Lloyds reports return to profit

Lloyds Banking Group says it returned to profit in the first three months of the year after losses on bad debts fell.
Source: BBC News | Business | World Edition | 27 Apr 2010 | 4:15 am

Indications: U.S. futures drift ahead of Goldman testimony

U.S. stock futures continue their pre-Fed drift on Tuesday, with Goldman Sachs in the spotlight as the investment bank faces questioning from a U.S. Senate committee on the extent it benefited from the collapse of the housing market.



Source: MarketWatch.com - Top Stories | 27 Apr 2010 | 4:12 am

Steady rise in mortgage lending

Mortgage lending rose slightly in March but UK borrowers continued to pay off loans and overdrafts, the major banks say.
Source: BBC News | Business | World Edition | 27 Apr 2010 | 4:06 am

Indian strike over food prices

Nationwide protests over the rising price of food and fuel hits various Indian states, disrupting some transport services.
Source: BBC News | Business | World Edition | 27 Apr 2010 | 4:04 am

Deutsche Bank, Lloyds profits revive as bad debts improve

FRANKFURT/LONDON (Reuters) - Deutsche Bank delivered record investment bank earnings and European peers Lloyds and Swedbank swung to surprise profits on Tuesday as an economic recovery picked up to aid the embattled industry.



Source: Reuters: Business News | 27 Apr 2010 | 4:01 am

Auto Sales Probably Took A Sharp Dive In April: Toyota, Ford, And GM Will Fight For No.1 Spot

The incentives that drove March domestic car sales have begun to go away. These were driven primarily by manufacturers who needed to match Toyota’s (NYSE: TM) discounts as it tried to regain market share on the heels of its large recalls. But, the lack of “deals” is expected to cause a drop in total US vehicles sales down [...]

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Source: 24/7 Wall St. | 27 Apr 2010 | 3:57 am

Daimler posts net profit of $817 million in Q1 (AP)

AP - German carmaker Daimler AG says it made a net profit of euro612 million ($817 million) in the first quarter, up from a loss of euro1.3 billion a year earlier.
Source: Yahoo! News: Business News | 27 Apr 2010 | 3:54 am

Panama's ex-dictator Noriega extradited to France (AP)

A 1990 photo, supplied by the US District Attorney's office, shows former Panamian dictator Manuel Antonio Noriega in Miami, Florida. The United States has extradited the former Panamanian strongman to France to face money-laundering charges after years of legal wrangling, US and French officials have said.(AFP/HO/File)AP - Former Panamanian dictator Manuel Noriega was extradited to France from the United States on Tuesday to face money laundering charges, opening up a whole new legal battle for the former strongman who spent two decades behind bars near Miami for drug trafficking.



Source: Yahoo! News: Business News | 27 Apr 2010 | 3:53 am

Euro slides against dollar as Germany hesitates on Greek rescue package

The euro fell further against the dollar today after Germany demanded stringent new austerity measures from Athens.


Source: Latest Business News from Times Online | 27 Apr 2010 | 3:53 am

World markets lower as Greece, China worries weigh (AP)

People stand in front of the electronic stock board outside a securities firm in Tokyo Monday, April 26, 2010. Japan's main benchmark gained 234.38 points, or 2.2 percent, to 11,137.42 as the yen declined against the dollar, helping the country's car manufacturers and other export companies. (AP Photo/Koji Sasahara)AP - Greek shares led the global stock market retreat Tuesday amid mounting concerns about the country's ability to tap a bailout facility, while stocks in Shanghai dropped sharply on fears that Chinese authorities were preparing measures to cool down the economy.



Source: Yahoo! News: Business News | 27 Apr 2010 | 3:51 am

World markets lower as Greece, China worries weigh (AP)

People stand in front of the electronic stock board outside a securities firm in Tokyo Monday, April 26, 2010. Japan's main benchmark gained 234.38 points, or 2.2 percent, to 11,137.42 as the yen declined against the dollar, helping the country's car manufacturers and other export companies. (AP Photo/Koji Sasahara)AP - Greek shares led the global stock market retreat Tuesday amid mounting concerns about the country's ability to tap a bailout facility, while stocks in Shanghai dropped sharply on fears that Chinese authorities were preparing measures to cool down the economy.



Source: Yahoo! News: Stock Markets News | 27 Apr 2010 | 3:51 am

Chinese stocks pace broad losses in Asia, Tokyo up

Most major Asian markets decline Tuesday, with Chinese and Hong Kong stocks weighed by fears Beijing may launch more measures to cool property prices, while upbeat forecasts from Fanuc and IHI Corp. helped Japanese stocks erase early losses.



Source: MarketWatch.com - Top Stories | 27 Apr 2010 | 3:51 am

Goldman boss to go on defensive

Goldman Sachs boss Lloyd Blankfein will deny his investment bank bet against its own clients at a Senate hearing later.
Source: BBC News | Business | World Edition | 27 Apr 2010 | 3:48 am

What Goldman's CEO has to say

Goldman Sachs CEO Lloyd Blankfein will testify Tuesday that his firm didn't mislead investors and didn't bet against the housing market, according to his opening remarks released Monday.
Source: Business and financial news - CNNMoney.com | 27 Apr 2010 | 3:48 am

Deutsche Bank faces U.S. mortgage securities suit (Reuters)

Reuters - Deutsche Bank (DBKGn.DE) faces a U.S. class-action lawsuit over mortgage-related securities it helped arrange, Germany's biggest lender said in its first-quarter report.
Source: Yahoo! News: Business News | 27 Apr 2010 | 3:37 am

Deutsche Bank faces U.S. mortgage securities suit

FRANKFURT (Reuters) - Deutsche Bank faces a U.S. class-action lawsuit over mortgage-related securities it helped arrange, Germany's biggest lender said in its first-quarter report.



Source: Reuters: Business News | 27 Apr 2010 | 3:37 am

Deutsche Bank faces U.S. mortgage securities suit

FRANKFURT (Reuters) - Deutsche Bank faces a U.S. class-action lawsuit over mortgage-related securities it helped arrange, Germany's biggest lender said in its first-quarter report.
Source: RSS feed - channel BNewsBusiness | 27 Apr 2010 | 3:37 am

Americans Regain Their Faith In Stock Market

The DJIA fell from over 14,000 in October 2007 to under 6,600 in March 2009. It was a historic drop that left many Americans without savings or retirement funds and drove many of them completely out of the market. The market has recovered enough that it is over 11,200 and gains ground nearly every week. Some people [...]

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Source: 24/7 Wall St. | 27 Apr 2010 | 3:35 am

Earnings Watch: Updates, advisories and surprises

A roundup of the latest corporate earnings reports and what companies are saying about future quarters.



Source: MarketWatch.com - Top Stories | 27 Apr 2010 | 3:31 am

MarketsandMarkets: Global OLED Market Worth US$2.2 Billion by 2014


Source: RSS feed - channel BNewsBusiness | 27 Apr 2010 | 3:29 am

Stocks set for mild start

U.S. stock futures drifted Tuesday, ahead of the start of a two-day Federal Reserve meeting, with investors looking to readings on the housing market and health of the consumer for direction.
Source: Business and financial news - CNNMoney.com | 27 Apr 2010 | 3:21 am

A Celebration of Female Friendship -- Just in Time for Mother's Day!


Source: RSS feed - channel BNewsBusiness | 27 Apr 2010 | 3:20 am

Earnings offer support act to Blankfein show

10:45 BST. One of the busiest days of the year for corporate results globally provided a politely received support act for the investment theatre on Tuesday. But there was only one performance that the...
Source: RSS feed - channel BNPaperBusiness | 27 Apr 2010 | 3:18 am

Earnings offer support act to Blankfein show

One of the busiest days of the year for corporate results globally provided a politely received support act for the investment theatre on Tuesday. But there was only one performance that the audience was waiting to see: The Lloyd and Fabulous Fabrice Show
Source: Financial Times - US homepage | 27 Apr 2010 | 3:18 am

Govt rejects calls to copy Australia in ETS delay

Australia's postponement of its emissions trading scheme (ETS) led to calls today for New Zealand to do the same, but the Government did not give way.The Australian government announced it had shelved plans to start its carbon...
Source: nzherald.co.nz - Business | 27 Apr 2010 | 3:15 am

Short Sellers Exit Citi, Feed On Ford

Short-sellers walked away from Citigroup (NYSE: C),dropping their position by 20% in the period that ended May 15.  They could not have anticipated that the Treasury would sell a huge amount of its holding in the bank, pushing Citi’s share price down. Share sold short in Citi fell to 41.5.5 million, still making it the largest short position [...]

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Source: 24/7 Wall St. | 27 Apr 2010 | 3:13 am

Wall Street futures little changed; focus on earnings

(Reuters) - Futures for the Dow Jones industrial average, the S&P 500 and the Nasdaq 100 were little changed on Tuesday after U.S. equities edged lower in the previous session.



Source: Reuters: Business News | 27 Apr 2010 | 3:12 am

Wall Street futures little changed; focus on earnings

(Reuters) - Futures for the Dow Jones industrial average, the S&P 500 and the Nasdaq 100 were little changed on Tuesday after U.S. equities edged lower in the previous session.
Source: RSS feed - channel BNewsBusiness | 27 Apr 2010 | 3:12 am

Wall Street futures little changed; focus on earnings (Reuters)

Traders work on the floor of the New York Stock Exchange, April 21, 2010. REUTERS/Brendan McDermidReuters - Futures for the Dow Jones industrial average, the S&P 500 and the Nasdaq 100 were little changed on Tuesday after U.S. equities edged lower in the previous session.



Source: Yahoo! News: Stock Markets News | 27 Apr 2010 | 3:12 am

Exports boost South Korea economy

South Korea's economy grew by a faster-than-expected 1.8% in the first quarter of the year, figures show.
Source: BBC News | Business | World Edition | 27 Apr 2010 | 3:11 am

Hurricane-Proof Your Information


Source: RSS feed - channel BNewsBusiness | 27 Apr 2010 | 3:00 am

Mazda, MMC forecast profit jump as sales recover

TOKYO (Reuters) - Mazda Motor Corp and Mitsubishi Motors Corp , Japan's No.5 and No.6 automakers, forecast a more than trebling in annual operating profit on Tuesday, counting on new models to ride a sales recovery in the United States and other markets.



Source: Reuters: Business News | 27 Apr 2010 | 2:59 am

Mazda, MMC forecast profit jump as sales recover (Reuters)

Mazda Motor Corp's Axela vehicle is displayed at the 41st Tokyo Motor Show in Chiba, east of Tokyo, October 22, 2009. REUTERS/Yuriko NakaoReuters - Mazda Motor Corp (7261.T) and Mitsubishi Motors Corp (7211.T), Japan's No.5 and No.6 automakers, forecast a more than trebling in annual operating profit on Tuesday, counting on new models to ride a sales recovery in the United States and other markets.



Source: Yahoo! News: Business News | 27 Apr 2010 | 2:59 am

Some families will face wait to cover young adults (AP)

AP - President Barack Obama's health care overhaul was supposed to take care of a major worry for parents of 20-year-olds making the transition to work: keeping the kids insured.
Source: Yahoo! News: Business News | 27 Apr 2010 | 2:58 am

London Markets: Commodity firms slide in lower FTSE 100

Commodity-sector firms pressure the top British share index on Tuesday, with miners trading sharply lower and oil giant BP also declining.



Source: MarketWatch.com - Top Stories | 27 Apr 2010 | 2:57 am

BP's soaring profits overshadowed by oil rig tragedy (AFP)

British energy giant BP said that first-quarter profits rocketed on higher oil prices but admitted that the news was overshadowed by last week's tragic accident at a rig in the Gulf of Mexico.(AFP/File/Paul Ellis)AFP - British energy giant BP said Tuesday that first-quarter profits rocketed on higher oil prices but admitted that the news was overshadowed by last week's tragic accident at a rig in the Gulf of Mexico.



Source: Yahoo! News: Business News | 27 Apr 2010 | 2:55 am

Deutsche Bank profit surges 49%

Deutsche Bank first-quarter net income jumped 49%, beating market expectations thanks to a stronger performance from its investment banking arm and lower write-downs.



Source: MarketWatch.com - Top Stories | 27 Apr 2010 | 2:55 am

Global stocks slip as Greece weighs, euro down (Reuters)

A man uses his laptop computer in front of an electronic board displaying exchange rates in a business district in Tokyo April 26, 2010. REUTERS/Issei KatoReuters - World stocks remained troubled by worries over Greek debt on Tuesday after Germany demanded new austerity measures, offsetting strong U.S. earnings, and driving down the euro on contagion fears.



Source: Yahoo! News: Stock Markets News | 27 Apr 2010 | 2:50 am

Deutsche Bank, Lloyds profits revive as bad debts improve

FRANKFURT/LONDON (Reuters) - Deutsche Bank delivered record investment bank earnings and European peers Lloyds and Swedbank swung to surprise profits on Tuesday as an economic recovery...
Source: RSS feed - channel BNewsBusiness | 27 Apr 2010 | 2:49 am

Lloyds returns to profit as bad-debt charges fall

Falling bad-debt charges on its corporate and commercial lending help Lloyds return to profit.



Source: MarketWatch.com - Top Stories | 27 Apr 2010 | 2:49 am

German FDP: Temporary Greek euro exit an option

BERLIN (Reuters) - Greece might have to quit the euro zone for a time if the country failed to tighten its belt sufficiently to qualify for emergency aid, a budget expert with Germany's...
Source: RSS feed - channel BNewsBusiness | 27 Apr 2010 | 2:45 am

German FDP: Temporary Greek euro exit an option

BERLIN (Reuters) - Greece might have to quit the euro zone for a time if the country failed to tighten its belt sufficiently to qualify for emergency aid, a budget expert with Germany's junior coalition party said on Tuesday.



Source: Reuters: Business News | 27 Apr 2010 | 2:45 am

Democrats, undaunted, keep focus on Wall Street (AP)

Greek Prime Minister George Papandreou leaves his office after talks with the head of the Finance Ministry in Athens. Papandreou appealed for patience to beat the country's debt crisis and warned of a sea change in policy to restore economic viability as he faced a backlash for seeking outside help.(AFP/Louisa Gouliamaki)AP - Democrats planned to keep up the pressure on Republicans after an expected setback put the brakes on Senate consideration of financial regulations.



Source: Yahoo! News: Business News | 27 Apr 2010 | 2:45 am

Obama panel weighs politically toxic deficit fixes (AP)

AP - Even members of President Barack Obama's bipartisan fiscal commission admit the near impossibility of their task: finding a consensus by next fall for reducing federal deficits that threaten to erode Americans' standard of living.
Source: Yahoo! News: Business News | 27 Apr 2010 | 2:40 am

Sharp sees highest profit in 3 years on TV, solar

TOKYO (Reuters) - Sharp Corp beat market expectations with a forecast for annual operating profit to more than double to its highest in three years, after it swung to a quarterly profit on strong sales of display and solar panels.



Source: Reuters: Business News | 27 Apr 2010 | 2:39 am

Greek PM to brief party deputies on rescue deal (AP)

Prime Minister George Papandreou chats with his staff as he leaves his office following talks with Finance Minister George Papaconstantinou in Athens, Monday, April 26, 2010. Financial markets upped the pressure Monday on debt-ridden Greece, as investors remained skeptical about its long-term solvency despite assurances that a rescue loan will soon help pay off a chunk of the country's crushing debts. Market fears appeared driven by Germany's grudging attitude toward bailing Greece out, which could delay the funds. Longer term, some economists think Greece's growth prospects are so weak the government will not be able to collect enough taxes to meet its debt obligations years down the road. (AP Photo/Dimitri Messinis)AP - Greece's prime minister will brief governing Socialist party lawmakers on the eurozone and International Monetary Fund bailout package, as unions plan more protests.



Source: Yahoo! News: Business News | 27 Apr 2010 | 2:38 am

Norsk Hydro swings to first-quarter profit

Norway's Norsk Hydro returns to profitability and grows its revenue 10%, as demand for its products stages a partial recovery.



Source: MarketWatch.com - Top Stories | 27 Apr 2010 | 2:28 am

Credit or debit? How to decide

The next time you reach for your wallet at the grocery store or the mall, chances are you'll whip out a debit card rather than a credit card. Since 2000, the number of debit payments has more than doubled, while the number of credit transactions has fallen by nearly half, according to bank card advisory firm R.K. Hammer.
Source: Business and financial news - CNNMoney.com | 27 Apr 2010 | 2:27 am

Lloyds Bank returns to profit

Lloyds Banking Group, 41pc-owned by the taxpayer, has returned to profit in the first three months of the year.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 27 Apr 2010 | 2:25 am

Lloyds returns to profit as bad debts improve

LONDON (Reuters) - Lloyds Banking Group returned to profit in the first three months of this year, earlier than expected for Britain's largest retail bank, and expects to deliver a profit...
Source: RSS feed - channel BNewsBusiness | 27 Apr 2010 | 2:22 am

Stephanomics

Is it now safer to lend money to Iraq than to Greece?
Source: BBC News | Business | World Edition | 27 Apr 2010 | 2:20 am

Electric trucks prepare for delivery

Plug-in technology isn't just for passenger cars, anymore.
Source: Business and financial news - CNNMoney.com | 27 Apr 2010 | 2:19 am

BP reports profit surge as it battles oil spill

Oil giant BP reports a more than doubling of its first-quarter profit as it benefits from a recovery in prices.



Source: MarketWatch.com - Top Stories | 27 Apr 2010 | 2:18 am

Deutsche Bank sales and trading drives Q1

FRANKFURT (Reuters) - Deutsche Bank's investment bank posted forecast-beating record quarterly earnings, adding credibility to the lender's ambitious targets even as Wall Street faces a...
Source: RSS feed - channel BNewsBusiness | 27 Apr 2010 | 2:17 am

Deutsche Bank posts bumper profit

Germany's biggest lender Deutsche Bank announces net profits of 1.8bn euros for the first three months of the year.
Source: BBC News | Business | World Edition | 27 Apr 2010 | 2:11 am

BP profits soar, investors eye oil spill

LONDON (Reuters) - BP Plc failed to reassure investors with a more than doubling of first-quarter net profits on Tuesday, as the oil major's shares fell on growing fears about the impact of a worsening oil spill in the Gulf of Mexico.



Source: Reuters: Business News | 27 Apr 2010 | 2:08 am

Europe Markets: Banks, miners drag European shares to losses

European shares decline on Tuesday, with miners hit by another round of Chinese-policy-tightening fears and banks trading lower.



Source: MarketWatch.com - Top Stories | 27 Apr 2010 | 2:04 am

Lloyds tops FTSE 100 after returning to profit

Lloyds Banking Group moved to the top of the FTSE 100 on Tuesday, after the part-nationalised bank said it made an earlier-than expected return to profit. Significantly lower impairment charges...
Source: RSS feed - channel BNPaperBusiness | 27 Apr 2010 | 2:03 am

Fletcher Building leads NZ market down

The New Zealand sharemarket closed lower today as the only major positive piece of corporate news came from unlisted dairy co-operative Fonterra.Following a small gain yesterday, the benchmark NZX-50 index finished down 14.34...
Source: nzherald.co.nz - Business | 27 Apr 2010 | 2:00 am

Buffett's longest bet looking better

Unaudited results are in for the second year of "Buffett's Big Bet" -- Warren Buffett's 2008 wager against Protégé Partners that a low-fee index fund will outperform certain funds of hedge funds -- and the famous investor has gained some ground on his challenger. In the 2009 segment of the 10-year bet, an S&P 500 index fund -- that's Buffett's pick -- outdid the average performance of the five funds of funds that New York-based money management firm Protégé backs, 26.2% to 15.9%.
Source: Business and financial news - CNNMoney.com | 27 Apr 2010 | 2:00 am

Media Digest 4/27/2010 Reuters, WSJ, NYTimes, FT, Bloomberg

Reuters:   A new panel to address the budget deficit will start work. Reuters:   A lawyer for Goldman Sachs Group (NYSE: GS) said it is not an “evil empire.” Reuters:   The euro slipped on concern about Greek aid. Reuters:   Research-in-Motion (NASDAQ: RIMM) showed its new operating system. WSJ:   The finance bill in the Senate was hurt [...]

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Source: 24/7 Wall St. | 27 Apr 2010 | 1:59 am

BP steps up spill response amid 135% profit surge

BP announced a 135 per cent increase in first-quarter profits today prompted by rising oil prices and a strong performance from the group’s core exploration and production arm.


Source: Latest Business News from Times Online | 27 Apr 2010 | 1:56 am

BP profits double as oil price jumps

Oil group battling to stem a leak in the Gulf of Mexico said first-quarter profits more than doubled.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 27 Apr 2010 | 1:54 am

BP profits more than double to $5.6bn

BP has exceeded analysts’ expectations with a 135 per cent rise in post-tax profits for the first quarter, and continued to cut its debts thanks to the rebound in oil and gas prices
Source: Financial Times - US homepage | 27 Apr 2010 | 1:44 am

Currencies: Dollar slips; euro edges up after Weber comments

The dollar slips as the euro makes up some lost ground after a key euro-zone financial official has reassuring words for the single currency.



Source: MarketWatch.com - Top Stories | 27 Apr 2010 | 1:36 am

Lloyds returns to profit after bad debts shrink

Lloyds Banking Group today announced that it had returned to profit during the first three months of this year following a reduction in bad debt from its wholesale banking division.


Source: Latest Business News from Times Online | 27 Apr 2010 | 1:36 am

Team mates

Sport and new media look for winning results?
Source: BBC News | Business | World Edition | 27 Apr 2010 | 1:33 am

EU bank jobs

Brussels reveals ideas to rein in banks
Source: BBC News | Business | World Edition | 27 Apr 2010 | 1:33 am

Barack Obama loses first vote on bank bill

Wall Street banks were given a temporary stay of execution last night after the US Senate voted down the reading of Senator Christopher Dodd's financial reform bill which will force them to hive off swaps and derivatives desks.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 27 Apr 2010 | 1:29 am

Segro buys BAA airport property stake for £244m

BAA has sold its 50pc stake in The Airport Property Partnership (APP) to Segro, the commercial property group, for £224m, the company said on Tuesday.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 27 Apr 2010 | 1:17 am

The PMI Group, Inc. Announces Pricing of Common Stock and Convertible Senior Notes Offerings


Source: RSS feed - channel BNewsBusiness | 27 Apr 2010 | 1:04 am

Crafar Facebook campaign gathers steam

Almost 200 people have thrown their weight behind a Facebook group in support of embattled farmer Allan Crafar.The group, titledSource: nzherald.co.nz - Business | 27 Apr 2010 | 1:00 am

Deutsche Bank results offset Goldman concerns

Earnings outstripped expectations in a strong first quarter, giving comfort to investors who have seen the share price come under pressure since charges against its US rival
Source: Financial Times - US homepage | 27 Apr 2010 | 1:00 am

Laissez-faire Republican is battling the Comcast-NBC deal

As head of the FCC, Kevin Martin fought to loosen regulations. Now he’s practicing law in the private sector, and his clients are groups that oppose the media merger.

That labor unions such as the Communications Workers of America, advocacy groups including the National Coalition of African American Owned Media and competing media companies are making noise in Washington about the impact that cable giant Comcast's proposed takeover of General Electric Co.'s NBC Universal would have on the media landscape is hardly a surprise.



Source: L.A. Times - Business | 27 Apr 2010 | 1:00 am

Supreme Court to hear case on violent video games

The high court agrees to decide whether California and six other states can forbid the sale to minors of video games that show images of humans being maimed, killed or sexually assaulted.

Violence is at the heart of some of the most popular video games. Now the Supreme Court is going to decide whether California, home to many of the country's biggest game companies, can outlaw the sale to children of games in which people are maimed, killed or sexually assaulted.



Source: L.A. Times - Business | 27 Apr 2010 | 1:00 am

Q&A: The economics of climate legislation

The man who runs Exelon, the major Chicago-based electric utility, explains why he’s an evangelist for measures to cut greenhouse gas emissions. ...
Source: RSS feed - channel BNPaperBusiness | 27 Apr 2010 | 1:00 am

Stalled bailout of Greece sends oil prices down

The price dips back under $85 a barrel after Germany said it wouldn’t release funds until Greece has a viable deficit-reduction plan. Gas prices for 2010 are expected to peak by Memorial Day weekend.

Doubts about a plan to bail Greece out of its financial mess helped drive oil back under $85 a barrel in trading Monday, analysts said, adding that gasoline prices will probably see their peak for the year by the Memorial Day holiday.



Source: L.A. Times - Business | 27 Apr 2010 | 1:00 am

Goldman played key role in mortgage meltdown, Senate investigators say

Citing company documents, investigators say the financial giant used its good reputation to sell toxic mortgage-related securities to investors and then bet against the overheated market it created. ...
Source: RSS feed - channel BNPaperBusiness | 27 Apr 2010 | 1:00 am

E-mails reveal Goldman Sachs trader’s trepidations, distractions

Fabrice Tourre, the only individual defendant named in the government’s case, comes across in company communications as brash but thoughtful.

The young Goldman, Sachs & Co. trader at the center of the government's civil fraud case against the firm was aware of problems with the complex financial products he was working on, e-mails released by the company indicate.



Source: L.A. Times - Business | 27 Apr 2010 | 1:00 am

Disney theme park attendance up in 2009

Crowd numbers jump 8% at Disneyland in Anaheim, while overall U.S. theme park attendance falls about 1%, the Themed Entertainment Assn. estimates.

Despite tough economic times, attendance numbers for most Disney theme parks around the world increased in 2009, with crowd numbers jumping 8% for Disneyland in Anaheim, according to a new report.



Source: L.A. Times - Business | 27 Apr 2010 | 1:00 am

Hertz agrees to buy rival Dollar Thrifty for $1.2 billion

Hertz Global Holdings Inc. said Monday that it had agreed to buy rival Dollar Thrifty Automotive Group Inc. for about $1.17 billion in cash and stock as it tries to expand its vacationer business.
Source: RSS feed - channel BNPaperBusiness | 27 Apr 2010 | 1:00 am

Supreme Court to hear case on violent video games

The high court agrees to decide whether California and six other states can forbid the sale to minors of video games that show images of humans being maimed, killed or sexually assaulted. ...
Source: RSS feed - channel BNPaperBusiness | 27 Apr 2010 | 1:00 am

FCC needs to step up regulation of Internet broadband service

The agency would be in a better position to protect consumers if it reclassified broadband as a telecom service. ...
Source: RSS feed - channel BNPaperBusiness | 27 Apr 2010 | 1:00 am

Gizmodo iPhone blogger says home searched by sheriff’s deputies

Jason Chen, who had posted extensive information about a lost iPhone prototype, says San Mateo County sheriff’s deputies broke into his home Friday night. Gizmodo says they seized two dozen pieces...
Source: RSS feed - channel BNPaperBusiness | 27 Apr 2010 | 1:00 am

FCC needs to step up regulation of Internet broadband service

The agency would be in a better position to protect consumers if it reclassified broadband as a telecom service.

A battle is about to erupt between federal regulators and telecom companies, and nothing less than the future of the Internet could be on the line.



Source: L.A. Times - Business | 27 Apr 2010 | 1:00 am

Goldman played key role in mortgage meltdown, Senate investigators say

Citing company documents, investigators say the financial giant used its good reputation to sell toxic mortgage-related securities to investors and then bet against the overheated market it created.

In its aggressive pursuit of profits, Goldman, Sachs & Co. became a key enabler of the mortgage meltdown that triggered the global financial crisis, Senate investigators said Monday as they released new documents detailing the bank's controversial actions.



Source: L.A. Times - Business | 27 Apr 2010 | 1:00 am

E-mails reveal Goldman Sachs trader’s trepidations, distractions

Fabrice Tourre, the only individual defendant named in the government’s case, comes across in company communications as brash but thoughtful. ...
Source: RSS feed - channel BNPaperBusiness | 27 Apr 2010 | 1:00 am

U.S. newspaper circulation slides

The rate of decline, though still severe, slows from the previous reporting period. The Los Angeles Times’ circulation falls 14.7% on weekdays and 7.6% on Sundays. ...
Source: RSS feed - channel BNPaperBusiness | 27 Apr 2010 | 1:00 am

Q&A: The economics of climate legislation

The man who runs Exelon, the major Chicago-based electric utility, explains why he’s an evangelist for measures to cut greenhouse gas emissions.

John Rowe's business is power plants, but lately he's been talking a lot about train wrecks — specifically, the one he's worried will devastate the utility industry if Congress fails to pass a climate bill.



Source: L.A. Times - Business | 27 Apr 2010 | 1:00 am

Happy Meal toys could be banned in Santa Clara County

A county supervisor has created a stir with his proposal to bar the inclusion of toys in restaurant meals that contain high amounts of sugar, salt or certain fats.

The latest target in the battle over fast food is something you shouldn't even put in your mouth.



Source: L.A. Times - Business | 27 Apr 2010 | 1:00 am

Gizmodo iPhone blogger says home searched by sheriff’s deputies

Jason Chen, who had posted extensive information about a lost iPhone prototype, says San Mateo County sheriff’s deputies broke into his home Friday night. Gizmodo says they seized two dozen pieces of equipment.

San Mateo County sheriff's deputies searched the home of Gizmodo blogger Jason Chen, who created an online sensation among Apple Inc. fans when he posted extensive information about a lost iPhone prototype, according to a message Monday on the site.



Source: L.A. Times - Business | 27 Apr 2010 | 1:00 am

Business Bullet: Goldmans, Euro, Oil, Lloyds

The latest news on: Goldmans, Euro, Oil, Lloyds
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 27 Apr 2010 | 12:59 am

Bailed-out Lloyds returns to profit

Lloyds Banking Group, 41pc-owned by the taxpayer, has returned to profit in the first three months of the year.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 27 Apr 2010 | 12:58 am

BP doubles profit to hit $5.6bn

First quarter profits at oil giant BP more than double from a year ago to hit $5.6bn thanks to rising oil prices.
Source: BBC News | Business | World Edition | 27 Apr 2010 | 12:42 am

NZ dollar pulls back from highs

The prospect of interest rate rises in New Zealand and the United States injected a note of caution in the New Zealand dollar, which hit a two-year high against the euro and a three-month high against the US dollar overnight.By...
Source: nzherald.co.nz - Business | 26 Apr 2010 | 11:44 pm

Goldman shouldn't be judged as "evil empire"

BEVERLY HILLS, California (Reuters) - Goldman Sachs Group Inc will want a judgment based on 'merits and facts' in the fraud case against it rather than popular opinion that it is an 'evil empire', a senior lawyer from the firm that represents it said on Monday.



Source: Reuters: Business News | 26 Apr 2010 | 10:34 pm

How to Invest Like John Paulson (On the Street)

The DIY way to follow the high-profile hedge-fund manager's trades.



Source: SmartMoney.com | 26 Apr 2010 | 10:00 pm

At Guess, Skimpy Jeans and Hefty Profits

Shares of Guess are as attractive as the retailer's edgy fashions.



Source: SmartMoney.com | 26 Apr 2010 | 10:00 pm

Should You Follow an Online Stock Picker?

Our guide to a growing corner of the investment business.



Source: SmartMoney.com | 26 Apr 2010 | 10:00 pm

Economic Yardstick Predicts Slowdown Ahead

VIDEO: LPL Financial strategist Jeffrey Kleintop on new headwinds.



Source: SmartMoney.com | 26 Apr 2010 | 10:00 pm

Financial sector frets reform may hit business

BEVERLY HILLS, California (Reuters) - Financial services executives are apprehensively watching regulation reform make its way through Washington, worried measures such as a bailout fund and restrictions on derivatives would hurt business.



Source: Reuters: Business News | 26 Apr 2010 | 9:19 pm

Fonterra hikes milk price payout - $500m extra for farmers

Fonterra has just announced it is increasing its forecast milk price payout by 40 cents, to $6.10 per kilogram of milksolids.Co-op chairman Sir Henry van der Heyden said continued strength in global dairy prices, with demand growth...
Source: nzherald.co.nz - Business | 26 Apr 2010 | 8:30 pm

Five Star directors remanded till June

The four directors of the failed Five Star group have had their case remanded until June.Marcus Macdonald, Anthony Bowden, Nicholas Kirk and Neill Williams face charges under the Securities Act and the Financial Reporting Act.They...
Source: nzherald.co.nz - Business | 26 Apr 2010 | 7:40 pm

Yellow Pages put up for sale by nervous banks

By Gareth VaughanYellow Pages Group, which owes its lenders about NZ$1.72 billion, looks set to be put on the block for sale by its nervous banks who want to limit the losses they will have to book on the debt. BNZ, ANZ and Westpac...
Source: nzherald.co.nz - Business | 26 Apr 2010 | 7:00 pm

Obama renews push for peace in Middle East

In a manoeuvre often seen as a sign of presidential favour, the US President ‘dropped by’ on a meeting between James Jones, his national security adviser, and Ehud Barak, Israel’s defence minister
Source: Financial Times - US homepage | 26 Apr 2010 | 6:20 pm

Senate delayed on Wall Street reform

Senate Democrats failed to muster enough votes Monday to take up Wall Street reform, with a key Democrat voting with Republicans against the push to get the debate started.
Source: Business and financial news - CNNMoney.com | 26 Apr 2010 | 6:15 pm

RWC safe from liquor law changes

Proposed liquor law changes are unlikely to have any impact on Rugby World Cup festivities, says the Government.The Law Commission report tabled in Parliament today recommends the Government cap closing times for bars and restaurants...
Source: nzherald.co.nz - Business | 26 Apr 2010 | 6:10 pm

IPL ringmaster suspended as scandal fallout sparks Parliament protest

The Indian Premier League (IPL) seemed to embody all that was good about “new India”, with its telegenic cocktail of Bollywood glitz, big business and high-octane cricket.


Source: Latest Business News from Times Online | 26 Apr 2010 | 6:01 pm

Once again the little Farepak guys have been shafted

Fifteen pence in the pound for Farepak creditors. While highly paid men wrangled in boardrooms, 120,000 careful savers have waited three years, to be told that instead of losing 95p in every pound they’ve only lost 85p. No interest, and no liability admitted by the directors of a Christmas “club” described in Parliament as immoral. The liquidators declare proudly that this is a “pragmatic” solution to avoid “delay and uncertainty”.
Source: Latest Business News from Times Online | 26 Apr 2010 | 6:01 pm

Business big shot: Peter Hargreaves

The co-founder of the broker and investment adviser Hargreaves Lansdown said last night that he would step down as chief executive in the autumn.


Source: Latest Business News from Times Online | 26 Apr 2010 | 6:01 pm

Commentary: Germany is right to be worried

To judge from some commentaries, Gordon Brown is not the only one facing a make-or-break inquisition this week. There are those who believe that, when the Goldman Sachs chief executive Lloyd Blankfein appears today before a US Senate sub-committee, a poor performance would seal his fate just as assuredly as a stumbling one in this Thursday’s TV debate on the economy will do for the Prime Minister.


Source: Latest Business News from Times Online | 26 Apr 2010 | 6:01 pm

Merkel keeps Greece in suspense over rescue

The German Chancellor was forced yesterday to issue an emergency statement promising aid to Greece — but her words failed to quell bond market speculation that Berlin might not support the eurozone’s €30 billion rescue package.


Source: Latest Business News from Times Online | 26 Apr 2010 | 6:01 pm

Farepak customers suffer as liquidators' fees rise

Customers who paid for hampers from Farepak are expected to receive less than £50 each, even as accountants and lawyers handling the liquidation rack up millions in fees.


Source: Latest Business News from Times Online | 26 Apr 2010 | 6:01 pm

A Big Box filled with everything from sports cars to a £10 plug

Carphone Warehouse has lifted the lid on its new Best Buy-branded “Big Box” electrical stores after raising its profit forecast for the third time in six months.


Source: Latest Business News from Times Online | 26 Apr 2010 | 6:01 pm

Goldman ‘criticised $1bn loan product’

Goldman Sachs officials privately disparaged a complex $1bn mortgage security that the Wall Street bank sold to investors, according to e-mails released by Senate investigators on the eve of hearings on the bank’s role in the financial crisis
Source: Financial Times - US homepage | 26 Apr 2010 | 5:52 pm

Telecom website service restored

Telecom says its online billing and accounts service Your Telecom is restored after a brief outage this morning.The company announced on Twitter that there were "major issues" with the service and then tweeted 90 minutes...
Source: nzherald.co.nz - Business | 26 Apr 2010 | 5:32 pm

Russia offers Kiev nuclear deal

Unexpected offer would produce a European nuclear giant based on the vast power industries inherited by both nations from the USSR
Source: Financial Times - US homepage | 26 Apr 2010 | 5:14 pm

Goldman trader described one CDO as a 'sh---y deal', email shows

Goldman Sachs faces new allegations that it deliberately misled clients after new emails emerged in which a former trading chief described one of the bank's complex mortgage-backed debt parcels as disastrous.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 26 Apr 2010 | 5:09 pm

24/7 Wall St.: List Of Financial Reform Vote By Senator

The vote on the “original bill to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end “too big to fail”, to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes,” (aka “Restoring American Financial Stability [...]

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Source: 24/7 Wall St. | 26 Apr 2010 | 5:08 pm

Republicans delay financial reform bill

Republicans want checks on a proposed consumer financial protection bureau and the crisis powers of regulators as the price for supporting a landmark regulation reform effort
Source: Financial Times - US homepage | 26 Apr 2010 | 5:08 pm

Greek bonds plunge despite bail-out pledge

Worries among investors grow that the country will need to restructure its debts in spite of a proposed €45bn ($60bn) assistance package
Source: Financial Times - US homepage | 26 Apr 2010 | 4:55 pm

Wal-Mart to face record gender-pay trial

A federal appeals court has certified the largest class-action employment lawsuit in U.S. history, in a long-standing dispute against retailer Wal-Mart Stores Inc. over alleged gender bias in pay and promotions.
Source: Business and financial news - CNNMoney.com | 26 Apr 2010 | 4:55 pm

NZ shares down early

The New Zealand sharemarket fell in early trading, with major shares falling away after small gains yesterday.Around 10.15am the benchmark NZX-50 index was down 7.31 points to 3298.94, after closing up 4.6 points yesterday.Among...
Source: nzherald.co.nz - Business | 26 Apr 2010 | 4:45 pm

Write-Offs: 04.26.10

$$$ Goldman, CEO hit with lawsuit [Reuters]

$$$ Goldman Sachs, Obama and Wall Street Reform [The New Yorker]

$$$ Thomas Montag, the former head of sales and trading in the Americas at Goldman Sachs Group Inc., called a set of mortgage-linked investments sold by his firm “one shi**y deal,” according to an excerpt from internal e-mails released by Senate lawmakers. [Bloomberg]

$$$ Why Does Larry Summers Like Banks So Much? [The Atlantic]



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Goldman Sachs - Barack Obama - Wall Street - Goldman Sachs Group Inc - United States
Source: Dealbreaker | 26 Apr 2010 | 4:45 pm

Citi CEO Pandit looks abroad for recovery, growth

NEW YORK (Reuters) - Citigroup Inc Chief Executive Vikram Pandit is pinning his hopes for an economic recovery on the developing markets where his company already has a firm foothold.



Source: Reuters: Business News | 26 Apr 2010 | 4:28 pm

Top 10 mortgage fraud states

Mortgage fraud is still on the rise, according to a report released Monday, despite efforts by law enforcement and policy makers to rein it in.
Source: Business and financial news - CNNMoney.com | 26 Apr 2010 | 4:24 pm

Goldman trader: His 'fabulous' e-mails

The e-mails trader Fabrice Tourre sent to in 2007 make it clear that he was fully aware that the financial "monstruosities" he helped create at Goldman Sachs were entirely bunk.
Source: Business and financial news - CNNMoney.com | 26 Apr 2010 | 4:23 pm

Testimony of Goldman chief Lloyd Blankfein to the Senate on April 27: the text in full

Testimony from Lloyd C. Blankfein Chairman and CEO, The Goldman Sachs Group, Inc. Permanent Senate Subcommittee on Investigations. Mr Blankfein will deliver the testimony on April 27.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 26 Apr 2010 | 4:21 pm

Testimony Of Goldman Sachs CEO Llyod Blankfein, Without Comment

Here is the transcript of the testimony that Goldman Sachs Group (NYSE: GS) CEO Lloyd Blankfein will give tomorrow, April 27. A number of  the media have tried to make the case that a great deal of what will be said is not true. If they knew that they could be either the Goldman CEO or SEC Chair. [...]

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Source: 24/7 Wall St. | 26 Apr 2010 | 4:17 pm

Tomorrow, Pour One (White Castle Hamburger) Out For Goldman Sachs

Ahead of tomorrow’s hearing, there have been a flurry of stories about Goldman Sachs everywhere you look, including this here site. But it was only Kate Kelly’s Wall Street Journal article that really hit home. For whatever you think about Goldman Sachs and its employees, they’re just people. Just men. Just financial services hacks who, when they’re not coming up with nefarious plots to take over the universe (JK…JK I’m serious), are shoveling food in their mouths as quickly as possible for sport.

Goldman Sachs Group Inc.’s mortgage traders, under the spotlight because of the U.S. government’s fraud lawsuit against the securities firm, made markets in more than just bonds during the real-estate bubble. They also cast bets on a White Castle hamburger-eating contest. In December 2007, after the firm distributed multimillion-dollar bonus checks in part thanks to bets on a mortgage meltdown, about 10 Goldman mortgage traders, surrounded by dozens of cheering colleagues, wolfed down the burgers, according to attendees. Bystanders wagered cash on how many burgers the traders could eat.

If you care about Lloyd and Co at all, and maybe you don’t, tomorrow you’ll step up to the plate and do one of these (but after the hearing so I can provide coverage, otherwise there’s no point). And if not for Lloyd, do it for Pookie.



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Goldman Sachs - Wall Street Journal - Financial services - Business - Real estate
Source: Dealbreaker | 26 Apr 2010 | 4:15 pm

Enron law firm sues Goldman Sachs

The law firm that won Enron investors $7.2 billion in what was one of the largest class action suits in the history of securities law, filed charges against Goldman Sachs Monday.
Source: Business and financial news - CNNMoney.com | 26 Apr 2010 | 4:03 pm

How the major stock indexes fared on Monday (AP)

AP - The stock market closed narrowly mixed Monday after a strong earnings report from Caterpillar Inc. offset investors' concerns about financial regulation. The Dow Jones industrial average, supported by Caterpillar, eked out a gain of 1 point. Broader market indexes fell modestly. Banking shares fell as negotiations on financial overhaul legislation continued in Washington.
Source: Yahoo! News: Stock Markets News | 26 Apr 2010 | 3:53 pm

Strong Caterpillar results, outlook lift stocks (AP)

Traders work at the Barclays Capital kiosk on the floor of the New York Stock Exchange April 26, 2010. REUTERS/Brendan McDermidAP - The stock market closed narrowly mixed Monday after a strong earnings report from Caterpillar Inc. offset investors' concerns about financial regulation.



Source: Yahoo! News: Stock Markets News | 26 Apr 2010 | 3:46 pm

Five ways to get a better return from your money

Can high returns still be achieved at low risk? Here are five possibilities.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 26 Apr 2010 | 3:44 pm

Goldman Sachs: the questions that the US Senate committee should ask

Goldman Sachs will be in the dock on Tuesday. Not in court, but in front of a U.S. Senate committee, where seven current and former employees, including boss Lloyd Blankfein and the self-styled Fabulous Fabrice Tourre, will appear.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 26 Apr 2010 | 3:43 pm

Insurers hit at global financial tax plan

The world’s 80 largest insurance groups have written to the G20 group of nations to protest at their industry’s inclusion in proposals for a global financial services tax
Source: Financial Times - US homepage | 26 Apr 2010 | 3:40 pm

Lloyd Blankfein: “April 16th Was One Of The Worst Days Of My Professional Life”

He hasn’t been ready to talk about it until now but yes, you should know, April 16th was the day Lloyd saw Viniar for the first time in the new steam room during an AM soak. All innocence lost. Not even the on-site cupcakes could console him. And the day got only worse. Here’s what he has to say about that.

Chairman Levin, Ranking Member Coburn and Members of the Subcommittee:

Thank you for the invitation to appear before you today as you examine some of the causes and consequences of the financial crisis.

Today, the financial system is still fragile but it is largely stable. This stability is a result of decisive and necessary government action during the fall of 2008. Like other financial institutions, Goldman Sachs received an investment from the government as a part of its various efforts to fortify our markets and the economy during a very difficult time.

I want to express my gratitude and the gratitude of our entire firm. We held the government’s investment for approximately eight months and repaid it in full along with a 23% annualized return for taxpayers.

Until recently, most Americans had never heard of Goldman Sachs or weren’t sure what it did. We don’t have banking branches. We provide very few mortgages and don’t issue credit cards or loans to consumers. Instead, we generally work with companies, governments, pension funds, mutual funds and other investing institutions. These clients usually come to Goldman Sachs for one or more of the following reasons: (1) they want financial advice; (2) they need financing; (3) they want to buy or sell a stock, bond or other financial instrument; or (4) they want help in managing and growing their financial assets.

The 35,000 people who work at Goldman Sachs, the majority of whom work in the United States, are hard-working, diligent and thoughtful. Through them, we help governments raise capital to fund schools and roads. We advise companies and provide them funds to invest in their growth. We work with pension funds, labor unions and university endowments to help build and secure their assets for generations to come. And, we connect buyers and sellers in the securities markets, contributing to the liquidity and vitality of our financial system.

These functions are important to economic growth and job creation. I recognize, however, that many Americans are skeptical about the contribution of investment banking to our economy and understandably angry about how Wall Street contributed to the financial crisis. As a firm, we are trying to deal with the implications of the crisis for ourselves and for the system. What we and other banks, rating agencies and regulators failed to do was sound the alarm that there was too much lending and too much leverage in the system–that credit had become too cheap. One consequence of the growth of the housing market was that instruments that pooled mortgages and their risk became overly complex. That complexity and the fact that some instruments couldn’t be easily bought or sold compounded the effects of the crisis.

While derivatives are an important tool to help companies and financial institutions manage their risk, we need more transparency for the public and regulators as well as safeguards in the system for their use. That is why Goldman Sachs, in supporting financial regulatory reform, has made it clear that it supports clearinghouses for eligible derivatives and higher capital requirements for non-standard instruments.

As you know, ten days ago, the SEC announced a civil action against Goldman Sachs in connection with a specific transaction. It was one of the worst days in my professional life, as I know it was for every person at our firm. We believe deeply in a culture that prizes teamwork, depends on honesty and rewards saying no as much as saying yes. We have been a client centered firm for 140 years and if our clients believe that we don’t deserve their trust, we cannot survive.

While we strongly disagree with the SEC’s complaint, I also recognize how such a complicated transaction may look to many people. To them, it is confirmation of how out of control they believe Wall Street has become, no matter how sophisticated the parties or what disclosures were made. We have to do a better job of striking the balance between what an informed client believes is important to his or her investing goals and what the public believes is overly complex and risky.

Finally, Mr. Chairman, the Subcommittee is focused on the more specific issues revolving around the mortgage securitization market. I think it is important to consider these issues in the context of risk management. We believe that strong, conservative risk management is fundamental and helps define Goldman Sachs. Our risk management processes did not, and could not, provide absolute clarity; they highlighted uncertainty about evolving conditions in the housing market. That uncertainty dictated our decision to attempt to reduce the firm’s overall risk.

Much has been said about the supposedly massive short Goldman Sachs had on the U.S. housing market. The fact is we were not consistently or significantly net “short the market” in residential mortgage-related products in 2007 and 2008. Our performance in our residential mortgage-related business confirms this.

During the two years of the financial crisis, while profitable overall, Goldman Sachs lost approximately $1.2 billion from our activities in the residential housing market.

We didn’t have a massive short against the housing market and we certainly did not bet against our clients. Rather, we believe that we managed our risk as our shareholders and our regulators would expect.

Mr. Chairman, thank you for the opportunity to address these issues. I look forward to your questions.



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Goldman Sachs - United States - Lloyd Blankfein - Business - SEC
Source: Dealbreaker | 26 Apr 2010 | 3:31 pm

Ford, Navistar, Cummins, Verso, Domtar: Taking Stock


Source: Bloomberg - All Podcasts | 26 Apr 2010 | 3:24 pm

Geithner: Relatively Speaking, Our Banks Are Small

By Jacob Goldstein

Tim Geithner talks to Melissa Block on today's All Things Considered. The conversation includes some back-and-forth on bank size. Geithner argues (as have other administration officials) that risk -- not size -- is the key issue.

He says:

The Great Depression was a crisis of small bank failures across the country. And Bear Stearns, Lehman Brothers, two failures that brought our system to the edge of collapse, were relatively small institutions. So the most important thing to do is about limiting risk. ...
Our [financial] system is much less concentrated than any other major economy. Look at Canada to the north where they have really only five institutions that have everything. But they also had a much more stable system than we did.
Also our banks are much smaller, as a share of our economy, than is true for any other major economy. What's critical is about risk, and limiting the risk they take.

Here's a counterargument, from Johnson and Kwak's new book 13 Bankers.

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Source: NPR Blogs: Planet Money | 26 Apr 2010 | 3:06 pm

Wal-Mart Hit With Court Ruling On Discrimination, Costs Could Be Huge

The UNITED STATES COURT OF APPEALS FOR THE NINTH CIRCUIT made a ruling today that could cost Wal-Mart a lot of money in federal court and in the court of public opinion. It will allow about one million women who work for Wal-Mart today or have worked for the retailer since 1989 to join a class action [...]

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Source: 24/7 Wall St. | 26 Apr 2010 | 2:55 pm

Goldman Employees Ready to Fight

If you thought the SEC’s charges against Goldman Sachs would shake-up the tight-knit culture of the firm, think again. Apparently, they’ve only served to embolden bankers to work extra hard to do what they do best – make money.

The new team spirit comes on the eve of what will most likely be a torrent of bad press tomorrow as GS execs head to Washington for some political theater. We know Goldman employees have always guzzled their fair share of Kool-Aid, but these days the solidarity seems to be running extra high these days.

From The Daily Beast

“Everyone internal thinks it’s a big joke,” says one former Goldman employee,  “and are actually quite pissed that the SEC had the audacity to bring these charges and in an unprecedented manner.”

“If they served Kool-Aid inside of Goldman, it’s safe to say everyone would be drinking it,” says one senior New York attorney whose practice brings him into contact with many Goldman employees.

“It’s like the firm is full of Stepford bankers,” says one Goldman vice president



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Goldman Sach - SEC - Washington D.C. - Business - New York City
Source: Dealbreaker | 26 Apr 2010 | 2:54 pm

Want to Be a Movie Producer?

News outlets CNN and NPR report that indie film vet Stevie Long funds his projects with private equity, making his backers more than a profit; he makes them Hollywood players. Investors who want to become movie producers can visit LongStoryFilms.com.



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Independent film - Hollywood Los Angeles California - Film producer - National Public Radio - CNN
Source: Dealbreaker | 26 Apr 2010 | 2:00 pm

Presented By:


Source: Dealbreaker | 26 Apr 2010 | 2:00 pm

Summary Box: Stocks mixed despite strong earnings (AP)

AP - EARNINGS MATTER: The stock market was narrowly mixed Monday after Caterpillar Inc. joined other companies in reporting more signs of an improving world economy.
Source: Yahoo! News: Stock Markets News | 26 Apr 2010 | 1:50 pm

Google Kicks Verizon To The Curb, Rejects Carrier For Nexus One

Google (NASDAQ: GOOG) reversed course today and said it will not offer its Nexus One handset on the Verizon Wireless network. The reason for the decision is a secret but almost certainly represents a large rift between the companies. Google has tried to get broad adoption for the phone since its launch, but has found itself [...]

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Source: 24/7 Wall St. | 26 Apr 2010 | 1:47 pm

Goldman Sachs: Behind Fabrice Tourre, For Now

Entertain the thought of crossing him and he'll burn them off.

They seem to have all but made him the fall guy for this little matter with the SEC but do not be deceived, ladies– Goldman Sachs has got Fabrice Tourre’s back! The firm told Charlie Gasparino that Mr. Fantabulous would’ve been canned a while ago if they thought he’d done anything that could get them into any legal trouble.

But Lucas Van Praag, a Goldman spokesman, said Sunday that the firm continues to believe that Tourre did nothing wrong. “If we didn’t, this guy would have been fired immediately,” Van Praag told FOX Business. “He gave testimony that disputes what the SEC charges.” Van Praag said the firm came to this conclusion after examining the SEC charges.

Which sort of makes sense, since if they didn’t believe Fabulous was cool, they probably wouldn’t have gone along with allowing him to testify tomorrow on the Hill, alongside Blankfein, and instead dispatched the taxidermists on payroll to make a house-call to Fab’s flat prior to the showdown. Obviously, though, just as a little precaution, FabTour will have electrodes attached to his nipples and with a push of a button, receive a shock from Lucas van Praag, sitting in a van parked outside, and listening in to make sure nobody tries to be a hero.



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Goldman Sachs - Business - SEC - Allegedly Unethical Firms - One Complainant
Source: Dealbreaker | 26 Apr 2010 | 1:20 pm

Who's rolling with the pot truck?

Two members of a medical marijuana collective were cited for selling put out of a motorhome. The couple says they'll fight the citation. The Marketplace Players know a few people who hope they win.
Source: Marketplace | 26 Apr 2010 | 1:01 pm

A Muslim-focused entrepreneur summit

President Obama is hosting an "Entrepreneurship Summit" of delegates from Muslim nations. Reporter Mitchell Hartman talks with Tess Vigeland about what ideas are forming out of the grassroots affair, and the challenges Muslim entrepreneurs face.
Source: Marketplace | 26 Apr 2010 | 1:01 pm

Bill puts CEOs on camera in political ads

Congress is introducing legislation that would require CEOs to make cameo appearances at the end of political ads they've funded. Nancy Marshall Genzer reports.
Source: Marketplace | 26 Apr 2010 | 1:01 pm

Coldwell extends homebuying tax credit

Coldwell Banker says it will make the government's first-time homebuyer credit an option for sellers participating in its "Buyer Bonus Sales Event." Professor Leonard Zumpano talks with Tess Vigeland about whether the credit made people buy homes, and whether Coldwell's move will help.
Source: Marketplace | 26 Apr 2010 | 1:01 pm

Publisher misses out on e-book rights

The works of late author William Styron are about to be published in digital form. But the author's long-time publisher won't collect the profits. Jeff Tyler explains.
Source: Marketplace | 26 Apr 2010 | 1:01 pm

Is Wall Street different after Lehman?

The Dow is within striking distance of the level it last hit before Lehman Brothers collapsed. What's changed on Wall Street since then? Jeremy Hobson reports.
Source: Marketplace | 26 Apr 2010 | 1:00 pm

Hertz deal furthers rental consolidation

Rental car company Hertz is aiming to grab a bigger share of the vacation rental market with the purchase of the Dollar-Thrifty Automotive Group. Bob Moon reports.
Source: Marketplace | 26 Apr 2010 | 12:59 pm

Should current derivatives face reform?

As the search for a bipartisan agreement on overhauling the financial system continues, a divisive new issue has emerged: Should existing contracts for derivatives be subject to the new rules? John Dimsdale reports.
Source: Marketplace | 26 Apr 2010 | 12:59 pm

Fabrice Tourre Denies Fabulousness In Quest To Get Laid

Many of you have likely done things you should be embarrassed about in the name of getting laid. Given. For the most part, though, that embarrassment (and second hand embarrassment) remains contained to a relatively small group of people. Your friends, onlookers at the bar, cab drivers and so on and so forth. It’s likely that tens of millions of people will never see the depths to which you’ve sunk to put your d in a v. Such is not the case for Fabrice Tourre, who in one of the many emails released by Senator Carl Levin (no relation) over the weekend, has him begging off the ‘fabulous’ title in a message to lady-friend Marine Serres, a Goldman colleague. There’s nothing NSFW about this, but it should be considered NSFThoseWho’veJustFinishedLunch.

Darling you should take a look at this article … Very insightful … More and more leverage in the system, l’edifice entier riqsue de s’effondrer a tout moment … Seul survivant potentiel, the fabulous Fab (as Mitch would kindly call me, even though there is nothing fabulous abt me, just kindness, altruism and deep love for some gorgeous and super smart French girl in London), standing in the middle of all these complex, highly levered exotic trades he created without necessarily understanding all the implications of these monstruosities !!! Anyway, not feeling too guilty about this, the real purpose of my job is to make capital markets more efficient and ultimately provide the US consumer will more efficient ways to leverage and finance himself, so there is a humble, noble and ethical reason for my job ;) amazing how good I am in convincing myself !!!

Sweetheart, I am now going to try to get away from ABX and other ethical questions, and immediately plunge into Freakonomics … I feel blessed to be with you, to be able to learn and share special things with you, I love when you advise me on books I should be reading. I feel like we share a lot of things in common, a lot of values, topics we are interested in and intrigued by … I just love you !!!

If there’s anything Tourre should be ashamed of it’s this. Hopefully someone will take him to take for it tomorrow on the Hill.

Fabulous Fab Is a Player in More Than One Way [Daily Intel]



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London - Carl Levin - Goldman Sachs - Fabrice Tourre - United States
Source: Dealbreaker | 26 Apr 2010 | 12:28 pm

Wall St. Journal metro section begins at 16 pages (AP)

AP - A terrorist plot, an exploding state budget and a rat problem on the Upper East Side. The Wall Street Journal is giving New Yorkers a taste of how it plans to cover their city and the surrounding area in its new metro section.
Source: Yahoo! News: Stock Markets News | 26 Apr 2010 | 12:26 pm

Canadian Oil Sands: The Race to Secure Energy’s Future

The oil sands deposit in western Canada has been called many things, but Canadian researcher and writer Alastair Sweeney may be the first to call them a “calming, stabilizing force in the world. Sweeney has written a book called “Black Bonanza: The Race to Secure North America’s Energy Future” where he argues that the 1.7 [...]

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Source: 24/7 Wall St. | 26 Apr 2010 | 12:08 pm

Why Longshots Aren't Long Enough

By Jacob Goldstein

It's fun to go to the track and bet on a hundred-to-one longshot: You can put down two bucks and dream of walking away with $200. But as it turns out, the odds on longshots aren't long enough.

Even with those high odds, people who bet on longshots over an extended period lose way more money than those who pick randomly or bet the favorite every time.

Economists have known for a long time that the payoff on longshots is too low, but they haven't known why. A couple economists who crunched data from millions of horse races think they've figured it out.

In a working paper, Erik Snowberg and Justin Wolfers start with two common hypotheses.

One is "risk love." According to this idea, gamblers know that longshots aren't long enough, but they bet on them anyway. It's more exciting to take a flier on a hundred-to-one horse than to put a few bucks on some three-to-five favorite with a small payoff.

Another possibility is "risk misperception." Bettors just don't know that, despite the long odds, longshots are a bad deal.

Using data from millions of horse races held in America between 1992 and 2001, Snowberg and Wolfers test models of both hypotheses. Their conclusion: People just don't know that longshots are a really bad deal.

There's lots of math, and lots of tests, in how they come to this conclusion. Wolfers and Snowberg talked me through an example using the exacta -- a bet that requires a bettor to pick the horses that finish first and second in a race.

If risk-love were the main driver, any exacta that had a one in 100 probability should have roughly the same payoff. But that's not the case, they found.

Instead, a one-in-100 exacta made up of two one-in-10 horses tends to have a better payoff than a one-in-100 exacta made up of a one-in-two horse and a one-in-50 horse.

That example -- and lots of others like it -- suggest that bettors are overestimating the chances of the one-in-50 horse and other longshots.

Overall, the rate of return on longshots with odds of 100-to-one or more is -61%. For favorites, the rate of return is -5% for favorites, the authors found.

Wolfers said the economic literature has shown pretty clearly that people overestimate the probability of very rare events. "We're dreadful at perceiving the difference between a tiny probability and a small probability," he said.

There was a baby crying in the background when we talked. When I asked Wolfers about whether he's observed risk misperception in his own behavior, he told me he's a new father, and newly worried about all the one-in-a-million things every parent worries about.

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Source: NPR Blogs: Planet Money | 26 Apr 2010 | 11:45 am

Karzai’s brother vows to back Nato

Ahmed Wali Karzai denies critics’ allegations of presiding over the rise of a mafia-like network of oligarchs militia commanders and opium traffickers
Source: Financial Times - US homepage | 26 Apr 2010 | 11:27 am

Are Your Company’s Asset Records Compliant with Sarbanes Oxley?

This is a guest post by blogger Tom Hawkins.

The Sarbanes Oxley Act (Sarbox)has created a new world of burdens and risks for US companies. Created in response to a number of highly public accounting scandals, the Sarbanes Oxley Act aims to ensure accurate financial reporting for public companies through the maintenance of internal controls that identify material weaknesses and significant deficiencies.


Image credit: avdgaag

Compliance administration can be complex and costly, but the risks associated with non-compliance can prove costlier for those responsible for certifying the accuracy of financial data.

For many companies, fixed assets comprise a significant portion of the balance sheet. These are tangible assets owned by a company which cannot be simply liquidized (turned into cash), including things like machinery and equipment, vehicles and property. Fixed assets are considered a “material” item for SOX compliance requiring the documentation of internal controls and business processes used within an organization, as would be the case for any financial matter that is considered material.

The AICPA defines “material” as being based on the assumption that a reasonable investor would not be influenced in investment decisions by a fluctuation in net income less than or equal to 5% and that “rule” remains the basis for working materiality estimates.

It is estimated that more than 65% of fixed asset data within US business audit trails is typically misclassified, unrecorded or floating in limbo in corporate financial records.

Clearly, poor data quality represents a major potential Sarbox disclosure risk. In the case of manufacturing companies, fixed assets constitute a major chunk of the total. But even service organizations like hotels, banks or financial institutions have to invest heavily in furnishings, equipment, and technology to attract and retain customers. Fixed assets therefore matter a great deal when it comes to Sarbox compliance. Without an accurate method of keeping track of those assets, it would be very easy for a company to lose control of them.

It is possible that an evaluation of internal controls will meet Sarbanes-Oxley compliance requirements, but that will not fix bad data from previous reporting periods. Instituting process improvements of internal controls alone does not ensure a material weakness has been repaired.

Conducting a physical inventory and instituting improved business processes, if needed, is the only way to accomplish the quantitative and qualitative requirements to meet Sarbanes-Oxley compliance.

Tom is a blogger currently working for a company specializing in asset tracking and inventory management software. He enjoys picking through issues of money and economics and figuring out what it means for businesses and people.



Source: Business Pundit | 26 Apr 2010 | 11:09 am

Warner on Financial Bill, Obama's Speech: Political Capital


Source: Bloomberg - All Podcasts | 26 Apr 2010 | 10:57 am

A look at global economic developments (AP)

AP - A look at economic developments and activity in major stock markets around the world Monday:
Source: Yahoo! News: Stock Markets News | 26 Apr 2010 | 10:46 am

Producer Andy Sandberg on `Hair' Revival: First Word Special


Source: Bloomberg - All Podcasts | 26 Apr 2010 | 10:40 am

Shaq Once Bench-Pressed Florida Grocery Arbitrageur, But Did Not Take His Diamond Handcuffs

Shaquille O’Neal may have hung out with, and even bench-pressed, accused Florida Ponzi man Nevin Shapiro, but he flatly denies Shapiro ever gave him a pair of diamond-studded handcuffs.

Shapiro, who liked to hang out with pro athletes, was arrested last week on charges of running a $900 million Ponzi scheme. He promised investors annual returns of as much as 25 percent from buying cheap groceries in one region and selling them in another locale where prices were higher. In a press release last week, prosecutors said Shapiro gave the cuffs to a “prominent professional athlete.”

But Shaq-Fu karate-chopped that idea on Sunday. Shapiro only helped him get a deal on the diamonds – Shaq can obviously get his own. But, he did confirm the existence of a picture showing him bench-pressing Shapiro, which we’d love to see.

“Did he give me diamond handcuffs? No. I had my own handcuffs,” O’Neal told the Cleveland Plain Dealer after the Cavs beat the Chicago Bulls.  ”His girlfriend worked at a jewelry store and they gave me a deal on the diamonds.”

“He was an associate,” O’Neal added, saying he never did business with Shapiro.  ”A lot of guys in Miami hang out. I’m the kind of guy, I’m nice to everybody.”

Miami Heat guard Dwyane Wade also confirmed to the Miami Herald that he had been on Shapiro’s yacht and briefly rented a house from a woman Shapiro dated.



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Miami Heat - Shaquille O'Neal - Chicago Bulls - Dwyane Wade - Cleveland Cavaliers
Source: Dealbreaker | 26 Apr 2010 | 10:34 am

FTSE ends higher amid Greece bailout talks (AFP)

London shares ended higher on Monday amid talks over a bailout of Greece with billions of pounds in emergency loans from the EU and the IMF.(AFP/File/Shaun Curry)AFP - London shares ended higher on Monday amid talks over a bailout of Greece with billions of pounds in emergency loans from the EU and the IMF.



Source: Yahoo! News: Stock Markets News | 26 Apr 2010 | 10:30 am

Al Wazir, Herrmann, Theriault, Calomiris: Surveillance


Source: Bloomberg - All Podcasts | 26 Apr 2010 | 10:20 am

Killing Time On Capitol Hill

The following post is by Dealbreaker reader and commenter Infinite Guest.

The e-mails from Goldman Sachs that Senator Carl Levin posted on his website Saturday, ahead of Tuesday’s hearing before the Permanent Subcommittee on Investigations, demonstrate, if anything, that late in 2007, as was widely reported in contemporary media, Lloyd Blankfein and others were rightly concerned by the firm’s mortgage exposure, and the continuing performance of their hedges. The e-mails themselves are not newsworthy. They are only news in the sense that a newsmaker, the senior Senator for Michigan, has presented them along with his office’s own peculiar narrative, at what appears to be, in light of the negative PR dogging Goldman Sachs, a politically opportune time. Nor do these e-mails contribute to our understanding of the financial crisis, nor do they offer any insight into preventing another crisis. Tuesday’s hearing itself, if the statements from Senator Levin’s office are any indication, is bound to be a waste of time. That’s too bad, because Senator Levin, a powerful man, an intelligent, well-connected and highly respected man, is uniquely positioned to understand and address mortgage failures: as Washington is to politics, Detroit is to subprime.

Subprime mortgages are nothing new in Detroit, an early leader in the current epidemic of foreclosures and defaults. Massive post-WWII Federal highway investments in Michigan, and government subsidies and incentives to big automakers building factories in the white suburbs, led to the rapid depopulation and ghettoization of urban Detroit. Following the riots of 1967, HUD instructed the FHA to make thousands of subprime loans in Detroit, many of which would result in foreclosure. Senator Carl Levin, a lifetime resident of Detroit and a loyal friend of the auto industry, was already a prominent figure on the local political scene during the city’s first subprime crisis nearly forty years ago.

Even if the Permanent Subcommittee on Investigations were to take an honest look at subprime mortgages, investigating any of the hundreds of non-bank subprime lenders operating during the past decade in the city of Detroit, for example, it would still be a distraction from more pressing issues. As IMF Managing Director Dominique Strauss-Kahn remarked Saturday, and as everyone knows, the real problems in the developed world are high unemployment and rising public debt.

A working paper by Atif Mian and Amir Sufi of the NBER, “Household Leverage and the Recession of 2007 to 2009,” taking a granular look at local economies, gives strong evidence supporting to the thesis that the mortgage crisis, the recession, and the current level of unemployment, were prefigured by excessive consumer borrowing during the years 2002-2006. Without taking a stand on the sources of easy credit, Mian and Sufi “present evidence that the credit supply shock led to an increase in house prices, which led to an important collateral feedback effect: once collateral values increased, lenders were willing to lend even more to households.” Since subprime borrowers were often refinancing consumer debt, there is a connection between subprime and the recession, and since most durable purchases are financed, the connection between unemployment in general and deleveraging speaks for itself. Analysis like this is worth a hundred Congressional hearings, because it provides a heat map for trouble spots in the national economy, and a chain of events that can be tested for causality, and investigated for culpability. Mian and Sufi, in this paper at least, don’t look at Wall Street to find answers on Main Street. While I understand the short-term political benefits of demonizing Goldman Sachs, I suspect Senator Levin must have some other motive for pursuing them so assertively. He is not up for re-election until 2014, but even if he were, he could easily win without ever saying a word about Wall Street. His older brother, likewise, is a shoe-in to keep his seat in the House. Carl Levin ought to be one of the few national politicians, with nothing to fear, who could afford to take a close look at our economy right now.

Whether one believes that government can create jobs, or should, and regardless of how one feels about Goldman Sachs, one has to question, with all due respect, the wisdom of government taking a gratuitously hostile attitude toward business, toward lenders and employers, at a time when growth is uncertain, credit is tight, and national unemployment stands frozen near ten percent. We should all agree, even as President Obama himself said last week at Cooper Union, “Ultimately, there is no dividing line between Main Street and Wall Street. We rise or we fall together as one nation.”



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Goldman Sachs - Carl Levin - Lloyd Blankfein - Detroit - United States Senate Homeland Security Permanent Subcommittee on Investigations
Source: Dealbreaker | 26 Apr 2010 | 10:00 am

ETN Capitalization Grows to Over $10 Billion (Correct)


Source: Bloomberg - All Podcasts | 26 Apr 2010 | 9:43 am

Kelley Blue Book Announces Top 10 Green Cars

The Kelley Blue Book has released this year’s list of top 10 green cars. Each of the cars that KBB chose for its list have “fuel economy and CO2 emissions superior to the bulk of vehicles in its class.” This isn’t a list of overall most efficient cars, but a diverse list of the most efficient cars in several classes. Also, each car must “provide all the safety, creature comforts and driving enjoyment that would make it pleasant to own.”

Here’s the list:

10. 2010 Chevrolet Tahoe Hybrid (22 mpg; that’s 6 mpg more than a conventional SUV of its size)

9. 2010 Toyota Highlander Hybrid (26 mpg)

8. 2010 BMW 335d (27 mpg)

7. 2010 Honda Fit (31 mpg)

6. 2010 Ford Escape Hybrid (32 mpg)

5. 2010 MINI Cooper (32 mpg)

4. 2010 Volkswagen Golf TDI (34 mpg)

3. 2010 Ford Fusion Hybrid (39 mpg)

2. 2010 Honda Insight (41 mpg)

1. 2010 Toyota Prius (50 mpg)

Read more here.



Source: Business Pundit | 26 Apr 2010 | 9:20 am

Akzo Nobel Raised to `Buy,’ DeVry Cut to ` Neutral’: Audio


Source: Bloomberg - All Podcasts | 26 Apr 2010 | 9:07 am

IMF's Decressin on Greek Debt Crisis: First Word Special


Source: Bloomberg - All Podcasts | 26 Apr 2010 | 9:02 am

Hertz Buys Dollar Thrifty

Hertz Global Holdings will purchase Dollar Thrifty Automotive Group for $1.2 billion in stock and cash. The US rental car market is now comprised of three giants: Enterprise (which includes Alamo and National), Avis Budget, and Hertz Dollar Thrifty. (Other companies don’t come close in business volume.) Reuters has more:

U.S. car rental firm Hertz Global Holdings Inc (HTZ.N) had agreed to buy smaller rival Dollar Thrifty Automotive Group Inc (DTG.N) for about $1.2 billion to boost its presence in the leisure rental market.

The deal marks a significant consolidation for the car rental industry, which is starting to recover from the global economic downturn helped by a pickup in travel and the used car market. The combined company will now have a single publicly listed U.S. company — Avis Budget (CAR.N) — to compete against.

“Dollar Thrifty also has a strong international presence, complementing our global footprint, which enables us to utilize a recognized brand to accelerate our leisure rental strategy in Europe and other markets,” Hertz Chief Executive Mark Frissora said in a statement.



Source: Business Pundit | 26 Apr 2010 | 8:56 am

Hey Southwest Airlines – Where’s the Beef?

By Robert Herbst After only $99 million profit on $10.4 billion in revenues last year, the best Southwest NYSE: LUV) could do for the recent 1st quarter was a paltry $11 million profit ($24 million after excluding special items) on over $2.6 billion revenue. For months we have been watching Southwest ads promote their no-baggage fee [...]

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Source: 24/7 Wall St. | 26 Apr 2010 | 8:22 am

What Warren Buffett Wants From Washington

By Jacob Goldstein

Warren Buffett famously called derivatives "financial weapons of mass destruction." Rather less famously, he also led Berkshire Hathaway into the derivatives business. Now he's pushing for a change in the finance reform bill that would benefit that business.

Basically, the WSJ reports, Buffett doesn't think the new rules should apply to existing derivatives contracts.

Update: Senate Democrats have agreed to kill the provision Buffett's been pushing for, the WSJ reports.

Berkshire (which, at its core, is an insurance company) enters into derivatives contracts that are similar to insurance -- buyers pay Berkshire something like a premium, and in exchange Berkshire agrees to pay something like a claim if, for example, a company defaults on its debt, or the stock market is below a certain level at some point in the future.

Like the insurance business, derivatives are profitable in part because Berkshire can add the money it collects from derivatives to its "float" -- essentially, free money it can hold and invest however it sees fit.

But the financial-reform bill working its way through the Senate would require companies to set aside money against the possibility that they will have to pay a claim on the derivative. This is known as posting collateral, and it would cut into Berkshire's derivates float (and, by extension, its profits).

Buffett and Berkshire are pushing for a provision that would prevent the new rules from applying retroactively to existing derivatives contracts. If they are successful, they wouldn't be forced to post collateral against the billions of dollars worth of contracts they hold.

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Source: NPR Blogs: Planet Money | 26 Apr 2010 | 7:30 am

UBS's Yu, Bob McKee on Greek Debt Crisis: First Word


Source: Bloomberg - All Podcasts | 26 Apr 2010 | 7:25 am

UK stocks offer income opportunities (FT.com)

FT.com - With a general election in the UK only weeks away, London's benchmark equity index has found the 5,800 level a difficult barrier to surmount. Uncertainty, for now, is the watchword amid fears of a hung parliament and the FTSE 100's 13-month rally appears to be faltering.
Source: Yahoo! News: Stock Markets News | 26 Apr 2010 | 7:05 am

A Wise Father’s Job Advice



Source: Business Pundit | 26 Apr 2010 | 5:38 am