Fallen financial giants

It seems that during the past few years the news has been filled with stories of giant, influential companies suddenly falling to her knees. They do it either mismanagement or fraudulent reasons. However, these companies fall generally take with them investors, employees and sometimes even part of the economy. Here is a brief recap of several stories that had a notable impact on the financial situation of many people in recent years.Goldman Sachs: New York-based firm reported a loss of U.S. $ 2,290,000,000 in December 2008, which blamed the sub prime mortgage Fallout. In October 2009, Goldman Sachs has accepted a $ 10 billion rescue from the U.S. Government under the Troubled Asset Relief Program. However, in August, the company was heavily criticized for handing over 4.8 billion U.S. dollars in bonuses in 2008, with 953 people receiving top-ups at least one million U.S. dollars each.Merrill Lynch \\ u0026amp, Co. 's saw with the collapse of Lehman Brothers investment banking
firm. In September 2008, both institutions have been affected by mortgage defaults, falling stocks and a sharp devaluation of assets. In a transaction of $ 50 billion all-stock Bank of America Corp. acquired Merrill. In January 2009, former Merrill Lynch chief John Thain has resigned his new position at Bank of America following the news that the defunct bank to pay 3.6 billion U.S. dollars in bonuses before the acquisition was made final.Wachovia institution North Carolina based financial, reported a $ 708,000,000 loss in the first quarter of 2008, which was followed by a loss of 8.9 billion U.S. dollars in the second quarter. In July of 2008, the company was represented by cutting 6350 jobs. The company continued to plunge down as stocks fell more than 35 percent. Wells Fargo's takeover of the bank, a government-backed purchase a $ 15 billion buyout.AIG stock began to fall sharply in September 2008, the company tried to sell part of its assets. Failed attempt led to the U
.S. Government offering a $ 85 billion bailout package in exchange for an equity stake of 79.9 percent of the company. Value rescue package has been rebuilt, it totaled a whopping $ 182 billion. Shortly thereafter, the company was heavily criticized for spending hundreds of thousands of dollars on spiritual Executive and 165 million U.S. dollars in retention bonuses and compensation packages.These companies had a huge impact on the lives of many people who lost not only investments but also their livelihood. If only these companies have succeeded in putting people before one U.S. dollar is rapidly .------ BHM Financial is one of the most trusted names in Canadian automotive loan. If your credit is less than stellar and you need money in a hurry, Bad Credit Loans visit the site today, tomorrow and breathe easier! Visit our blog for more articles about Bad Credit and debt.