16 of 20
BACKNEXT
16. State Street Corp.
16. State Street Corp.
Fortune 500 rank: 249
2009 loss: $1.9 billion
The banking company that acts as a custodian and focuses on wealthy and institutional clients expanded its business during the boom years and paid the price. After losses in some of its fixed-income funds, litigation led it to reimburse hundreds of millions to investors.

But the main hit to profits stemmed from a $3.86 billion loss tied to off-balance-sheet vehicles called "conduits" through which State Street raised money from short-term investors and invested in long-term assets. The company broke the venerable rule, "Don't borrow short and lend long."

On the upside, State Street passed the government's stress test and has repaid its $2 billion in TARP money. Business turned around in the fourth quarter when the company got a lift thanks to an improved bond and stock market.

NEXT: 17. Micron Technology
Last updated April 20 2010: 1:46 PM ET
Email | Print | Share  |  RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
Top 50 Wal-Mart knocks Exxon Mobil out of the No. 1 slot to rule the Fortune 500 again. Which other companies made the top 50 this year? More
They're hiring!These Fortune 100 employers have at least 200 openings each, totaling more than 60,000 jobs. What are they looking for in a new hire? More
20 most profitable Fortune 500 earnings soared, despite a seemingly feeble recovery. From Exxon Mobil to Goldman, here are the biggest winners. More
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.