BREAKING: New York Community Bank stock, $NYCB, the bank that acquired the collapsed Signature Bank, falls 40% after earnings.
The bank announced that they will be cutting their dividend by 70% to meet regulatory requirements.
They also reported a 4th quarter LOSS of $260 million while expectations were for a GAIN of that size.
This comes just a few weeks before the Fed's emergency loan program is set to expire.
Some small banks are still feeling the pain.
BREAKING: Tencent's stock crashes 16% in minutes as China announces guidelines aimed reducing "excessive gaming."
Tencent is China's largest public company and the drop erased ~$55 billion of market cap.
This also marks the biggest one-day drop for the company since 2008.
The @Harvard situation reminds me of the Canadian Pacific proxy contest.
In 2011, CP was the worst run railroad in North America. Its board was comprised of the most illustrious Canadian CEOs and leaders. They were very proud.
We bought 12% of the railroad. We recommended they hire Hunter Harrison, the best railroader in history. They gave us the Heisman.
They surrounded themselves with expensive advisors who told them what they wanted to hear.
We were forced to run a proxy contest.
It was not until the night before the shareholder meeting that the board looked in the mirror and acknowledged the truth.
They resigned that night because they didn’t want to face the shareholders the next day.
We got 97% of the vote which meant that at least some of the directors secretly voted for us.
We installed Hunter as CEO and recruited Keith Creel, his protege. Keith runs CP today. He is even better than Hunter, may he rest in peace.
The shareholders, the unions and the employees thanked us as did the Canadian government for the impact on the Canadian economy and the massive improvement in critical national infrastructure.
The incumbent directors left Canadian society and were not heard from again.
Some people consider the CP turnaround the greatest industrial turnaround in history.
CP showed the difference changing one leader can make.
BREAKING: 40% of all student loan holders failed to make payments when they resumed in October.
This means that 8.8 million out of 22 million borrowers missed student loan payments.
Currently, we have a record $1.6 trillion of outstanding student loans.
The average payment is ~$500/month and comes at a time with record low levels of affordability.
Borrowers are feeling the pain.