Monday, April 26, 2010
Each week check out the MarketWatch feature on myBiz. We will report on facets of the economy to keep you informed and prepared for the internship and full-time job markets.
Lawsuit Filed Against Goldman Sachs
The Securities and Exchange Commission charged Goldman Sachs and their Vice President with failing to disclose conflicts of interest in the 2007 sale of a portfolio of securities tied to subprime mortgages. According to the SEC, investors lost $1 billion. Shortly after the charges, the House Oversight and Government Reform Committee began questioning the SEC's impartiality in filing the charges so close to a final vote on Wall Street reform.
U.S. Government to Sell Citigroup Shares
The U.S. Treasury Department currently owns 7.7 billion shares of Citigroup, or about a 27% stake in the bank. The government plans to sell 1.5 billion shares which may generage a return for taxpayers. The sale will cut the government's holding to approximately 22%.
Hertz Buying Dollar Thrifty
In a move that will combine two prominent players in the car rental business, Hertz announced it will buy its rival, Dollar Thrifty, for $1.2 billion. Hertz CEO, Mark Frissora said it was a "excellent strategic fit" and that the addtion of Dollar Thrifty will help Hertz extend its foothold in Europe and other international locations.