Author: Farkas Laura

On Sunday Warren Buffett reported that Berkshire Hathaway Inc insurance and investment company may be “close” to buying a medium-sized British company and “will look” at Royal Bank of Scotland Plc’s possible divestiture of its insurance unit. According to a published report in the “Sunday Express”, Buffett was exploring a bid for RBS’ Direct Line… Continue reading Berkshire Hathaway Looking at RBS’ Insurance Unit

On Sunday Warren Buffett stated that he does not expect financial markets to panic as write-downs and losses for bad debts mount in the financial services industry, but said those losses were not over “by a long shot.”     Billionaire Buffett who runs Berkshire Hathaway Inc said at a press conference that the Federal… Continue reading Buffett: More Losses in Financial Services Industry on the Horizon

The Wall Street Journal reported yesterday that prosecutors in the Eastern District of New York in Brooklyn are stepping up their probe into the subprime-mortgage crisis, focusing on Wall Street firms and mortgage lenders. According to the Journal article, a task force of federal, state and local agencies will look into potential crimes ranging from… Continue reading NY Prosecutors Focus in on Wall Street, Lenders in Subprime Probe

Due to a lack of available information to maintain credible ratings after management stopped providing it detailed, non-public portfolio information, Fitch Ratings withdrew its grades on mortgage insurer Radian Group Inc.    However, the ratings agency stated that it will continue to monitor investor interest in its coverage and “may consider reviewing its methodologies and… Continue reading Mortgage Insurer Radian No Longer Graded by Fitch

Aon Corporation today reported results for the first quarter that ended March 31, 2008, with net income increasing 2% to $218 million or $0.68 per share, compared to $213 million or $0.66 per share for the prior year quarter. Net income from continuing operations increased 8% to $179 million or $0.56 per share, compared to… Continue reading AON Posts First-Quarter Growth

On Thursday, the Florida Legislature extended the rate freeze on state-run carrier Citizens Property Insurance by one more year until January 1, 2010.     Although homeowners won’t see any immediate rate relief, lawmakers hailed the bill’s increased consumer protections, such as more notice on cancellations and the ability to sue an insurer if the… Continue reading Florida Legislation Puts Citizens Rates On Ice for One More Year

Warren Buffett’s Berkshire Hathaway Annual Shareholders meeting is taking place beginning today in Omaha, where 30,000 people are expected to attend. Dubbed “Buffettstock” by CNBC, the attendees listen to Buffett and Berkshire Vice Chairman Charles Munger answer questions on business, the economy and life.    In an interview with CNBC, Buffett said, “It’s interesting, there… Continue reading Buffettstock to be Held this Weekend

Although the month of April resulted in fewer job losses than expected, bankruptcy filings by U.S. consumers rose 47.7 percent from one year ago as families cope with fallout from the subprime mortgage crisis.    According to the American Bankruptcy Institute, 92,291 bankruptcy filings in April also marked an increase of 7 percent from March. … Continue reading Consumer Bankruptcies High in April as Families Struggle with Subprime Fallout

A better-than-expected showing materialized in April in which employers cut far fewer jobs than in recent months and the unemployment rate dropped to 5 percent.    For the fourth month in a row, the economy lost jobs, the Labor Department reported Friday.But in April the losses totaled 20,000, an improvement from the 81,000 reductions in… Continue reading April Brings in Fewer Job Losses than Expected

According to the New York appeals court, which is affirming a jury’s verdict, the Port Authority of New York and New Jersey is liable for damages from the 1993 terrorist bombing at the World Trade Center that killed six people and wounded about 1,000 others.    The Port Authority was warned about the WTC’s vulnerability… Continue reading NY Appeals Court Upholds Verdict: Port Authority Liable for Damages in 1993 Terrorist Attack