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Motorola’s Network Business Goes to Nokia Siemens

28 Aug 2010        By

Motorola  has found a buyer for its wireless network equipment unit: Nokia Siemens Networks will pay US$1.2 billion for most of that business, the companies announced Monday. The acquisition will bring Nokia Siemens around 50 new customers. The two wireless infrastructure vendors have few customers in common, although those they do are large ones such as China Mobile, Vodafone, Verizon Wireless, Sprint and Clearwire. Motorola co-CEO Greg Brown said in a statement that he chatted with a few potential buyers but Nokia Siemens made the most sense financially, strategically and from a people and culture standpoint.

“We talked to a few different potential acquirers, but Nokia Siemens made the most sense financially, strategically and from a people and culture standpoint,” Motorola co-Chief Executive Greg Brown said. “This is an exciting acquisition that I believe has significant benefits for customers, employees and our shareholders,” said Rajeev Suri, chief executive officer of Nokia Siemens Networks. Motorola has a cunning plan to split itself into two independent companies. One focused entirely on handsets will be called Motorola Mobility and will be under co-CEO Sanjay Jha.  Read more...

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Are You Off the Hook for Your Loan if Your Bank Goes Belly Up?

29 Jul 2010        By

As the banking industry continued to hemorrhage in 2008, 25 U.S. banks failed. Among them were Washington Mutual and IndyMac, the first- and third-largest bank failures in U.S. history, respectively, but there were also scores of smaller regional banks throughout the nation.

According to the American Bankers Association, 98% of the nation’s 8,500 banks are considered well capitalized, making the chance of any one bank going bankrupt highly unlikely. Still, bank failures increased markedly in 2008 and will likely continue in 2009 under current economic stresses.

Most U.S. banks are insured by the Federal Deposit Insurance Corporation (FDIC), so in the case of a bank failure, any one individual’s bank deposits, up to $250,000 at any individual institution, are protected by the FDIC. (The coverage limit, which Congress increased last year due to the banking crisis, will remain in force at least through December 31, 2009, but may then revert back to $100,000 if Congress takes no further action.)

But what happens to your mortgage, car loan or credit card account if the bank that loaned you that money goes out of business? Could their loss be your gain?  Read more...

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