Treasury: No, thanksIndependent Bank Corp., the parent of Rockland Trust Co., yesterday said it would repay the government $78 million it accepted in January because of the "stigma" associated with the program. The Rockland bank, with $4.6 billion in assets, is the latest of numerous institutions around the country that are rethinking the costs and public scrutiny that have come with participating in the government's $700 billion bailout fund.
The banks must limit executive compensation, detail what they're doing with the money, and deal with the perception that they needed the money to survive.
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Oracle acquires Sun for $7.4 billion
The forthcoming $7.4 billion purchase of Sun Microsystems Inc. by Oracle Corp., a deal that was disclosed yesterday, could mean big changes and possible job cuts for the approximately 2,600 workers employed by the two companies in Massachusetts.
"If I were employed there, I would be getting my resume ready, considering what Oracle has done in the past," said Tom Davenport, professor of information technology and management at Babson College in Wellesley. "They're pretty brutal about cutting people loose."
Neither company would discuss the employment implications of the deal. Oracle has not revealed the number of jobs it has cut during a spate of acquisitions over the past four years. But the company's financial filings with the Securities and Exchange Commission reveal that it often sets aside large amounts of money to cover severance expenses when it acquires other companies. For example, last year, Oracle set aside $111 million in restructuring costs after its $8.6 billion acquisition of BEA Systems Inc. in April. Oracle said the money was mostly for severance payments to laid-off workers.
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With seats available, Red Sox roll out ads
The Red Sox are hoping to hit a promotional home run with a new ad campaign that the team begins pitching today. The "Greatest Moments" campaign will feature TV and online ads that highlight some of the team's more historic and recent moments with commentary by local fans and celebrities. The first of four ads, which will air tonight when the Sox play the Minnesota Twins, celebrates the famous steal by Dave Roberts in the ninth inning of Game Four of the 2004 American League Championship Series game against the New York Yankees and includes interviews with Sox manager Terry Francona and Celtics forward Paul Pierce about the play.
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BOSTON CAPITAL: Recovery mirage
Bank of America Corp. posted quarterly profits that blew away even the most optimistic forecasts on Wall Street early yesterday morning. By the end of the day, Bank of America shares had plunged nearly 25 percent. The bank stock sunk $2.58 to $8.02 per share. Cancel the parade. Bank of America had joined a growing line of financial companies that includes Citigroup Inc., JPMorgan Chase & Co., Goldman Sachs Group Inc., and Wells Fargo & Co., all crowing about soaring profits they earned during the first three months of the year.
Source : http://www.boston.com/business/ticker/2009/04/today_in_globe_53.html
The banks must limit executive compensation, detail what they're doing with the money, and deal with the perception that they needed the money to survive.
--------------------------------------------------------
Oracle acquires Sun for $7.4 billion
The forthcoming $7.4 billion purchase of Sun Microsystems Inc. by Oracle Corp., a deal that was disclosed yesterday, could mean big changes and possible job cuts for the approximately 2,600 workers employed by the two companies in Massachusetts.
"If I were employed there, I would be getting my resume ready, considering what Oracle has done in the past," said Tom Davenport, professor of information technology and management at Babson College in Wellesley. "They're pretty brutal about cutting people loose."
Neither company would discuss the employment implications of the deal. Oracle has not revealed the number of jobs it has cut during a spate of acquisitions over the past four years. But the company's financial filings with the Securities and Exchange Commission reveal that it often sets aside large amounts of money to cover severance expenses when it acquires other companies. For example, last year, Oracle set aside $111 million in restructuring costs after its $8.6 billion acquisition of BEA Systems Inc. in April. Oracle said the money was mostly for severance payments to laid-off workers.
--------------------------------------------------------
With seats available, Red Sox roll out ads
The Red Sox are hoping to hit a promotional home run with a new ad campaign that the team begins pitching today. The "Greatest Moments" campaign will feature TV and online ads that highlight some of the team's more historic and recent moments with commentary by local fans and celebrities. The first of four ads, which will air tonight when the Sox play the Minnesota Twins, celebrates the famous steal by Dave Roberts in the ninth inning of Game Four of the 2004 American League Championship Series game against the New York Yankees and includes interviews with Sox manager Terry Francona and Celtics forward Paul Pierce about the play.
---------------------------------------------------------
BOSTON CAPITAL: Recovery mirage
Bank of America Corp. posted quarterly profits that blew away even the most optimistic forecasts on Wall Street early yesterday morning. By the end of the day, Bank of America shares had plunged nearly 25 percent. The bank stock sunk $2.58 to $8.02 per share. Cancel the parade. Bank of America had joined a growing line of financial companies that includes Citigroup Inc., JPMorgan Chase & Co., Goldman Sachs Group Inc., and Wells Fargo & Co., all crowing about soaring profits they earned during the first three months of the year.
Source : http://www.boston.com/business/ticker/2009/04/today_in_globe_53.html
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