Streams

Charlie Herman

Business and Economics Editor

Charlie Herman appears in the following:

Should BP Cut Dividends to its Shareholders?

Monday, June 14, 2010

What do New York State's pension plan, the Bill and Melinda Gates Foundation, and numerous mutual funds have in common? They are all major shareholders in BP. As reports surfaced over the weekend that President Obama will force BP to set up a $20 billion escrow account for the victims of the oil spill in the Gulf of Mexico, questions are being raised over whether or not BP should pay out a dividend to its shareholders. Investors claim that a suspension of payment will upset financial markets, as many pension funds worldwide have investments in BP. WNYC's Economic Editor Charlie Herman talks about the finding the balance between making an political statement while being fiducially responsible, and the BBC's Russell Padmore reports from BP's board meeting in London.  

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This Week's Agenda: BP to Eat Crow?

Monday, June 14, 2010

BP and the Gulf oil crisis are expected to be at the forefront of the news once again this week. President Obama will visit Alabama, Mississippi and Florida today and tomorrow, and address the nation when he gets back to Washington on Tuesday. 

BP's top executives will face Congressional hearings, including BP America chief Lamar McKay. Other oil industry executives – from Exxon, Chevron, Shell, and Conoco – are scheduled to sit before the House Energy and Commerce subcommittee on Tuesday. The other oil companies are expected to try to distance themselves from BP by saying that this incident was preventable and that something like this would never happen on their watch.

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BP’s Plummeting Stock Affecting New Yorkers?

Friday, June 11, 2010

BP station in SoHo (Photo by Kate Hinds)

BP station in SoHo (Photo by Kate Hinds)

Angry at BP? Thinking of boycotting BP-branded gas stations but worried you might end up only hurting the little guys?

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Foreclosure Filings Fall in May

Thursday, June 10, 2010

For the second month in a row, the number of homeowners receiving a foreclosure filing fell compared to the previous month.

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Foreclosure Filings Fall in May

Thursday, June 10, 2010

For the second month in a row, the number of homeowners receiving a foreclosure filing fell compared to the previous month. According to the online foreclosure tracking firm RealtyTrac, foreclosure filings declined 3 percent in May compared to April. Compared to a year ago, foreclosure notices increased less than one-half ...

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Countrywide to Pay $108M in Settlement

Tuesday, June 08, 2010

The Federal Trade Commission announced on Monday that Countrywide Financial, now owned by Bank of America, will pay $108 million to settle charges that it collected excessive fees from homeowners struggling to pay their mortgages. The settlement represents the largest for the FTC in a mortgage servicing case. The money will be used to reimburse homeowners who had their loans serviced by Countrywide prior to Bank of America buying the company in July 2008.

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The Week's Agenda: The Economics Behind the Oil Spill, Primary Elections

Monday, June 07, 2010

This week is all about "angst," says Takeaway economics editor Charles Hermann. Politically, it's about "watching the women," says Takeaway Washington correspondent Todd Zwillich. Those are the terms setting the agenda for this week, as we look ahead at news on the economic impact of the oil spill and whether anti-incumbent fever will affect Tuesday's primary elections.

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Countrywide to Pay $108M in Settlement Over Inflated Fees

Monday, June 07, 2010

The Federal Trade Commission announced today that Countrywide Financial, now owned by Bank of America, will pay $108 million to settle charges that it collected excessive fees from homeowners struggling to pay their mortgages. The settlement represents the largest for the FTC in a mortgage servicing case. The money will ...

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Today in Business: Jobs Report Disappoints

Friday, June 04, 2010

The government reported that 431,000 jobs were created in May, but most of those were temporary census employees. While the positive numbers marked the fifth month in a row of jobs created versus lost, the number of private sector jobs fell far below what economists had expected.

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Jobs Report Falls Short of Expectations

Friday, June 04, 2010

The Labor Department released new jobs numbers on Friday that revealed a spike in temporary employment in May, and a lag in private sector hiring

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Jobs Report Falls Short of Economists' Expectations

Friday, June 04, 2010

The U.S. Department of Labor released new jobs numbers on Friday that revealed a spike in temporary employment in May, and a lag in private sector hiring. The government reported 431,000 jobs entered the market last month, but just 41,000 of them were in the private sector. New census jobs--411,000 ...

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May Auto Sales: Ford to End Mercury

Wednesday, June 02, 2010

Auto sales in May rose sharply compared to year ago, thanks in large measure to an easy comparison. Recall that a year ago, the economy was in a severe recession and General Motors and Chrysler were days away from filing for bankruptcy, factories were shutting down and the last thing ...

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What Is Financial Reform Really Going to Do?

Monday, May 31, 2010

Financial regulatory reform will likely be signed into law this summer, months before the Financial Crisis Inquiry Commission wraps up its investigation on the causes of the crisis.

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Is There Hope for the Housing Market?

Friday, May 28, 2010

Home sales beat expectations in April, in part due to a now-expired homebuyer tax credit and low mortgage rates. Sales of previously owned homes rose 7.6 percent to a seasonally adjusted annual rate of 5.77 million, according to a report out this week by the National Association of Realtors. And mortgage rates have dropped to their lowest point so far this year, according to loan giant Freddie Mac. So is the housing market finally recovering?

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The Day in Business: This Week's Seesawing Markets

Thursday, May 27, 2010

Let’s see. Yesterday, stock markets traded in positive territory throughout the day. But then, suddenly in the last hour, markets dropped sharply, and the Dow closed below the 10,000 mark for the first time since this February. The Dow has lost 11 percent since April 26, when it hit a high of 11,205. Now, the Dow is definitely in “correction” territory.

But this morning, the markets completely reversed course and shot up at the start of the trading. We’ll have to wait to see if the better mood holds throughout the day.

All this activity begs the question: What’s moving the markets? Before getting to the specifics of the day on Wall Street, check out this report from WNYC’s Lisa Chow, which examines why the markets have been on such a wild ride recently. One reason, she suggests, is that it’s all in your head.

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A Word on this Week's Seesawing Markets

Thursday, May 27, 2010

Let’s see. Yesterday, stock markets traded in positive territory throughout the day. But then, suddenly in the last hour, markets dropped sharply, and the Dow closed below the 10,000 mark for the first time since this February. The Dow has lost 11 percent since April 26, when it hit a ...

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Wednesday Business Report

Wednesday, May 26, 2010

Stocks

Stock markets rallied in morning trading after reports that new home sales and durable goods orders rose more than expected.

Thanks Europe! Low Mortgage Rates Lead to Surge in Refinancing

Interest rates on Treasury bonds have fallen to the lowest levels this year as investors around the globe seek out safe investments ...

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Existing Home Sales and Prices Rise Nationwide

Monday, May 24, 2010

Thanks to a generous tax credit aimed at first-time homebuyers, sales of existing homes in April rose significantly above expectations. But with that same credit expiring at the end of April, analysts worry about a drop in sales in the months ahead.

“The government incentives to buy homes worked,” said Joel Naroff, chief economist with Naroff Economic Advisors, “but who knows where we go from here.”

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This Week's Agenda: US Officials Head to China

Monday, May 24, 2010

It's Monday, which means it's time to take a look at the week ahead. Marcus Mabry, associate national editor for The New York Times, and Charles Herman, The Takeaway and WNYC's economics editor look at what almost 200 American officials headed to China for meetings today and tomorrow, can expect.  On the docket will be topics ranging from trade to Iran and North Korea.

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New York Home Sales Rise in April

Monday, May 24, 2010

Thanks to a generous tax credit aimed at first-time homebuyers, April sales of existing homes rose significantly above expectations. But that same credit expired at the end of April, so analysts worry about a drop in sales in the months ahead.

“The government incentives to buy homes worked,” said Joel Naroff, ...

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