Too Fat To Fly?You know the old Wall Street maxim, "Bulls make money, bears make money and pigs get slaughtered"? Well, we have a Five Dumbest addendum: "And fat cats don't fly." Lloyd Blankfein, chairman and chief executive officer of Goldman Sachs ( GS), John Mack, CEO of Morgan Stanley ( MS), and Richard Parsons, chairman of Citigroup ( C), phoned into a meeting with President Obama and the nation's top bankers on Monday after their flights were delayed because of fog in Washington. Blankfein and Mack were reportedly stuck waiting for US Airways ( LCC) flights from New York's LaGuardia and Westchester airports, respectively, while Parsons "was delayed in New York," according to a Citigroup statement. Come on, guys! Have you never heard of Amtrak? How about hitching a ride on Jamie Dimon's private jet? The JPMorgan Chase ( JPM) CEO made it to the White House on time, why couldn't you?
SIGA's Super SaleLast Friday was not the Black Friday that causes shoppers to fight each other for bargains. But investors who bought discounted shares of SIGA Technologies ( SIGA) ended up with black eyes. The biotechnology company, which specializes in the development of pharmaceutical agents to fight biowarfare pathogens like smallpox, offered $20 million in common stock Thursday, raising $18.6 million in net proceeds for "general corporate purposes." All told, SIGA sold more than 2.7 million of its outstanding 38.3 million common shares at $7.35 each, or more than 15% below Wednesday's closing price of $8.66. A double-digit discount on SIGA shares, now that's one heck of a Black Friday door-buster sale, don't you think? And you didn't have to get trampled at the local mall at 5 a.m. to get it.
Target Misses Milk MarkSuck it up, Target ( TGT). You know there is no use crying over spilled milk, even if it is soy-based and inorganic. The Minneapolis-based retail giant fessed up to wrongly advertising soy milk as organic, according to a Nov. 12 letter sent by the USDA to the Wisconsin-based farm policy group called the Cornucopia Institute. As a result, Target said it is changing its procedures to make sure the slip-up never happens again. The institute, which made the letter public on Monday, originally filed the complaint with the USDA back in October. The group alleged that Target was inaccurately advertising the Silk brand soy milk in newspapers with the term "organic" on the carton's label when in fact the soy milk on sale in stores did not come from organically grown soybeans. Target's excuse was that the soy milk on Target shelves was properly labeled, but it mistakenly used an outdated photo in the September advertisement.
Credit Suisse's Lost CreditIt may be coming clean for its illegal Iran dealings, but Credit Suisse ( CS) has still lost a lot of credit in our book. The investment bank agreed to pay $536 million this week to settle a probe over financial dealings with Iran. The settlement papers reveal Credit Suisse had a long-running business assisting Iranian banks evade sanctions by hiding the identity of their Iranian customers in international money transactions. "Credit Suisse's internal communications showed a continuous dialogue about evading U.S. sanctions spanning approximately a decade," according to government papers filed in the case.