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Apple results boost bullish moodMore positive surprises from the US earnings season - this time forecast-crunching results from Apple - helped foster the view that the economic recovery has taken hold and encouraged traders to build exposure to riskSource: Financial Times - US homepage | 21 Apr 2010 | 4:13 am Wynn opens latest Macau hotel, plans new resort (AP)
Source: Yahoo! News: Business News | 21 Apr 2010 | 4:13 am Chrysler reports $197M 1Q loss, cash balance grows (AP)AP - Chrysler Group LLC says it posted a $197 million net loss in the first quarter but made money on its core business for the period.Source: Yahoo! News: Business News | 21 Apr 2010 | 4:11 am Boeing’s Bad Luck Continues: Incompetence Overcomes HeadwindsBoeing (NYSE: BA) is finally close to being out from under the years of delays of the launch of its flagship Dreamliner. Supplier, labor, and poor technical coordination caused half a dozen delays and airlines customers threatenedcancellations and asked for rebates. But, the 787 is about to go into late stage flight trials and has not experience [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 21 Apr 2010 | 4:07 am Fiat's first-quarter net loss narrowsItaly's Fiat SpA reports that its first-quarter net loss narrowed and warns that its automobile business will suffer from the reduction of government incentive programs to buy new cars.
Source: MarketWatch.com - Top Stories | 21 Apr 2010 | 4:03 am Misleading Research: Americans Now Prefer American CarsAmerican cars have now passed their Asian competitors in the quality race among US consumers. The new Associated Press-GfK Poll shows that “38 percent say U.S. cars are best and 33 percent prefer autos made by Asian companies.” The survey covered 1,002 adults interviewed between March 3rd and March 8th. If the news about Toyota is left [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 21 Apr 2010 | 4:00 am Greece begins rescue talks with EU, IMFGreece started talks with EU and International Monetary Fund officials on Wednesday to hammer out details of an economic plan that could offer the eurozone member €40bn (£35bn) to €45bn to exit a debt crisis.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 21 Apr 2010 | 3:59 am Oil climbs above $84 (AFP)
Source: Yahoo! News: Business News | 21 Apr 2010 | 3:56 am GM CEO schedules visit to Kansas Fairfax plant (AP)
Source: Yahoo! News: Business News | 21 Apr 2010 | 3:56 am Fiat posts euro25 million Q1 loss (AP)AP - Italian automaker Fiat SpA, which controls U.S.-based Chrysler LCC, reported a first-quarter loss of euro25 million ($34 million) and forecast its auto business will be hurt this year by the elimination of cash-for-clunker programs in Europe.Source: Yahoo! News: Business News | 21 Apr 2010 | 3:51 am Get ready for some big Facebook changesFacebook, the world's largest social network, is set to unveil a host of changes at its f8 developers conference Wednesday that have already caused quite a stir.Source: Business and financial news - CNNMoney.com | 21 Apr 2010 | 3:50 am Ash chaos 'cost airlines $1.7bn'Airlines have lost about $1.7bn due to the disruptions to flights caused by the Icelandic volcanic eruption, the industry says.Source: BBC News | Business | World Edition | 21 Apr 2010 | 3:49 am All restrictions for German airspace lifted (AP)
Source: Yahoo! News: Business News | 21 Apr 2010 | 3:46 am UK unemployment surges to 15-year highUnemployment rose unexpectedly in the three months to February to hit 2.5 million - the highest level in more than 15 years. Source: Latest Business News from Times Online | 21 Apr 2010 | 3:46 am Futures point to flat open on Wall Street (Reuters)
Source: Yahoo! News: Stock Markets News | 21 Apr 2010 | 3:44 am Futures point to flat open on Wall Street(Reuters) - Stock index futures point to a mixed open on Wall Street on Wednesday, as investors braced for another raft of results, including those from Morgan Stanley .
Source: Reuters: Business News | 21 Apr 2010 | 3:44 am Firms pledge no bribes in RussiaDozens of international firms doing business in Russia have pledged not to offer bribes, in a move aimed at fighting corruption collectively.Source: BBC News | Business | World Edition | 21 Apr 2010 | 3:41 am Ash flight rightsPassengers rights if flights hit by the Icelandic ash cloudSource: BBC News | Business | World Edition | 21 Apr 2010 | 3:41 am Volcano Costs To Airlines Reach $1.7 Billion, Some Carriers In JeapordyThe cost of the Iceland volcanic eruption to airlines has reached $1.7 billion and it has risen at a rate of $400 million from April 17 to 19 period. Some of Europe’s largest airlines may be in line for government bailouts soon. The International Air Transport Association which has over 230 member carriers says that [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 21 Apr 2010 | 3:38 am Portsmouth debts close to £120mPortsmouth's administrators reveal the relegated Premier League side owes nearly £120m.Source: BBC News | Business | World Edition | 21 Apr 2010 | 3:37 am UK unemployment increases to 2.5mThe number of people unemployed rose by 43,000 to 2.5 million in the three months to February, official figures show.Source: BBC News | Business | World Edition | 21 Apr 2010 | 3:33 am Greece begins talks on details of rescue (AP)
Source: Yahoo! News: Business News | 21 Apr 2010 | 3:29 am Economic Report: U.K. jobless claims fall, but unemployment rate upThe number of British workers claiming jobless benefits fell more than expected last month, but the total number of unemployed continued to rise, hitting the highest level in more than 15 years.
Source: MarketWatch.com - Top Stories | 21 Apr 2010 | 3:29 am Europe long-haul flights resumingMost European long-haul services are back in operation Wednesday as airlines begin to resume services after the disruption from days of outages from a volcanic-ash-related clouds.
Source: MarketWatch.com - Top Stories | 21 Apr 2010 | 3:21 am Tech shares set to riseU.S. stocks were headed for a mixed open Wednesday as optimism over solid tech earnings was tempered by caution over upcoming results in the financial sector.Source: Business and financial news - CNNMoney.com | 21 Apr 2010 | 3:17 am Apple Prepared To Pass Microsoft As Second Most Valuable US CompanyOver the last year as Apple’s (NASDAQ: AAPL) sales have grown and expectations for its new products have blossomed, the company’s market value has increased by more than double as its stock price moved from $118 to almost $260. Along the way, its market cap has eclipsed Walmart (NYSE: WMT), International Business Machines (NYSE: IBM), GE (NYSE: GE), [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 21 Apr 2010 | 3:14 am BoE votes 9-0 to keep policy unchanged, differences over inflation growThe Bank of England's Monetary Policy Committee voted unanimously to stick with their ultra-loose policy stance this month, but some members are growing more concerned about inflation.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 21 Apr 2010 | 3:11 am Investors concerned as Greek talks beginTeam from the European Union and International Monetary Fund starts negotiations on a rescue package amid tensions over continuing pressure on bond yields and mounting popular opposition to structural reformSource: Financial Times - US homepage | 21 Apr 2010 | 3:07 am London Markets: British shares post mild losses, airlines gainLosses for BHP Billiton and British Sky Broadcasting keep the top British share index under pressure on Wednesday, offsetting gains from technology companies and airlines.
Source: MarketWatch.com - Top Stories | 21 Apr 2010 | 3:02 am EU-IMF open Athens talks on possible debt rescue (AFP)
Source: Yahoo! News: Business News | 21 Apr 2010 | 3:01 am Top Game Group execs quit as profit drops 28%Europe’s top video game retailer announces the resignation of its chief executive and U.K. chief operating officer.
Source: MarketWatch.com - Top Stories | 21 Apr 2010 | 2:57 am Greece starts talks on aid dealGreece begins talks with the European Commission and International Monetary Fund over emergency bail-out aid.Source: BBC News | Business | World Edition | 21 Apr 2010 | 2:56 am Asian markets rise on earnings, Europe mixed (AP)
Source: Yahoo! News: Stock Markets News | 21 Apr 2010 | 2:55 am Travel chaos persists after flight ban liftedAfter authorities reassess risks posed by cloud of Icelandic volcanic ash, cost of disruption is estimated at $1.7bnSource: Financial Times - US homepage | 21 Apr 2010 | 2:55 am The ultimate personal technologyMedtronic CEO Bill Hawkins wants to turn pacemakers, stents, and defibrillators into tiny mobile devices.Source: Business and financial news - CNNMoney.com | 21 Apr 2010 | 2:40 am Heineken sales hit by declines in Europe, RussiaUnderlying profit at the Dutch beer brewer rises in the first quarter, helped by one-off gains and lower financing costs.
Source: MarketWatch.com - Top Stories | 21 Apr 2010 | 2:40 am IATA: airlines lost over $1.7BN in ash chaosThe International Air Transport Association says disruptions to European air travel from the volcanic ash cloud have cost the industry at least $1.7 billion. IATA says airlines lost...Source: RSS feed - channel BNewsBusiness | 21 Apr 2010 | 2:36 am 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 | 21 Apr 2010 | 2:31 am BHP admits staff may have broken corruption lawsBHP Billiton has admitted that some employees may have breached anti-corruption laws as the mining giant attempts to gain approval for a joint venture with Rio Tinto which recently saw four of its workers jailed for bribery. Source: Latest Business News from Times Online | 21 Apr 2010 | 2:22 am Scudamore rules out Pompey rescueThe boss of the Premier League, Richard Scudamore, has ruled out a financial rescue for stricken club Portsmouth.Source: BBC News | Business | World Edition | 21 Apr 2010 | 2:21 am Mustang, Camaro in lean muscle car fightFor a few days, Ford could boast of having the most powerful V6 in the segment with its 305 horsepower Mustang engine. But then General Motors revealed that the 304 horsepower rating on its Camaro V6 wasn't actually official. The official rating, it turned out, was 312.Source: Business and financial news - CNNMoney.com | 21 Apr 2010 | 2:21 am STV to sell Pearl & Dean for £1The media group STV announces that it is to sell its cinema advertising business Pearl & Dean for £1.Source: BBC News | Business | World Edition | 21 Apr 2010 | 2:14 am Apple's record quarterSource: Business and financial news - CNNMoney.com | 21 Apr 2010 | 1:57 am Europe Markets: Autos, Apple's chip suppliers edge Europe upEuropean shares on Wednesday extended sharp gains from the previous session, as earnings news from both sides of the Atlantic offset weakness in the banking sector.
Source: MarketWatch.com - Top Stories | 21 Apr 2010 | 1:57 am Doctors: 5 gripes about the health lawNow that health reform is law, many physicians are complaining that while it may help their patients, it doesn't go far enough to help doctors.Source: Business and financial news - CNNMoney.com | 21 Apr 2010 | 1:56 am Media Digest (4/21/2010) Reuters, WSJ, NYTimes, FT, BloombergReuters: Paulson & Co defended itself in its role in the Goldman Sachs Group (NYSE: GS) charges. Reuters: Google, Inc. (NASDAQ: GOOG) may buy ITA which provides airline flight data. Reuters: Yahoo! (NASDAQ: YHOO) revenue missed targets as search ads fell. Reuters: Some Paulson & Co. clients may take out money. Reuters: EADS will bid for a $50 billion [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 21 Apr 2010 | 1:56 am Peugeot reports 28% rise in 1st-quarter revenueFrench car maker PSA Peugeot Citroen reports a 28% surge in first-quarter revenue and says it expects “significant” recurring operating profit for the first six months of the year.
Source: MarketWatch.com - Top Stories | 21 Apr 2010 | 1:55 am EU-IMF begin loan talks in GreeceA mission of EU and IMF officials began talks with Greece's finance minister on Wednesday on details of an emergency loan mechanism to help the country face its rising borrowing costs. ...Source: RSS feed - channel BNewsBusiness | 21 Apr 2010 | 1:53 am UPDATE 1-Victoria completes drilling second Cameroon well* Data indicates more than 300 feet of gross pay at the siteSource: RSS feed - channel BNewsBusiness | 21 Apr 2010 | 1:48 am FTSE 100 opens higher (AFP)
Source: Yahoo! News: Stock Markets News | 21 Apr 2010 | 1:47 am Yahoo profits jump in first quarter as online ad market recoversYahoo milked the recovering online advertising market and its new partnership with Microsoft to start the year with its best quarterly performance since hiring Carol Bartz to engineer a turnaround.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 21 Apr 2010 | 1:44 am Recovering banks help FTSE stay positiveRecovering financial stocks helped keep the FTSE 100 positive on Wednesday, but mining stocks limited pace of the overall advance after mixed newsflow from the sector. London's benchmark index...Source: RSS feed - channel BNPaperBusiness | 21 Apr 2010 | 1:40 am China orders quarterly mortgage stress tests (AFP)
Source: Yahoo! News: Business News | 21 Apr 2010 | 1:38 am Liquidation of Wall St-backed China dairy hits snag* Liquidators in talks with local govt, creditors - sourceSource: RSS feed - channel BNewsBusiness | 21 Apr 2010 | 1:34 am Game boss resigns as profits fallThe chief executive of video games retailer Game Group has stepped down following a 28% fall in profits at the group.Source: BBC News | Business | World Edition | 21 Apr 2010 | 1:30 am AP-GfK Poll: Americans say US cars top Asian autos (AP)AP - After a long romance with foreign rivals, America's love affair with the automobile is returning to its roots with a revived affection for U.S.-made cars.Source: Yahoo! News: Business News | 21 Apr 2010 | 1:24 am UPDATE 1-Provexis falls as Dutch investor cuts stake* DSM Venturing cuts stake to 17.8 pct from 20.8 pct * Provexis says DSM Venturing remains strategic investorSource: RSS feed - channel BNewsBusiness | 21 Apr 2010 | 1:15 am BHP quarterly output affected by disruptionsBHP Billiton releases quarterly production figures that indicate weather-related disruptions and other operational issues such as labor action affected output.
Source: MarketWatch.com - Top Stories | 21 Apr 2010 | 1:15 am Game loses top executives as profits fallGame Group, the British computer games retailer, said its two most senior executives were quitting as it posted a 27pc fall in full-year profits that reflected a declining gaming market and intense competition.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 21 Apr 2010 | 1:14 am Business Bullet: Asia, Greece, Insurers, GameThe latest news on: Asia, Greece, Insurers, GameSource: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 21 Apr 2010 | 1:11 am How the AP-GfK poll on cars was conductedDigits in the phone numbers dialed were generated randomly to reach households with unlisted and listed landline and cell phone numbers. Interviews were conducted in English and Spanish.Source: RSS feed - channel BNewsBusiness | 21 Apr 2010 | 1:07 am AP-GfK Poll: Americans say US cars top Asian autosCould the U.S. love affair with foreign autos be cooling? An Associated Press-GfK Poll shows that more Americans now say U.S.-made automobiles are better than cars made by Asian...Source: RSS feed - channel BNewsBusiness | 21 Apr 2010 | 1:05 am UPDATE 1-Elan swings to first-quarter operating profit* Tysabri sales up 25 pct q/q (Adds detail, CEO quote)Source: RSS feed - channel BNewsBusiness | 21 Apr 2010 | 1:04 am No success yet with birth control for feral hogsA Texas researcher says his effort to slow reproduction in the exploding feral hog population isn't going well. Texas A&M University veterinarian Duane Kraemer has been trying to developSource: RSS feed - channel BNewsBusiness | 21 Apr 2010 | 1:01 am Blackstone Group withdraws opposition to 'placement agent' legislation urged by CalPERSAssembly Elections Committee in California passes measure that would regulate the intermediaries and their fees. ...Source: RSS feed - channel BNPaperBusiness | 21 Apr 2010 | 1:00 am Playa Vista Chairman Steve Soboroff to step downSteve Soboroff is expected to announce that he will step down as chairman and chief executive of Playa Vista, the planned community near Marina del Rey.Source: RSS feed - channel BNPaperBusiness | 21 Apr 2010 | 1:00 am Democrats seek greater control over health insurance ratesLegislation would allow federal regulators to step in to stop premium increases when state agencies fall short.Congressional Democrats have begun pushing legislation giving government regulators greater authority to block big increases in health insurance premiums, kicking off what is expected to be a years-long process of revising and expanding their major healthcare overhaul.
Source: L.A. Times - Business | 21 Apr 2010 | 1:00 am General Motors repays $8.1 billion in loans from U.S., CanadaThe automaker received that money and billions more as it went through bankruptcy protection in 2009. It plans to invest in two of its factories. ...Source: RSS feed - channel BNPaperBusiness | 21 Apr 2010 | 1:00 am Blackstone Group withdraws opposition to 'placement agent' legislation urged by CalPERSAssembly Elections Committee in California passes measure that would regulate the intermediaries and their fees.Wall Street powerhouse Blackstone Group withdrew its objections to a bill to regulate so-called placement agents and their fees for directing public pension money to investment firms, and the measure passed a state legislative committee unanimously Tuesday.
Source: L.A. Times - Business | 21 Apr 2010 | 1:00 am Turning down the temperature on illegal immigrationLegalizing most currently unauthorized workers would have no appreciable effect on the labor market, a report shows. That should help us focus on the important points of the debate.The great virtue of the last year's hysterical debate over healthcare — possibly its only virtue — was that it shoved another hysteria-inducing issue to the back burner.
Source: L.A. Times - Business | 21 Apr 2010 | 1:00 am SEC is looking into accounting at 19 biggest banksThe head of the Securities and Exchange Commission on Tuesday pledged better oversight of the nation's largest banks after criticism that the agency failed to spot accounting tricks at investment bank...Source: RSS feed - channel BNPaperBusiness | 21 Apr 2010 | 1:00 am California home default cases plungeA 40.2% drop in the first quarter suggests that the foreclosure crisis is easing.The California foreclosure crisis appears to be abating, new data show, as the federal government and big lenders step up efforts to keep troubled borrowers in their homes.
Source: L.A. Times - Business | 21 Apr 2010 | 1:00 am Three health insurers give many young adults a breakUnitedHealthcare, WellPoint and Humana say people under 26 can remain on their parent’s policies until Sept. 23, when they are guaranteed coverage under the healthcare reforms.College students about to graduate and other young adults in danger of losing healthcare coverage under their parents' policies may get a break.
Source: L.A. Times - Business | 21 Apr 2010 | 1:00 am SEC is looking into accounting at 19 biggest banksThe head of the Securities and Exchange Commission on Tuesday pledged better oversight of the nation's largest banks after criticism that the agency failed to spot accounting tricks at investment bank Lehman Bros. before it collapsed.
Source: L.A. Times - Business | 21 Apr 2010 | 1:00 am Film locations trade show is still a thriving sceneDespite a decline in the industry, the 25th annual event in Santa Monica attracts about the same number of exhibitors and visitors as last year.Hollywood is making fewer movies, film producers are having a tougher time getting financing, and cash-strapped governments around the world are facing more pressure than ever to justify tax breaks given to the film industry.
Source: L.A. Times - Business | 21 Apr 2010 | 1:00 am Turning down the temperature on illegal immigrationLegalizing most currently unauthorized workers would have no appreciable effect on the labor market, a report shows. That should help us focus on the important points of the debate. ...Source: RSS feed - channel BNPaperBusiness | 21 Apr 2010 | 1:00 am Charles Schwab to pay clients $200 million— Charles Schwab Corp. on Tuesday agreed to pay $200 million to investors who claimed the company had deceived them.
Source: L.A. Times - Business | 21 Apr 2010 | 1:00 am Playa Vista Chairman Steve Soboroff to step downSteve Soboroff is expected to announce that he will step down as chairman and chief executive of Playa Vista, the planned community near Marina del Rey.
Source: L.A. Times - Business | 21 Apr 2010 | 1:00 am Democrats seek greater control over health insurance ratesLegislation would allow federal regulators to step in to stop premium increases when state agencies fall short. ...Source: RSS feed - channel BNPaperBusiness | 21 Apr 2010 | 1:00 am General Motors repays $8.1 billion in loans from U.S., CanadaThe automaker received that money and billions more as it went through bankruptcy protection in 2009. It plans to invest in two of its factories.General Motors Co.'s chief executive said Tuesday that the automaker has repaid the $8.1 billion in loans it received from the U.S. and Canadian governments, a sign that a plan to rebuild the company was working.
Source: L.A. Times - Business | 21 Apr 2010 | 1:00 am California home default cases plungeA 40.2% drop in the first quarter suggests that the foreclosure crisis is easing. The California foreclosure crisis...Source: RSS feed - channel BNPaperBusiness | 21 Apr 2010 | 1:00 am Google online tool tracks government pressure on GoogleThe search giant says making data available about government requests to remove content or reveal users’ personal information should help curb abuses. ...Source: RSS feed - channel BNPaperBusiness | 21 Apr 2010 | 1:00 am Australian stocks finish upAustralian share market closed higher on the back of firmer commodity prices and across-the-board gains, helped by a strong US lead.The benchmark S&P/ASX200 index was up 28.5 points, or 0.58 per cent, at 4,954.3 points, while...Source: nzherald.co.nz - Business | 21 Apr 2010 | 12:59 am NetEase may become Microsoft MSN partner in China-reportsSHANGHAI, April 21 (Reuters) - Chinese online game operator NetEase.com may be looking to buy into the joint venture between Microsoft and a Shanghai investment company to operate MSN in China, local...Source: RSS feed - channel BNewsBusiness | 21 Apr 2010 | 12:52 am General Motors repays $8.1bnUS car giant General Motors has repaid $8.1bn (£5.2bn) in loans it received from the US and Canadian governments.Source: BBC News | Business | World Edition | 21 Apr 2010 | 12:46 am NZ sharemarket risesThe New Zealand sharemarket rose today and turnover was boosted by a big sale of PGG Wrightson shares by Rural Portfolio Investments Securities Ltd.The benchmark NZX-50 index closed up 11.863 points, or 0.36 per cent, at 3304.969....Source: nzherald.co.nz - Business | 21 Apr 2010 | 12:19 am PGG Wrightson share sale raises $27mRural Portfolio Investments Securities Ltd, a company associated with businessman Craig Norgate, has sold 6.39 per cent of PGG Wrightson Ltd to raise $27.136 million.The 48.46 million shares were sold by Rural Portfolio Investments...Source: nzherald.co.nz - Business | 21 Apr 2010 | 12:00 am NZ dollar little changedThe New Zealand dollar had a quiet day today, while the Australian dollar firmed.By 5pm the NZ dollar was buying US71.04c from US71.09c at 8am and US71.00c at 5pm yesterday.Danica Hampton, currency strategist at BNZ, said...Source: nzherald.co.nz - Business | 20 Apr 2010 | 11:41 pm Iceland volcano: As the dust settles, Kenya's blooms wiltThe flight ban has left Britain short of flowers and green beans, but the real pain was felt by the growers in Kenya, write Jonathan Sibun and Mike Pflanz.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 20 Apr 2010 | 11:41 pm Google in talks to buy ITA Software: report(Reuters) - Google Inc is in talks to acquire airline IT and services provider ITA Software Inc, Bloomberg reported citing three people familiar with the matter.
Source: Reuters: Business News | 20 Apr 2010 | 11:35 pm Goldman case shows power of SEC's bully pulpit (AP)AP - The Securities and Exchange Commission's fraud case against Goldman Sachs signals a new era of toughness for an agency beset by a series of public blunders.Source: Yahoo! News: Stock Markets News | 20 Apr 2010 | 10:34 pm 5 Sites to Find Green Coupons (Deal of the Day)Cut the costs of organic and other eco-friendly items.
Source: SmartMoney.com | 20 Apr 2010 | 10:00 pm 3 Stocks Wall Street Is Turning Against (Screens)These companies have attracted a string of negative reviews -- a rarity.
Source: SmartMoney.com | 20 Apr 2010 | 10:00 pm Are States Running Out of College Grant Money? (Education and Your Money)State budget gaps are limiting funds. What students should know.
Source: SmartMoney.com | 20 Apr 2010 | 10:00 pm My, What a Nice Stash of CashGoodyear and Whirlpool have boosted cash flow through accounting maneuvers.
Source: SmartMoney.com | 20 Apr 2010 | 10:00 pm BHP in U.S. anti-corruption probe; no immediate impactSYDNEY (Reuters) - Global miner BHP Billiton has discovered potential violations of anti-graft laws relating to its exploration activities, in another blow to the mining industry's tarnished image.
Source: Reuters: Business News | 20 Apr 2010 | 9:46 pm 'Total rubbish' - Crafar rejects receivers' claimsReceivers for the Crafar Group, once New Zealand's biggest privately owned dairy farms, have struck back at claims of rough treatment of the Crafar families and poor farm management.Michael Stiassny of KordaMentha said the receivership...Source: nzherald.co.nz - Business | 20 Apr 2010 | 9:00 pm Apple income climbs 90pc on surging iPhone salesSEATTLE - Blockbuster iPhone sales helped Apple blow past Wall Street's expectations with a 90 per cent leap in net income for the most recent quarter. Shares skyrocketed to an all-time high in extended trading Tuesday.Apple said...Source: nzherald.co.nz - Business | 20 Apr 2010 | 8:30 pm Govt bailout loans have been repaid, says GMDETROIT - General Motors' CEO says that the automaker has repaid the US$8.1 billion in loans it received from the US and Canadian governments, a sign that a plan to rebuild the company is working.GM got a total of $52 billion...Source: nzherald.co.nz - Business | 20 Apr 2010 | 8:00 pm Yahoo profit tops forecasts, but sales missShares of Yahoo fell after the bell Tuesday when the world's second-largest search engine said its first-quarter profit beat Wall Street's expectations, but sales failed to measure up.Source: Business and financial news - CNNMoney.com | 20 Apr 2010 | 7:59 pm Goldman Sachs profit soars 90%; firm downplays government's fraud lawsuitThe company denies misleading investors about some complex securities. Its first-quarter revenue increases 36% to $12.8 billion. ...Source: RSS feed - channel BNPaperBusiness | 20 Apr 2010 | 7:35 pm Yahoo revenue misses as search ad sales contractSAN FRANCISCO (Reuters) - Yahoo Inc said large advertisers showed a renewed appetite for online display ads in the first quarter, but the Internet company's troubled search business put a damper on the company's comeback plan.
Source: Reuters: Business News | 20 Apr 2010 | 7:31 pm Innkeepers USA preps for possible bankruptcy: sourcesNEW YORK (Reuters) - Innkeepers USA Trust , a U.S. real estate investment trust with interests in about 73 hotels, is getting ready for a possible bankruptcy filing after missing debt payments earlier this month, according to four people familiar with the matter.
Source: Reuters: Business News | 20 Apr 2010 | 7:19 pm Dick Fuld: Lehman Brothers was ‘risk averse’The former chairman and chief executive of the US bank Lehman Brothers, which collapsed in 2008 with more than $600 billion of debt, insisted that the firm had been $“risk averse” and failed only because of the “terrible timing” of some of its investment decisions. Source: Latest Business News from Times Online | 20 Apr 2010 | 7:11 pm Some Paulson clients mull withdrawing money: reportNEW YORK (Reuters) - Some of John Paulson's clients are indicating they may withdraw money from the billionaire's hedge fund firm, after it was involved in a transaction that led the U.S. government to file a lawsuit against Goldman Sachs Group Inc , The Wall Street Journal said.
Source: Reuters: Business News | 20 Apr 2010 | 6:59 pm “Equal Pay Day” And The Myth Of Compensation EqualityAcross the measurements of job equality, it is remarkable how little improvement there has been for women over the last decade. Pay parity is both made and born at least as it affects the annual compensation of women and minorities. Women are born into an enviroment of pay discrimination and very little that they can do during their working lives changes that. The recent [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 20 Apr 2010 | 6:51 pm Apple results smash Street view, outlook strongSAN FRANCISCO (Reuters) - Apple Inc's results blew past Wall Street expectations on the back of record iPhone sales, and the company gave a strong revenue forecast, sending its shares up more than 5 percent to an all-time high.
Source: Reuters: Business News | 20 Apr 2010 | 6:32 pm Ex-CEO on Lehman's ruin: "I have to live with that"WASHINGTON (Reuters) - Former Lehman Brothers CEO Richard Fuld lifted his bowed head, looked squarely at U.S. lawmakers on Tuesday and acknowledged that people were hurt in the collapse of the former Wall Street giant.
Source: Reuters: Business News | 20 Apr 2010 | 6:30 pm Resilient Stryker, Edwards top analyst targetsCHICAGO (Reuters) - Stryker Corp and Edwards Lifesciences Corp posted higher-than-expected quarterly earnings on Tuesday, reflecting healthy demand for medical devices amid a gradual economic recovery.
Source: Reuters: Business News | 20 Apr 2010 | 6:30 pm Google tool shows gov't requests for user dataIn what it calls a stand against online censorship, Google has created a tool that will let users know how often governments around the world ask the company to pass on user data or delete content from its search results and other services.Source: Business and financial news - CNNMoney.com | 20 Apr 2010 | 6:29 pm EMI loses rights to McCartney back catalogueEMI has lost the distribution rights to Sir Paul McCartney’s catalogue of about 50 post-Beatles albums, in another blow to Terra Firma’s ailing music group. Source: Latest Business News from Times Online | 20 Apr 2010 | 6:25 pm Apple worker leaves new iPhone in California barThe first time the public usually gets a glimpse of a new product from Apple it is in the hands of Steve Jobs at a heavily choreographed launch event. Source: Latest Business News from Times Online | 20 Apr 2010 | 6:01 pm Too much caution will kill off the economyWe are becoming a risk-averse society and that is dangerous. If Britain is a significant power in the world economy, it is because in the past this nation embraced risk rather than shunned it. Source: Latest Business News from Times Online | 20 Apr 2010 | 6:01 pm Inflation: rise fuels fears at the BankA jump in the cost of petrol and air fares helped to push inflation higher than expected last month, raising concerns that the Bank of England may be forced to raise rates earlier than expected. Source: Latest Business News from Times Online | 20 Apr 2010 | 6:01 pm Sovereign debt rise poses new threat to global economyRising government debt is creating new risks to global financial stability, the IMF has warned. It said that the increase in sovereign debt would put new pressure on lending markets just as the world’s banks try to refinance about $5 trillion in short-term borrowings.$ Source: Latest Business News from Times Online | 20 Apr 2010 | 6:01 pm Shake-up at Nomura as senior banker quitsA senior Nomura banker who was instrumental in its takeover of former Lehman Brothers operations has quit as part of a management shake-up. Source: Latest Business News from Times Online | 20 Apr 2010 | 6:01 pm Icelandic ash cloud threatens manufacturing by causing parts shortageThe impact of the ash cloud has been felt on the economy for the first time, with manufacturing companies warning that they will have to shut down production because of a shortage of components. Source: Latest Business News from Times Online | 20 Apr 2010 | 6:01 pm Pike River places $10m of sharesPike River Coal said it has successfully placed $10 million worth of shares with institutions as part of previously announced plans to raise $50 million.The company today amended the timetable for the capital raising it detailed...Source: nzherald.co.nz - Business | 20 Apr 2010 | 6:00 pm Fraud case upstages Goldman earningsGoldman Sachs failed to stem the fallout from US civil fraud charges levied against it, as bumper first-quarter results were overshadowed by investors’ concerns over the case’s implications for Wall Street’s premier investment bankSource: Financial Times - US homepage | 20 Apr 2010 | 5:43 pm Apple soars with 90% increase in profitsApple reported a 90 per cent increase in second-quarter profit, far surpassing bullish Wall Street estimates with a 49 per cent increase in revenueSource: Financial Times - US homepage | 20 Apr 2010 | 5:35 pm Arthur Ryan takes a volcanic coach tripAs the Eyjafjallajökull (did I get that right?) volcano continues to wreak havoc across Europe, travellers have been forced to adopt all sorts of unconventional and expensive forms of transport to get home - think John Cleese's £3,300 taxi from Oslo to Brussels.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 20 Apr 2010 | 5:33 pm Work stoppages up - first time since 2005The number of work stoppages has increased for the first time since 2005, figures out today reveal.Statistics New Zealand said there were 26 work stoppages in the year ended December 2009, compared with 23 in the previous year.Stoppages...Source: nzherald.co.nz - Business | 20 Apr 2010 | 5:30 pm SEC begins formal inquiry into Lehman 'tricks'The 2,200-page report which uncovered the murky world of Repo 105 and off-balance sheet accounting at Lehman Brothers has led to a formal investigation by the Securities and Exchange Commission (SEC) into the investment bank's collapse.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 20 Apr 2010 | 5:25 pm Goldman Sachs SEC case: Is it all about politics? (The Christian Science Monitor)The Christian Science Monitor - Republican lawmakers on Tuesday raised concerns that the lawsuit in the Goldman Sachs SEC case, filed on Friday, may be more about politics than securities law.Source: Yahoo! News: Stock Markets News | 20 Apr 2010 | 5:21 pm Apple profits soar on sales of iPhoneProfits at Apple jump 69pc as the world's love affair with the iPhone continues.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 20 Apr 2010 | 5:19 pm Fortune 500's 20 biggest money losersCompanies from Fannie Mae to RiteAid, and Citigroup to Sprint lost billions of dollars last year. Who lost the most?Source: Business and financial news - CNNMoney.com | 20 Apr 2010 | 5:14 pm Jobs risk to Sellafield and Lindsey refineryMore than 1,500 jobs were at risk last night after the Sellafield nuclear reprocessing plant began a review of its operation and the French owner of the Lindsey oil refinery said it needed to sell the site.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 20 Apr 2010 | 5:12 pm Republican opposition to finance bill softensRepublicans toned down their opposition to a financial regulation bill on Tuesday as lawmakers restarted talks aimed at cutting a deal with Democrats before the legislation hits the Senate floor within daysSource: Financial Times - US homepage | 20 Apr 2010 | 5:03 pm Goldman earnings beat overshadowed by fraud probeNEW YORK/LONDON (Reuters) - Goldman Sachs Group Inc reported blow-out quarterly earnings on Tuesday, but investors appeared to focus on the U.S. fraud case against the bank as Britain's market watchdog launched its own probe.
Source: Reuters: Business News | 20 Apr 2010 | 5:01 pm Text trivia company fined $125,000 for fair trading breachAn overseas-based company was fined $125,000 for failing to disclose all the terms and conditions relating to a series of text to win trivia competitions, the Commerce Commission says.TMG Asia Pacific - an Australian-registered...Source: nzherald.co.nz - Business | 20 Apr 2010 | 5:00 pm Warner buys Turbine for micro-payment pushWarner Bros is buying North America’s largest independent online gaming studio in an effort to spread its social networking and micro-payments technology across its video games and home video businessSource: Financial Times - US homepage | 20 Apr 2010 | 4:55 pm Gambino Prostitution Ring: Mafia Feels Recession, Too
The Mafia’s halcyon days may be gone, but that hasn’t stopped them from trying to make a buck anywhere they can. US officials arrested 14 members of the Gambino crime family for pimping today. The New York Daily News has more: Allged Gambino soldier Thomas Orefice is accused of hatching the scheme to recruit young women from various strip clubs to work as prostitutes. Prosecutors say Orefice advertised the girls, ranging in age from 15 to 19, on Craigslist with ads that included the phone number of Gambino madam Suzanne Porcelli. Porcelli set up the appointments, and Orefice’s crew members drove the women to their bookings, waited for them and took half the cash, prosecutors say. As a sideline, Orefice made these same women available to gamblers who played poker at his illegal high-stakes games, prosecutors charge. “Rumors of the Mafia’s demise are greatly exaggerated,” Manhattan U.S. Attorney Preet Bharara said.
Source: Business Pundit | 20 Apr 2010 | 4:43 pm Trafigura lifts veil to reveal $1bn profitThe earnings announcement by the oil and metals trader reflects the extraordinary profitability of publicity-shy Swiss-based trading houses which dominate commodities marketsSource: Financial Times - US homepage | 20 Apr 2010 | 4:19 pm Summary Box: SEC chief pledges better oversight (AP)AP - TOUGHER STANCE: The chairman of the Securities and Exchange Commission, Mary Schapiro, pledged better oversight of the nation's largest banks before House lawmakers.Source: Yahoo! News: Stock Markets News | 20 Apr 2010 | 4:13 pm Write-Offs: 04.20.10$$$ Ex-Goldman Employee Surfaces In SEC Complaint [Reuters] $$$ Paulson Fund IPO Delayed After Goldman Sachs Charges [WSJ] $$$ Buy, Sell Or Hold (It In) [CNBC] $$$ Eliot Spitzer Seeking Acceptance $$$ Goldman Sachs ‘Had Duty’ to Keep Paulson Bets Secret [BW] 
Source: Dealbreaker | 20 Apr 2010 | 4:10 pm IndexIQ Adds Small-Cap ETFs to Alternative Asset Funds: AudioSource: Bloomberg - All Podcasts | 20 Apr 2010 | 4:05 pm Total Raised to `Buy', Coinstar Cut to `Market Weight': AudioSource: Bloomberg - All Podcasts | 20 Apr 2010 | 4:04 pm Summary Box: Stocks climb on stronger earnings (AP)AP - INVESTORS PROFIT: Stronger earnings reports from companies including Harley-Davidson Inc., industrial equipment maker Illinois Tool Works Inc., and regional bank Marshall & Ilsley Corp. drove the stock market higher Tuesday.Source: Yahoo! News: Stock Markets News | 20 Apr 2010 | 4:04 pm Stocks advance on higher earnings, energy prices (AP)
Source: Yahoo! News: Stock Markets News | 20 Apr 2010 | 4:01 pm Heymann on Industrials, Blaeser on Luxury Retail: Taking StockSource: Bloomberg - All Podcasts | 20 Apr 2010 | 4:00 pm SEC chief pledges better oversight of banks (AP)
Source: Yahoo! News: Stock Markets News | 20 Apr 2010 | 3:48 pm Every Lie Told By “Gryphon Financial” Better Than The Last Head trader and Wharton grad In its unending quest to prove something, for the second time today the SEC has ruined a good thing. First, it was a firm trying to raise money to get its sex-themed cruises off the ground. Now, it’s Gryhpon Financial, whose management team faces securities and wire fraud. The individuals possibly going away for up to twenty years each include Kenneth Marsh, 43, Baldwin Anderson, 55, Robert Anthony Budion, 28, Jeanne Lada, 44 and James T. Levier, 34. Those names won’t mean anything to the investors who got taken for a ride for more than $17.5 million, because the firm used fake names, claiming it was run by president “Michael Warren” and vice-president “Kenneth Maseka” (the latter fictional character’s pedigree included degrees from Harvard, Oxford, Columbia and Wharton and job with Lehman Brothers and Goldman Sachs). Other (awesome) facts about the firm that turned out to be untrue included: * An office building “in the heart of the financial world at 110 Wall St., 11th Floor.” The actual office can be found at 3767 Victory Blvd., next to a martial arts school and a bakery. * Props from George Soros, who is quoted as saying: “Alone, the Gryphon Financial are incredible, together they are unstoppable.” * Props from the FT. From Gryphon’s website:
* A ten-man trading desk (which Gryphon’s newsletter describes as being key members of its “hardcore business”) * Huge-ass returns: “One client, who shelled out $100,000, allegedly was told that a “similarly situated” investor earned a return of 1,600 percent. And Gryphon trumpeted that its investments were ‘up 1,324 percent in total compounding returns in the last 16 years,’ when in fact Gryphon was only formed in 2005.” Now, thanks to the SEC we can kiss marketing materials like this good-bye:
Thank you, Mary Schapiro.
Source: Dealbreaker | 20 Apr 2010 | 3:45 pm Does Dick Fuld Know How to Answer Questions?
The most peculiar answer: “We were risk averse,” Fuld says in response to a question about why the firm failed. He chalks the losses up to “terrible timing” on commercial real estate investments. Still, at the end, Fuld says there was “no capital hole.” “We could not convince the world about the [good] position we were in.” He also blamed naked short sellers, again. Asked if 30 to 1 leverage seemed risk averse to him, Fuld said 30 to 1 was a misconception. (It seems as though he really believes this.) At the end of his his opening statement, Fuld looks up from his prepared remarks, takes off his glasses and says: “Given all that has been said, I would like to add that I am aware that one day we had a firm and the next day we did not and a lot of people got hurt with that and I have to live with that. ” Asked if he should have known about the Repo 105 transactions, Fuld said “there was no reason why I would know about those sale transactions” because they were merely sales of government securities. “I was focused on less liquid assets: commercial real estate, residential mortgage, leveraged loans. I was focused on what could impact our capital. Government securities do not impact our capital.” After a question about what caused the demise of Lehman Brothers, Fuld pauses for an uncomfortable amount of time and then begins a history lesson on Lehman, which goes back 150 years and leads up to to the firm’s IPO in 1994 before he’s cut off by Rep. Paul Kanjorski, who asks him to make his answer more succinct. But Fuld keeps fumbling and going back in time talking about how great the firm was. Kanjorski interjects again: “I haven’t heard you take responsibility” and “Don’t give me an advertisement” for the firm. Later in the hearing we finally get a sort of answer out of Fuld about the mistake he made: “We did not understand the contagion of one asset class to the next and failed to see the depth of the crisis,” he sad. Oh yeah, and the firm “had too much commercial real estate,” he adds. One representative asks Fuld if he gambles. After another long pause he says, “Not in the way you’re asking.”
Source: Dealbreaker | 20 Apr 2010 | 3:40 pm Presented By:Source: Dealbreaker | 20 Apr 2010 | 3:40 pm TSX edges higher as oils gain, banks weigh (Reuters)Reuters - Toronto's main stock index closed higher for a second straight session on Tuesday as a rebound in the price of oil sent the hefty energy group higher.Source: Yahoo! News: Stock Markets News | 20 Apr 2010 | 3:37 pm The Month’s Biggest Index Gainers : Broadcast TV, Newspapers and Magazines, and Real Estate DevelopmentThere were strong gains in three Tickerspy indexes over the most recent 30-day period. This month’s biggest gainers are in broadcast TV, newspaper and magazines, and in real estate development. Broadcast TV stocks are up 27.6% in the past month. The best performing stocks in the index are Gray Television Inc., (NYSE: GTN) up 63%, Nexstar Broadcasting Group Inc. , [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 20 Apr 2010 | 3:24 pm The Tuesday Podcast: Goldman, Answer The Question (Getty/Chris Hondros) On today's Planet Money: We dive into the SEC's lawsuit against Goldman Sachs, and Goldman's emphatic arguments in its defense. We consider the similarities between this case and that Magnetar story that aired recently on This American Life. And our long quest to unite financial reporting with Broadway theater continues. (Spoiler: It's a dramatic reading of a Goldman executive's convoluted answer to a key question about the case.) For more, listen to a recording of the conference call Goldman hosted this morning, and read our posts explaining the SEC's case and hashing out one piece of Goldman's defense. You can also read the SEC's complaint and Goldman's response. Download the podcast, or subscribe. Music: The Raconteurs' "You Don't Understand Me." Find us: Twitter/ Facebook/ Flickr. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 20 Apr 2010 | 3:23 pm Offshore Wind Farms Are Moving To AmericaThe US has no offshore wind power generation capability — yet. That could change by the end of this month as US Interior Secretary Ken Salazar has promised a decision on the long-delayed Cape Wind Project proposed for the shallow waters of Nantucket Sound off the Massachusetts coast. The project is designed to install 130 [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 20 Apr 2010 | 2:58 pm Ash cloud killing U.S. businessesFrom California produce to New England seafood, the ash cloud from the Iceland volcano is taking its toll on U.S. businesses. Air traffic to and from Europe has been disrupted for days, and that is keeping goods grounded.Source: Business and financial news - CNNMoney.com | 20 Apr 2010 | 2:44 pm Apple Pleases All, Sans-Guidance (AAPL)Apple Inc. (NASDAQ: AAPL) is out with earnings, and there are some surprises here. Steve Jobs and friends reported earnings of $3.33 EPS and $13.5 billion in revenues. Thomson Reuters had estimates at $2.45 EPS on revenues of $12.04 billion, but the company’s own guidance from last earnings on January 25, 2010 was as follows: [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 20 Apr 2010 | 2:39 pm Yahoo! Net Up On Cost Cuts, Prepares For Battle With AOL, FacebookYahoo! (NASDAQ: YHOO) had a large advance in net income in the quarter ending March 31. EPS rose from $.08 to $.22 in the last period. Net income was $313 million up from $118 million last year. The figures were helped by “$78 million in net reimbursements from Microsoft, including $43 million for net transition [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 20 Apr 2010 | 2:37 pm IMF calls for taxes on bank balance sheetsFund suggests each country would want to raise between 2 per cent to 4 per cent of its gross domestic product over the long termSource: Financial Times - US homepage | 20 Apr 2010 | 1:57 pm Investors hit out despite upbeat Citi dataCitigroup’s best quarter in almost three years failed to please a barrage of frustrated investors at its annual meeting, as stockholders pilloried the bank for its feeble share price and the unsatisfactory pace of its turnaroundSource: Financial Times - US homepage | 20 Apr 2010 | 1:42 pm SEC Nails Investment Firm For Failing To Tell Investors About The Strippers
SEC Files Emergency Action to Halt Fraudulent Scheme at Albany-Based Firm [SEC]
Source: Dealbreaker | 20 Apr 2010 | 1:34 pm Gov't policies take a toll on Little RockIn Little Rock, Ark., the decisions being made in Washington, D.C. are having a big impact on businesses. John Dimsdale reports.Source: Marketplace | 20 Apr 2010 | 1:22 pm Gizmodo gets its hands on new iPhoneJason Chen, editor of technology website Gizmodo.com, talks with Kai Ryssdal about how the new ended iPhone up in his hands months before its release and what's so special about it.Source: Marketplace | 20 Apr 2010 | 1:22 pm The climate for foreign biz in ChinaAsia correspondent Scott Tong talks with Kai Ryssdal about whether the mood for foreign businesses is getting a little tense in China, and how much longer it can go on being factory to the world.Source: Marketplace | 20 Apr 2010 | 1:22 pm A push to reduce salt content in foodThe Institute of Medicine has recommended that the FDA force a gradual cutback in how much salt is allowed to be processed in foods. Dr. Benjamin Jones, a flavor chemist at David Michael & Co., talks with Kai Ryssdal about how that might affect the taste in your favorite foods.Source: Marketplace | 20 Apr 2010 | 1:22 pm Businesses differ on derivative reformDerivatives contracts were first used by farmers as a way to sell their crops in advance. Derivatives trading has gotten much more complex since then -- as has the plan to regulate them. Brett Neely reports.Source: Marketplace | 20 Apr 2010 | 1:22 pm Banks focus on Goldman Sach's creditWith a quarterly profit of nearly $3.5 billion, no one's questioning Goldman's ability to service its loans. But its all-important reputation is still under attack. Alisa Roth reports.Source: Marketplace | 20 Apr 2010 | 1:22 pm Goldman Sachs De-Registers Mr. Fantabulous In UK
Source: Dealbreaker | 20 Apr 2010 | 1:07 pm Corridore, Schenker, Heymann, Cross: Bloomberg On the EconomySource: Bloomberg - All Podcasts | 20 Apr 2010 | 12:12 pm Ritholtz, Gregg, Cohan, Harrington: Bloomberg SurveillanceSource: Bloomberg - All Podcasts | 20 Apr 2010 | 12:11 pm Bloomberg Surveillance With Ken Prewitt and Tom KeeneSource: Bloomberg - All Podcasts | 20 Apr 2010 | 11:49 am Toxie Update: Our Latest Check Arrives. Oh No.By David Kestenbaum As you know, we purchased our own toxic asset so we could watch it die. And she, Toxie, is dying. We just got our latest monthly check, and it's for just $72.41. We'd been hoping for about $180, but there's been less money coming in from those 2,000-plus mortgages. All the investors in this thing are basically standing in line to get paid. We're near the back of the line, so we take the hit. But that's not the real problem. Toxie soon will be actually wasting away. Every month some of the houses that had been foreclosed upon, actually get sold and sold for a loss. As those losses accumulate, Toxie shrinks and eventually there's nothing left. Our online folks just updated the graphic. Check out the "how long we have left" bar chart. It looks like next month the losses will actually eat into our Toxie, and she'll start to shrink. I've been thinking of this like we are standing in line to get paid. We're at the back of the line, and there's this monster eating the people behind us. Next month the monster starts chewing on our heels. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 20 Apr 2010 | 11:39 am Judge Jed Approves Schottenfeld SettlementFederal District Court Judge Jed Rakoff has approved the SEC’s settlement with Schottenfeld Group, a trading firm that once employed three traders charged in the Galleon insider trading case. The settlement seemed shaky after Judge Jed requested more information from the SEC about how regulators came up with the $460,475.28 they say Schottenfeld needs to pay in disgorgement fees. He also wanted details on how and when Schottenfeld planned to implement new compliance recommendations including the hiring of an outside consultant to watch over them. The SEC’s response seems to have satisfied Rakoff. In his order, issued yesterday, Rakoff said the disgorgement and penalty calculations were “reasonable” even though the “prophylactic measures appear somewhat superficial.”
Source: Dealbreaker | 20 Apr 2010 | 10:55 am Fab The Fantabulous Spending ‘Me Time’ In FranceAs previously mentioned, the most Fantabulous banker at Goldman Sachs, Fabrice Tourre, took a completely and totally voluntary leave of absence yesterday from his gig at the bank’s London office. He reportedly took off for France soon after the news of his involvement in the scandal du jour broke, perhaps to weep into a pillow in his childhood bed while being comforted by mother. That, and to escape the British politicians giving him shit for potentially receiving a bonus well-deserved.
Goldman Sachs banker facing fraud charges bags share of mega £3.2bn payout [Daily Mail via Daily Intel]
Source: Dealbreaker | 20 Apr 2010 | 10:32 am Roger Lowenstein: Bloomberg On the Economy With Tom KeeneSource: Bloomberg - All Podcasts | 20 Apr 2010 | 10:16 am JPMorgan's Frenkel: Bloomberg On the Economy With Tom KeeneSource: Bloomberg - All Podcasts | 20 Apr 2010 | 10:15 am Summers Discusses Financial Overhaul: Political CapitalSource: Bloomberg - All Podcasts | 20 Apr 2010 | 10:08 am Goldman's Squishy AnswersBy Jacob Goldstein Last Friday, Goldman Sachs issued a flat denial of a key piece of the SEC's lawsuit: Goldman Sachs never represented to ACA that Paulson was going to be a long investor. Today, one of the company's top officials framed the issue in a way that seemed squishier: We simply do not believe that the evidence cited by the SEC demonstrates that ACA was misled into believing that Paulson was going to be buying an equity position. (For an explanation of who all these people are, and what the case is about, see this post from Friday.) The official who spoke today, Goldman's co-general counsel Greg Palm, said that Goldman "would never intentionally mislead anyone." But Goldman did introduce ACA to Paulson, he said. So here's my question: If Goldman introduced ACA to Paulson -- and Goldman did not tell ACA that Paulson was going to be a long investor -- what did Goldman say to ACA about Paulson's interest in the matter? That wasn't clear from Palm's comments today, or from Goldman's statement on Friday. By the way, Goldman said this morning that it made $3.5 billion in the first quarter of this year. That's much higher than the first quarter of '09, and a bit lower than the fourth quarter of '09. You can read more about the earnings in the WSJ and Bloomberg News. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 20 Apr 2010 | 10:06 am Eliot Spitzer on SEC's Lawsuit Against Goldman Sachs: BLAWSource: Bloomberg - All Podcasts | 20 Apr 2010 | 9:58 am Presented By:Source: Dealbreaker | 20 Apr 2010 | 8:45 am Michael Douglas Is Ready For The SEC To Wake Up
Source: Dealbreaker | 20 Apr 2010 | 8:45 am Gizmodo Paid $5,000 for iPhone 4G Scoop
How much does a good scoop cost? If you’re Gizmodo, and you happen to have access to a new iPhone, the price tag is $5,000. ITProPortal has more: (Gizmodo) received the iPhone 4G prototype “weeks” after it was apparently lost. Gizmodo would not say how it landed on their laps and how they managed to get in touch with the right person who apparently might have qualms selling the iPhone on Ebay but not to Gizmodo. Nick Denton, the head of Gawker Media, (later) confirmed via Twitter that it paid $5000 for the device and reaffirmed his allegiance to the readers, saying that he’d do anything for a story. Denton…is a proud proponent of Checkbook Journalism and the 20 million page views it generated yesterday have more than paid off the $5000 the publisher invested in the story. Apparently, Engadget had access to the scoop, too, but refused to pay the price: Apple now wants the iPhone back (Telegraph): (the device was) dropped by Gray Powell, an Apple software engineer, in a bar in Redwood, California, near Apple’s Cupertino headquarters. Now Bruce Sewell, senior vice president and general counsel at Apple, has written to the site demanding the return of the next-generation iPhone prototype. “It has come to our attention that Gizmodo is currently in possession of a device that belongs to Apple,” the letter reads. “This letter constitutes a formal request that you return the device to Apple.” I’m convinced this was a ploy by Apple. Some individual (Mr. Powell? A middleman?) profited handsomely off it, to boot. And Apple once again generated a whole lot of buzz. Telegraph commenter Johnyred puts it best: As far as Gray Powell is concerned Apple congratulated him on losing one of their most valuable pieces of equipment and have made him VP of PR.
Source: Business Pundit | 20 Apr 2010 | 8:09 am Goldman Sachs Reports Double Earnings
Goldman Sachs’ earnings for Q1 2010 are $3.46 billion, up 91% from Q1 2009. Their $12.78 billion in revenues represented a more than $3 billion from last year. The New York Times has more: Tuesday’s quarterly results showed the dominance of the bank’s trading operations. Profit in the trading division jumped 43 percent to $10.25 billion in the quarter. Fixed-income trading had revenue of $7.39 billion, a 13 percent increase. Equities trading earned $2.35 billion, an 18 percent increase from the quarter a year ago. In addition, Goldman said it had set aside 43 percent of revenue in the first quarter for employee salaries and bonuses, down from 50 percent for the period a year ago. The strong results are likely to be overshadowed by the Securities and Exchange Commission’s civil suit against the firm, filed on Friday, which accuses Goldman of peddling a mortgage investment that was intended to fail but never alerted investors to the potential dangers. During the earnings call, (Goldman CEO David) Viniar said: “You can see from our results last quarter that our clients still support us. That’s the key to our success and has been the key to our success for a very, very long time.” Ahem. Aren’t many of those clients major hedge funds who demand custom CDO packages from Goldman, a la John Paulson? Morgan Stanley is the only major bank remaining to declare its earnings. The tally so far, according to the Times: Bank of America: $3.2 billion
Source: Business Pundit | 20 Apr 2010 | 7:42 am This Ad Crosses the Line
Image: CSlacker
Source: Business Pundit | 20 Apr 2010 | 5:04 am
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