Archive for March 15th, 2007
CIBC sees more trouble at Motorola
15 March 2007Here is a quick soundbite from CIBC World Market’s equity research department in New York and California. Things are not getting any better in the Moto handset world by the sounds of it:
“After a round of meetings in Asia with supply chain members, we believe Motorola is experiencing stronger than expected weakness in just [...]
GM Says Accounting Controls ‘Currently Ineffective’
15 March 2007Now that’s a headline to send a shiver up the spine of every director at every public company in North America. If GM’s legions of accountants can’t control their financial reporting….
This is exactly why every public filing (and prospectus, loan document, etc.) needs to have a representation not just that the CEO/CFO “is unaware [...]
Federal Budget to support LSIF program?
15 March 2007One of the rumours one is hearing this month is that the federal government might do something to support (ie. extend) the Labour Sponsored Investment Fund sector in next Monday’s budget.
600 companies in Ontario alone have received the support of a LSIF investment (including us). According to the LSIF crowd, 74,000 people are employed [...]
US mortgage liquidity crisis 2
15 March 2007If you are trying to track your own lenders’ involvement (or the lender to your lender) in the subprime market, here are some helpful stats from Marketwatch:
Top U.S. subprime mortgage lenders
Rank Lender Location Q4 2006 originations, in U.S. billions
1 HSBC Finance (HSBC) Prospect Heights, IL $12.3
2 New Century Financial Irvine, CA $12.2
3 Countrywide Financial [...]
Goodman and Carr – the backstory
15 March 2007Once you’ve read the dead tree media’s take on the apparently inexplicable shuttering of law firm Goodman & Carr, here is the rest of the story as I understand it:
The drop from 140 to 90 lawyers (2004-today) began to accelerate when a capital call (law firms are financed by the partners – with some bank [...]