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Rob Ottinger of the Ottinger Firm, a legal firm that specializes in severance negotiations, called JPMorgan's severance package "generous," saying most big banks only offer two weeks of severance per year the employee worked for the company. He questioned, however, how JPMorgan could afford such a large payout, given the disruptions in the financial market. "It seems highly unusual. I didn't think they had that much money to play with," he says. Ottinger said the generous package seemed to signal either a guilty conscience or the desire to keep well-connected, soon-to-be ex-employees silent. Once they agree to the package, they are committed to not speak about it. "They want the silence and not to be sued," said Ottinger.
The Swiss bank lost 11.5 billion Swiss francs on a $19.5 billion writedown to structured finance products tied to U.S. mortgages, as its money management businesses also slipped.
Writedowns to its bank insured life insurance portfolio jumped to $708 million, from the $393 million it reported last week.
A Friedman, Billings Ramsay analyst says BofA should "walk away" from the deal, due to the poor quality of Countrywide's loan portfolio.
Yahoo! is among the most searched stocks on TheStreet.com. Here's what Cramer had to say about the stock recently.
Catch up on his thinking on the hottest topics of the past week.
Investors will have to deal with a Fed meeting and another flood of earnings and economic data.
Ensco International and Echelon have the potential to move higher in coming days.
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The addition of video is helping telecom companies compete against cable and satellite companies.
The June West Texas Intermediate contract reflects selling pressure ahead of Tuesday's expiration. But stocks in the sector are generally trading higher.
See who made what calls.
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