| Market Drop, Fed Cut Create Opportunities For Cherry Pickers
Lower interest rates will benefit financial stocks as these companies regain the ability to borrow more cheaply at the short end of the yield curve and lend at higher rates at the long end, he says. Indeed, financial stocks benefited from yesterday's Fed rate cut, with J.P. Morgan Chase, for instance, rising more than 3%. .
The synthetic genome
His first business partnership collapsed and his relationship with Celera Genomics, with whom he completed the genome, also proved tempestuous. Even the publication of the genome itself proved controversial. Fearing that Venter would patent the genome and charge for access, a consortium of scientists launched their own publicly funded rival effort. The race became so bitter that Bill Clinton, then US president, had to step in to negotiate a truce, with both teams agreeing to publish their findings simultaneously in 2001. It was supposed to mark the end of hostilities but when Venter held a party his fellow scientists boycotted the event, leaving Venter glowering over a near-empty dance floor. Soon after he was sacked by Celera.
A lender's recipe for downfall
The home loan program was dubbed South Street.
It turned the idea of credit risk on its head. Consumers just exiting bankruptcy could get a mortgage with few questions. They could have some of the lowest possible credit scores. And they didn't have to submit any pay stubs or tax returns.
Subprime mortgage lender Fieldstone Investment Corp. of Columbia created the loan program during the real-estate gold rush in 2004 as competitors flooded the market.
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