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Good Day, Bad Day
November 6, 2007
GOOD DAY FOR: Thankless jobs, as Citigroup named Richard Stuckey to oversee the banking giant’s $43 billion in subprime assets, as head of the bank’s new Sub-Prime Portfolio Group. Stuckey helped unwind Long-Term Capital Management nine years ago, but “the opaqueness as well as the stinkiness are greater” with the subprime mess, said NYU economics professor Lawrence White. (Bloomberg)
BAD DAY FOR: Positive synergy, after Barry Diller announced he is breaking IAC/InterActive Corp. into five publicly traded companies. Diller said the current conglomeration of more than 60 brands—including the Home Shopping Network, Ask-dot-com, TicketMaster, and LendingTree—was too complicated for investors to understand. (The Washington Post)
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