Not So Sunny at SunTrust, Very Sunny For Elon Musk and Drug Drama

Busted trust…

Image courtesy of digitalart/FreeDigitalPhotos.net

Image courtesy of digitalart/FreeDigitalPhotos.net

Atlanta, Georgia based bank SunTrust proved to be very untrustworthy as far as the Justice Department is concerned. And now the bank has to pay close to a $1 billion for the “grievous harm” it caused to the people who took out loans with them and the taxpayers who had to foot the bill when those loans went sounth. Attoney General Eric Holder said, “SunTrust’s conduct is a prime example of the widespread underwriting failures that helped bring about the financial crisis.” SunTrust admitted to about just as much. The mortgage lender joins five other banks that reached a $25 billion pact with Federal and State Authorities. $500 million of the settlement is set to go towards consumer relief with the remainder being used to pay off the penalty.

Sunny powered days ahead…

Image courtesy of xedos4/FreeDigitalPhoto.net

Image courtesy of xedos4/FreeDigitalPhoto.net

Solar power company SolarCity –  23% of which happens to be owned by none other than Tesla titan Elon Musk –  decided to buy solar panel tech company, Silveo. SolarCity picked up the company for $350 million. But the fun part of this news is that manufacturing is planned for upstate New York and NOT in Asia like so many other companies. SolarCity is hoping this acquisition will give these companies a run for their money. No doubt, many people here in the US are hoping the same. Of course building a plant is sure to create jobs – thousands of them, in fact. Elon Musk anticipates this move will expand capacity and lower costs, much like the reason he is conveniently building a giga factory to make batteries for his Teslas.

Drug wars…

Image courtesy of jscreationzs/FreeDigitalPhotos.net

Image courtesy of jscreationzs/FreeDigitalPhotos.net

If you thought drama was only found on screen, then you might want to take a look at what has been going on between pharmaceutical giants Valeant (VRX) and Allergan (AGN). Valeant has been behaving unvaliantly, according to Allergan, anyways. Valeant’s stock has been taking a hit lately, but it swears (sort of) the shares will rebound as it gets likelier that it will successfully take over Allergan, albeit, hostilely. As you may or may not recall, Allergan, is the force behind perennial favorite Botox. Pershing Square, Valeant’s partner in battle, is getting set for a “special” meeting where it hopes to show a majority of board members the exit. There’s also that nagging “poison pill” issue that’s stressing Pershing out and would no doubt jeopardize a takeover. In the meantime, Allergan released some personal and very unflattering emails where a Morgan Stanley banker, allegedly trying to get in good with Allergan, calls Valeant’s business model a “house of cards.” Ironically, Morgan Stanley was hired by Valeant. Kevin Spacey might want to take notes on this drug drama.

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One response to “Not So Sunny at SunTrust, Very Sunny For Elon Musk and Drug Drama

  1. Elon Musk is the CEO of SpaceX and Tesla. In these two companies, products manufactured have never been proposed before. For SpaceX (USA), the company is able to sell a rocket launch for satellites for 12000 dollars / kg as cost for Ariane 5 (Europa) is 23000 dollars / kg and for Proton (Russia), 18000 dollars / kg.
    As ILIAD for French Telecommunication, SpaceX is completely redefine the market of space rocket launch. He obliges restructuring Safran (Ariane) into Airbus group in June 2014.
    Elon Musk is also the CEO of Telsa, a company selling only electric cars in USA! Elon Musk is a serial creator, as he was the creator of Paypal sold to Ebay in the 2000′s years.
    If you are interested, I have posted an article about Elon Musk that you can read here:
    http://worldofinnovations.net/2014/06/19/elon-musk-an-exceptional-innovator/

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