Articles Tagged with ''Chairman and CEO''

Further Commotion at AIG

American International Group [stock AIG][/stock] Chairman and CEO Edward Liddy said Thursday he will leave his position as head of the firm once the board of directors is able to locate the appropriate replacements. The roles of CEO and chairman are likely to be split going forward, the company says. Liddy stepped into his position as CEO in September, at the request of previous Treasury Secretary Henry Paulson, when the company turned over a majority of its stake in exchange for a federal bailout.
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SEC Charges Two at American Home with Fraud

The Securities and Exchange Commission (SEC) today charged two former executives at American Home Mortgage Investment Corporation with accounting fraud. The charges against the heads of the now-bankrupt former Alt-A lender out of New York stem from their alleged engagement in a pattern of false and misleading claims that concealed financial losses from investors.
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Acquisition Drives PNC Q1 Profit

PNC Financial Services disclosed Friday a $530m, or $1.03 per share, first-quarter income, marking a significant 38% year-over-year increase driven largely by its recent acquisition of National City Bank. "In a very challenging environment we further strengthened our capital and liquidity positions and loan loss reserves," says James Rohr, chairman and CEO. "We are on pace to exceed the strategic objectives of our acquisition..."
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Subprime Servicer, Investor Begins Trading on NYSE

Tampa, Fla.-based Walter Investment Management Corp. [stock WAC][/stock] begins trading today on the New York Stock Exchange, after former finance business of Walter Industries Inc. has completed its merger with Hanover Capital Mortgage Holdings Inc. and formed the new firm.
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Ocwen to Spin Off Services, Technology Unit

As has been rumored for months now, Ocwen Financial Corporation [stock OCN][/stock] said Friday morning that it will look to spin off its technology and business process outsourcing business line, Ocwen Solutions, separating it from its core subprime mortgage servicing operation. Company officials confirmed they are targeting Q2 2009 for the spin off, with current OCN shareholders receiving shares of the new publicly-traded company as part of the transaction.
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Morgan Stanley Posts Larger-than-Expected Q4 Loss

Morgan Stanley [stock MS][/stock] on Wednesday posted a substantial fourth-quarter loss of $2.19 billion, or $2.24 per share, driven by "unprecedented market turmoil" and mortgage-related write-downs. Fixed income sales and trading -- which include its mortgage business -- registered net losses of $1.2 billion.
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