Sallie Mae to Sell Stock to Pay Off a Failed Bet
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The troubled student loan giant, said it would raise $2.5 billion by selling stock and use the money to pay off a disastrous bet on its commons stock price.
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Sallie Mae , the largest U.S.  educational lending company, said it sold $1 billion of  convertible securities and $2 billion of common stock, raising  more money than it had expected to pay off bad derivatives  bets.
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Sallie Mae Chairman Albert L. Lord yesterday sold 1.2 million shares -- a big chunk of his stock -- to meet the requirements of his "borrowing arrangements," the student lending giant said.
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Fannie Mae, the largest U.S. home  funding company, said on Wednesday it may privately sell up to  $4 billion of preferred stock this week, which could help it  meet higher capitalization standards it faces after regulators  found it broke accounting rules.
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Fannie Mae, the biggest provider of money for the US mortgage industry, will sell as much as $4 billion of preferred stock after its regulator said it broke accounting rules and is ``significantly undercapitalized.
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Put "buy low, sell high" in reverse -- and you're shorting stock.
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The consortium that agreed to buy  student lender Sallie Mae for $25 billion said on Wednesday  that as of today conditions for the closing of the deal would  not be met.
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WASHINGTON -- Shares of Sallie Mae plunged Wednesday after the chief executive said the student lender would consider cutting its dividend next year to shore up its finances amid rising loan defaults and dwindling government subsidies.
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Student lending company Sallie Mae posted a fourth-quarter loss on Wednesday, citing higher provisions for loan losses due to the weakening credit markets.
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Accredited Home Lenders Holding Co. , a U.S. subprime mortgage lender, said on Tuesday it needed to raise cash after paying $190 million demanded by its lenders, sending its shares down as much as 53.5 percent to a record low.
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Fannie Mae, the biggest provider of money for the US mortgage industry, sold $5 billion of preferred stock Wednesday after its regulator said it broke accounting rules and is &#39;&#39;significantly undercapitalized.
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Rolling the dice at a craps table or wagering a paycheck playing poker may not be the most rational use of money, but one casino operator is hoping investors will find its stock a better bet.
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The parent company of Sallie Mae, the student lender, cut its profit forecast for 2008 on Wednesday and said that its offer to strike a new deal with a group of investors had been rejected.
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The consortium that had agreed to buy Sallie Mae for $25 billion may scuttle the deal if it is unable to negotiate a lower price.
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Retailer's stock sinks after investors agree to sell their shares at a lower-than-expected price.
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Sallie Mae said on Wednesday that it  plans to sell about $2.5 billion of stock and mandatory  convertible securities to help pay off obligations linked to  the student loan company's share buyback program.
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Shares of Sallie Mae tumbled more than 13 percent as investors reacted to the companyâs disclosure that it would cut back on its core business of making student loans.