BNN | Business News Network

An article from The Wall Street Journal titled “J.P. Morgan Seizes Fund’s Collateral” describes how financial services firm JPMorgan Chase & Co. decided to protect the best interest of bankers when it took hold of millions of dollars of collateral from a commercial-property debt fund operated by Guggenheim Partners LLC. This is the consequence of Guggenheim not being able to come up with additional capital to meet margin calls. J.P. Morgan is one of the firm’s lenders. According to the terms agreed upon, lenders can demand additional resources if the fund’s collateral’s value plunges.

Entities with investments in the Guggenheim fund include the Oregon Investment Council, and the California Public Employees’ Retirement System.

With $2.3 trillion in assets, JPMorgan Chase & Co. is one of the top global financial services firms. It operates in over 60 countries and is the largest deposit base and market capitalization of American banking institutions. JPMorgan is also the United States’ largest hedge fund with assets that amounted to $34 billion in 2007. The firm’s operations involve investment banking, asset management, private equity, financial services for consumers, financial transaction processing, and small business and commercial banking. Headquartered in New York City, JPMorgan has millions of consumers in the United States and several of the world’s well-known government, institutional, and corporate clients under the brands of J.P. Morgan, Chase, and WaMu.

JPMorgan was established after J.P. Morgan & Co. was bought by Chase Manhattan Corporation in the year 2000. The company originated from its predecessor, Bank of the Manhattan Company, founded in 1799.

JP Morgan tightens guidance on senior bond -IFR.

Oregan Investment Council considers new strategy.

ExxonMobil announced that the company will not cut its investments in oil and gas exploration as well as its production despite the current plunge in crude oil prices. Mark W. Albers, senior vice-president of ExxonMobil, said that the investment decision is based on a cycle of many decades on what the price range may be; he also stated that the swift climb and descent of energy prices are but part of the energy industry’s cyclical nature, and that the company’s business model is based on thorough and practical long-term planning thereby allowing them to efficiently weather the ups and downs of the business cycle. Furthermore, Albers is positive that there will be an increasing global energy demand in the longer term.

The Exxon Mobil Corporation, or ExxonMobil, is an American oil and gas company that was formed through the merger of Exxon and Mobil. At $501.17 billion as of April 18, 2008, ExxonMobil is the world’s largest publicly held corporation by market capitalization. ExxonMobil is also the world’s largest company based on revenues of $404.5 billion for the 2007 fiscal year. Based in Irving, Texas, ExxonMobil banks on technology and innovation in delivering energy to the world; it is involved in the exploration, production, transport and sale of crude oil and natural gas, as well as the production, sale, and transportation of petroleum products.

Exxon makes records profits for last quarter of 2008.

Exxon, Chevron move to protect their assets.

New York Times article collection about ExxonMobil.

Ford Motor Company, the world’s 4th largest automaker, is seeking to sell Volvo Cars, the Swedish carmaker that was acquired by Ford in 1999. The probable sale for $6 billion may be a decisive approach of showing the U.S. Congress that the automotive company is also taking the necessary steps in slashing its expenses and in achieving market profitability. Ford, along with U.S. auto giants General Motors and Chrysler, is appealing to the U.S. for a $34-billion aid in the face of credit crisis and recession. Since 2005, Ford has suffered from a $24 billion loss and Moody’s Investors Service has reaffirmed its Caa1 rating of Ford, which is a dismal seven levels below investment grade.

Volvo is still a strong brand (considering that it had been ranked No.1 for safety in a January survey conducted by an independent U.S. Consumers Union) but it presently relies heavily on the American and the Western European markets.

Ford Motor Company is an American multinational company based in Dearborn, Michigan. Founded by Henry Ford and incorporated in 1903, Ford was responsible for the manufacturing revolution in the early 1900s when the company introduced mass production of cars through moving assembly lines. Ford is now the world’s 4th largest automaker based on worldwide vehicle sales and it owns other brands such as Lincoln, Mercury, and Gothenburg. Ford also owns a small stake in Japanese car manufacturer Mazda and British carmaker Aston Martin.

Ford Names Gephardt, Earley to Board .

Ford may get $2 billion for Volvo.

The Ford Foundation.

Jeffrey Steiner, CEO of Fairchild Corporation, has abdicated the office of Chairman in favor of Phillip S Sassower.

From PR Inside: Jeffrey Steiner Abdicates as Chairman from Fairchild

“The Fairchild Corporation (NYSE:FA) (the “Company”) announced today the election by the Company’s Board of Directors, on May 13, 2008, of Philip S. Sassower as Chairman of the Board. Former Chairman, Jeffrey J. Steiner, will remain as Chief Executive Officer of the Company. Working together, Mr. Sassower, Mr. Steiner, and the Senior Executive team of the Company will continue to pursue opportunities with a focused effort in maximizing shareholder value.”

About the Fairchild Corporation

The Fairchild Corporation consists of Banner Aerospace, an aerospace distribution business which stocks and distributes aircraft parts to aircraft operators and aerospace customers worldwide, and Fairchild Sports, which designs and manufactures protective clothing, helmets and technical accessories for motorcyclists throughout Europe and the United States through retail chains Hein Gericke, PoloExpress and Fairchild Sports, USA, Inc. (”FSUSA”). Jeffrey Steiner was also the CEO of the Fairchild Corporation, which he abdicated to his son Erik I Steiner in 2008.

About Jeffrey Steiner

Jeffrey Steiner was born in Austria, but moved to Istanbul as a child to escape the Nazi invasion. Jeffrey Steiner speaks four languages and has residences all over the world. Jeffrey Steiner earned a degree in textile engineering from the Bradford Institute of Technology. He quickly became an executive at Texas Instruments. After ten years, he pursued a career in finance through investment opportunities in Europe.

Jeffrey J Steiner returned to the Unites States and bought shares in Banner Industries, which manufactured and distributed aircraft parts to aerospace customers. Jeffrey Steiner became Chairman of Banner when the former Chairman had to step down due to health issues. As Chairman of Banner, Jeffrey Steiner leveraged the company as a financial vehicle in corporate buyouts. In 1989, Jeffrey Steiner bought Fairchild Industries in a cash transaction of $265 million. The business deal increased Banner’s annual revenues to almost $1 billion (a 100 percent increase). Jeffrey Steiner then bought out the rest of the shares of Banner Aerospace.

In 1990, the merged companies were renamed the Fairchild Corporation in 1990. The Fairchild Corporation also owns a mall.

View Joe Grano’s full biography.

Joe Grano featured in Forbes.

Joe Grano discusses the financial crisis of 2008.

Joe Grano receives the Neco Award.

Joe Grano joins IPSA’s Board of Advisors.

Ethoca announces Joe Grano to its Board of Directors.

Joe Grano listed as a former member of FINRA.

Joseph J. Grano, Jr.

Mr. Joe Grano is Chairman and CEO of Centurion Holdings LLC, a company that advises private and public companies. In 2008, Reuters published a press release about Joe Grano joining IPSA International, Inc. as a board member in February 2008. As a member of the Board of Advisors, Joe Grano will be looked upon to provide advice to IPSA’s leadership with respect to matters identified by the executive team.

About Joe Grano

Prior to Centurion Holdings, Joe Grano was Chairman of UBS Financial Services Inc. (formerly UBS PaineWebber) and is recognized as being one of the financial service industry’s leading executives.

From 2002 – 2005, Joe Grano was appointed by United States President George W. Bush to serve as the Chairman of the Homeland Security Advisory Council.

Prior to joining PaineWebber, Joe Grano was with Merrill Lynch for 16 years, holding various senior management positions, including Director of National Sales. Before joining Merrill Lynch, Joe Grano served in the U.S. Special Forces (Green Berets) and became one of the Army’s youngest officers, achieving the rank of Captain. Joe Grano received an honorary degree from Pepperdine University.

In addition to his leadership role with IPSA, Joe Grano is also involved in a wide range of educational and philanthropic endeavors. Joe Grano joined Ethoca’s Board of Directors in 2008.

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Richard Fields has co-developed the Seminole Hard Rock Casino and Hotel with locations in Tampa and Hollywood, Florida. The project, opened in early 2004, has surpassed all goals set by the Seminole Indian Tribe of Florida.

About Richard Fields

Born and raised in the Bronx, New York, Richard Fields has simultaneously branched out into the world and remained loyal to his New York roots. The owner of Coastal Development, LLC, Richard Fields takes great pride in supporting his hometown, exploring interests outside of his daily business and operating in various capacities for numerous organizations.

In addition to the Indian gaming industry, Mr. Fields is a devoted rancher. His company, Jackson Land and Cattle, actively supports Jackson Hole ranching and local groups. Mr. Fields also has professional and personal interests in the Quarter Horse Association.

Richard Fields supports various non-profit organizations in New York. He is a member of the board at the National Center for Missing and Exploited Children (NCMEC) where he generously contributes his leadership and resources. The NCMEC provides relief and social services to children throughout the country and has played a vital role in the development of the AMBER Alert system which notifies the public, law enforcement and news agencies around the country when a child is missing or has been abducted.

Richard Fields also provides the New York City Police Foundation with ongoing support over the years. The New York City Police Foundation is a non-profit organization that provides support to the New York Police Department (NYPD) and the members of its police force.

Richard Fields Web sites

Richard Fields: Entertainment Industry Elite

Richard Fields: Resort Developer

Richard Fields: Jackson Land & Cattle

Richard Fields: Business Career & News

In a symbolic effort to save their respective automobile companies, the CEOs of Chrysler Motors, Ford, and General Motors drove rather than flew in their corporate jets to Washington D.C. to request for federal loans.

Chrysler CEO Robert Nardelli, Ford chief Alan Mullaly, and General Motors head Rick Wagoner will travel in their companies’ respective hybrid cars. Nadelli will cruise in either a Chrysler Aspen or a Dodge Durango SUV. Mullaly rode a Ford Escape hybrid while Wagoner decided to go to Capitol Hill in a Chevrolet Malibu hybrid.

The Big Three of the auto industry also pledged to make huge cuts from their salaries to keep the automobile business in the United States floating. The cuts are so huge that all three CEOs are expected to earn $1 annually. All three are requesting for total of $25 billion in federal loans from the legislature.

Wagoner believes that the current economic situation requires shared sacrifice, and that their base salary is something they can forgo to save the car making industry. The head honchos of the automobile business are not the only CEOs who went for a $1-annual pa. Steve Jobs of Apple Inc. and former Chrysler CEO Lee Iaccoca both received $1 during their companies’ trying times.

Robert Nardelli started his career as an entry-level engineer for General Electric. He became GE’s Power Systems CEO. After leaving GE, Nardelli was immediately offered the CEO spot for Home Depot. Prior to becoming the CEO of Chrysler Motors, Nardelli also served as a board member for Coca-Cola.

Allan Mullaly was straightaway hired by Boeing after college. Equipped with a Master’s Degree in aeronautical and astronomical engineering, Mullaly was instrumental in the creation of the 727, 737, 747, 757, and 767. In 2006, he was named as Ford’s CEO and President and has led the company’s efforts for a turnaround after significant losses, such as the revival of the Ford Taurus.

An MBA graduate from Harvard, Rick Wagoner joined General Motors as an analyst in the treasurer’s office 1981. His ascent in the GM’s corporate ladder was steady, first becoming a treasurer for GM’s Brazil subsidiary and later its managing director. He eventually became GM’s chief financial officer and in 2000, was named as the CEO.

GM’s $30 Billion Loss Prompts Questions About Future.

Why US taxpayers will bail out foreign auto suppliers.