If the government is to be the lender of last resort for financial companies, it has to demand more control over their daily business
The huge loss at Merrill follows Citigroup Inc's write-off of $18 billion against sub-prime exposure. Citigroup, on Tuesday, had reported the biggest loss of almost $10 billion in its 196-year history.
DLF, India's largest real estate developer by market cap, on Monday said it has sold 49 per cent stake in some of its residential projects to private equity investors for a total consideration of Rs 1,675 crore (Rs 16.75 billion).
A jury has convicted a former Enron Corp executive and four ex-Merrill Lynch & Co officials in the first criminal prosecution arising from the accounting fraud that led to the collapse of the energy trader.
Merrill Lynch & Co Inc, said on Friday that Deepak Raj, who headed its global stock research team while it was the target of state and federal investigations, is leaving the Wall Street firm one week after his boss, Robert McCann, resigned.
India has 61,000 millionaires, while the United States has a whopping 2.27 million, according to a study.
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