigroup Inc. (C), Bank of America (BAC), News Corp'B' (NWS)
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MAJOR PAPERS:
- If the financial crisis hasn't crippled banks enough, the cost to build bank loan reserves may be just as painful, according to the Wall Street Journal's "Heard on the Street". The need for larger reserves is eating away at earnings and is showing up in first quarter reports for banks such as Bank of America Corporation (NYSE: BAC), whose results took an additional hit because of a $6B addition to its loan loss reserve.
- Just four months after Journal parent Dow Jones & Co. was bought by Rupert Murdoch's News Corporation (NYSE: NWS), Wall Street Journal managing editor Marcus Brauchli is expected to resign, according to the Wall Street Journal. Journal publisher Robert Thomson may temporarily take over until a new managing editor is hired.
- The Financial Times reported that Citigroup Incorporated (NYSE: C) is seeking advice from IT group Hewlett-Packard Company (NYSE: HPQ) on how to overcome a crisis without breaking up the company.
WEB SITES:
- According to Reuters, activist shareholders in ASM International (NASDAQ: ASMI) believe, by giving more equity to top managers, that they can boost its value by $1.6B.
Tags: ASM International, ASMI, AsmInternational, BAC, Bank of America, BankOfAmerica, C, Citigroup, Dow Jones, DowJones, hewlett-packard, HPQ, loan losses, LoanLosses, Marcus Brauchli, MarcusBrauchli, news corp, news corp., news corpb nws, news corporation, NewsCorp, NewsCorp., NewsCorpbNws, NewsCorporation, NWS.A, reserves, Rupert Murdoch, RupertMurdoch, Wall Street Journal, WallStreetJournal
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