Canines seem to bring out the business sector's creativity, when it comes to the appropriate descriptive phrase. From the "Dogs of the Dow" to "eat your own dog food" to any business snafu derided as a "dog's dinner," U.S. finance makes no bones about lapping-up slang terms evoking Man's Best Friend.
Goldman Sachs' big discount in underwriting fees for the GM IPO has squeezed the other underwriters in the deal. The banks now stand to make only a fraction of what they would normally rake in for the stock offering.
GlaxoSmithKline, whose diabetes drug Avandia is undergoing a safety review by the FDA, has agreed to pay about $460 million to resolve about 10,000 lawsuits from users of the drug, which can allegedly cause heart attacks and strokes.
On Tuesday, the FDA will convene a panel of experts to discuss GlaxoSmithKline's type II diabetes drug Avandia. Once a blockbuster, sales of the drug have dropped by more than half since studies suggested it significantly increases risk for serious heart problems.