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California sues Toyota for hiding defects (AFP)
Source: Yahoo! News: Business News | 13 Mar 2010 | 3:15 am EU Commission says no deal concluded on GreeceBRUSSELS (Reuters) - The euro zone has not agreed a deal on financial support for heavily indebted Greece, but technical work is continuing and the Commission stands ready to act if need be, a spokesman for the European Union executive said on Saturday.
Source: Reuters: Business News | 13 Mar 2010 | 2:46 am Swift US financial overhaul is ‘unrealistic’Republicans have warned Chris Dodd, the Democratic chairman of the Senate banking committee, that his aim to get a financial regulation bill to the Senate floor by the end of the month is unrealisticSource: Financial Times - US homepage | 13 Mar 2010 | 2:22 am Runaway Prius case presents nagging questions (AP)
Source: Yahoo! News: Business News | 13 Mar 2010 | 1:09 am Permanently modified mortgages grow by 45%, government saysIn February, the number of homeowners with permanently reduced monthly payments grew to 168,708, the Obama administration reports, and 91,483 more trial modifications are approved.The Obama administration Friday said its mortgage modification program continued to make progress, with the number of homeowners receiving permanently reduced monthly payments in February increasing by 45% to 168,708.
Source: L.A. Times - Business | 13 Mar 2010 | 1:00 am Disney to shut ImageMovers Digital studioRobert Zemeckis' Bay Area studio has 450 employees and will close by January. It produces the motion-capture animation technology that was used in 2009's 'A Christmas Carol.'In a cost-saving move, Walt Disney Studios is shutting down Robert Zemeckis' ImageMovers Digital studio in Marin County, which employs 450 people. Those employees will be phased out over the course of the year until the facility closes by January.
Source: L.A. Times - Business | 13 Mar 2010 | 1:00 am Janet Yellen 'a leading contender' for No. 2 spot at FedAppointing the president of the Federal Reserve Bank of San Francisco as vice chairwoman would reinforce Fed Chairman Ben Bernanke's policy of keeping interest rates low to help stimulate the economy.Economist Janet L. Yellen, a California-based official of the Federal Reserve, has emerged as President Obama's likely nominee to be vice chairwoman of the central bank.
Source: L.A. Times - Business | 13 Mar 2010 | 1:00 am Plenty of new airports but few passengers in ChinaA construction spree brings flight service to some unlikely locales, and a hoped-for spurt in air traffic fails to materialize.It's less than two hours before boarding time but most of the staff of Libo Airport are walking off their dinner of spicy dog meat with an evening stroll around the parking lot.
Source: L.A. Times - Business | 13 Mar 2010 | 1:00 am LAX to get more full-body screening machinesThe controversial imaging units will be added to the three existing ones at Los Angeles International Airport. San Jose and San Diego airports also will receive devices in the next two weeks.Californians, get ready for your close-up.
Source: L.A. Times - Business | 13 Mar 2010 | 1:00 am Trade numbers climb sharply at Southland portsThe growth in February lends strength to the arguments of some experts who believe that a stronger-than-anticipated recovery may be underway.Trade numbers at the ports of Los Angeles and Long Beach, the nation's busiest seaport complex, rose sharply in February compared with the same month last year, lending strength to the arguments of some experts who believe that a stronger-than-anticipated recovery may be underway.
Source: L.A. Times - Business | 13 Mar 2010 | 1:00 am L.A. becomes a test case in battle to undo interest rate swap dealsIts agreement with two banks, which used to pay off for the city, is now costing it money. But whatever happened to honoring the sanctity of a contract?"I can pay. I just don't want to." That's the unapologetic position of the "walkaways" -- homeowners who have no equity in their houses and who no longer see the point of paying their mortgages, even though they're financially fully capable of doing so.
Source: L.A. Times - Business | 13 Mar 2010 | 1:00 am Janet Yellen 'a leading contender' for No. 2 spot at FedAppointing the president of the Federal Reserve Bank of San Francisco as vice chairwoman would reinforce Fed Chairman Ben Bernanke's policy of keeping interest rates low to help stimulate the economy...Source: RSS feed - channel BNPaperBusiness | 13 Mar 2010 | 1:00 am Toyota aims for a surge in salesThe troubled automaker hopes to draw buyers this weekend with the help of an advertising blitz and big incentives. ...Source: RSS feed - channel BNPaperBusiness | 13 Mar 2010 | 1:00 am Permanently modified mortgages grow by 45%, government saysIn February, the number of homeowners with permanently reduced monthly payments grew to 168,708, the Obama administration reports, and 91,483 more trial modifications are approved. ...Source: RSS feed - channel BNPaperBusiness | 13 Mar 2010 | 1:00 am L.A. becomes a test case in battle to undo interest rate swap dealsIts agreement with two banks, which used to pay off for the city, is now costing it money. But whatever happened to honoring the sanctity of a contract? ...Source: RSS feed - channel BNPaperBusiness | 13 Mar 2010 | 1:00 am LAX to get more full-body screening machinesThe controversial imaging units will be added to the three existing ones at Los Angeles International Airport. San Jose and San Diego airports also will receive devices in the next two weeks. ...Source: RSS feed - channel BNPaperBusiness | 13 Mar 2010 | 1:00 am Trade numbers climb sharply at Southland portsThe growth in February lends strength to the arguments of some experts who believe that a stronger-than-anticipated recovery may be underway. ...Source: RSS feed - channel BNPaperBusiness | 13 Mar 2010 | 1:00 am German finance ministry unaware of Greek bailout deal (Reuters)Reuters - The German Finance Ministry said on Saturday it was not aware of any agreement by euro zone members to provide a multi-billion euro bailout package for heavily indebted Greece.Source: Yahoo! News: Business News | 13 Mar 2010 | 12:38 am The FSA got us into this mess; it can get us outThe Tory vision will not guarantee better regulation.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 12 Mar 2010 | 11:57 pm Six imperatives for financial regulation: SummersPALO ALTO, California (Reuters) - The United States should rethink domestic and global financial regulation, Lawrence Summers, director of the White House's National Economic Council, said on Friday, outlining six "imperatives."
Source: Reuters: Business News | 12 Mar 2010 | 11:32 pm Wall Street faces Fed meeting with momentum (AFP)
Source: Yahoo! News: Stock Markets News | 12 Mar 2010 | 11:17 pm California sues Toyota for faultsProsecutors in California are suing Toyota, claiming the carmaker sold hundreds of thousands of vehicles it knew had defects.Source: BBC News | Business | World Edition | 12 Mar 2010 | 11:15 pm Market Snapshot: U.S. stock investors to use data as a road mapWhile markets continue to search for clear direction, investors will watch for surprises in economic reports, possible M&A deals.
Source: MarketWatch.com - Top Stories | 12 Mar 2010 | 10:01 pm Outside the Box: Americans are woefully unprepared for retirementThere’s some news from the front lines of retirement in America, and it’s not good, writes Howard Gold.
Source: MarketWatch.com - Top Stories | 12 Mar 2010 | 10:01 pm Stocks to Watch: Stocks in focus for MondayAmong the companies whose shares are expected to see active trading Monday are Apple, Citigroup and Exxon Mobil.
Source: MarketWatch.com - Top Stories | 12 Mar 2010 | 10:01 pm EU 'nearing' Greece bail-out dealThe EU is putting the finishing touches to a multi-billion euro bail-out for Greece after weeks of crisis, senior officials tell the BBC.Source: BBC News | Business | World Edition | 12 Mar 2010 | 10:00 pm China gov't advisers urge steady economyChina's top parliamentary adviser said Saturday that keeping the economy stable and steady must remain the government's biggest priority this year. Jia Qinglin, the Communist Party's No.Source: RSS feed - channel BNewsBusiness | 12 Mar 2010 | 9:35 pm Toyota aims for a surge in salesThe troubled automaker hopes to draw buyers this weekend with the help of an advertising blitz and big incentives.Toyota dealers are gearing up for something they haven't seen in a while: a crowded showroom.
Source: L.A. Times - Business | 12 Mar 2010 | 9:32 pm Royal Mail quality tests 'rigged'The postal watchdog is considering taking action against Royal Mail after finding that delivery quality tests were rigged.Source: BBC News | Business | World Edition | 12 Mar 2010 | 9:07 pm PRESS DIGEST - Financial Times - March 13Tim O'Toole, former managing director of London Underground, could soon become chief executive of one of the private contractors he strongly criticised while in office. O'Toole has held preliminary talks...Source: RSS feed - channel BNewsBusiness | 12 Mar 2010 | 8:41 pm Obama eyes Fed picks in central bank revampUS President Barack Obama is strongly considering three candidates to fill vacancies at the Federal Reserve board, the White House said as he moves to revamp the central bank. San...Source: RSS feed - channel BNewsBusiness | 12 Mar 2010 | 7:48 pm Lehman balance sheet massaging may not be unusualNEW YORK (Reuters) - On Wall Street, massaging the balance sheet is a time-honored practice.
Source: Reuters: Business News | 12 Mar 2010 | 7:34 pm PRESS DIGEST - British Business Press - March 13Liberty , the London department store, is in talks with private equity and real estate investors about a takeover that could value the retail business at more than 35 million pounds. BlueGen Capital, the...Source: RSS feed - channel BNewsBusiness | 12 Mar 2010 | 7:28 pm Cablevision, Comcast lose latest battle to toss FCC programming rulesIn a blow to the cable industry, an appeals court upheld the Federal Communications Commission's so-called program access rules that prohibit cable operators from withholding programming they own from...Source: RSS feed - channel BNPaperBusiness | 12 Mar 2010 | 7:18 pm Weekend Investor: How to profit from seasonal patterns in stocksThere’s ample evidence that the stock market’s performance is tied to the time of year and even the days of a month. Seasonal patterns persist not just in the U.S., but in other countries as well.
Source: MarketWatch.com - Top Stories | 12 Mar 2010 | 7:16 pm Nortel sales decline as customers cut spendingNEW YORK (Reuters) - Bankrupt Nortel Networks Corp on Friday posted a 62 percent drop in quarterly revenue, as customers cut spending in the face of uncertainty about its bankruptcy proceedings and the shaky economy.
Source: Reuters: Business News | 12 Mar 2010 | 6:52 pm Taxing Times: Home-buyer credit is Exhibit A in tax complexityOne of the problems with the tax system is that people’s lives can get complicated, and the tax code simply isn’t able to deal with all those problems.
Source: MarketWatch.com - Top Stories | 12 Mar 2010 | 6:48 pm Food sector faces sweeping antitrust investigationOfficials are looking into the gaps between what farmers earn and what shoppers pay at the grocery store. The Justice Department and the USDA pledge an examination of alleged monopolistic practices. ...Source: RSS feed - channel BNPaperBusiness | 12 Mar 2010 | 6:38 pm Food sector faces sweeping antitrust investigationOfficials are looking into the gaps between what farmers earn and what shoppers pay at the grocery store. The Justice Department and the USDA pledge an examination of alleged monopolistic practices.U.S. Atty. Gen. Eric Holder and a team of top federal officials on Friday pledged a sweeping examination of alleged monopolistic practices in the food sector, and promised to bust those who violate antitrust laws.
Source: L.A. Times - Business | 12 Mar 2010 | 6:38 pm Take your royalty checks, SoundExchange begsMoney is piling up from digital music streams, and the nonprofit has to track down artists who don't know. Then it has to convince them it's not a scam.When John Boydston got an e-mail from SoundExchange saying he had several thousand dollars in unclaimed royalties, he did what most sensible people would do. He ignored it.
Source: L.A. Times - Business | 12 Mar 2010 | 6:23 pm Take your royalty checks, SoundExchange begsMoney is piling up from digital music streams, and the nonprofit has to track down artists who don't know. Then it has to convince them it's not a scam. ...Source: RSS feed - channel BNPaperBusiness | 12 Mar 2010 | 6:23 pm Nortel Networks posts profit in 4QBankrupt telecom equipment maker Nortel Networks Corp. said Friday it posted a profit in the fourth quarter, thanks to a large gain related to an asset sale. For the three months ended...Source: RSS feed - channel BNewsBusiness | 12 Mar 2010 | 6:08 pm Nortel Networks posts profit in 4Q (AP)AP - Bankrupt telecom equipment maker Nortel Networks Corp. said Friday it posted a profit in the fourth quarter, thanks to a large gain related to an asset sale.Source: Yahoo! News: Business News | 12 Mar 2010 | 6:08 pm Examiner unveils Lehman accounting tricks (AP)
Source: Yahoo! News: Business News | 12 Mar 2010 | 6:02 pm Euro zone agrees bailout for Greece: reportLONDON (Reuters) - The euro zone has agreed a multi-billion euro bailout for heavily indebted Greece as part of a package to support the euro, the Guardian newspaper reported on Saturday.Source: RSS feed - channel BNewsBusiness | 12 Mar 2010 | 6:02 pm Summary Box: Lehman found to use artificeACCOUNTING GIMMICK: A new report finds that Lehman used an accounting artifice dubbed Repo 105 to mask its debt and perilous financial state. A LEGAL ROAD MAP: The detailed report by theSource: RSS feed - channel BNewsBusiness | 12 Mar 2010 | 5:51 pm Data, Fed to test if rally has legsNEW YORK (Reuters) - Investors will try to tack another leg on to the year-long U.S. stock rally, looking to next week's economic data and statement from the central bank for evidence the...Source: RSS feed - channel BNewsBusiness | 12 Mar 2010 | 5:46 pm Data, Fed to test if rally has legsNEW YORK (Reuters) - Investors will try to tack another leg on to the year-long U.S. stock rally, looking to next week's economic data and statement from the central bank for evidence the recovery is still on track.
Source: Reuters: Business News | 12 Mar 2010 | 5:46 pm Data, Fed to test if rally has legs (Reuters)Reuters - Investors will try to tack another leg on to the year-long U.S. stock rally, looking to next week's economic data and statement from the central bank for evidence the recovery is still on track.Source: Yahoo! News: Stock Markets News | 12 Mar 2010 | 5:46 pm Sarkozy and Brown attack US dealNicolas Sarkozy and Gordon Brown criticise the US for "protectionism" over an aerospace deal after talks in London.Source: BBC News | Business | World Edition | 12 Mar 2010 | 5:39 pm Earnings Watch: Updates, advisories and surprisesA roundup of the latest corporate earnings reports and what companies are saying about future quarters.
Source: MarketWatch.com - Top Stories | 12 Mar 2010 | 5:31 pm Lehman balance sheet massaging may not be unusualNEW YORK (Reuters) - On Wall Street, massaging the balance sheet is a time-honored practice.Source: RSS feed - channel BNewsBusiness | 12 Mar 2010 | 5:29 pm Exxon PNG gas project clears final hurdlesUS-based energy giant Exxon Mobil said Saturday it had finalised financing and sales agreements for its 15 billion US dollar gas project in Papua New Guinea and was ready to begin...Source: RSS feed - channel BNewsBusiness | 12 Mar 2010 | 5:28 pm Lehman file rocks Wall StreetThe fallout from the report into the collapse of Lehman Brothers shook Wall Street and London as US officials grilled banks about off balance-sheet trades and questions were raised over the City’s role in the company’s attempts to cover up its problemsSource: Financial Times - US homepage | 12 Mar 2010 | 5:21 pm China's currency foes ratcheting up the pressureFoes in Washington of China’s currency policy are beginning to smell blood in the water and are seeking to increase pressure on the Obama administration to label China a manipulator when it comes to the yuan.
Source: MarketWatch.com - Top Stories | 12 Mar 2010 | 5:20 pm GOP's Ryan Dissects ObamaCare, Lays Out 'Roadmap' To Health (Investor's Business Daily)Investor's Business Daily - Rep. Paul Ryan, R-Wis., took the national stage last month as he cut down Democratic health care plans point by point. If the GOP should win back the House In November, Ryan will become chairman of the House Budget Committee. And he has lots of ideas. He recently updated his "Roadmap for America's Future" to address many issues, including the budget deficit, entitlement programs, the tax system and health care.Source: Yahoo! News: Business News | 12 Mar 2010 | 5:12 pm Climate Exchange comes through the ‘perfect storm’Climate Exchange might have been forgiven for seeing the Copenhagen summit as a serious blow, but the carbon emissions trader said yesterday that last December’s fudged deal in Denmark had merely applied a brake to its growth rather than halted it. Source: Latest Business News from Times Online | 12 Mar 2010 | 5:01 pm Topsy-turvy world of US finance helped hide true value of loansLewis Carroll would surely have approved. In the topsy-turvy world of American accounting, 105 equals 100, or possibly whatever Humpty Dumpty wants it to mean. Source: Latest Business News from Times Online | 12 Mar 2010 | 5:01 pm Perfect time for buying property was 1996Profiting from property is all about timing — and the best year since 1953 to have bought a home that you still own was 1996, according to research conducted for The Times by Savills From then until now, homeowners have enjoyed average annual gains of 6.2 per cent in real terms — taking account of inflation. Source: Latest Business News from Times Online | 12 Mar 2010 | 5:01 pm At leisure: Theatre fan revels in racecourse drama"Wouldn’t it be just terrific?” Edward Gillespie exclaims. “Kauto Star and Denman have slugged it out over three miles, but as they come up the hill at the finish, they are passed by Tricky Trickster, who wins. Wouldn’t that be a story?” Source: Latest Business News from Times Online | 12 Mar 2010 | 5:01 pm Tullett brokers can join rival after year’s waitTen former Tullett Prebon brokers whose defection to BGC Partners, a rival, had led to a High Court dispute, are free to go ahead with the move, the court ruled yesterday. Source: Latest Business News from Times Online | 12 Mar 2010 | 5:01 pm Linklaters and Ernst & Young face action over Lehman Brothers collapseTwo of the City’s biggest names were battling last night to protect their reputations after an explosive new report on the collapse of Lehman Brothers threatened both with potentially crippling lawsuits. Source: Latest Business News from Times Online | 12 Mar 2010 | 5:01 pm If the story is good, investors will buy itTravelport, the airline ticketing company, Merlin Entertainments, the theme park operator, and New Look, the fashion retailer, postponed initial public offerings within days of each other last month, there was much comment blaming both market turbulence and a reluctance on the part of institutional investors to buy shares in businesses being sold by private equity firms. Source: Latest Business News from Times Online | 12 Mar 2010 | 5:01 pm Jigsaw sales leap as spring range delightsJigsaw is full of the joys of spring after its latest collection boosted sales. Source: Latest Business News from Times Online | 12 Mar 2010 | 5:01 pm Tricks of the TradeThe trade of banking contains activities so different that it is hard to see why they are all covered by the same term. On Thursday night the sad news arrived of the death of Sir Brian Pitman, the highly respected former chief executive of Lloyds Bank. Then, yesterday, the report into the Lehman Brothers collapse, by the court-appointed examiner Anton Valukas, revealed what happens when integrity of the kind embodied by Sir Brian goes missing (See Obituary, page 90). Source: Latest Business News from Times Online | 12 Mar 2010 | 5:01 pm Numbers come up for Gala as debt is slashed by £750mBritain’s biggest bingo operator has been saved from the threat of collapse after its lenders agreed to a refinancing that will cut its debt mountain from £2.6 billion to £1.85 billion, The Times has learnt. Source: Latest Business News from Times Online | 12 Mar 2010 | 5:01 pm Port exportsPortuguese exporters hit by strong euroSource: BBC News | Business | World Edition | 12 Mar 2010 | 5:00 pm Lloyds aids mortgage overpaymentsUK mortgage lender Lloyds Banking Group is encouraging borrowers to pay off up to 20% of their mortgages early.Source: BBC News | Business | World Edition | 12 Mar 2010 | 5:00 pm Interns 'exploited by employers'The TUC is claiming that young people are being exploited by employers through internships in which they do not get paid.Source: BBC News | Business | World Edition | 12 Mar 2010 | 5:00 pm TaxWatch: Tax Q&A on withholding, and spouses who live apartWhen you and your wife live and work in two separate states, how do you file your tax returns? And whose fault is it if your payroll department took too little withholding out of your paycheck? People are asking TaxMama about dilemmas like these and more.
Source: MarketWatch.com - Top Stories | 12 Mar 2010 | 4:59 pm Are our credit card habits really better?A recent report by the Federal Reserve said Americans cut more than $90 billion from their credit card debt from 2008 to 2009, but CardHub.com's Odysseas Papadimitriou says that isn't necessarily good news.Source: Marketplace Money | 12 Mar 2010 | 4:56 pm Apple: Good job. Here's $22 millionSource: Business and financial news - CNNMoney.com | 12 Mar 2010 | 4:49 pm Washington Calendar: Washington events for March 15 - 19A guide to the top economic and political events in Washington in the coming week.
Source: MarketWatch.com - Top Stories | 12 Mar 2010 | 4:45 pm Middle-class NYC apartment complex sold at auction (AP)AP - The developer of a high profile middle-class Harlem apartment complex has lost ownership of the property after defaulting on the mortgage.Source: Yahoo! News: Business News | 12 Mar 2010 | 4:43 pm Cook. No.2 At Apple, Earns $22 Million BonusTimothy Cook, Apple’s (AAPL) COO, who sat in while Steve Jobs was away ill, made a bonus valued at $22 million for his work. The bonus was awarded on March 10 and is discretionary, which means that the board did not specifically attach it to anything in Cook’s employment contract or the company’s executive compensation program. But Apple did say [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 12 Mar 2010 | 4:37 pm Regulators shut banks in NY, Florida, Louisiana (AP)
Source: Yahoo! News: Business News | 12 Mar 2010 | 4:37 pm Lehman report may point way for criminal chargesWASHINGTON (Reuters) - An explosive report by a court-appointed examiner on the collapse of Lehman Brothers may prove to be a roadmap for prosecutors to bring criminal cases against the investment bank's former executives, legal experts say.
Source: Reuters: Business News | 12 Mar 2010 | 4:36 pm How the major stock indexes fared on Friday (AP)AP - Mixed economic reports held the stock market to only modest moves Friday but gains for the week were strong.Source: Yahoo! News: Stock Markets News | 12 Mar 2010 | 4:34 pm Summary Box: Stocks cap week with modest moves (AP)AP - QUIET DAY: Major stock market indexes were little changed a day after the Standard & Poor's 500 index closed at a 17-month high. Mixed reports on consumer sentiment and retail sales kept trading subdued.Source: Yahoo! News: Stock Markets News | 12 Mar 2010 | 4:32 pm Jones Day’s Feder Discusses NFL v. American Needle: BLAWSource: Bloomberg - All Podcasts | 12 Mar 2010 | 4:29 pm Mortgage help: 170,000 get aidMore than 170,000 troubled homeowners are breathing a lasting sigh of relief now that they've received permanent modifications under the Obama administration's foreclosure prevention program.Source: Business and financial news - CNNMoney.com | 12 Mar 2010 | 4:29 pm Do other firms use Lehman's accounting 'drug'?Lehman Brothers used an accounting maneuver to make itself look financially stronger than it actually was. Did other investment banks get hooked on this?
Source: MarketWatch.com - Top Stories | 12 Mar 2010 | 4:26 pm Apple COO gets $22 million reward as Jobs stand-inSAN FRANCISCO (Reuters) - Apple Inc has awarded its chief operating officer a bonus valued at $22 million for leading the company while Chief Executive Steve Jobs was on 6-months' medical leave last year.
Source: Reuters: Business News | 12 Mar 2010 | 4:25 pm Portugal passes austerity budgetPortugal's parliament backs an austerity budget aimed at cutting its deficit to the level permitted for countries using the euro.Source: BBC News | Business | World Edition | 12 Mar 2010 | 4:22 pm Stocks end mixed after mixed economic reports (AP)
Source: Yahoo! News: Business News | 12 Mar 2010 | 4:07 pm Stocks end mixed after mixed economic reports (AP)
Source: Yahoo! News: Stock Markets News | 12 Mar 2010 | 4:07 pm US stocks flat despite strong retail figuresUS stocks were flat on Friday in spite of surprisingly strong retail sales data and positive employment figures from Canada. Retail sales rose 0.3 per cent in February, significantly beating expectations...Source: RSS feed - channel BNPaperBusiness | 12 Mar 2010 | 4:03 pm $642 million to clean up LehmanUnraveling the biggest-ever U.S. bankruptcy case isn't cheap.Source: Business and financial news - CNNMoney.com | 12 Mar 2010 | 4:02 pm Business Highlights (AP)AP - Retail sales show surprising gain in FebruarySource: Yahoo! News: Business News | 12 Mar 2010 | 3:54 pm Stocks near 18-month highsStocks ended little changed Friday, as investors welcomed a report that showed a surprise rise in retail sales, but showed caution asSource: Business and financial news - CNNMoney.com | 12 Mar 2010 | 3:51 pm Trichet backs new bail-out fundThe head of the European Central Bank gives his tentative support to a bail-out fund to bolster the eurozone's financial stability.Source: BBC News | Business | World Edition | 12 Mar 2010 | 3:50 pm Citigroup, Fed, Value Investing, Energy: Taking StockSource: Bloomberg - All Podcasts | 12 Mar 2010 | 3:38 pm Yellen leads picks for Fed seatWASHINGTON (Reuters) - San Francisco Federal Reserve Bank President Janet Yellen, a monetary policy dove, tops President Barack Obama's list to be No. 2 at U.S. central bank, the White House said on Friday.
Source: Reuters: Business News | 12 Mar 2010 | 3:34 pm Whirlpool, Zumiez, LTX-Credence are big movers (AP)AP - Stocks that moved substantially or traded heavily Friday on the New York Stock Exchange and Nasdaq Stock Market:Source: Yahoo! News: Stock Markets News | 12 Mar 2010 | 3:34 pm Solid economic data give positive backdropGlobal Markets Overview: Record rise in eurozone industrial production help global stocks build on Wall Street’s overnight advance, but gains tempered by uncertaintySource: Financial Times - US homepage | 12 Mar 2010 | 3:33 pm Write-Offs: 03.12.10$$$ Cheap cigars, politics and the Volcker Rule [Reuters] $$$ Why Did Lehman Behave So Idiotically? [HuffPo] $$$ Tudor Tensor’s überquant, Steve Evans, was a video gamer kingpin in his youth [CTNews] $$$ “It is estimated that some 50% of all traders have a subconscious desire to lose.” [CNBC] $$$ So, a winner has been picked for the poker tournament give-away. If it wasn’t you, I still think you should go! $$$ DON’T FORGET: Tomorrow is Jamie Dimon’s birthday. He’s turning 54. The wording on your cards better be perfect. 
Source: Dealbreaker | 12 Mar 2010 | 3:30 pm Presented By:Source: Dealbreaker | 12 Mar 2010 | 3:30 pm Citigroup (C) Proxy: TARP Never Paid So WellCitigroup (C) CEO Vikram Pandit, recently hailed for turning the bank around after over a year of being blamed for its demise, only made $128,751 last year in total compensation, down from $38.2 million in 2008. Pressure from the government and his own shareholders forced him to take almost nothing for 2009 as a sign [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 12 Mar 2010 | 3:23 pm Fried Frank’s Lefkowitz Discusses NYC Development: BLAWSource: Bloomberg - All Podcasts | 12 Mar 2010 | 3:22 pm How Repo Man's vanishing accounting trick got a London linkOdd that. A 2,200 page report. And not a single mention of that 1984 cult movie Repo Man. You know, the one where Bud (Harry Dean Stanton) repossesses cars using the tricks of the Helping Hand Acceptance Corporation.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 12 Mar 2010 | 3:04 pm Battle of the bright ideasToday six start-up companies will go head to head in the Launch Pad - a Dragons' Den-like competition being held at the Planet 2010 conference in Auckland.Up for grabs is $70,000 worth of business support including IT, marketing,...Source: nzherald.co.nz - Business | 12 Mar 2010 | 3:00 pm Hector Sants calls time on FSA's 'light touch' regulationThe Financial Services Authority to conduct a major shake-up of the way the UK market regulator operates.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 12 Mar 2010 | 2:55 pm 'Medical mafia' don pleads guiltyA medical consultant accused of orchestrating a conspiracy among top Las Vegas doctors and lawyers to inflate personal injury settlements by many millions of dollars, has pleaded guilty to concealing knowledge of a felony, a charge known as misprision. The consultant, Howard Awand, 65, faces up to three years in prison and a $250,000 fine.Source: Business and financial news - CNNMoney.com | 12 Mar 2010 | 2:43 pm Inflation dove in line for Fed vice chairSan Francisco Federal Reserve Bank President Janet Yellen is the leading contender to be the next vice chairman of the central bank, a senior Obama administration official told CNN Friday.Source: Business and financial news - CNNMoney.com | 12 Mar 2010 | 2:39 pm Wall Street ends flat after mixed dataNEW YORK (Reuters) - Mixed consumer and retail data kept stocks near break even on Friday, but major indexes edged higher for a second straight week.
Source: Reuters: Business News | 12 Mar 2010 | 2:33 pm Wall Street ends flat after mixed data (Reuters)
Source: Yahoo! News: Stock Markets News | 12 Mar 2010 | 2:33 pm Lots of houses, not enough buyersNew Zealand is awash with unsold houses which could take nearly a year to clear.The Institute of Economic Research's principal economist, Shamubeel Eaqub, said Real Estate Institute figures out yesterday showed the market had...Source: nzherald.co.nz - Business | 12 Mar 2010 | 2:30 pm Who Wants To Earn An Easy Twenty Bucks?
Source: Dealbreaker | 12 Mar 2010 | 2:24 pm Is That All There Is? A Green Shoots RetrospectiveI remember when I was a very little girl, our house caught on fire. March 15, 2010, marks the anniversary of a special day. Can you guess what it is? Ides of March? Yes, but no. St. Patrick’s Day? Too soon. Give up? It’s National Green Shoots Day. That’s right, March 15th marks one year to the day 60 Minutes broadcast Fed Chairman Ben Bernanke softly cooing in the ear of the market. It’s been all clover and honey since then, as we all know. Unemployment up? Who cares! GDP down? Bah! CPI negative? Not to worry. Your house? Fuhgeddaboudit! Your meager, all-stock bonus? So sorry! (But that’s another story.) You may be asking, is that all there is to a recovery? Of course not. Goldman Sachs has booked a unit every other day since then, banks in general are feeling much, much better, the threat of financial reform recedes in the rearview mirror, and the federal funds rate will remain exceptionally low for an extended period, thank you very much! Is that all there is, is that all there is If the anniversary slipped your mind, you can be forgiven. But last spring after the Bernanke interview, green shoots spread faster than the H1N1 virus, at least through media and finance circles. It touched the highest levels of government. Symptoms included an obsession with finding green shoots in the economy, repeating the terms “green shoots” again and again, and exhibiting a perhaps unwarranted and premature optimism in economic recovery. The bug was not self-limiting. For example, although CNBC’s Erin Burnett claimed to get “nauseous” (sic) from hearing the term, she showed signs of a related illness, crocus ad nauseum. Uniquely, the infected presented these symptoms, and they made the rest of us sick. I became fascinated with this metaphor, and with finding its origins. Robert Wachal, Professor Emeritus of Linguistics at the University of Iowa, first explained the geometric increase of its usage. “New coinages catch on quickly if they seem apt. This sort of metaphorizing is a normal thing. As speakers of a language we are often entranced by apt metaphors for characterizing something of current importance.” But was this metaphor apt? Bernanke’s remarks had propagated green shoots en masse, but he was not this epidemic’s Typhoid Mary. A bit of forensic epidemiology/journalism was useful not merely in finding the carrier, but in understanding our circumstances one year after the outbreak. Green shoots, in this recession, first appeared in Ireland or the U.K. I traced it at least to February 4, 2008, when Davy Research wrote of the Irish housing market, “We have seen tentative green shoots in the last month.” (ISEQ to Continue to Outperform, Davy Business World) (Ha!) The disease may be endemic in the Anglo-Irish population. Antecedents for this outbreak can be found in an expression of Norman Lamont, U.K. Chancellor of the Exchequer from 1990 to 1993, who in the recession during his tenure saw “the green shoots of economic spring.” Far from being a completely bullish indicator, green shoots also connotes unwarranted optimism. Lamont was perceived premature in his assessment, and when U.K. Business Minister Baroness Shriti Vadera echoed his statement this time around, she triggered an exceptionally virulent outbreak in political circles and the press, which charged the Minister with losing touch with reality. (Brown Finds Renewal in Crisis, FT, Jan. 27, 2009). Green shoots might be the equivalent of Jimmy Carter’s “malaise.” I worried: Did Bernanke know what he was saying? Regardless, green shoots globe-trotted before finally touching down in America. Simon Johnson, former chief economist at the IMF, now of MIT, and co-founder of The Baseline Scenario, testified before the Senate Budget Committee to concern that a hypothetical mortgage subsidy program might be hard to unwind once “green shoots [appeared] throughout the economy.” (Fed. News Serv., Jan. 29, 2009). These remarks were the first usage of the terms I could find in this country. With the anniversary of Bernanke’s interview upon us and the time for the Fed to unwind some of its extraordinary assistance in the mortgage markets close at hand, I thought a look-back in order. The Chairman declined my interview request. When I asked Dr. Johnson, he warned me against being too pessimistic. He noted that the compounding of confidence in green shoots might be a “positive network externality development.” Perhaps this self-reinforcing mechanism led to a tipping point for recovery. Peter Morici of the University of Maryland sang a similar tune when he told me that the economy “did get better.” (Honestly, that’s what he said.) OK, Bernanke had not been whistling past the graveyard, and his interview coincided nicely with the markets’ turn. Undeniably, the roughly 70 percent rise in the equity indices on average is the Jolly Green Giant of green shoots. This is very cool, if you are among the 10 percent of Americans owning 83 percent of the nation’s financial wealth. If you should fall into the lower wealth brackets, mmm, not so much. Year-over-year home prices continue to decline, according to the most recent Case-Shiller data. This divergence is significant because if you are wealthy, your wealth tends to be comprised more of financial assets. If you are less so, as the Fed’s Survey of Consumer Finances and analyses by Edward Wolff and William Domhoff show, your home, if you own one, constitutes far more of your wealth. For the average African American and Hispanic household, home equity makes up 95 and 96 percent of household wealth. In short, the wealth gap is widening. And if you are also among the nation’s 14.9 million unemployed, chances are you’re getting DPed. Last Friday’s jobs number was better than expected, evidence that the economy is poised to porpoise above the surface. But something just doesn’t feel right. Will it be a stratified recovery: the wealthy made whole indirectly through taxpayer largesse to financial institutions, and the literally poor suckers who bought homes in the bubble – to live in, even – set farther back? How much of the improvement or stabilization in the economy is due to extraordinary monetary and fiscal measures, and what happens as these are removed? The Great Recession, in the way it unfolded and the way it resolves, is going to have perhaps unprecedented long-term consequences for wealth distribution in America. And with the media now harping on the deficit, our burgeoning debt, and the specter of sovereign default, I’m feeling a little down. I’m asking, is that all there is? I know what you must be saying to yourselves, Is that all there is, is that all there is?
Source: Dealbreaker | 12 Mar 2010 | 2:15 pm Devestating News Of The Day: Greenwich, CT Is Down One Zamboni One final spin. Good night, sweet prince. When I think of a certain someone in someone in Stamford, a lot of things comes to mind. Fleece. Preserved fish. Magic. But the very first thing I think of is a Zamboni machine. Him riding it. His star traders being invited for a congratulatory spin around the floor when they’ve had particularly good months. His underlings cleaning it with a tooth brush in an effort to prove themselves. And so on and so forth. So it’s with an extremely heavy heart that report the Zamboni? The Z? The Z-meister? Is no longer. The ice smoother that has been that brought so many smiles to the faces of so many SAC employees has been donated to a school with a rink that was in need of its own machine. So I guess the kids will enjoy it, and it was generous of its former owners, but I’m not strong enough to feel okay about this just yet. And here’s the 1-2 punch: the rink out back? Is being dismantled. I pray in its place will be a giant trampoline, but I’m assuming it’s just going to be grass. Stupid, un-skateable grass. The only thing getting me through all this is the hope that at some point this week, there was a Zamboni close to all of our hearts being driven down Greenwich Avenue. A moment of silence, please. Update: As some of you have pointed out, a water park would help me get over this pretty quickly.
Source: Dealbreaker | 12 Mar 2010 | 2:10 pm Hector Sants: 'the results were not acceptable to society'Chief executive admits FSA should have 'stepped in earlier in the past' to prevent mis-selling scandals that cost British consumers billions.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 12 Mar 2010 | 2:04 pm Podcast: Attack Of The Special Interests!
Chris Dodd will release his finance-reform bill on Monday.(Chip Somodevilla/Getty Images) On today's Planet Money: Come Monday, we'll finally get to see what's in Chris Dodd's finance-reform bill. In today's podcast, we hear from a pair of Congressmen what's likely to happen next: "Once the legislation came down, I can tell you that every special interest in the planet came out," Rep. John Campbell says. He's talking about the lobbying that went on after the House introduced its version of the bill. Also on the podcast, Rep. Brad Miller talks about congressmen mouthing lobbyist talking points. But enough about process. Here are two sections of the Senate bill we'll be keeping an eye on: derivatives reform and resolution authority. Yes, they sound boring. But they're important if you care about your tax dollars bailing out failed banks and insurance companies. Derivatives took down AIG; resolution authority was a key problem when Lehman Brothers went bust and markets panicked. They also talk about derivatives and resolution authority with Mike Konczal, the finance guy behind the blog Rortybomb. Here's David on the question of resolution authority Let's say one of these too-big-to-fail things does fail. Let's figure out a way they can crumble in a nice orderly collapse that doesn't drag everything around them down with them. So one idea is just not to let these firms get so big in the first place. Another thing is to have an emergency plan in place ... so maybe you would have a quick way to go through bankruptcy if a firm gets in trouble Here's Alex on derivatives:
And here's Mike, on why you can't separate resolution authority from derivatives reform:
Download the podcast, or subscribe. Music: Yeasayer's "O.N.E.." Find us: Twitter/ Facebook/ Flickr. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 12 Mar 2010 | 2:00 pm Strategic chief slams receivershipThe boss of Strategic Finance has slammed its trustee for placing the company into receivership and says investors will be worse off.But Perpetual Trust says receivership is the best option and it has acted only in the best interests...Source: nzherald.co.nz - Business | 12 Mar 2010 | 2:00 pm Vauxhall gets UK loans guaranteeThe UK announces a 300m-euro (£270m) loan guarantee for Vauxhall and Opel, the European arm of General Motors.Source: BBC News | Business | World Edition | 12 Mar 2010 | 1:22 pm 'Repo 105' at the heart of Lehman reportThe 2,200-page report into the collapse of Lehman Brothers by Anton Valukas, the lawyer who has spent a year on the investigation, will make grim reading for former chief executive Dick Fuld, his ex-finance directors and Ernst & Young (E&Y), the auditors.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 12 Mar 2010 | 1:11 pm Tensions escalate over China’s currencyChina and the US traded barbs over the economy and human rights, raising the temperature ahead of a possible showdown over currency policy next monthSource: Financial Times - US homepage | 12 Mar 2010 | 1:05 pm Ferry operators say relationship with Dover "severely damaged"The three ferry operators on which the Port of Dover's planned £300m privatisation depends have told the company's board that their relationship is "in a severely damaged and untenable state".Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 12 Mar 2010 | 1:04 pm Google knows your secretsWhen dealing with privacy, Google often finds itself walking a tightrope.Source: Business and financial news - CNNMoney.com | 12 Mar 2010 | 1:00 pm London at centre of Lehman Brothers 'accounting gimmick'Ernst & Young, Linklaters and Lehman Brothers' London operations played key roles in attempts to mask $50bn (£33bn) of assets.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 12 Mar 2010 | 12:53 pm Clinton rebukes Israel over new settlementsHillary Clinton, the US secretary of state, hit back strongly at Israel following its humiliation of Joe Biden, the vice-president, when it announced new settlement construction during his visit to the countrySource: Financial Times - US homepage | 12 Mar 2010 | 12:45 pm Brown and Sarkozy ‘united’ on bank levyThe UK’s prime minister says France and Britain are united on the need for a global bank levy, after warm talks in Downing Street with the French presidentSource: Financial Times - US homepage | 12 Mar 2010 | 12:45 pm Apple iPad ruckus beginsSource: Business and financial news - CNNMoney.com | 12 Mar 2010 | 12:38 pm March Madness on the WebThe NCAA is testing whether college hoops fans will want to watch old highlights online.Source: Business and financial news - CNNMoney.com | 12 Mar 2010 | 12:38 pm Toxic TVOur Toxic Asset makes its TV debut. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 12 Mar 2010 | 12:36 pm Does Charlie Gasparino Owe David Einhorn (And Barry Ritholtz) An Apology? My sources are telling me Barry Ritholtz owes ME an apology. I don’t think I have to tell you people it takes a big man to admit when he’s wrong, and an even bigger one to follow that admission up with an apology. Charlie Gasparino is fully aware of this truism, though in his 40 some-odd years, he’s had nothing to say sorry for, and certainly never gotten anything wrong. Sure, other people have seen it differently– the guy Chaz cut off on the BQE the other day, the San Pietro busboy he screamed obscenities at for getting his order wrong (twelve martinis, roast chicken with ketchup on the side), etc– but that’s their problem. Today you can add Barry Ritholtz to the list of people that Chaz doesn’t owe nothing. Yes, BR’s argument has its quasi-valid points– Ritholtz reminds us today that Chaz defended Lehman Brothers by saying Dick Fuld obviously knew more about the firm’s balance sheet than David Einhorn and Barry– but those are just facts. Charlie does have one thing to say to Ritz, though, which is simply this: ba fungul. No further questions.
Source: Dealbreaker | 12 Mar 2010 | 12:30 pm Promethean and SuperGroup listings add £1bn to London Exchange valuePromethean and SuperGroup brought hope back to the public market as their stock market flotations added just under £1bn to the value of the London Exchange.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 12 Mar 2010 | 12:29 pm KKR files plans for $2.2bn floatListing allows firm, founded by cousins Henry Kravis and George Roberts, to match their great rival Blackstone, which completed its IPO at the top of the market in 2007Source: Financial Times - US homepage | 12 Mar 2010 | 12:27 pm Painless recession is Gordon Brown's trump cardAs the election approaches, Gordon Brown is in a 'win, win' situation, says Jeremy Warner.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 12 Mar 2010 | 12:27 pm Reasons your cell service stinksSmartphone users blame congested airwaves for slow service. The truth is that many culprits cause problems for all wireless operators.Source: Business and financial news - CNNMoney.com | 12 Mar 2010 | 12:26 pm US takes risks with ties to Afghan strongmanA meeting between Stanley McChrystal, the top Nato general in Afghanistan, and Colonel Abdul Raziq, a suspected drug baron, illustrates a central dilemma: relying on local strongmen to preserve stability risks undermining the broader goal of promoting good governanceSource: Financial Times - US homepage | 12 Mar 2010 | 12:24 pm KKR to list shares on NYSE (AP)AP - KKR & Co. LP, the parent of private equity firm Kohlberg Kravis Roberts said Friday that it plans to list its shares on the New York Stock Exchange.Source: Yahoo! News: Stock Markets News | 12 Mar 2010 | 12:17 pm Conan to go on the road for live showsConan O'Brien is contractually barred from appearing on TV for several months, so he's taking his show on the road. Why? Jeremy Hobson reports.Source: Marketplace | 12 Mar 2010 | 12:16 pm A history of the world's worst carThe Yugo may be one of the worst cars in history, but it can teach us a lot about the auto industry. Author Jason Vuic talks with Kai Ryssdal about how the 80s car caused a frenzy of excitement, and then horror.Source: Marketplace | 12 Mar 2010 | 12:16 pm Have lead problems improved in China?Authorities in China have given the go-ahead to reopen a big smelting plant in Shanxii Province that was closed because of lead concerns. Scott Tong reports on how things are now bearing out at one of the worst poisoning sites.Source: Marketplace | 12 Mar 2010 | 12:15 pm US blasts Russia over death of lawyer Sergei MagnitskyUS authorities have risked heightening diplomatic tensions with Russia by condemning Moscow for its role in the death of a prominent lawyer who was fighting alleged state-sponsored corruption.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 12 Mar 2010 | 12:03 pm Don Brash : No comparison to finance companiesOver the past few weeks, repeated attacks have been made on the Huljich KiwiSaver Scheme and on the integrity of the directors of Huljich Wealth Management.Most critics have focused on the fact that, during 2008, the company's...Source: nzherald.co.nz - Business | 12 Mar 2010 | 12:00 pm Weekly Wrap: Lehman report falloutThe Big Money's Heidi Moore and Clusterstock's John Carney talk with Kai Ryssdal about whether the latest Lehman Brothers report is surprising and whether it will lead to regulation.Source: Marketplace | 12 Mar 2010 | 11:34 am EU regulation may hurt London bizLondon has lost its crown as the world's leading financial center. It now shares the top spot with New York. Stephen Beard reports taxes and regulation are to blame.Source: Marketplace | 12 Mar 2010 | 11:34 am Walkaways help reduce consumer debtThe Federal Reserve is reporting that consumer debt has fallen at record rates. But not necessarily because we're all saving and skimping. Nancy Marshall Genzer explains.Source: Marketplace | 12 Mar 2010 | 11:34 am Minister investigating TVNZ splitWELLINGTON - TVNZ could be rearranged to provide separate commercial and public service broadcasting roles under a new proposal being investigated.Broadcasting Minister Jonathan Coleman has asked TVNZ chairman Sir John Anderson...Source: nzherald.co.nz - Business | 12 Mar 2010 | 11:34 am Report: Lehman execs manipulated dataA bankruptcy examiner report has found that negligence and manipulation on the part of top executives at Lehman Brothers contributed to the firm's collapse. Amy Scott reports on a piece of accounting chicanery known as "Repo 105."Source: Marketplace | 12 Mar 2010 | 11:33 am Yellen to be nominated as Fed vice-chairThe Obama administration is set to nominate Janet Yellen, president of the Federal Reserve Bank of San Francisco, as vice-chairman of the central bankSource: Financial Times - US homepage | 12 Mar 2010 | 11:29 am Cheap cigars, politics and the Volcker RuleNEW YORK (Reuters) - In mid-January, a who's who of Wall Street gathered to hear Paul Volcker, the former Federal Reserve chairman whose role in the White House seemed at best unclear.
Source: Reuters: Business News | 12 Mar 2010 | 11:17 am We need to rethink our tipping habitsCommentator David Sax talks about why the art of tipping needs to change.Source: Marketplace Money | 12 Mar 2010 | 11:15 am Letters from our listenersTess Vigeland takes comments from listeners, including their positive experiences with banks, and their opinions about a consumer protection agency and our coverage of the new Hollywood futures exchange.Source: Marketplace Money | 12 Mar 2010 | 11:15 am This year's tax twists and turnsKiplinger's Kevin McCormally joins Tess Vigeland just in time for tax season, and answers listeners' pressing questions.Source: Marketplace Money | 12 Mar 2010 | 11:15 am The retirement city where people workThings don't always go as planned for retirees moving to places like Bend, Ore. Ethan Lindsey reports.Source: Marketplace Money | 12 Mar 2010 | 11:15 am Getting PersonalKathy Kristof of CBS MoneyWatch joins Tess Vigeland to answer listener questions, including how U.S. citizens working overseas can save for retirement.Source: Marketplace Money | 12 Mar 2010 | 11:15 am How to break up with your bankConsumer Reports' Noreen Perrotta talks with Tess Vigeland about the right way to switch banks.Source: Marketplace Money | 12 Mar 2010 | 11:15 am Underwater? Let's make a deal!A New Jersey company says it's come up with a way to keep people from defaulting on their underwater mortgages. Jeremy Hobson reports.Source: Marketplace Money | 12 Mar 2010 | 11:15 am The market a year ago and todayTess Vigeland talks with MSN columnist Jim Jubak about last year's stock market plunge, whether people who chose to get out of stocks made the right decision, and the recovery since then.Source: Marketplace Money | 12 Mar 2010 | 11:15 am Steve Cohen’s Trade Secrets: Bloomberg Markets Cover StorySource: Bloomberg - All Podcasts | 12 Mar 2010 | 11:14 am Lehman Report Shows Creative Accounting
In a 2,200-page report released yesterday, a court examiner said that Lehman Bros.’ former CEO Dick Fuld, three CFOs, and auditor may be held liable for certain aspects of the company’s collapse, thanks to some artistic accounting. MarketWatch sums up the report’s most important findings: The report cited a practice known internally as “Repo 105,” in which Lehman allegedly used repurchase agreements — the temporary exchange of assets for cash — that were structured as sales so that the leverage could be moved off the firm’s balance sheet…Lehman may have already been insolvent on Sept. 2, 2008, almost two weeks before its Sept. 15 bankruptcy filing rocked the financial world and helped send the stock market into a nosedive. “…unbeknownst to the investing public, rating agencies, government regulators, and Lehman’s board of directors, Lehman reverse engineered the firm’s net leverage ratio for public consumption,” the report said. A Reuters report quoted an attorney representing Fuld as saying the former CEO “did not know what those transactions were” and that “he didn’t structure them or negotiate them, nor was he aware of their accounting treatment.” The Valukas report also said evidence exists to support a professional malpractice claim against Lehman auditor Ernst & Young, as the firm “took no steps to question or challenge the non-disclosure by Lehman of its use of $50 billion of temporary, off-balance sheet transactions,” according to the Journal. Bloomberg Television has a good interview with former Lehman CEO Brad Hintz. I found Hintz’s comments about his former CEO Dick Fuld (they start at 4 minutes 45 seconds) especially telling. Hintz is careful when he talks about his former coworker, but does offer insight on how Fuld’s management style affected the company’s accounting. He also talks about Wall Street’s tendency to let minor statement incursions, for lack of better terms, slide.
Source: Business Pundit | 12 Mar 2010 | 11:03 am BlackRock Plans Brand Alignment With IShares ETFs: AudioSource: Bloomberg - All Podcasts | 12 Mar 2010 | 10:58 am Next Week’s Can’t Miss Earnings (ATHN, SQNM, ABK, NKE, FDX, GME, COMS, PALM)Earnings season is over. Well, sort of. We have the delayed reports and the reports from companies which have off-regular quarterly or fiscal earnings. Next week we have AthenaHealth, Inc. (NASDAQ: ATHN), Sequenom Inc. (NASDAQ: SQNM), AMBAC Financial (NYSE: ABK), Nike Inc. (NYSE: NKE), FedEx Corporation (NYSE: FDX), Gamestop Corp. (NYSE: GME), 3Com (NASDAQ: COMS) [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 12 Mar 2010 | 10:50 am Verizon to list on Nasdaq as well as NYSE (AP)AP - Verizon Communications Inc. said Friday it will list its stock on the Nasdaq exchange along with its existing New York Stock Exchange listing.Source: Yahoo! News: Stock Markets News | 12 Mar 2010 | 10:48 am Volvo Raised to `Overweight' at JPMorgan: AudioSource: Bloomberg - All Podcasts | 12 Mar 2010 | 10:40 am The Government Can Do Whatever It Wants With Its Shares Of Citi, Vikram Doesn’t Care That's right, act like you're not going to miss this. “They’re free to do what they want to do,” Pandit said yesterday at an investor conference in New York. “I wouldn’t be surprised if they would actively think about something,” given where the stock is trading, he said.
Source: Dealbreaker | 12 Mar 2010 | 10:30 am Presented By:Source: Dealbreaker | 12 Mar 2010 | 10:30 am FTSE shares close higher (AFP)
Source: Yahoo! News: Stock Markets News | 12 Mar 2010 | 10:29 am How Would Former Lehman Brother’s CFO Brad Hintz Characterize The Bank’s Accounting Practices?
Source: Dealbreaker | 12 Mar 2010 | 10:00 am Critical American Express Card Stolen By Employee, Little Info AvailableAmerican Express (AXP) has informed a number of its card members that their account numbers, names, the date on which their cards became effective, and the expiration dates have been stolen. The firm also said that the employee who took the data has been arrested and that an investigation is ongoing. American Express stated that social security numbers [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 12 Mar 2010 | 10:00 am Repo 105: Lehman's 'Accounting Gimmick' ExplainedBy Jacob Goldstein The big Lehman post-mortem released yesterday spills a lot of ink on a complicated accounting trick with an awesome name: Repo 105. Here's the story. As the financial crisis grew in 2007 and 2008, Lehman knew it needed to reduce its reliance on borrowed money. But it was a bad time to sell stuff off and pay back debts. So Lehman made special use of something called the repo market. Investment banks use the repo market all the time. It's basically a way for banks to borrow money from big companies that have extra cash sitting around. To make the loan safer for the big company, the bank "sells" the company some asset -- like a bond. That way, if the bank goes bankrupt before it repays the loan, the big company can sell the bond and get its money back. As part of the deal, the bank agrees to buy back the bond at the end of the loan, minus some small amount that the company gets to keep as interest. ("Repo is short for "repurchase.") The deals are short term -- the bank often buys back the asset just days after it sells it. During the boom, there was about $12 trillion (with a t!) loaned out in this market at any given time, Yale's Gary Gorton told me. Everybody knows the bank isn't really selling the bond to the big company -- it's really borrowing money. So under accounting rules, the assets a bank uses in repo deals stay on the bank's balance sheet. But when Lehman Brothers wanted to make it look like it wasn't borrowing so much money, the company used a special technique to get around this rule. It did repo deals where it took slightly less cash than the asset was worth. For example: If Lehman owned a bond that was worth $105, it would "sell" it on the repo market for $100. (The "105" in Repo 105 refers to the fact that the assets were worth at least 105% of what Lehman was getting for them.) This gap allowed the company to record the transaction as if it had been a true sale of the bond -- despite the fact that, under the agreement, the company would repurchase the bond just a week or so after it had sold it. Lehman would take the money it got from selling the bond and pay off some of its debts. Then, after it had issued its quarterly report, the company would borrow more money to repurchase the bond. Lehman went big on this technique: In the second quarter of 2008 it used Repo 105 to move $50 billion off of its balance sheet, according to the Examiner's report. "Lehman did not disclose its use ... of Repo 105 to the Government, to the rating agencies, to its investors, or to its own Board," the report said. One senior official inside the company warned that the use of Repo 105 would present "reputational risk" to the company if the public found out. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 12 Mar 2010 | 9:55 am This Week’s LinksUltimi Barbarorum on how econbloggers need their crisis back. Calculated Risk has an excellent post on China’s supposed housing bubble. Footnoted on how Carnival’s CEO donated his own compensation to relief organizations. The sex.com domain name is for sale. The New York Times on how corporate spying companies use journalists to advance their interests.
Source: Business Pundit | 12 Mar 2010 | 9:51 am Twitter faces a battle for tweetsA Japanese website called Ameba Now is one of the first signs of micro-blogging website Twitter’s vulnerability to competition. The rival has reached 1m visitors in the three months since its launchSource: Financial Times - US homepage | 12 Mar 2010 | 9:49 am AgResearch job cutsThe decision to axe up to 43 jobs at AgResearch, the Government's biggest state science company, will hamper growth in the most productive parts of NZ's economy, says former Agriculture Minister Jim Anderton. Redundancies were a direct...Source: nzherald.co.nz - Business | 12 Mar 2010 | 9:05 am Brian Gaynor : Leap from politics to business has risksOne of the issues raised by the Huljich Wealth Management controversy is the role of well known or celebrity directors, particularly former politicians.Unfortunately some of these retired politicians make poor choices; they join...Source: nzherald.co.nz - Business | 12 Mar 2010 | 9:00 am Lehman's lenders 'aided its collapse'JPMorgan Chase and Citigroup helped cause the collapse of Lehman Brothers by demanding more collateral and changing guarantee agreements, the bankrupt bank's examiner said yesterday in a report."The demands for collateral by Lehman's...Source: nzherald.co.nz - Business | 12 Mar 2010 | 9:00 am Court stops EMI selling pieces of The WallWhen Pink Floyd co-founder Roger Waters took home a copy of the band's latest album, Dark Side of the Moon , to play to his wife early in 1973 and she was so moved that she burst into tears, he concluded: "Wow, this is a pretty complete...Source: nzherald.co.nz - Business | 12 Mar 2010 | 9:00 am Mary Holm : Switch if provider plays hardballYou say people are "silly to be scared off KiwiSaver". I thought KiwiSaver was as big a con as ACC when they first announced it. Nothing since has changed my mind. My son is 31. Do you think if he was dumb enough to have money...Source: nzherald.co.nz - Business | 12 Mar 2010 | 9:00 am Deutsche Bank Employees Feeling UnappreciatedWhat are they doing about it? Considering their options, that’s what.
Apparently management thinks it’s paying its employees just fine but is the victim of “an unusual wave of poaching from rivals like Morgan Stanley, Citigroup and Credit Suisse.”
Source: Dealbreaker | 12 Mar 2010 | 8:45 am Potash, Ag, and Fertilizer… Cool Again, No Stink (POT, CF, TRA, AGU, MOO)How many quarters have we had to hear from fertilizer and potash companies that the earnings results will be disappointing but good news is closer rather than farther away? This has been the trend for about 9 months or so. But now things may finally be changing for the sector. Potash Corp. of Saskatchewan, Inc. [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 12 Mar 2010 | 8:31 am A Superbowl Retail Sales RecoveryThe market was overly impressed with the rebound in February retail sales. The Commerce Department says that the figure for the month was $355.5 billion excluding autos, an increase of 0.3 percent from January. The number was 3.9 percent above February 2009. Superbowl Sunday probably helped the numbers and make them a less than reliable basis on which to forecast the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 12 Mar 2010 | 7:45 am KKR IPO… Private Equity’s ReturnKKR & CO. L.P. is back. At least its IPO ambitions are. Long live private equity! Long Live leveraged buyouts! At least that is what the company wants you to think. KKR plans to sell up to 204,902,226 shares worth more than $2.2 billion in its common equity units in an underwritten initial public offering. On [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 12 Mar 2010 | 7:30 am Hugh Raffles Discusses Book `Insectopedia': Lewis LaphamSource: Bloomberg - All Podcasts | 12 Mar 2010 | 7:04 am Dumas on Greek Debt, Buik on Stocks: First WordSource: Bloomberg - All Podcasts | 12 Mar 2010 | 6:55 am This Week’s Weird Jobs
What do you get when you put an 8-legged person, a Christian headmaster, a bikini softball player, and a mature webmaster in a room? This week’s weird job applicants, that’s what: 1. Fla: Looking for someone with 8 arms and 8 legs Chiropractic Office -Front Desk/Receptionist Must be organized, friendly, articulate and be able to multi task. If you come to work in a spider costume, we probably won’t think it’s funny. 2. Fla: Headmaster-Christian Academy We have a small close-knit caring atmosphere. Our governing board is very supportive and will help whenever asked! Your Administrative Office staff is dedicated to your success!! You will also need to be able to: Stern demeanor, gray suit, and reading glasses required. 3. Fla: Bikini Softball We are looking for talented softball players to play in there bikini’s if interested please send a pic of you in a bikini to us for consideration. I’m guessing the bikini counts for more than the talent. 4. Las Vegas: Mature webmaster to create website Looking for a mature person with a vast amount of computer knowledge who lives in Las Vegas. Ability to create a web site for me for a new and unique business idea. Compensation negotiable, will share profits from business. If you have free time, few distractions or obligations, call me now. I’m sure I’ve found a niche, let’s fill it and get rich! I’m not sure how maturity and a vast amount of computer knowledge go together. Wonder what the niche is? 5. Detroit: i need braids hello i am looking for someone who can braid fine hair this will be my first time getting braids if you can travel i will pay for it i would like a design not the straight back look nothing to fancy just something qucik and sweet looking I’m not sure posting a job ad for something quick from “someone who can braid” is the best way to get your first set of braids done right. Maybe this job poster has salon phobia. Happy Friday!
Source: Business Pundit | 12 Mar 2010 | 6:54 am Video Game Business Hurt In February, Nintendo CrushedThe video game industry had another rough outing in February as revenue fell 15% from last year. Total sales of games and consoles totaled $1.26 billion in the US. Microsoft (MSFT) and Sony (SNE) at least gained ground from the first month of this year. Their console sales were up over January. Xbox 360 were 422,000 units, [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 12 Mar 2010 | 6:53 am Top 10 Analyst Upgrades and Downgrades (ABT, ARO, BIIB, CELG, CADC, FACT, HBC, LMNX, EDU, SGI)These are this Friday’s top analyst upgrades, downgrades, and initiations seen from Wall Street morning research calls: Abbott Laboratories (NYSE: ABT) Cut to Sell at Citigroup. Aeropostale (NYSE: ARO) Raised to Neutral at Piper Jaffray. Biogen Idec (NASDAQ: BIIB) Started as Neutral at Piper Jaffray. Celgene (NASDAQ: CELG) Started as Overweight at Piper Jaffray. China Advanced Construction Materials (NASDAQ: CADC) [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 12 Mar 2010 | 6:38 am Today Best Market Rumors (3/12/2010)Updated throughout the day. Janet Yellen will be nominated to be vice chair of the Fed (various) Meg Whitman’s former CEO of Ebay (EBAY) run for governor of California may be hurt by her investments in firms that may have profited from the recession (LA Times). Pierre-Henri Flamand of Goldman Sachs (GS) may start his hedge fund (The Telegraph). Douglas [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 12 Mar 2010 | 6:36 am Meet Our Toxic AssetBy Jacob Goldstein It's a big day for our toxic asset. She makes her national radio debut in a story on Morning Edition, her movie (above) opens on screens everywhere, and her finances are laid bare to the world in a full-page graphic. We're still trying to name her; please send us your suggestions. Also: Find answers to your toxic asset questions and listen to our toxic asset podcast. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 12 Mar 2010 | 4:30 am How Viagra Commemorated Its 11th BirthdayFrederickSamuel, where this picture is from, says: When Pifzer wanted to mark Viagra’s 11th birthday, they wanted to do it in typical, tongue-in-cheek Viagra style. A party blower (featuring a Viagra pill pattern) was created to hand out to internal sales teams. The message on the piece encouraged the sales teams to ‘Celebrate Viagra’s 11th birthday’. It’s a little more than tongue-in-cheek.
Source: Business Pundit | 12 Mar 2010 | 4:12 am
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