June 30, 2007 — The founder of one of the nation’s hottest retailing bank empires, Commerce Bancorp, yesterday stepped down amid a widespread scandal involving his friends and family who were collecting millions from the company with insider vendor contracts. The ouster of Vernon Hill, 61, chairman, CEO and president, sent the company stock soaring by 9.4 percent - and even enriched the dethroned star of community banking by $19 million on his own personal stake. Investors said...
BAD DAY AT BLACKSTONE
June 30th, 2007
June 30, 2007 — Stephen Schwarzman capped off a bad week for the stock of his Blackstone Group - losing $105 million from his stock fortune yesterday alone.
Blackstone shares hit the ground running a week ago at their debut, reaching a high of $38 after going on sale at $31 a share. The big opening day jump gave Schwarzman a paper profit at one point of $1.75 billion.
But nagging concerns by investors and analysts that Blackstone Group may be mired in too much debt and could face the loss of its lucrative tax loopholes has sent the stock closing at new lows each day in its brief six-day life.
For the week, it has skidded below its initial $31 price and never recovered, giving Schwarzman a $1.45 billion loss in market value on his stake.
Shares closed yesterday at $29.27 after dropping as low as $28.75 in slow trading of 7.5 million shares - a fraction of its opening day buying frenzy of 113 million shares trading hands.
Meanwhile, the American Stock Exchange said yesterday it would start trading options on Monday for Blackstone Group. The options will open with strike prices of $25, $30 and $35, with limits of 2.5 million shares on each position under a March expiration.
« Analysis: Global problem, global solution
By ROSALIE WESTENSKOW UPI Correspondent WASHINGTON, June 13 (UPI) — A U.S. effort to cooperate with global partners presents the only viable way to mitigate climate change and ease national security threats, experts say. As global temperatures rise, the array of dangers facing the United States will also increase, triggered by foreign forces and natural disasters. A surge in sea levels could cause flooding in America’s coastal areas, where more than half of the population lives,...