Murdoch on the Move, Greece Drowning Euro, AIG Shareholders Get Salty in Court Loss
Rupert Murdoch, CEO of 21st Century Fox (FOX), will step down on July 1stMurdoch will be replaced by his 42 year-old son, James Murdoch, starting July 1st. Although Rupert is teetering at 84 years old, he'll continue a strategic role as executive co-chairman, sharing the position with his eldest son, Lachlan Murdoch. All of this was expected though, as media reports mention proposals for succession plans to be covered in the next board meeting.
Tension increases over Greek debt talksGermany has continued to pressure Greece in handling Greece's debt problems, which continue to drag down the Euro.
AIG (AIG) shareholders salty over Federal Court rulingYesterday, Judge Thomas Wheeler of the U.S. Court of Federal Claims, held that the government illegally seized a controlling interest in AIG. The government provided an $85 billion loan in exchange. Wheeler's ruling further included that the terms were harsh and punitive, and officials had no authority to take the 80% stake that it seized. However, Wheeler also ruled that AIG's shares wouldn't be worth the paper they're printed on otherwise, so damages were zero. Shareholders sought $40 billion in losses and to recover the excessively high 12% interest rate charged on the $85 billion loan. Shareholders announced today that they will appeal.
Other breaking news...
- Target sells in-store pharmacy line to CVS.
- IRS alleges Walmart abused foundation cash to expand urban marketshare.
Published on Jun 16, 2015By Adam Colgate