First Marblehead Brings Back Founder Amid Woe$ (The Boston Herald)
"Student-loan company First Marblehead Corp. will hand over the company’s reins to the founder who left the firm under an ethics cloud three years ago," The Boston Herald reports. "First Marblehead enjoyed a stock market rebound market yesterday after announcing the leadership change and the completion of a nearly $200 million loan from Goldman Sachs Group. The Boston-based First Marblehead arranges securities backed by student loans. First Marblehead’s main troubles began as the market for student loan-backed assets evaporated amid a global credit crisis. It slashed 500 jobs in May."
You can read the complete August 18, 2008 Boston Herald article on-line.
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