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G20 ministers meet amid divisionsRifts emerge as finance ministers from leading rich and emerging economies discuss how to tackle the global crisis.Source: BBC News | Business | World Edition | 14 Mar 2009 | 1:01 pm G-20 officials wrestle with policy divisionsInternational finance officials worked Saturday to find common ground amid deep divisions on how to tackle the global downturn, with key players trying to inject optimism into talks that...Source: RSS feed - channel BNewsBusiness | 14 Mar 2009 | 12:28 pm U.K.'s Brown, Germany's Merkel minimize stimulus spatHORSHAM, England (MarketWatch) -- British Prime Minister Gordon Brown and German Chancellor Angela Merkel on Saturday downplayed a rift between the United States and Europe over Washington's calls to boost government spending to lift global demand.Source: MarketWatch.com - Top Stories | 14 Mar 2009 | 12:12 pm NewsWatch: If Fed eased liquidity, why's the economy still a basket case?After unveiling one plan after another to fix the seized-up credit markets, the Federal Reserve can claim some success in reviving lending for key groups of borrowers. So why isn't the economy growing again?Source: MarketWatch.com - Top Stories | 14 Mar 2009 | 12:00 pm Outside the Box: What do those who called the downturn think now?The financial markets are littered with the broken reputations of so-called "experts" who failed to anticipate the global financial crisis, or the recession and bear market that have followed. But a handful of brave souls got it right.Source: MarketWatch.com - Top Stories | 14 Mar 2009 | 11:57 am John Dvorak's Second Opinion: Microsoft's future power rides on Windows 7BERKELEY, Calif. (MarketWatch) -- Some observers think that Windows 7, the next iteration of the Microsoft franchise/cash cow operating system will make or break the company after its poorly received Windows Vista.Source: MarketWatch.com - Top Stories | 14 Mar 2009 | 11:15 am Personal Finance Daily: The week's 10 best Personal Finance stories: March 9-13In case you missed them, here are the top 10 Personal Finance stories from MarketWatch for the week of March 9-13:Source: MarketWatch.com - Top Stories | 14 Mar 2009 | 11:01 am Iran oil minister: Too much oil on the marketIran's oil minister suggested Saturday that a weekend OPEC meeting should decide to cut back on crude output, adding his voice to those in the organization who think supply has outstripped...Source: RSS feed - channel BNewsBusiness | 14 Mar 2009 | 10:44 am Iran: too much oil availableIran's oil minister suggested Saturday that a weekend OPEC meeting should decide to cut back on crude output, adding his voice to those in the organization who think supply has outstripped...Source: RSS feed - channel BNewsBusiness | 14 Mar 2009 | 10:43 am World economy could stifle OPEC's urge to cutVIENNA (Reuters) - OPEC ministers in Vienna this weekend will debate whether the best policy is strict compliance with existing curbs or a new set of output cuts as they balance the issues of bulging oil stocks and a bruised world economy.Source: Reuters: Business News | 14 Mar 2009 | 10:16 am World economy could stifle OPEC's urge to cutVIENNA (Reuters) - OPEC ministers in Vienna this weekend will debate whether the best policy is strict compliance with existing curbs or a new set of output cuts as they balance the issues...Source: RSS feed - channel BNewsBusiness | 14 Mar 2009 | 10:16 am Germany can only pay market rate for HRE - MerkelBERLIN, March 14 (Reuters) - Chancellor Angela Merkel said on Saturday the German state would only be able to pay a price that conformed with usual market values for stricken lender Hypo Real Estate ...Source: RSS feed - channel BNewsBusiness | 14 Mar 2009 | 10:13 am FDA Nominee Hamburg is expert on safetyMarch 14 (Reuters) - Dr. Margaret Hamburg, a former New York City health commissioner with expertise in food safety and battling disease outbreaks, is President Barack Obama's nominee for Food and Drug...Source: RSS feed - channel BNewsBusiness | 14 Mar 2009 | 10:03 am UPDATE 1-Obama picks FDA chief, starts new food safety panelWASHINGTON, March 14 (Reuters) - President Barack Obama chose food safety and biological and nuclear threat expert Dr. Margaret Hamburg to run the U.S. Food and Drug Administration and announced a new...Source: RSS feed - channel BNewsBusiness | 14 Mar 2009 | 10:01 am Obama picks FDA chief, creates new safety panelWASHINGTON, March 14 (Reuters) - President Barack Obama chose former New York City health chief Margaret Hamburg to run the U.S. Food and Drug Administration on Saturday and launched a new panel to examine...Source: RSS feed - channel BNewsBusiness | 14 Mar 2009 | 10:00 am Nonprofit touring US to help struggling homeowners (AP)
Source: Yahoo! News: Business | 14 Mar 2009 | 9:06 am Auto Review: 2009 Hyundai Genesis 4.6: The power of Tau“Gee, it is real quiet in here,” was my thought as I first tooled down the interstate in Genesis.Source: MarketWatch.com - Top Stories | 14 Mar 2009 | 9:01 am China Shenhua February coal output edges up on yrSHANGHAI, March 14 (Reuters) - China Shenhua Energy Co , the country's biggest coal producer, said on Saturday that its commercial coal production rose 1.4 percent from a year earlier in February to 15...Source: RSS feed - channel BNewsBusiness | 14 Mar 2009 | 8:31 am 'No plans' for eviction at care homeThe Motion Picture & TV Fund still plans to close the facility but delays issuing notices to residents.In an apparent gambit to head off a legal challenge, the charity that operates a nursing home for entertainment industry workers said it has "no plans" to issue eviction notices to more than 100 residents. Source: L.A. Times - Business | 14 Mar 2009 | 7:00 am Jon Stewart can be funny -- until he's interviewing youIn his smackdown of CNBC's Jim Cramer, 'Daily Show' host Jon Stewart again displays his journalistic chops.The verdict from critics Friday was quick and unsparing: Comedian Jon Stewart trounced CNBC pundit Jim Cramer in their televised encounter Thursday night. Source: L.A. Times - Business | 14 Mar 2009 | 7:00 am Boeing C-17 factory in Long Beach may stay openAfter years of uncertainty, analysts say the Air Force is likely to buy more of the cargo carriers, extending the life of the assembly line, which was slated to close next year.Prospects are brightening for Boeing Co.'s once-threatened C-17 aircraft factory in Long Beach, where 5,000 workers could find themselves employed for several more years -- if not longer. Source: L.A. Times - Business | 14 Mar 2009 | 7:00 am Seeing Wall Street for what it isHistory says long-term investing in stocks still makes sense. But how long do you have?During Thursday night's verbal drawing and quartering of CNBC's Jim Cramer by Comedy Central's Jon Stewart, the inevitable conclusion emerged: Long-term investing in the stock market is a sick joke. Source: L.A. Times - Business | 14 Mar 2009 | 7:00 am U.S. ad spending decline was just 2.6% in 2008'A decline in ad spending was expected, but it's not as bad as it could have been,' says an executive for Nielsen Co., which generated preliminary figures.U.S. advertising spending dropped 2.6% last year as the worst recession since 1982 forced automakers, movie producers and drug makers to slash marketing, researcher Nielsen Co. said Friday. Source: L.A. Times - Business | 14 Mar 2009 | 7:00 am Obama advisor Lawrence Summers says stimulus plan is helping economyThe chairman of the president's National Economic Council cautions that it is too early to reach broad conclusions about how successful the $787-billion plan will be. ...Source: RSS feed - channel BNPaperBusiness | 14 Mar 2009 | 7:00 am Jon Stewart can be funny -- until he's interviewing youIn his smackdown of CNBC's Jim Cramer, 'Daily Show' host Jon Stewart again displays his journalistic chops. The...Source: RSS feed - channel BNPaperBusiness | 14 Mar 2009 | 7:00 am Financials lead stocks to best week since NovemberA stunning rebound in bank shares handed the stock market its best week since November as major indexes shot up about 10%.Source: RSS feed - channel BNPaperBusiness | 14 Mar 2009 | 7:00 am California plans $4-billion tax-free bond offeringTreasurer Bill Lockyer wants to raise cash for infrastructure projects that have been delayed by the state's budget debacle. ...Source: RSS feed - channel BNPaperBusiness | 14 Mar 2009 | 7:00 am Banks scramble to return bailout fundsThose that didn't first refuse TARP funds now feel tainted by having accepted them. They seek to give money back to Treasury to distance themselves from bad publicity and unwieldy rules. ...Source: RSS feed - channel BNPaperBusiness | 14 Mar 2009 | 7:00 am Seeing Wall Street for what it isHistory says long-term investing in stocks still makes sense. But how long do you have? During Thursday night's...Source: RSS feed - channel BNPaperBusiness | 14 Mar 2009 | 7:00 am Obama advisor Lawrence Summers says stimulus plan is helping economyThe chairman of the president's National Economic Council cautions that it is too early to reach broad conclusions about how successful the $787-billion plan will be.A top economic advisor to President Obama said Friday that there already were signs that the $787-billion stimulus plan was helping the economy. Source: L.A. Times - Business | 14 Mar 2009 | 7:00 am U.S. ad spending decline was just 2.6% in 2008'A decline in ad spending was expected, but it's not as bad as it could have been,' says an executive for Nielsen Co., which generated preliminary figures. ...Source: RSS feed - channel BNPaperBusiness | 14 Mar 2009 | 7:00 am Unite Here board votes to split from Change to Win and rejoin AFL-CIOThe board of labor union Unite Here voted Friday to bolt from union federation Change to Win, which Unite Here helped found in 2005, and to rejoin the AFL-CIO.Source: RSS feed - channel BNPaperBusiness | 14 Mar 2009 | 7:00 am 'No plans' for eviction at care homeThe Motion Picture & TV Fund still plans to close the facility but delays issuing notices to residents. In...Source: RSS feed - channel BNPaperBusiness | 14 Mar 2009 | 7:00 am Plan to cut mortgage interest deduction stirs oppositionObama's proposed budget would reduce the tax break for households earning more than $250,000. Some see the plan as targeting real-estate rich states like California and New York.The Obama administration's budget threatens to cut a benefit many Americans view as practically a right -- the mortgage interest tax deduction -- and powerful real estate interests are fighting back. Source: L.A. Times - Business | 14 Mar 2009 | 7:00 am Switzerland vows cooperation on international tax evasionSwitzerland's days as a haven for the world's tax evaders may be numbered.Source: RSS feed - channel BNPaperBusiness | 14 Mar 2009 | 7:00 am Unite Here board votes to split from Change to Win and rejoin AFL-CIOThe board of labor union Unite Here voted Friday to bolt from union federation Change to Win, which Unite Here helped found in 2005, and to rejoin the AFL-CIO.Source: L.A. Times - Business | 14 Mar 2009 | 7:00 am California plans $4-billion tax-free bond offeringTreasurer Bill Lockyer wants to raise cash for infrastructure projects that have been delayed by the state's budget debacle.California plans to jump back into the municipal bond market this month with its first sale of long-term securities since June. Source: L.A. Times - Business | 14 Mar 2009 | 7:00 am China's Geely Auto eyes foreign M&A for tech, marketsSHANGHAI, March 14 (Reuters) - China's Geely Automobile Holdings , considered a potential buyer of assets from struggling global auto giants, said foreign acquisitions would allow it to secure technology...Source: RSS feed - channel BNewsBusiness | 14 Mar 2009 | 6:18 am Presented By:Source: Dealbreaker | 14 Mar 2009 | 4:55 am Dealbreaker Afterdark: Bernie Marked-To-Market Edition$823 million. Actually, between $823 million and $826 million. That is what the Jewish T-Bill managed to come out on the other side of $65 billion (or so) with. At least, "according to court papers filed on Friday." $700 million of that is tied to Big B's ownership in Bernard L. Madoff Investment Securities LLC. Madoff to appeal bail, net worth revealed [Reuters] 
Source: Dealbreaker | 14 Mar 2009 | 4:55 am Weekend Investor: If Fed eased liquidity, why's the economy still a basket case?After unveiling one plan after another to fix the seized-up credit markets, the Federal Reserve can claim some success in reviving lending for key groups of borrowers. So why isn't the economy growing again?Source: MarketWatch.com - Top Stories | 14 Mar 2009 | 4:00 am Stocks to Watch: Stocks in focus for MondayAmong the companies whose shares are expected to see active trade in Monday's session are Cisco Systems Inc., Discover Financial Services and Medtronic Inc.Source: MarketWatch.com - Top Stories | 14 Mar 2009 | 3:01 am U.S. autos task force hires bankruptcy lawyer (Reuters)Reuters - President Barack Obama's task force on the auto industry has hired a bankruptcy lawyer to advise it on its options.Source: Yahoo! News: Business | 14 Mar 2009 | 2:08 am U.S. autos task force hires bankruptcy lawyerNEW YORK (Reuters) - President Barack Obama's task force on the auto industry has hired a bankruptcy lawyer to advise it on its options.Source: Reuters: Business News | 14 Mar 2009 | 2:08 am Fear still in focus after strong rally (Reuters)
Source: Yahoo! News: Business | 14 Mar 2009 | 1:15 am Fear still in focus after strong rally (Reuters)
Source: Yahoo! News: Stock Markets News | 14 Mar 2009 | 1:15 am Fear still in focus after strong rallyNEW YORK (Reuters) - Investors are dubious that Wall Street's best week since November means the stock market has found a bottom.Source: Reuters: Business News | 14 Mar 2009 | 1:15 am Tight-lipped U.S. firms pay for their silence: studyNEW YORK (Reuters) - It pays to communicate but Corporate America is doing less and less of it with investors as the U.S. economy falls deeper into recession, undermining market confidence in the process, a new study showed.Source: Reuters: Business News | 14 Mar 2009 | 12:41 am U.S. SEC to meet April 8 to weigh uptick revivalWASHINGTON (Reuters) - The U.S. Securities and Exchange Commission said it will meet on April 8 to consider whether to propose "short sale price test rules," which could include reinstating the so-called "uptick rule."Source: Reuters: Business News | 14 Mar 2009 | 12:36 am GM recalls more than 276,000 vehicles for gear fixWASHINGTON (Reuters) - General Motors Corp is recalling 276,729 passenger vehicles to correct a problem in certain cars that could cause them to roll when parked, the U.S. government said on Friday.Source: Reuters: Business News | 14 Mar 2009 | 12:09 am JD Wetherspoon blames tax for pubs calling timeJD Wetherspoon, the pub operator, has accused the Government of making “opportunistic tax grabs”.Source: Latest Business News from Times Online | 14 Mar 2009 | 12:00 am Sara Lee grooms personal care unit for $2bn sale$It was made famous by Denis Compton, cricketer, footballer and bon viveur of the Forties and Fifties, was brought to a new generation by one David Beckham, some-time footballer and full-time style icon, and on Friday it emerged that it may be about to come on to the market. Sara Lee, the American consumer goods giant, is considering a sale of its European household and personal care business — and that includes Brylcreem hair gel.Source: Latest Business News from Times Online | 14 Mar 2009 | 12:00 am Housebuilders: the road to a Wigan semiThe blocks of empty, new-build apartments in city centres stand as evidence that the British tend to prefer a house. George Orwell wrote more than 70 years ago: “Almost everyone will tell you that he ‘wants a house of his own' and, apparently, a house in the middle of an unbroken block of houses a hundred yards long seems to them more ‘their own' than a flat situated in mid-air.”Source: Latest Business News from Times Online | 14 Mar 2009 | 12:00 am Sony's French chief Serge Foucher freed after factory protestThe chief executive of Sony in France was freed yesterday after being held hostage overnight by workers practising an increasingly common negotiating tactic amid growing industrial unrest in France.Source: Latest Business News from Times Online | 14 Mar 2009 | 12:00 am Builders move out of flats into family homesProperty developers will take a sledgehammer to one- and two-bed flats and switch to building family sized three-bedroom homes as they try to pull through the market stagnation.Source: Latest Business News from Times Online | 14 Mar 2009 | 12:00 am Recession threat to London's place in art worldParisian hopes of knocking London off the centre of the global art stage are being kindled by the economic crisis, which the French believe could drive auctions out of Britain.Source: Latest Business News from Times Online | 14 Mar 2009 | 12:00 am Swiss banks agree to end secrecy, after international pressureWealthy individuals and companies will no longer be able to hide their riches in Zurich bank accounts after Switzerland bowed to international pressure to end the era of “no questions asked” banking.Source: Latest Business News from Times Online | 14 Mar 2009 | 12:00 am Bernard Madoff swaps penthouse for a wardrobe-sized cellBernard Madoff kept a dozen identical grey suits, a dozen identical pairs of handmade shoes and a set of identical French blue shirts that matched his eyes in a walk-in cupboard at his New York penthouse. The disgraced financier, once one of the highest-paid men on Wall Street, awoke yesterday on a bunk bed in a cell that is about the same size.Source: Latest Business News from Times Online | 14 Mar 2009 | 12:00 am Big energy groups failing to tackle fuel povertyBritain's big six power companies have handed out millions of energy efficient lightbulbs rather than insulate homes to meet their obligations to a government plan to help to lift people out of fuel poverty.Source: Latest Business News from Times Online | 14 Mar 2009 | 12:00 am Your starter for 10, Lord MynersSir Fred's wretched pension is back in the spotlight next week. Paul Myners, the City Minister, goes before the Treasury Select Committee and is likely to be grilled on how it was that the lump-sum value of the former Royal Bank of Scotland chief's pension came to be doubled to £16.6 million on the very weekend that taxpayers were being tapped for £20 billion.Source: Latest Business News from Times Online | 14 Mar 2009 | 12:00 am U.S. SEC to meet April 8 to weigh uptick revival (Reuters)Reuters - The U.S. Securities and Exchange Commission said it will meet on April 8 to consider whether to propose "short sale price test rules," which could include reinstating the so-called "uptick rule."Source: Yahoo! News: Stock Markets News | 13 Mar 2009 | 11:55 pm Latin American Markets: Mexico up on plan for local investment; Chile cuts ratesMexico’s equity benchmark and its currency rise, aided by word that the country’s pension-fund association plans to only invest in local assets for a while, and Chile’s currency rises as well following another big interest-rate cut from the country’s central bank.Source: MarketWatch.com - Top Stories | 13 Mar 2009 | 11:40 pm Deal on IMF likely to disguise divisionsUK chancellor urges realistic approach to what could be agreed at next month's G20 summit as finance ministers and central bank governors meet to agree new IMF fundingSource: Financial Times - US homepage | 13 Mar 2009 | 11:21 pm Madoff to appeal bail, net worth revealedNEW YORK (Reuters) - Lawyers for jailed swindler Bernard Madoff argued for his release pending sentencing and a list of assets put he and his wife's net worth between $823 million and $826 million, according to court papers filed on Friday.Source: Reuters: Business News | 13 Mar 2009 | 10:57 pm Ford CEO gets option to buy 5 million sharesDETROIT (Reuters) - Ford Motor Co has granted Chief Executive Alan Mulally options to buy 5 million shares in the automaker under a long-term incentive plan, it said in a U.S. regulatory filing on Friday.Source: Reuters: Business News | 13 Mar 2009 | 10:55 pm Ford CEO gets option to buy 5 million shares (Reuters)Reuters - Ford Motor Co has granted Chief Executive Alan Mulally options to buy 5 million shares in the automaker under a long-term incentive plan, it said in a U.S. regulatory filing on Friday.Source: Yahoo! News: Business | 13 Mar 2009 | 10:55 pm Big banks want to paint it blackWhat do Vikram Pandit and Madonna have in common? They're both trendsetters.Source: Business and financial news - CNNMoney.com | 13 Mar 2009 | 10:54 pm Banks want G20 to set up pricey bad bankThe world’s largest financial institutions urge the G20 financial leaders to endorse the “bad bank” approach to dealing with the credit crisis, an expensive model one expert likened to another ransom note.Source: MarketWatch.com - Top Stories | 13 Mar 2009 | 10:54 pm Write-Offs: 03.13.09
$$$ Madoff: The Chase Connection [Portfolio] $$$ The Kogans "Win" In Greenwich though their plans to out-bowl our boy were sullied long ago. [Cityfile] $$$ "There is nothing more tantalizing than a chance to peek into a private art collection, especially when it has been secreted in a fortresslike compound in Greenwich, Conn., and when the owner happens to be the hedge-fund billionaire Steven A. Cohen. Next month Sotheby's will show a group of 20 works that the [Cohen and his wife, Alexandra] have collected over the past decade. The exhibition, from April 2 to 14 in the 10th-floor galleries at the firm's York Avenue headquarters in Manhattan, is a carefully selected group of paintings, sculptures, works on paper and photographs that all depict women." [NYT] Is this what we might call pumping (the shit out of) the stock? (JK, of course. Love you, SC. Mean it.) $$$ Job of the Week: Fortress needs a Quantitative Developer. That could be you! [DB Career Center] $$$ Finally, a long-belated shout out to Dealbreaker's favorite (college) fund, the Duke Investment Club, which beat Steve Mandel, L-Train, and a bunch of other chumps in 2008!
Source: Dealbreaker | 13 Mar 2009 | 10:46 pm Financials lead stocks to best week since November (AP)
Source: Yahoo! News: Stock Markets News | 13 Mar 2009 | 10:42 pm Tight-lipped U.S. firms pay for their silence: study (Reuters)Reuters - It pays to communicate but Corporate America is doing less and less of it with investors as the U.S. economy falls deeper into recession, undermining market confidence in the process, a new study showed.Source: Yahoo! News: Business | 13 Mar 2009 | 10:34 pm Bonus Watch '09: CitiBest capitalized bank on the Street just makin' good on it's word! Citigroup Inc, a U.S. bank that has received $45 billion from taxpayers since October, is paying multimillion-dollar guaranteed bonuses for salesmen and traders it has hired in London, people familiar with the matter said. Citi Guarantees Bonuses For London Hires [Reuters]
Source: Dealbreaker | 13 Mar 2009 | 10:05 pm He's So BuffWe know it is part of his folksy-shtick to play the boy from Omaha made good. (Real good). Be this as it may, something feels wrong with the datapoints plotted by three paragraphs in the DealBook's review of Buffett compensation: Mr. Buffett has been an outspoken critic of huge executive compensation packages at other companies. In keeping with that philosophy, his own company does not award large pay packages or give out stock options. [...] Forbes valued Mr. Buffet's net worth at $37 billion, $25 billion less than just a year earlier, when the magazine estimated he was worth $62 billion. [Charlie Munger's] net worth fell to $1.4 billion, from $2.4 billion a year earlier, according to Forbes. Isn't just a little too easy to be critics of executive compensation when you've got this much sitting in the PA? Yes, yes, we know that Buffett has gone to great lengths to give away the vast majority of his holdings over time. It still strikes us as a bit... off. No Bonuses Here: Buffett Is Paid Just $175,000 [DealBook]
Source: Dealbreaker | 13 Mar 2009 | 10:03 pm Bulls make it 4 for 4Wall Street rallied at the end of a choppy session Friday as investors pushed the stock market's gains to four days in a row - its best stretch since late November.Source: Business and financial news - CNNMoney.com | 13 Mar 2009 | 10:02 pm Fisher & Paykel secures $80m lifelineFisher & Paykel Appliances chief executive John Bongard says an interim loan agreement with its bankers is a "huge step forward". The whiteware maker yesterday said it had secured an $80 million facility from its bankers and negotiated...Source: New Zealand Herald - Business | 13 Mar 2009 | 10:00 pm Zuckerberg's newest 'friend': OprahAnybody tuning in to Oprah Winfrey on Friday afternoon, March 13 learned at least three things about Mark Zuckerberg, 24 year-old founder and ceo of Facebook: He looks a lot like his father (the bearded man in the audience close-up). He's not interested in dating Gayle King's daughter, a 22 year-old Stanford grad (King: "She's smart!"). And he can take a poke or two?virtually and otherwise.Source: Business and financial news - CNNMoney.com | 13 Mar 2009 | 9:58 pm Treasurys mixed after stock rally, China worries (AP)AP - Treasury prices ended mixed Friday, with 30-year bonds falling after China expressed concern about holding U.S. debt.Source: Yahoo! News: Stock Markets News | 13 Mar 2009 | 9:51 pm How the Dow Jones industrials fared Friday (AP)
Source: Yahoo! News: Stock Markets News | 13 Mar 2009 | 9:46 pm The Obama Rally Continues!Happy birthday... Mr.... President. Well done. Well done indeed! The Obama Portfolio (Since Inception): +7.86% Earlier: The Obama Portfolio
Source: Dealbreaker | 13 Mar 2009 | 9:45 pm Wall Street rises, ending best week since November (Reuters)
Source: Yahoo! News: Stock Markets News | 13 Mar 2009 | 9:38 pm Madoff's lawyers contest jailingThe lawyers of disgraced US financier Bernard Madoff contest a judge's decision to revoke his bail and send him to jail.Source: BBC News | Business | World Edition | 13 Mar 2009 | 9:34 pm U.S. trade gap narrows, consumers slightly less grim (Reuters)Reuters - U.S. consumer pessimism receded in March, according to a survey released on Friday, while the trade deficit narrowed in January to its smallest in more than six years as imports fell amid collapsing domestic demand.Source: Yahoo! News: Business | 13 Mar 2009 | 9:26 pm U.S. trade gap narrows, consumers slightly less grimNEW YORK/WASHINGTON (Reuters) - U.S. consumer pessimism receded in March, according to a survey released on Friday, while the trade deficit narrowed in January to its smallest in more than six years as imports fell amid collapsing domestic demand.Source: Reuters: Business News | 13 Mar 2009 | 9:26 pm Internal dissent over Fed action won't halt policyWASHINGTON (Reuters) - Some Federal Reserve insiders are breaking ranks in alarm over action by the U.S. central bank to tackle the credit crisis, but this unusually blunt display of dissent will not force a reversal in policy.Source: Reuters: Business News | 13 Mar 2009 | 9:11 pm Swiss IronyWhile it may not be the place for tax avoiders (evaders) it's still a Mecca for legitimate tax arbitrage. Convinced, with good reason, that they are about to be tagged with windfall profits taxes, green taxes, anti-petrol taxes, and "you are too profitable" taxes, a number of energy companies are moving to Swiss cantons, like Zug, to take advantage of promotions like 5 and 10 year tax holidays, pre-negotiated corporate tax rates and, occasionally, the personal tax rates for executives that remain valid for up to 20 years and a fistful of "C Permits" for your closest relatives and essential colleagues. Over the past six months companies including offshore drilling contractors Noble Corp and Transocean, energy-focused engineering group Foster Wheeler and oilfield services company Weatherfield International have all announced plans to shift domicile to Switzerland. "Stable" being the key word here. Regulatory predictability is still, in some countries, an asset. ...in Zug, corporate tax is about 16 percent but can fall as low as 9.5 percent for companies that do most of their business outside Switzerland. That compares with an average global corporate tax rate of 25.9 percent, according to consultancy KPMG. I wouldn't be surprised if the executive office building suddenly mutates a copy of the "expatriation is a death event" tax statutes and creates the "corporate expatiation is death event" tax, treating the corporate departure from the United States as a sale of all assets and leveling a tax on the hypothetical gains. Laws extending United States taxation to non-citizens in a similar way have been on the books since 1996. Effectively, the intent is to make sure that the departing ex-pat continued paying "their dues" long after they had left the country with no intention to return. Is anyone really surprised that as expat tax terms stiffened in 2006 the United States saw an increasing number of citizens turning in their passports? We think that a little extreme, but wouldn't blink twice at moving our little corporate headquarters out of the United States for friendlier lands if someone decided to level a punitive tax on snarky blogs. Corporate oil booms in low-tax Switzerland [Reuters]
Source: Dealbreaker | 13 Mar 2009 | 9:08 pm America's vanishing carsIn another sign of just how far the U.S. auto industry has fallen, this is likely to be the first year since 1945 when the number of new cars bought will be less than the number of cars turned in to the junk yard.Source: Business and financial news - CNNMoney.com | 13 Mar 2009 | 9:04 pm The battle to attract international studentsThe first time I arrived at Wellington airport I was picked up by a shuttle bus. When the driver spoke to us I could hardly understand a word," says Chinese national Tingxi Ming of his first experience in New Zealand as an international...Source: New Zealand Herald - Business | 13 Mar 2009 | 9:00 pm Senate Dems squabble over which homeowners to help (AP)
Source: Yahoo! News: Business | 13 Mar 2009 | 8:44 pm China's Wen Jiabao expresses concern about safety of investments in U.S.About half of China's $2-trillion foreign exchange reserves are invested in U.S. government-backed bonds. 'We hope the United States honors its word and ensures the safety of Chinese assets,' Wen saysChinese Premier Wen Jiabao voiced concerns today about the security of China's massive investments in U.S. government debt, even as he expressed confidence in the economic leadership of President Obama. Source: L.A. Times - Business | 13 Mar 2009 | 8:40 pm Uh, Will Someone Please Go Downstairs And Pay For China's Taxi?
Chinese leaders are not as concerned with staying in power as not being shot in the back of the head. The bargain the Party has struck with its subjects ("Leave the political power to us and we will deliver you a measure prosperity via 'capitalism lite,'") doesn't leave much room for maneuver if the prosperity bit starts to slip. It isn't an accident that the government recently made some gentle reminders to its humble citizens (and not so humble students) that another Tienanmen wouldn't be tolerated. So, dump treasuries in bulk? Not so fast. But they will, we think, try to get some mileage out of the perception. The premier said Beijing expected to see results from President Barack Obama's economic recovery plan but expressed concern that massive U.S. deficit spending and near-zero interest rates would erode the value of China's huge U.S. bond holdings. That's right, Mr. President. You work for Beijing now. China is the biggest holder of U.S. government debt and has invested an estimated 70 percent of its $2 trillion stockpile of foreign exchange reserves, the world's largest, in dollar assets. This may well end in tears. China expresses worry over its U.S. assets [Reuters]
Source: Dealbreaker | 13 Mar 2009 | 8:39 pm Stock rally signals possible turnThe bounce raises hopes of a market change but the mood remains uncertainSource: Financial Times - US homepage | 13 Mar 2009 | 8:31 pm Madoff To Fly Free?Yeah it's definitely not going to happen, but lawyer Ira Sorkin is trying his hardest to get inmate No. 61727-054 out the Metropolitan Correctional Center (where he's been remanded without bail 'til sentencing on June 16th) and back in the penthouse. [via Daily Intel]
Source: Dealbreaker | 13 Mar 2009 | 8:15 pm Obama: 'I'm very confident' we'll be OKMidway through his first 100 days in office, President Obama sought to convey a more confident message about the nation's long-term economic prospects and rally support for his budget proposal.Source: Business and financial news - CNNMoney.com | 13 Mar 2009 | 8:11 pm Hear: A Ponzi DramaOn today's Planet Money: Bernie Madoff woke up in jail today, after pleading guilty to 11 charges stemming from an enormous Ponzi scheme. How enormous? The most recent court documents put the figure at $65 billion. (NPR's Jim Zarroli describes the courthouse scene.) In another amazing Planet Money Radio Dramatization, Alex Blumberg, Adam Davidson and David Kestenbaum act out a Ponzi scheme of their own. With a cameo by Harvey Pitt, former chair of the Securities and Exchange Commission, who suggests that the estimate of $65 billion is "badly inflated." Bonus: Comment of the week, after the jump. Download the podcast; or subscribe. Intro music: Doves' "Pounding." Find us: Twitter/ Facebook/ Flickr Jason Rosenfeld saw the item "What Is The Economy?" and took a whack at trying to get an answer from an online version of 20 Questions. He reports this Q&A with the machine, which we'll post here from one to 20: 1. Is it hard? No. So is the economy animal, vegetable or mineral? Says the computer: "It is classified as Unknown." » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 13 Mar 2009 | 8:04 pm Blame game's likely in jail for MadoffBernard Madoff may have to fight off prison inmates who want to squeeze him for money or blame him for the Wall St crash. "Madoff isn't going to be real popular," said Larry Levine, who served 10 years' in federal prisons for securities...Source: New Zealand Herald - Business | 13 Mar 2009 | 8:00 pm Stocks still missing entertainment valueThe mere fact that markets could bounce so sharply this week suggests that confusion still reigns and we are still in a bear market, says John AuthersSource: Financial Times - US homepage | 13 Mar 2009 | 7:59 pm Waiting On Confirmation From Dupré
Specifically that of call girl "Annie," who Ness apparently met through hedge fund employee-cum-Madam Kristen Davis, when he was attorney general. According to "Annie," Spitz was (is?) into a little rough play. Okay, but be honest-- he strikes you as the sort to call shotgun on the sub role, not the other way around, no? We remain skeptical the steamroller didn't want to be steamrolled behind close doors, but this is what "Annie" is claiming: "He wanted a scenario where I was supposed to say I had just been to a self-defense class. He was supposed to respond, 'Let's see if you learned anything. He would be aggressive. I would have to defend myself.
Source: Dealbreaker | 13 Mar 2009 | 7:56 pm Would Direxion Financial Bull 3X Consider Reverse Split? (FAS, FAZ)
The backside is the Direxion Financial Bull 3X Shares (NYSE: FAS). Because it is triple-leverage and because it is a “long” or “bullish” ETF, it has been crushed since its launch date in November 2008. It is also one of the most active vehicles on the NYSE each day. It trades 93 million shares on average, but shortly before the close today we see that this has traded over 317 million shares. The bull fund trades against the index with 80% of securities that comprise the Russell 1000 Financial Services Index. The rest are in derivative contracts which are the total return swap of the index. The inverse bearish fund essentially trades the swap (derivative) itself. BUt the volatility in the sector has been wild, and what is interesting is that this being triple leverage only creates even more volatility inside these ETFs. The “FAS” ETF has fallen to as low as $2.32 because the stocks have been killed so much. Currently it trades with a $5.00 handle. If you were a fund or ETF owner and wanted to cut down at least some of the volatility in the sector, what would you do? Would you say you wanted to cut the size down or close it? No you would not. There is too much money at stake in running the ETF. So what is another option? Our answer… REVERSE STOCK SPLIT. So I called Direxion to see if it is possible. A contact at Direxion did say that the ETF could actually split or reverse split. Is it definitely going to split? Well, that is an answer that I can’t really confirm. But it seems as if this is a possibility. A reverse stock split of an ETF may sound like an unusual notion. We have seen an ETF split normally to cut down its price to make it more attractive. But I cannot recall a single incident where an ETF has done a reverse split. It would make sense to consider a reverse split here because of the intra-day volume. It is not a sure bet that a reverse split is coming. There are no sure things. But it might make sense for such a volatile ETF in such a volatile sector to consider a reverse split. Even if this has apparently never happened, stranger things have happened…. And it begs another question. If a leveraged ETF were to consider a reverse split because the index has been slapped down so much… has the worst of the worst in the sector finally been seen? JON C. OGG Tagged: FAS, FAZ      Source: 247 Wall Street | 13 Mar 2009 | 7:53 pm DIY online tax filers surgeA growing number of people hungry for refund cash are filing their own taxes form home and ahead of schedule, according to a report released Friday.Source: Business and financial news - CNNMoney.com | 13 Mar 2009 | 7:41 pm US reassures China on investmentBarack Obama's chief economic adviser assures China its $1tn (£0.7tn) worth of investment in the US is safe.Source: BBC News | Business | World Edition | 13 Mar 2009 | 7:36 pm This Week’s LinksQuint Careers has a useful layoff tutorial. TechCrunch on the 50 media sites that bloggers link to most. Scientific American on the art of the scam. Consumerist/Lifehacker link to a handy homeowner’s property tax reduction kit. The Harvard Business Review on how limited water resources mean limited business growth. Source: Business Pundit | 13 Mar 2009 | 7:26 pm Wen calls for US fiscal guaranteesChinese Premier Wen Jiabao urged the US to take measures to guarantee its 'good credit', expressing concern about the 'safety' of his country's huge holdings of US government debtSource: Financial Times - US homepage | 13 Mar 2009 | 7:19 pm Obama economy czar: Recovery date unclearWhile touting the administration's economic plan on Friday, President Obama's top economic chief said it was unclear how long the fixes would take to work.Source: Business and financial news - CNNMoney.com | 13 Mar 2009 | 7:13 pm One reason you can't get a mortgageFor real estate appraisers, determining what a house is worth has become increasingly difficult, which is making it even harder for buyers to purchase homes or for homeowners to refinance.Source: Business and financial news - CNNMoney.com | 13 Mar 2009 | 7:10 pm Premiums to rise, says Lloyd's chiefThe chief executive of insurer Lloyd's has good news and bad news. Richard Ward says the 300-year old company has avoided global carnage in the financial sector and is in good shape, but it will need to increase premiums to help...Source: New Zealand Herald - Business | 13 Mar 2009 | 7:00 pm Economist Behravesh Says Consumers Have Capacity to SpendSource: Bloomberg - All Podcasts | 13 Mar 2009 | 6:52 pm HSBC and BNY Mellon sued over 'minibonds'A group of shareholders have taken legal action against the banks claiming they failed to protect buyers when they bought into complex derivative instruments linked to the now defunct Lehman BrothersSource: Financial Times - US homepage | 13 Mar 2009 | 6:44 pm What's Wen Jiabao Saying?
Watch that dollar: Chinese Premier Wen Jiabao Feng Li/Getty Images Here's what Chinese Premier Wen Jiabao said at a Beijing press conference today: "We have lent a huge amount of money to the United States. I request the U.S. to maintain its good credit, to honor its promises and to guarantee the safety of China's assets." Here's what China expert Brad Setser, an economist with the Council on Foreign Relations, tells us he heard: "China is starting to think like a creditor, and it is starting to care about the long-run value of all the money that it has lent to the U.S." Sester says that China more traditionally thought like an exporter, caring principally that there be a U.S. market for its goods. Now that China has so much money invested in different types of American debt -- from Treasury bills to Fannie Mae bonds -- China is starting to act more like a typical creditor. He continues: "A typical creditor cares about the policies that the debtor is pursing, and wants to make sure that the debtor respects the interests of the creditors." We'll aim to unpack this a lot more on the podcast next week, but for now, let's just say that Setser thinks Wen is far more concerned about the overall health of the dollar than that the U.S. Treasury will default on the $700 billion to $800 billion in T-bills that Setser reckons China owns. The timing from the Chinese premier does strike Setser as odd: "The thing which is a little bit puzzling is that China is expressing this unease even as the dollar has gone up," he says. More Setser coming to a Planet Money podcast near you. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 13 Mar 2009 | 6:32 pm ANZ National loses Tower caseThe High Court has rejected a bid by ANZ National to stop Tower renewing its insurance policies held by bank customers. Tower and ANZ National's 15-year relationship has fallen apart, with the banking group starting to sell the...Source: New Zealand Herald - Business | 13 Mar 2009 | 6:30 pm Darling plays down G20 rift talkUK Chancellor Alistair Darling plays down talks of a rift between the US and Europe at the G20 meeting in London.Source: BBC News | Business | World Edition | 13 Mar 2009 | 6:29 pm Juárez refuses to lie down and dieThe heavy military presence in Ciudad Juárez is the latest response of Mexican government to a rise in drug-related violence that has turned the border city into just about the most dangerous place on EarthSource: Financial Times - US homepage | 13 Mar 2009 | 6:29 pm China worried about safety of U.S. debtRead full story for latest details.Source: Business and financial news - CNNMoney.com | 13 Mar 2009 | 6:23 pm Kid outsmarts Wall StreetThink you can put together a better stock portfolio than a second grader? In 2005, investment advisor Allan Roth put his 8-year-old son to the test. Tess Vigeland talks to Roth about the experiment and his book, "How A Second Grader Beats Wall Street."Source: Marketplace Money | 13 Mar 2009 | 6:22 pm Summit sherpasThe diplomats who can make or break the G20Source: BBC News | Business | World Edition | 13 Mar 2009 | 6:22 pm Zamansky Sees Some Madoff Investors Recouping Substantial FundsSource: Bloomberg - All Podcasts | 13 Mar 2009 | 6:12 pm Weatherizing against emissionsA recent report shows that simply plugging drafts and fixing efficiency in your home could have a major effect on your carbon footprint. Sam Eaton from the Marketplace Sustainability Desk decided to put this theory to the test on his aging Los Angeles home.Source: Marketplace Money | 13 Mar 2009 | 6:11 pm Day in the Work Life: Art modelOn this week's "A Day In the Work Life" -- our regular look at how folks trade time for money -- we talk to art model Parker McPhinney about how the former actress fell into such a body-bearing career.Source: Marketplace Money | 13 Mar 2009 | 6:07 pm Bernstein's Dell Sees `Unprecedented' Decline in Oil PricesSource: Bloomberg - All Podcasts | 13 Mar 2009 | 6:01 pm Brian Gaynor: Time to think outside the housing boxNew Zealand's ongoing obsession with residential property is bizarre, particularly when the main cause of the international economic crisis is a massive over-investment in housing. Newspapers, television and radio are fuelling...Source: New Zealand Herald - Business | 13 Mar 2009 | 6:00 pm Getting PersonalTess Vigeland and economics editor Chris Farrell give advice to listeners about COBRA medical insurance, available tax payment plans and whether you should act fast and buy a home while the price is low.Source: Marketplace Money | 13 Mar 2009 | 5:59 pm Browne Says Swiss Intervention Won't Impact Dollar for LongSource: Bloomberg - All Podcasts | 13 Mar 2009 | 5:55 pm Money talk and relationshipsMoney talk can often cause serious relationship strife. Financial planner Lisa Peterson created a seminar which aims to remedy the situation. Marketplace's Sean Cole attended the most recent event and brought back this report.Source: Marketplace Money | 13 Mar 2009 | 5:51 pm Frenkel Says Madoff Victims May Be Sued by TrusteeSource: Bloomberg - All Podcasts | 13 Mar 2009 | 5:51 pm Wall St riveted by comedy clashThe search for figures to blame over the collapse of financial markets has spread from Congress and the courtrooms to Comedy Central, after a fake news programme on the US cable channel eviscerated CNBC for its bullish coverage of Wall StreetSource: Financial Times - US homepage | 13 Mar 2009 | 5:50 pm Tchilinguirian Sees U.S. Gas Prices Averaging $1.80 a GallonSource: Bloomberg - All Podcasts | 13 Mar 2009 | 5:48 pm Couple adapts post-Bear StearnsIt's hard to believe it has been a year since Bear Stearns became extinct. While some people walked away with millions, many more did not. Marketplace's Amy Scott talks to a couple who met at Bear Stearns and who are still recovering from the fallout.Source: Marketplace Money | 13 Mar 2009 | 5:43 pm Lower Rig Counts Again, Lower Supply… (BHI, OIL, OIH, USO)
All the oil ETF’s are still down on the day, although they look off the lows:
Our call is out to 2010, but Baker Hughes is one of our own energy picks which we feel can double by the end of 2010. Baker Hughes has been down all morning along with oil prices and after Credit Suisse downgraded the firm to neutral from outperform. Jon C. Ogg Tagged: BHI, OIH, oil, USO      Source: 247 Wall Street | 13 Mar 2009 | 5:41 pm Straight StoryTess Vigeland talks to Economics Editor Chris Farrell about Jon Stewart's interview with CNBC's Jim Cramer and whether average investors should pay attention to stock choices recommended on financial shows.Source: Marketplace Money | 13 Mar 2009 | 5:40 pm Brokers still approving bad loansDespite the mortgage crisis, some lenders are still approving loans that end in default. Tess Vigeland talks to Salon.com reporter Alyssa Katz about how some brokers are now causing problems for the Federal Housing Administration.Source: Marketplace Money | 13 Mar 2009 | 5:32 pm Stretton wins business awardFashion designer and publisher Annah Stretton has won the Veuve Clicquot Businesswoman's Award for 2009. It is the second year the international award has been running in New Zealand. The judges were company chairman Rosanne...Source: New Zealand Herald - Business | 13 Mar 2009 | 5:30 pm FTSE 100 shares tick up (AFP)
Source: Yahoo! News: Stock Markets News | 13 Mar 2009 | 5:29 pm FHA overwhelmed by loan demandDemand for Federal Housing Administration mortgage loans is on the rise. But reporter Amanda Aroncyk discovered that the same problems that contributed to the subprime collapse may now be threatening the FHA.Source: Marketplace Money | 13 Mar 2009 | 5:19 pm Getting More Trade BalancedU.S. imports and exports continued their slide in January, with the result of narrowing the trade deficit by 9.7 percent. The numbers are not particularly surprising given the global recession, and a shrinking trade gap can be a good thing. However, there is some eyebrow-raising to be had in the fine print. Exports of "automotive vehicles, parts and engines" dropped $2.18 billion in January, to $5.5 billion -- down 46 percent from a year ago and the lowest level since July 1998. Yet another indication of just how hard the auto industry has been hit. Imports of the same dropped $3.29 billion in January to $11.52 billion, also the lowest level since July 1998. One bright spot is exports of "food, feeds and beverages," which grew $131 million in January. It seems the meat and poultry industry, in particular, has weathered the storm reasonably well so far: exports of those products were up $79 million over December 2008 and $84 million over the past year. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 13 Mar 2009 | 5:04 pm What if Bear Stearns...Kai Ryssdal looks back at the fall of Bear Stearns and wonders what might have been with The New Yorker's James Surowiecki.Source: Marketplace | 13 Mar 2009 | 5:02 pm Bear Stearns employees find their wayIt's been almost a year since investment bank Bear Stearns imploded, leaving some 14,000 employees in limbo. Amy Scott takes a look at where some of them are now.Source: Marketplace | 13 Mar 2009 | 5:02 pm Weekly Wrap: Not at recovery just yetThe markets had a little bump this week. Kai Ryssdal speaks with Fortune Magazine's Leigh Gallagher and Felix Salmon from Portfolio.com about the news that drove the markets up and what's still weighing us down.Source: Marketplace | 13 Mar 2009 | 5:02 pm No representation without taxationThe earned-income tax credit is designed to give a break to low-income workers. But commentator Amity Shlaes says these days the poor may be paying too few taxes and the rich may have too big of a burden, which is not helping economic recovery.Source: Marketplace | 13 Mar 2009 | 5:02 pm Does loss of Triple-A rating matter?Now that General Electric and Berkshire Hathaway have lost their Triple-A credit ratings, only five U.S. companies are left with that status. With fewer companies standing at the top, what does losing an A really mean? Jeremy Hobson reports.Source: Marketplace | 13 Mar 2009 | 5:02 pm OPEC's price hike may drop oil demandOPEC will meet this weekend to discuss whether to raise oil prices and cut production. But OPEC's strategy could possibly drop demand for oil even further. Sam Eaton reports.Source: Marketplace | 13 Mar 2009 | 5:02 pm Tough times for Timothy GeithnerTreasury Secretary Timothy Geithner is still waiting for many of his top staff posts to be filled, but that hasn't stopped the growing chorus of criticism. Steve Henn reports.Source: Marketplace | 13 Mar 2009 | 5:01 pm Recession red cards Ali's fledgling furniture storesThe chain of bargain furniture stores co-founded by All Black lock Ali Williams a year ago is closing down due to poor sales. The SuperFurn stores in Mt Roskill, Manukau, Pukekohe, Henderson and Glenfield are to close, but the...Source: New Zealand Herald - Business | 13 Mar 2009 | 5:00 pm Winoker Says GE's Immelt Needs to Rebuild CredibilitySource: Bloomberg - All Podcasts | 13 Mar 2009 | 4:42 pm Sir Anthony to retire as CEOSir Anthony O'Reilly announced yesterday that he intends to retire as chief executive of Independent News & Media, the largest shareholder in Herald publisher APN News & Media. Sir Anthony, who has been involved with INM for 36...Source: New Zealand Herald - Business | 13 Mar 2009 | 4:30 pm Switzerland breaks with tradition on tax evasionGENEVA - Switzerland's days as a safe haven for the world's tax evaders are numbered. Under pressure from the United States and other troubled economies, the Swiss government announced yesterday that it will cooperate in international...Source: New Zealand Herald - Business | 13 Mar 2009 | 4:24 pm Paychex Raised to `Neutral' at UBSSource: Bloomberg - All Podcasts | 13 Mar 2009 | 4:07 pm Opec expects demand for its oil to shrinkThe Opec oil cartel should err on the side of further reducing its output, its monthly oil market report hinted as ministers arrived in Vienna ahead ofSource: Financial Times - US homepage | 13 Mar 2009 | 4:03 pm IBM: Big Blue Goes Green and Blue (IBM)
The sensor and software part of the plan includes installing sensors that can monitor pipes, rivers, reservoirs, and harbors for potential issues like loss of pressure in pipes, pollution increases in rivers and reservoirs, and floating debris in harbors. Combined with specialized software, the system could provide a lot of information very quickly and even begin to work on solutions for the problem. There’s also the potential for significant revenue in managing water systems. IBM thinks it could be a $20 billion business in five years. The US stimulus package includes $15-$20 billion for water projects, so that’s a good start right there. Most publicly traded water companies have either contracted with national or local governments to operate water delivery to citizens. IBM plans to act like an arms merchant, selling its services and technology to anyone willing to pay for it. That’s a lesson it learned long ago when it licensed, and didn’t buy, an operating system from a small start-up with no one had ever heard of. Paul Ausick       Source: 247 Wall Street | 13 Mar 2009 | 3:53 pm Stewart Vs. CramerJon Stewart's interview with CNBC's Jim Cramer on "The Daily Show" last night is the talk of the "twit-blogs" and the "interscape" this morning. You may recall that Stewart went after Cramer and his CNBC cohorts last week for giving bad stock tips and missing the big picture in the lead-up to the market's collapse. Last night's TDS was largely given over to an extended conversation between the pair, and Stewart went at Cramer for telling "Mad Money" viewers to take a long view on their investments even as he was aware that the "shenanigans" of heavy-duty investors had turned the market into a minefield. What did you think? Did Stewart (backed by his studio audience) come off as a bully? Was Cramer's contrition believable or did it come off as staged? Will it change anything about Mad Money? Do you want Cramer as your financial watchdog? The interview as it aired on Comedy Central is above, and you can watch an extended unedited version on The Daily Show website. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 13 Mar 2009 | 3:44 pm Can Armstrong bring Google glam to AOL?Here's what we know about Tim Armstrong, the Google's top ad sales executive, named late Thursday as chairman and CEO of AOL, the shriveled remains of the company that brought dial-up Internet to the masses and oodles of grief to its diminished owner, Time Warner (FORTUNE's parent):Source: Business and financial news - CNNMoney.com | 13 Mar 2009 | 3:37 pm Fitzpatrick Likes Wells Fargo, JPMorgan, Northern TrustSource: Bloomberg - All Podcasts | 13 Mar 2009 | 3:31 pm This Week’s Weird Jobs
There’s one business in this economy that is absolutely booming, and it has bankruptcy written all over it. If you need a buck to avoid getting your home foreclosed, the foreclosure industry is just waiting to hire you: 1. Los Angeles: Bankruptcy Paralegal Busy bankruptcy law firm seeks either experienced bankruptcy paralegal, or paralegal willing to train. We offer a competitive salary and benefits package. For an immediate response, please email your resume. We have a LOT of work for you to do… Nexxus can reverse a foreclosure and keep people in their homes using the law. Truth in Lending Act violations are common in most mortgage documents and allow the homeowner to legally challenge the loan. In some cases it is possible to actually get the house free and clear of all loans. If you are a real estate agent, or someone who finds people in foreclosure or wants to make money helping people in foreclosure you will receive $300 per month per client, plus if the house ends up free and clear you will also receive 10% of the current value of that property. Although our title implies human trafficking, rest assured that is not our interest. 3. Los Angeles: Mad Scientists Needed! Translation: You must either be desperate, childless or bored. 4. Errand Delivery Concierge Seeking Reliable Errand Delivery Concierge. Must have a keen eye for detail. This is a very detail oriented position. Must be able to work extremely well under pressure and still have a bright shining smile when dealing with customers. Must be able to multi-task efficiently while many things are thrown to you at once. Very high intensity driving position. Must have exceptional customer service skills. The pay is $8.00 hourly plus gas, plus tips We are now placing experienced and motivated customer service representatives! Joining today means you’ll be part of a team of professionals that share our spirit of innovation and vision of success. We currently have an IMMEDIATE need for EXPERIENCED candidates! If you have: A minimum of 1 year experience in a call center environment THEN WE WANT TO TALK TO YOU! Please be desperate, preferably with a gambling and/or drinking problem. That way, we’ll know that you can be a real CALL CENTER SUPERSTAR. Happy Friday! Source: Business Pundit | 13 Mar 2009 | 3:27 pm US trade deficit continues fallThe US trade deficit sank further in January, falling to its lowest level in almost six years as the recession cut demand for imports.Source: BBC News | Business | World Edition | 13 Mar 2009 | 3:22 pm Small Growth in Somerville
Watching Dave's Fresh Pasta grow. David Strasburger-fac
Dave from Somerville, Mass. writes: There is a small business around the corner: Dave's Fresh Pasta. They make (you guessed it) fresh pasta to take home and cook, and in the last couple of years sandwiches, and then two years ago they added a liquor license and a small selection of wines and beers. Now of all times they are more than doubling in size and starting a small grocery. What's up with that? Here's my guess: Our corner of Somerville seems pretty stable so far. Dave's clientele typically also eats out a lot (gourmet food types, plus a mixed lunch crowd) -- they're eating out less often now and being able to pick up nice food to carry home seems like a good deal? Don't get me wrong -- the idea of being able to walk to the corner for produce or local dairy products warms the cockles of my foodie soul -- but this does look surprising. Maybe slow local growth is the way to go. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 13 Mar 2009 | 3:16 pm Switzerland eases banking secrecySwitzerland agrees to relax its banking secrecy rules, but insists it will protect account holders from "unjustified watching".Source: BBC News | Business | World Edition | 13 Mar 2009 | 2:49 pm When Cats Turn Into Stock Analysts
Source: Business Pundit | 13 Mar 2009 | 2:44 pm Swiss agree to relax bank secrecy rulesSwitzerland is to water down its famed bank secrecy laws as banking centres from Liechtenstein to Singapore bow to international pressure and agree to help tackle tax evasionSource: Financial Times - US homepage | 13 Mar 2009 | 2:00 pm Pay freezes 'at 10% of UK firms'About one UK company in 10 is freezing staff pay in an attempt to cut costs in the recession, data seen by the BBC suggests.Source: BBC News | Business | World Edition | 13 Mar 2009 | 1:46 pm NRG-Exelon-Reliant: Merger Soap Opera Continues (NRG, EXC, RRI)
NRG’s letter goes on to point out Exelon’s recent revelations about its “dramatically lower” hedging levels and expected “decline” in 2011 cash flow, both of which have led to downgrades from analysts. But it could be too late. NRG has still not scheduled its annual shareholder meeting, probably because it doesn’t want to find out for sure just what cards Exelon is holding. For its part, Exelon has said that it is proceeding with obtaining regulatory approvals and seeking proxies to elect NRG directors at the next annual meeting. Whenever that happens. Both NRG and Exelon have opened higher this morning. Paul Ausick       Source: 247 Wall Street | 13 Mar 2009 | 1:43 pm The FAS and FAZ Make Stock Market Volatility Look Like Child’s PlaySince Monday, when several news items (1. Citigroup (NYSE: C) said it would be profitable, 2. Fed Chairman Bernanke addressed mark-to-market issues, and 3. Barney Frank said he expects to see the uptick rule back sometime within a month) sparked a rally in financials, volatility in two 3x leveraged ETF’s has been off-the-charts. The Financial Bull 3x (NYSE: FAS) and Financial Bear 3x (NYSE: FAZ), two fairly new ETF’s, have had double-digit percentage moves in 2 of the last 4 trading days. Tagged: C, FAS, FAZ      Source: 247 Wall Street | 13 Mar 2009 | 1:32 pm Rogers Says `Plenty of Reasons' to Bet Against JPMorganSource: Bloomberg - All Podcasts | 13 Mar 2009 | 1:04 pm Dissing RIM, Blessing Palm (RIMM, PALM)Research in Motion Ltd. (NASDAQ: RIMM) is not participating in this morning’s rally. This stock had a good week as shares closed yesterday at $41.46 after having traded under $36.00 on Monday. Research firm ThinkEquity has put a Sell rating on the stock over concerns about growing competition. Interestingly enough, Palm Inc. (NASDAQ: PALM) was upgraded this morning. Despite Palm Inc. (NASDAQ: PALM) having to negate the confusing statements of an Elevation partner about smartphone sales, Palm shares have hung in there. RBC took a prior “Sector Perform” rating up to a higher “Outperform” rating. More importantly, it took a $5.00 target up to $12.00. Palm is up 6% at $8.36 pre-market and its 52-week trading range is $1.14 to $9.51. This was trading at $6.00 on Monday. Jon C. Ogg Tagged: PALM, RIMM      Source: 247 Wall Street | 13 Mar 2009 | 1:03 pm The '30s Madoff?Swedish match king whose Kreuger Crash ruined manySource: BBC News | Business | World Edition | 13 Mar 2009 | 12:43 pm Upside of Recession: Lower Trade Deficit
Jon C. Ogg       Source: 247 Wall Street | 13 Mar 2009 | 12:38 pm Camelot in lottery job cuts planLottery operator Camelot launches a consultation with staff on proposals for 250 redundancies in the UK.Source: BBC News | Business | World Edition | 13 Mar 2009 | 12:34 pm American Apparel Secures Needed Investment (APP)
The notes provide for a security interest in all assets of the company and its subsidiaries, subject to prior liens under the existing revolving credit facility. Lion Capital also received warrants for an aggregate amount of 16 million shares of American Apparel common stock. They can be exercised at a strike price set at a 5% premium to the 30-trading day average of $2.00 per share with a March 2016 expiration. This would equate to a pro forma ownership in American Apparel of approximately 18%. Neil Richardson and Jacob Capps of Lion Capital intend to join the board of directors of American Apparel. American Apparel will use the proceeds to retire its existing second lien credit facility. American Apparel will not issue any additional warrants to SOF Investments (prior lien holder). The remaining proceeds will be principally used to reduce the outstanding balance under its revolving credit facility, repay a portion of a shareholder note, pay fees and expenses related to the transaction, and for working capital purposes. The early indications show American Apparel up 17% at $1.75 in early pre-market trading indications. Its 52-week trading range is $1.20 to $10.25. Jon C. Ogg Tagged: APP      Source: 247 Wall Street | 13 Mar 2009 | 12:23 pm Global market rebound set to continue at US open (AP)
Source: Yahoo! News: Business | 13 Mar 2009 | 12:23 pm Global market rebound set to continue at US open (AP)
Source: Yahoo! News: Stock Markets News | 13 Mar 2009 | 12:23 pm £50000 to be won in our free Fantasy Fund Manager gameThe Telegraph in association with JP Morgan is offering readers the chance to win £50000 worth of prizes in our free Fantasy Fund Manager competition.Source: Telegraph Finance | 13 Mar 2009 | 12:12 pm Switzerland to cooperate on tax evasionThe Swiss government has agreed to exchange information with other states investigating tax evasion.Source: Telegraph Finance | 13 Mar 2009 | 12:10 pm Chinese premier Wen Jiabao worried about US debt.Wen Jiabao casts doubt over China's willingness to provide financial support for President Obama's 787bn stimulus plan.Source: Telegraph Finance | 13 Mar 2009 | 11:42 am Top Analyst Upgrades (ALU, AGN, AMAG, EIG, JPM, LOGI. MCD, PALM)
Alcatel-Lucent (ALU) Raised to Outperform at Baird. JON C. OGG Tagged: AGN, ALU, AMAG, EIG, JPM, LOGI. MCD, PALM      Source: 247 Wall Street | 13 Mar 2009 | 11:38 am
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