Goldman Sachs ‘faces criminal investigation’ into alleged fraud

The US Department of Justice has opened a criminal investigation into alleged fraud at Goldman Sachs, according to newspaper reports.


Source: Latest Business News from Times Online | 30 Apr 2010 | 4:36 am

Pelicans, otters along La. shore in path of spill (AP)

AP - Oil from a massive spill in the Gulf of Mexico was starting to ooze ashore, threatening migrating birds, nesting pelicans and even river otters and mink along Louisiana's fragile islands and barrier marshes.

Source: Yahoo! News: Business News | 30 Apr 2010 | 4:05 am

The New iPhone And The Dawn Of Video Calls

The first attempts to market video phones are now 30 years or more old. They were run on residential landlines, weak sisters to the video conferencing just emerging at large companies. But, the consumer versions were too expensive. And they relied on the most unreliable thing which was that the person at the other end [...]

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Source: 24/7 Wall St. | 30 Apr 2010 | 4:04 am

Eurozone finmins to confer over Greece rescue

ATHENS (Reuters) - Euro zone finance ministers will discuss Greece's debt crisis on Friday as Athens finalizes details of deep budget cuts it has pledged in return for a multi-billion euro aid package from the European Union and IMF.

Source: Reuters: Business News | 30 Apr 2010 | 4:03 am

Hang Seng, Nikkei shine in Asia; China banks rise

Most Asian equity markets end higher Friday as solid earnings reports lift major Chinese banks in Hong Kong, while exporters pace gains in the Japanese and South Korean markets.

Source: MarketWatch.com - Top Stories | 30 Apr 2010 | 4:00 am

Rig explosion dirties BP's green image (AP)

AP - BP brands itself a friend of the environment, an energy company that goes "beyond petroleum."

Source: Yahoo! News: Business News | 30 Apr 2010 | 3:58 am

Engineers attack lack of vision for economy

A leading business group today accused the three main political parties of "lacking vision" for the economy, describing the last leaders' debate as "sterile".
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 30 Apr 2010 | 3:57 am

Barclays sees big rise in profits

High Street banking giant Barclays reports a big rise in pre-tax profits for the first three months of 2010.
Source: BBC News | Business | World Edition | 30 Apr 2010 | 3:54 am

Indications: U.S. stock futures steady before GDP report

U.S. stock futures hold steady Friday in anticipation that first-quarter GDP won’t derail the positive outlook several companies have delivered during earnings season and that a Greek aid package may be locked up by the weekend.

Source: MarketWatch.com - Top Stories | 30 Apr 2010 | 3:54 am

Morgan Stanley, UBS fined by U.S.

The U.S. Commodity Futures Trading Commission says it has levied a multimillion-dollar fine against a division of Morgan Stanley and a smaller fine against UBS for violating trading rules on the New York Mercantile Exchange.
Source: Business and financial news - CNNMoney.com | 30 Apr 2010 | 3:50 am

Stamp duty holiday fails to help first time buyers

The exemption for first-time buyers has failed to boost the market.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 30 Apr 2010 | 3:50 am

Spain unemployment rate hits 20%

Spain's unemployment rates hits 20% for the first time in nearly 13 years, official figures show.
Source: BBC News | Business | World Edition | 30 Apr 2010 | 3:49 am

Higher open seen for stocks

U.S. stocks were poised for a positive start Friday, as investors await the first reading of economic growth for the first quarter of 2010.
Source: Business and financial news - CNNMoney.com | 30 Apr 2010 | 3:44 am

General Election 2010: So, did any of them convince you?

Last week there was an impassioned, witty and well informed debate here after I asked the key question: what does David Cameron need to do to convince the electorate during the TV debate on the economy?
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 30 Apr 2010 | 3:36 am

U.S. banks not worried about Greece - yet

The debt crisis in Greece is unlikely to have an immediate impact on U.S. banks, analysts said Thursday, but contagion to the rest of Europe could prove problematic.
Source: Business and financial news - CNNMoney.com | 30 Apr 2010 | 3:36 am

Barclays profits rise, BarCap misses lofty hopes

LONDON (Reuters) - Barclays Plc met quarterly profit expectations as bad debts fell sharply and investment bank earnings rose but income growth at its BarCap investment banking arm failed to match the lofty levels shown by rivals.

Source: Reuters: Business News | 30 Apr 2010 | 3:35 am

Barclays profits rise, BarCap misses lofty hopes (Reuters)

Reuters - Barclays Plc met quarterly profit expectations as bad debts fell sharply and investment bank earnings rose but income growth at its BarCap investment banking arm failed to match the lofty levels shown by rivals.
Source: Yahoo! News: Business News | 30 Apr 2010 | 3:35 am

RIM Gains Power In Global Handset Market

The Research-in-Motion (NASDAQ: RIMM) BlackBerry has not been pulled down from its perch as one of the world leading cellphones by either the Apple (NASDAQ: AAPL) iPhone or Google- (NASDAQ: GOOG) powered smartphones. On the contrary, for the first time it is one of the top five selling handsets in the world. The new IDC figures [...]

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Source: 24/7 Wall St. | 30 Apr 2010 | 3:35 am

German revolt

Taxpayers in Germany resent Greek tragedy
Source: BBC News | Business | World Edition | 30 Apr 2010 | 3:32 am

Samsung eyes record Q2, to up spending in tech rebound

SEOUL (Reuters) - Samsung Electronics Co Ltd , the world's top maker of memory chips and flat screen TVs, forecast record results as it aims to sharply boost spending, betting on still strong demand in the second half.

Source: Reuters: Business News | 30 Apr 2010 | 3:30 am

Bourses higher as Greek default fears recede

Receding fears of a Greek default and continuing good news on corporate earnings has put some pep into stocks in early trading
Source: Financial Times - US homepage | 30 Apr 2010 | 3:30 am

Fresh hopes of Greek aid lift euro

The euro extended gains against the dollar on Friday as fresh hopes of aid for Greece eased fears about Athens' ability to reduce it massive deficit.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 30 Apr 2010 | 3:29 am

Beijing unveils limits to control housing market (AFP)

AFP - The city of Beijing has issued rules limiting families to one new apartment purchase as authorities try to rein in rampant property speculation and soaring prices, state media reported on Friday.

Source: Yahoo! News: Business News | 30 Apr 2010 | 3:27 am

Consumer spending likely drove growth in Q1 (AP)

AP - The economy is rebounding as America's shoppers snap back to life.

Source: Yahoo! News: Business News | 30 Apr 2010 | 3:26 am

Goldman 'facing criminal charges'

Goldman Sachs is facing criminal charges relating to the way in which it sold complex mortgage-backed products, reports suggest.
Source: BBC News | Business | World Edition | 30 Apr 2010 | 3:25 am

Germany Comes to Greece's Rescue -- but is it Too Late? (Time.com)

Time.com - Now that Greece's debt crisis seems to be spreading to other parts of the euro zone, German Chancellor Angela Merkel is finally ready to agree a deal on a rescue package. But should Berlin have acted sooner?
Source: Yahoo! News: Business News | 30 Apr 2010 | 3:25 am

Barclays profits up 47% to £1.8bn

Barclays plays down its exposure to the debt crisis spreading across Europe as it reports a 47 per cent rise in pre-tax profits for the first three months of the year
Source: Financial Times - US homepage | 30 Apr 2010 | 3:24 am

Feds open criminal probe of Goldman (AP)

AP - Stepping up the pressure on Goldman Sachs two days after its executives were grilled and publicly rebuked by lawmakers, the Justice Department has opened a criminal investigation of the Wall Street powerhouse over mortgage securities deals it arranged.

Source: Yahoo! News: Business News | 30 Apr 2010 | 3:22 am

A Scorched Earth Policy For Greece

By God, the Greeks will suffer for profligacy. If the IMG and Eurozone nations give them a dime, they will take it out in blood. The rescue package which was once 40 billion euros or 50 billion will have to move as high as 120 billion over three years. The Greeks have dug themselves that deep [...]

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Source: 24/7 Wall St. | 30 Apr 2010 | 3:21 am

WPP gives more upbeat growth forecast

WPP has predicted a revenue increase of 2 per cent this year, revised up from its previous forecast of flat growth.


Source: Latest Business News from Times Online | 30 Apr 2010 | 3:18 am

Pearson 'confident' on 2010 profits as revenues rise 7pc

Pearson, the publisher of the Financial Times newspaper and website, said it was confident underlying profit would grow this year after first-quarter revenues rose 7pc.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 30 Apr 2010 | 3:15 am

WPP forecasts better first-half profit

The world’s largest advertising company, WPP, says underlying revenue stabilized in the first quarter as client attitudes changed.

Source: MarketWatch.com - Top Stories | 30 Apr 2010 | 3:12 am

Spain's jobless level tops 20%

Spain’s jobless figure topped 20% in the first quarter of 2010 -- 20.5% to be exact -- which serves to highlight the tough job the government is facing in trying to get its finances under control and light a fire under the economy. It marks the worst unemployment rate since 1997.

Source: MarketWatch.com - Top Stories | 30 Apr 2010 | 3:12 am

ICE buying Climate Exchange for over $600 million

The IntercontinentalExchange on Friday bets on the future of emissions trading after reaching a deal to pay around $600 million in cash for the London-based Climate Exchange.

Source: MarketWatch.com - Top Stories | 30 Apr 2010 | 3:11 am

Gulf spill spells uncertainty for new drilling (AP)

AP - In the conservative Florida Pandhandle, where Sarah Palin's battle cry "Drill, Baby, Drill" is still visible on car bumpers, some are reconsidering their support of offshore drilling as a growing spill in the Gulf of Mexico drifts closer to shore.

Source: Yahoo! News: Business News | 30 Apr 2010 | 3:08 am

More austerity on way as Greece aid talks near end

Greece, already beset by strikes and protests as a result of government belt-tightening, will face additional austerity measures as part of the price for a massive, multi-year loan package from its euro-zone partners and the International Monetary Fund.

Source: MarketWatch.com - Top Stories | 30 Apr 2010 | 3:08 am

London Markets: WPP outpaces mild gains for FTSE 100 index

British shares edge higher Friday, helped by earnings-related gains for advertising giant WPP.

Source: MarketWatch.com - Top Stories | 30 Apr 2010 | 3:06 am

How to spend less on a close shave

Source: Business and financial news - CNNMoney.com | 30 Apr 2010 | 3:03 am

RBS chief Sir Philip Hampton defends “astonishingly high” bankers’ pay

The chairman of Britain’s biggest state-owned bank has defended multimillion-pound salaries for senior staff, despite widespread objections.


Source: Latest Business News from Times Online | 30 Apr 2010 | 3:03 am

Ad group WPP raises expectations

Advertising giant WPP is ratcheting up its expectations for the full year after reporting a slight decline in revenues in the first quarter.
Source: BBC News | Business | World Edition | 30 Apr 2010 | 3:02 am

HP-Palm: Everyone's a loser but Apple

Hewlett-Packard's Palm buy could be a good fit, but it's got a long way to go before it can catch up with the iPhone.
Source: Business and financial news - CNNMoney.com | 30 Apr 2010 | 3:01 am

The Goldman Sachs Prosecution Chess Game (Memories Of Apple Back Dating)

The US Attorney of the Southern District of Manhattan, home to most prosecutions of Wall St. firms, has begun an investigation into Goldman Sachs Group’s (NYSE: GS) trading to see if any of its employees committed securities fraud. Much of this is likely to center around activities that are part of the SEC charges against Goldman [...]

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Source: 24/7 Wall St. | 30 Apr 2010 | 3:00 am

The race to kill the ratings agencies

The legal noose is tightening around credit ratings agencies, for practices past and future. Just this week a federal court decision allowed a fraud case against Moody's and Standard & Poor's to move into discovery, dismissing the defendants' claim that their ratings are essentially editorial opinion and hence protected by the First Amendment.
Source: Business and financial news - CNNMoney.com | 30 Apr 2010 | 2:53 am

Economic Report: Bank of Japan stands pat, plans 'new efforts'

Japan's central bank votes unanimously to keep its policy interest rate and special monetary stimulus programs unchanged, as widely expected, but also hints at new efforts to boost the economy.

Source: MarketWatch.com - Top Stories | 30 Apr 2010 | 2:51 am

Haircuts? Magicians? What'll they tax next?

Some states have already slapped taxes on blueberries, illegal drugs and fur clothing. But as budget shortfalls grow, state legislators are looking for even more creative ways to earn revenue.
Source: Business and financial news - CNNMoney.com | 30 Apr 2010 | 2:43 am

Total's profit up 14% on higher oil prices, output

Oil and gas giant Total SA said Friday its first-quarter net profit grew 14%, boosted by rising oil prices and an increase in production.

Source: MarketWatch.com - Top Stories | 30 Apr 2010 | 2:43 am

Global stocks rise amid Greek bailout hopes (AP)

AP - Asian stocks advanced Friday, following overseas markets higher as signs the U.S. economy was healing and debt-ridden Greece might soon be rescued eased anxiety about the global outlook. European shares gained in early trade.

Source: Yahoo! News: Business News | 30 Apr 2010 | 2:39 am

Global stocks rise amid Greek bailout hopes (AP)

AP - Asian stocks advanced Friday, following overseas markets higher as signs the U.S. economy was healing and debt-ridden Greece might soon be rescued eased anxiety about the global outlook. European shares gained in early trade.

Source: Yahoo! News: Stock Markets News | 30 Apr 2010 | 2:39 am

Out of work and out of benefits

The first wave of the long-term jobless are now exhausting their benefits. CNNMoney.com looks at how seven people are getting by without this safety net.
Source: Business and financial news - CNNMoney.com | 30 Apr 2010 | 2:31 am

Financial Literacy Month Is Every Week at SCHOOLSAVINGS.COM!

Source: RSS feed - channel BNewsBusiness | 30 Apr 2010 | 2:30 am

1 in 8 to cut cable and satellite TV in 2010

Despite rising cable and satellite TV prices and easy access to streaming TV and movies on the Internet, few consumers have cut the cord. But that looks like it's about to change.
Source: Business and financial news - CNNMoney.com | 30 Apr 2010 | 2:27 am

Barclays profit climbs 29% as provisions fall

U.K. bank Barclays' profit climbs 29%, as it benefits from a growing investment bank advisory business and a big drop in provisions.

Source: MarketWatch.com - Top Stories | 30 Apr 2010 | 2:23 am

Stock futures inch higher; eyes on GDP figures

(Reuters) - U.S. stock index futures pointed to a higher open on Wall Street on Friday, as sovereign debt worries in the euro-zone soothed, while investors awaited the advance reading of...
Source: RSS feed - channel BNewsBusiness | 30 Apr 2010 | 2:19 am

Stock futures inch higher; eyes on GDP figures (Reuters)

Reuters - U.S. stock index futures pointed to a higher open on Wall Street on Friday, as sovereign debt worries in the euro-zone soothed, while investors awaited the advance reading of first-quarter gross domestic product.

Source: Yahoo! News: Stock Markets News | 30 Apr 2010 | 2:19 am

Stock futures inch higher; eyes on GDP figures

(Reuters) - U.S. stock index futures pointed to a higher open on Wall Street on Friday, as sovereign debt worries in the euro-zone soothed, while investors awaited the advance reading of first-quarter gross domestic product.

Source: Reuters: Business News | 30 Apr 2010 | 2:19 am

UPDATE 2-Fujitsu sees profit jump, ex-chief ouster may hurt

* Sees 2010/11 op profit at Y185 bln vs consensus Y177 bln
Source: RSS feed - channel BNewsBusiness | 30 Apr 2010 | 2:14 am

Price-fixing allegations against Tesco dropped by Office of Fair Trading

Tesco secured a legal victory this morning after the Office of Fair Trading dropped allegations that the supermarket had colluded with other companies to fix the price of milk and butter.


Source: Latest Business News from Times Online | 30 Apr 2010 | 2:13 am

UPDATE 1-Exxon starts 6-wk shutdown at Singapore refinery

(For refinery outages in the new Reuters Oil Fundamentals Database see http://bond.views.session.rservices.com/CE/ or go to <OFD/INFO>) (Adds background on Asia spring maintenance, Exxon's...
Source: RSS feed - channel BNewsBusiness | 30 Apr 2010 | 2:10 am

UPDATE 1-Gulfsands rejects further proposal at same level

* Receives reiteration of original bid from Indian suitors
Source: RSS feed - channel BNewsBusiness | 30 Apr 2010 | 2:08 am

No quick recovery for Detroit's Big 3

One year ago, the U.S. auto industry faced the worst crisis in its history.
Source: Business and financial news - CNNMoney.com | 30 Apr 2010 | 2:04 am

UPDATE 2-WPP raises forecasts after U.S. turnaround

* Seen biggest turnaround in U.S. (Adds reaction, further details)
Source: RSS feed - channel BNewsBusiness | 30 Apr 2010 | 2:03 am

Fried Frank Expands Antitrust Practice with New Partner

Source: RSS feed - channel BNewsBusiness | 30 Apr 2010 | 2:00 am

Media Digest 4/30/2010 Reuters, WSJ, NYTimes, FT, Bloomberg

WSJ:  Warren Buffett intends to discuss his investment in Goldman Sachs Group (NYSE: GS) at the Berkshire Hathaway (NYSE: BRK.B) annual meeting. Reuters:   Federal authorities have started a criminal probe into Goldman. Reuters:   The government is upping efforts to contain the oil spill. Reuters:   UAL (NASDAQ: UAUA) and Continental (NYSE: CAL) will merge. Reuters:   Greece [...]

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Source: 24/7 Wall St. | 30 Apr 2010 | 1:56 am

UPDATE 1-AIG Taiwan deal could face further delay-regulator

* Main buyer China Strategic yet to give requested paperwork
Source: RSS feed - channel BNewsBusiness | 30 Apr 2010 | 1:55 am

London stocks subdued at open (AFP)

AFP - Shares in London started in the red on Friday as crisis-hit Greece appeared to edge closer to a bailout deal.

Source: Yahoo! News: Stock Markets News | 30 Apr 2010 | 1:54 am

Barclays profits rise by 47 per cent as board prepares for revolt over pay

Pre-tax profit at Barclays rose by 47 per cent to £1.82 billion in the first quarter, the bank said before its annual general meeting this morning.


Source: Latest Business News from Times Online | 30 Apr 2010 | 1:54 am

OFT backs off in milk price-fixing probe

Consumer watchdog drops most of investigation into price fixing in milk, reduces fines by £70m.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 30 Apr 2010 | 1:48 am

UPDATE 2-Pearson confident for year after strong Q1

* Q1 constant-currency growth of 12 pct to 1.08 bln pounds
Source: RSS feed - channel BNewsBusiness | 30 Apr 2010 | 1:46 am

UPDATE 2-Pearson confident for year after strong Q1

* Q1 constant-currency growth of 12 pct to 1.08 bln pounds
Source: RSS feed - channel BNewsBusiness | 30 Apr 2010 | 1:46 am

APN directors re-elected

Three directors were re-elected at APN News & Media Ltd's annual meeting in Sydney today with little opposition from the floor of the meeting.Australian media reported ahead of the meeting that BKK Partners, a consultancy whose...
Source: nzherald.co.nz - Business | 30 Apr 2010 | 1:14 am

RBS chief says 'bankers overpaid'

The chairman of part-nationalised Royal Bank of Scotland concedes that many bank employees earn too much.
Source: BBC News | Business | World Edition | 30 Apr 2010 | 1:14 am

Athens clash over austerity cuts

Athens police fire tear gas at hundreds of protesters angered over cuts the country faces in return for a debt bail-out plan.
Source: BBC News | Business | World Edition | 30 Apr 2010 | 1:13 am

Business Bullet: US GDP, Miners, Barclays, WPP

The latest news on: US GDP, Miners, Barclays, WPP
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 30 Apr 2010 | 1:12 am

Oil slick threatens US Gulf Coast

A massive oil slick from a blown-out well in the Gulf of Mexico is expected to reach a Louisiana wildlife reserve on Friday threatening as an environmental disaster across four southern US states
Source: Financial Times - US homepage | 30 Apr 2010 | 1:11 am

Greece agrees €24bn austerity package

Final details of the measures, intended to slash the budget deficit by 10-11 percentage points of gross domestic product over the next three years, still being worked out
Source: Financial Times - US homepage | 30 Apr 2010 | 1:10 am

Australian stocks led by financials

The Australian share market closed moderately higher today, with a market-pleasing profit from Macquarie Group boosting the financial sector and a higher oil price underpinning resource stocks.Brokers are now awaiting the Henry...
Source: nzherald.co.nz - Business | 30 Apr 2010 | 1:02 am

Barclays quarterly profits jump to £1.8bn

Barclays profits rise 47pc but shares slide as revenue at investment banking arm comes in below expectations.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 30 Apr 2010 | 1:00 am

What if you’d bought Apple stock instead of the product?

A UC Berkeley computer science student has produced a spreadsheet showing what the return on investment would have been. ...
Source: RSS feed - channel BNPaperBusiness | 30 Apr 2010 | 1:00 am

Occidental’s profit nearly triples; BP’s more than doubles

Exxon Mobil and Royal Dutch Shell also report higher first-quarter earnings than in 2009. British Petroleum’s earnings report draws ire as the Gulf of Mexico oil spill grows.

Higher crude prices are again pumping up profits of major oil companies worldwide.

Source: L.A. Times - Business | 30 Apr 2010 | 1:00 am

House bill takes aim at auto safety defects

Responding to Toyota’s sudden acceleration crisis, a House committee is preparing legislation that would reshape auto safety regulations and boost potential fines for violations. ...
Source: RSS feed - channel BNPaperBusiness | 30 Apr 2010 | 1:00 am

‘99ers’ dread future without jobless benefits

They’ve exhausted 99 weeks of unemployment checks. Thousands are banding together to lobby Congress for another extension.

Karl Schafer says he has tried for hundreds of jobs since he was laid off from a truck factory more than two years ago. Still waiting to get hired, the 52-year-old Ohio man has suffered the indignity of applying for food stamps and asking his elderly mother for help.

Source: L.A. Times - Business | 30 Apr 2010 | 1:00 am

‘99ers’ dread future without jobless benefits

They’ve exhausted 99 weeks of unemployment checks. Thousands are banding together to lobby Congress for another extension. ...
Source: RSS feed - channel BNPaperBusiness | 30 Apr 2010 | 1:00 am

House bill takes aim at auto safety defects

Responding to Toyota’s sudden acceleration crisis, a House committee is preparing legislation that would reshape auto safety regulations and boost potential fines for violations.

Responding to Toyota Motor Corp.'s sudden acceleration crisis, a key House committee is preparing sweeping legislation that would reshape auto safety regulations and significantly boost potential fines against automakers for violating safety laws.

Source: L.A. Times - Business | 30 Apr 2010 | 1:00 am

Toyota resumes selling recalled Lexus GX 460 SUV

The automaker had halted sales of the 2010 GX 460 because of a problem with stability control that Consumer Reports had identified. It says it is contacting owners to update software. ...
Source: RSS feed - channel BNPaperBusiness | 30 Apr 2010 | 1:00 am

Anthem Blue Cross withdraws request for rate hikes

California health insurer Anthem Blue Cross canceled rate hikes of as much as 39% for thousands of California policyholders Thursday after state regulators said the plan was "seriously flawed."
Source: RSS feed - channel BNPaperBusiness | 30 Apr 2010 | 1:00 am

A real-world battle over virtual-property rights

Second Life ‘residents’ pay genuine cash for online real estate. Some are suing its creator, saying it has quietly removed the idea of ownership and confiscated some property without compensation...
Source: RSS feed - channel BNPaperBusiness | 30 Apr 2010 | 1:00 am

Goldman Sachs in cross hairs of financial reform debate

Senators aim to amend the regulatory overhaul proposal to prohibit secret bets similar to wagers the investment bank made against securities it sold.

The proposed overhaul of financial regulations was boosted by Senate hearings that turned Goldman Sachs Group Inc. executives into poster boys for Wall Street excess, but the bill senators started debating Thursday would do nothing to outlaw the secret bets Goldman made against the very securities they sold to investors.

Source: L.A. Times - Business | 30 Apr 2010 | 1:00 am

A real-world battle over virtual-property rights

Second Life ‘residents’ pay genuine cash for online real estate. Some are suing its creator, saying it has quietly removed the idea of ownership and confiscated some property without compensation.

Architect David Denton spends much of his time on a lush tropical island, where he experiments with cutting-edge building designs and creates spaces for artists to showcase their work.

Source: L.A. Times - Business | 30 Apr 2010 | 1:00 am

Anthem Blue Cross withdraws request for rate hikes

California health insurer Anthem Blue Cross canceled rate hikes of as much as 39% for thousands of California policyholders Thursday after state regulators said the plan was "seriously flawed."

Source: L.A. Times - Business | 30 Apr 2010 | 1:00 am

New charges filed against California tomato mogul

The indictment charges Frederick Scott Salyer, who headed SK Foods, with five felony counts and alleges that he conspired to fix prices or rig bids on products sold to three firms. ...
Source: RSS feed - channel BNPaperBusiness | 30 Apr 2010 | 1:00 am

Occidental’s profit nearly triples; BP’s more than doubles

Exxon Mobil and Royal Dutch Shell also report higher first-quarter earnings than in 2009. British Petroleum’s earnings report draws ire as the Gulf of Mexico oil spill grows. ...
Source: RSS feed - channel BNPaperBusiness | 30 Apr 2010 | 1:00 am

Goldman Sachs in cross hairs of financial reform debate

Senators aim to amend the regulatory overhaul proposal to prohibit secret bets similar to wagers the investment bank made against securities it sold. ...
Source: RSS feed - channel BNPaperBusiness | 30 Apr 2010 | 1:00 am

What if you’d bought Apple stock instead of the product?

A UC Berkeley computer science student has produced a spreadsheet showing what the return on investment would have been.

That new iPad is tempting. But what if you put the money in Apple stock instead?

Source: L.A. Times - Business | 30 Apr 2010 | 1:00 am

New charges filed against California tomato mogul

The indictment charges Frederick Scott Salyer, who headed SK Foods, with five felony counts and alleges that he conspired to fix prices or rig bids on products sold to three firms.

Federal authorities filed new charges Thursday in their case against tomato scion Frederick Scott Salyer, alleging a wider conspiracy that set inflated prices for tomato products.

Source: L.A. Times - Business | 30 Apr 2010 | 1:00 am

Total profits on higher oil price

French oil company Total reports improved profits for the first quarter as the higher price of oil helped boost revenues.
Source: BBC News | Business | World Edition | 30 Apr 2010 | 12:53 am

China Construction Bank set for Asia's biggest ever rights issue

China Construction Bank has unveiled plans for Asia's biggest ever rights issue - an $11 billion lunge for cash undertaken as the bank's capital adequacy ratio slips below the required level.$


Source: Latest Business News from Times Online | 30 Apr 2010 | 12:29 am

Japan's central bank holds interest rates steady (AP)

AP - Japan's central bank kept its key interest rate near zero Friday and said it would redouble efforts to boost the world's No. 2 economy.
Source: Yahoo! News: Business News | 30 Apr 2010 | 12:25 am

NZ sharemarket posts tiny gain

The New Zealand sharemarket posted another modest gain today to end a week in which global markets wobbled with composure.The benchmark NZX-50 index closed up 3.856 points, or 0.117 per cent, at 3286.127, having yesterday edged...
Source: nzherald.co.nz - Business | 30 Apr 2010 | 12:22 am

Japan keeps interest rates stable

Japan's central bank keeps interest rates on hold as it continues its efforts to boost the country's economic recovery.
Source: BBC News | Business | World Edition | 30 Apr 2010 | 12:21 am

Tax rises 'needed to cut deficit'

Taxes must rise sharply over the next decade to bring down borrowing, says a leading think tank.
Source: BBC News | Business | World Edition | 30 Apr 2010 | 12:04 am

RIM breaks into top 5 in surging phone market

HELSINKI (Reuters) - Blackberry-maker Research in Motion broke into the top five cellphone makers in January-March for the first time ever, helped by booming smartphone demand. The global handset market has been dominated by five major players -- Nokia , Samsung , LG Electronics , Motorola and Sony Ericsson -- for the last five years.

Source: Reuters: Business News | 30 Apr 2010 | 12:00 am

Asian markets boosted by hopes of quick Greek bail-out, positive US jobs figures

Asian stock markets were broadly higher in early trade on Friday, following rises on Wall Street and in Europe on hopes for a quick bailout of debt-ridden Greece and a positive jobs report in the US.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 29 Apr 2010 | 11:49 pm

NZ dollar ends near session high

The New Zealand dollar consolidated in a narrow range at higher levels in quiet trading today.It fell on Thursday on disappointment that the Reserve Bank of New Zealand did not say more about when it will raise rates. The central...
Source: nzherald.co.nz - Business | 29 Apr 2010 | 11:30 pm

Goldman Sachs is focus of criminal investigation

U.S. attorney's office in New York is conducting an inquiry into the investment bank’s mortgage securities deals. ...
Source: RSS feed - channel BNPaperBusiness | 29 Apr 2010 | 11:17 pm

Goldman Sachs is focus of criminal investigation

U.S. attorney's office in New York is conducting an inquiry into the investment bank’s mortgage securities deals.

The U.S. attorney's office in New York is conducting a criminal investigation of Goldman Sachs & Co. over mortgage securities deals the big Wall Street firm arranged, according to the Associated Press, citing an unnamed person knowledgeable of the investigation.

Source: L.A. Times - Business | 29 Apr 2010 | 11:17 pm

China understood currency message: EU's Barroso

BEIJING (Reuters) - European Commission President Jose Manuel Barroso said in Beijing on Friday that he thinks China had "clearly understood" the message on currencies.

Source: Reuters: Business News | 29 Apr 2010 | 10:30 pm

Workers march on Wall Street, protest big banks (AP)

AP - Thousands of workers and union leaders marched on Wall Street on Thursday to express their anger over lost jobs, the taxpayer-funded bailout of financial institutions and questionable lending practices by big banks.

Source: Yahoo! News: Stock Markets News | 29 Apr 2010 | 10:28 pm

Economy likely grew 3.4 percent in first quarter

WASHINGTON (Reuters) - U.S. economic growth probably slowed in the first quarter, data is expected to show on Friday, but resurgent consumer spending should offer evidence of a sustainable recovery.

Source: Reuters: Business News | 29 Apr 2010 | 10:15 pm

The Best Way to Sell Green? Charge More. (Money and Your Mind)

Increasing the price of a green product by 20% makes it more desirable.

Source: SmartMoney.com | 29 Apr 2010 | 10:00 pm

This Week's Business Tweets: It's All Goldman (Twitter Beat)

Goldman hearings, Brazilian spam and Elevation cashing in on the Palm deal.

Source: SmartMoney.com | 29 Apr 2010 | 10:00 pm

Handicapping the Cast of a Greek Tragedy (Broker Talk)

Here are two takes on how Europe's debt drama could play out.

Source: SmartMoney.com | 29 Apr 2010 | 10:00 pm

Capitalism's State of Play

Eurasia Group's president warns of the challenges to multinationals posed by rising state capitalism in China.

Source: SmartMoney.com | 29 Apr 2010 | 10:00 pm

How to Bet on an Employment Recovery (On the Street)

The job market is showing signs of life, and several firms stand to benefit.

Source: SmartMoney.com | 29 Apr 2010 | 10:00 pm

Japan deflation goes into 13th month

Japan's dispiriting battle with deflation raged into its 13th straight month in March as prices continued to decline and the unemployment rate rose sharply.


Source: Latest Business News from Times Online | 29 Apr 2010 | 9:46 pm

Gulf of Mexico oil spill reaches Louisiana coast

The massive oil spill pouring from a ruptured oil rig in the Gulf of Mexico has reached the coast of Louisiana, threatening an environmental catastrophe in the region.
Source: Latest Business News from Times Online | 29 Apr 2010 | 9:18 pm

U.S. starts criminal probe into Goldman: source

WASHINGTON/NEW YORK (Reuters) - Federal prosecutors in New York have begun investigating Goldman Sachs Group Inc, raising the possibility of criminal charges against the company or its employees, a source familiar with the situation said on Thursday.

Source: Reuters: Business News | 29 Apr 2010 | 8:59 pm

Expiring federal tax credit sets off rush to buy homes

Incentives that can total as much as $18,000 for first-time buyers in California if agreements are reached by Friday, April 30, have prompted a shopping boom in the Southland.

The expiring federal tax credit for home shoppers has put some froth back in the Southland's real estate market: People are ditching work to search for new digs, plundering savings for down payments and striking as fast as they can to sign contracts ahead of the Friday deadline.

Source: L.A. Times - Business | 29 Apr 2010 | 8:18 pm

Govt bank guarantee scheme closes today

The Government's wholesale guarantee facility for banks has been officially closed today as New Zealand's financial markets improve.The scheme, set up in November 2008 when the liquidity crisis hit global credit markets, was no...
Source: nzherald.co.nz - Business | 29 Apr 2010 | 7:13 pm

Workers march on Wall St, protest against big banks

NEW YORK - Thousands of workers and union leaders marched on Wall Street on Thursday to express their anger over lost jobs, the US taxpayer-funded bailout of financial institutions and questionable lending practices by big banks.The...
Source: nzherald.co.nz - Business | 29 Apr 2010 | 6:30 pm

Goldman and Tourre solidarity might not last

The bank’s ability to defend itself against US civil fraud charges appears to be linked to the fate of Fabrice Tourre, but support for the 31-year-old trader could be withdrawn if their interests diverge
Source: Financial Times - US homepage | 29 Apr 2010 | 6:18 pm

Former timber boss admits Fair Trading breach

A former timber company boss been fined $15,000 after pleading guilty to 36 charges relating to misleading retailers and consumers about timber frames and roof trusses.Larry Roger Binns, former managing director of Total Frame...
Source: nzherald.co.nz - Business | 29 Apr 2010 | 6:15 pm

CFTC fines Morgan Stanley and Moore Capital

Moore Capital, one of the world’s most successful hedge funds, and Morgan Stanley were fined by US regulators for alleged breaches of rules in the precious metals and oil markets
Source: Financial Times - US homepage | 29 Apr 2010 | 6:10 pm

State of emergency is declared as US oil slick nears the coast

The massive oil spill pouring from a ruptured well in the Gulf of Mexico is expected to reach the Louisiana coast today, threatening hundreds of species and prompting an environmental catastrophe.


Source: Latest Business News from Times Online | 29 Apr 2010 | 6:01 pm

House price growth hits three-year high

House price growth has broken the double-digit barrier for the first time in almost three years, suggesting that confidence in the market has returned.


Source: Latest Business News from Times Online | 29 Apr 2010 | 6:01 pm

Farm sales defy rural real estate trends

Signs of life have been seen in the flat rural real estate sector in the last week with $11 million worth of property changing hands in two hours.The auctions in Tauranga involved three farms, in a turnaround from past months...
Source: nzherald.co.nz - Business | 29 Apr 2010 | 6:00 pm

Don't be fooled by GST hike sales boom, says bank

Retailers should not interpret a jump in sales ahead of a possible GST price hike as a genuine trend, economists say.A report by AS
Source: nzherald.co.nz - Business | 29 Apr 2010 | 5:30 pm

United, Continental to announce merger Monday: report

NEW YORK (Reuters) - UAL Corp's United Airlines and Continental Airlines Inc are expected to announce that they are merging to form the world's largest airline on Monday, the Wall Street Journal reported on Thursday, citing unnamed sources.

Source: Reuters: Business News | 29 Apr 2010 | 5:15 pm

Building consents fall in March

New Zealand residential building consents fell for the third month in four in March, underlining the tepid pace of recovery in a housing market that is facing tighter tax rules and less activity from developers.Consents fell 0.4...
Source: nzherald.co.nz - Business | 29 Apr 2010 | 5:00 pm

Brown misses his last big chance

Instant polls suggested that the Conservative leader had won the debate with Nick Clegg, Lib Dem leader, coming a close second; Mr Brown trailed badly in third place
Source: Financial Times - US homepage | 29 Apr 2010 | 4:48 pm

Presented By:

Source: Dealbreaker | 29 Apr 2010 | 4:15 pm

Write-Offs: 04.29.10

$$$ How Much Did Lehman CEO Dick Fuld Really Make? Oliver Budde, former Lehman Brothers associate general counsel, says Fuld failed to disclose hundreds of millions in compensation. [BW]

$$$ ACA became Wall St’s trash can, now haunts Goldman [Reuters]

$$$ The Power of Lucky Charms [WSJ]

$$$ Tiger Woods’ Tally: 121 kills [HF]

$$$ Blankfein Says He Was ‘Humbled‘ By Senate Hearing [NPR]

Lehman Brothers - Law - Reuters - Wall Street Journal - Wall Street
Source: Dealbreaker | 29 Apr 2010 | 4:15 pm

Blankfein Says He Was 'Humbled' By Senate Hearing

By Jacob Goldstein

Asked for a single word that described how he felt when he walked out of Tuesday's Senate hearing, Goldman Sachs CEO Lloyd Blankfein said: "Humbled."

"It was quite a humbling experience to be in a position where Goldman Sachs, which prides itself on the role it performs in the U.S. economy ... [had] to defend itself against some of the charges that were made," Blankfein said in an interview today with NPR's Michele Norris.

He also said that "some of the things that Goldman Sachs did contributed to the crisis," including financing over-leveraged real estate. Lots of other finance companies did similar things, Blankfein said, and Goldman's role in the system wasn't unique.

Goldman and other financial institutions need to do a better job of spotting bubbles, he said. And called for the creation of a legal mechanism that allows failing institutions to be "put out of business in a way that doesn't jeopardize the entire system." (This is what's known as "resolution authority" in the finance-reform debate.)

And he repeated the argument that he made at length during the Senate hearing, when the company was accused of betting against its clients.

When Goldman is buying and selling securities, "we are the market maker, helping people to acquire the kinds of risks they want to have," he said. "The clients we have are not deciding to buy or sell something because of what our position is."

The interview is airing today on All Things Considered.

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Source: NPR Blogs: Planet Money | 29 Apr 2010 | 4:12 pm

Stocks climb on earnings, drop in jobless claims (AP)

AP - Stocks surged higher after another series of upbeat earnings reports and a reading on unemployment provided more evidence of an improving economy.

Source: Yahoo! News: Stock Markets News | 29 Apr 2010 | 4:06 pm

Africa, 3M, Danaher, GrafTech, Commercial Rents: Taking Stock

Source: Bloomberg - All Podcasts | 29 Apr 2010 | 4:03 pm

Palm shares soar on HP acquisition (AFP)

AFP - Palm shares soared on Thursday after US computer giant Hewlett-Packard announced it had reached agreement to buy the troubled US mobile phone maker.

Source: Yahoo! News: Stock Markets News | 29 Apr 2010 | 3:47 pm

US Senate begins finance reform debate

Senate Democrats and Republicans drew the battle lines for financial regulatory reform – drafting radically different amendments and finally starting debate after weeks of a bitter phoney war
Source: Financial Times - US homepage | 29 Apr 2010 | 3:47 pm

Qatar ruler urged to testify in Chelsea Barracks case

Qatari Diar has been told it faces losing a High Court case against the Candy brothers unless the leader of Qatar comes forward as a witness.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 29 Apr 2010 | 3:37 pm

Oil Hurricane to Hit New Orleans

At 5,000 barrels per day, the leak from the blowout of the Deepwater Horizon is spreading at a rate that would surpass the amount of oil dumped by the Exxon Valdez in another 45 days. While the leak has not been plugged, BP and Transocean are trying to install an underwater dome to trap the [...]

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Source: 24/7 Wall St. | 29 Apr 2010 | 3:30 pm

Allianz to Launch New ETF Tracking Chinese Commodities: Audio

Source: Bloomberg - All Podcasts | 29 Apr 2010 | 3:22 pm

Palm Raised to `Hold', Mantech Cut to `Hold': Audio

Source: Bloomberg - All Podcasts | 29 Apr 2010 | 3:20 pm

How the major stock indexes fared on Thursday (AP)

AP - Stocks surged higher Thursday after another series of upbeat earnings reports and a reading on unemployment provided more evidence of an improving economy.
Source: Yahoo! News: Stock Markets News | 29 Apr 2010 | 3:18 pm

Obama taps Yellen as Fed No. 2, two others to board

WASHINGTON (Reuters) - President Barack Obama on Thursday nominated Janet Yellen, the president of the San Francisco Federal Reserve Bank and a renowned monetary policy "dove," to be vice chairman of the U.S. central bank.

Source: Reuters: Business News | 29 Apr 2010 | 3:12 pm

Dow climbs 122 on good unemployment, earnings news (AP)

AP - THE DOW'S BIG DAY: The Dow Jones industrials rose 122 points. That brought their two-day advance to 175 as they made back most of the 213 they lost Tuesday amid concerns about European debt problems.
Source: Yahoo! News: Stock Markets News | 29 Apr 2010 | 3:05 pm

'The Bastardization Of Dairy Terms'

By Jacob Goldstein

The members of the National Milk Producers Federation want you to know something: Soy milk is not milk.

What's more, the FDA is "letting the bastardization of dairy terms proliferate," a federation spokesman told USA Today.

The NMPF wrote to the FDA yesterday, asking the commissioner to crack down on all those non-dairy dairy products -- your rice milk, your soy cheese -- that "illegally mislead the public by inappropriately employing names and terms reserved by law for standardized dairy products."

U.S. soy milk sales have risen from $124 million in 1996 to more than $1 billion in 2008, the USA Today article says. The soy people have argued that as long as the word "soy" modifies the word "milk," consumers won't be confused.

Update: By popular demand, here's a link to the definition of milk, as spelled out in the Code of Federal Regulations. ("Milk is a lacteal secretion ... ")

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Source: NPR Blogs: Planet Money | 29 Apr 2010 | 3:02 pm

The oil spill's impact on oyster industry

Oysterman Sal Sunseri first spoke with us after Katrina shut down his business. Tess Vigeland talks with him about the latest threat to his oysters.
Source: Marketplace | 29 Apr 2010 | 2:16 pm

David Letterman launches record label

David Letterman is teaming up with Capitol Records to start a record label. Alisa Roth reports.
Source: Marketplace | 29 Apr 2010 | 2:15 pm

A change in showing off wealth status

Social critic Andrew Potter talks with Tess Vigeland about his new book "The Authenticity Hoax," and calls into question why people shop organic, buy distressed jeans and make their own compost.
Source: Marketplace | 29 Apr 2010 | 2:15 pm

The modern moonshine movement

Moonshine is no longer confined to just Appalachia anymore. Hipsters and foodies around the U.S. are starting to acquire a taste for it, which is giving rise to a whole new industry of microdistillers. Anna Sale reports.
Source: Marketplace | 29 Apr 2010 | 2:15 pm

Mark Your Calendar: Next Greatest Hearing Of Our Time Comin’ At Ya May 5

This is the one we’ve been waiting for.

James Cayne and Alan Schwartz, who served as chief executive officers at Bear Stearns before the firm collapsed in 2008, will testify on May 5 along with former Securities and Exchange Commission Chairman Christopher Cox, the commission said today in an e-mail statement.

Since recent events have demonstrated the government’s inability to ask the right questions, and we want to actually get something out of this thing, let’s come up with a few now to send their way. I’ll start: Mr. Cayne. When confronted about the fact that your office smelled like pot, you attributed the scent of marijuana to “a new leather couch in my office,” and later demanded a fellow executive come take a whiff, asking him, and I quote, “does the couch smell like pot or not?” Did you realize at the time just how genius that was or, in a rare moment of self-awareness combined with a seriously paranoid trip,* did you sweat bullets figuring no one would buy it?

Geithner, Bear Stearns Executives to Testify for Crisis Panel [Bloomberg via DI]

*That’s the last time you buy from a degenerate first year in the alley behind 383 Madison.

Bear Stearns - Alan Schwartz - U.S. Securities and Exchange Commission - Chief executive officer - James Cayne
Source: Dealbreaker | 29 Apr 2010 | 2:15 pm

Energy firms mount offshore defense

The government says the oil spill in the Gulf of Mexico is five times worse than originally thought. With five thousand barrels of oil leaking every day, the spill is prompting new questions about the Obama administration's plan to expand offshore drilling. Jill Barshay reports.
Source: Marketplace | 29 Apr 2010 | 12:53 pm

How financial reform bill's taking shape

The Senate began wading through amendments to a bill that could become the most comprehensive restructuring of financial oversight since the Great Depression. John Dimsdale reports.
Source: Marketplace | 29 Apr 2010 | 12:53 pm

A 99-week limit for jobless benefits

Congress has been voting to keep unemployment benefits flowing with several extensions. But there is a limit for people who've been unemployed the longest. In states with the worst unemployment figures, that limit is now 99 weeks. Mitchell Hartman reports.
Source: Marketplace | 29 Apr 2010 | 12:53 pm

Wanna Buy A Mortgage Bond?

By Jacob Goldstein

For the first time since the wheels came off the housing market a few years back, somebody's selling a mortgage-backed bond that isn't backed by the U.S. government.

Not surprisingly, this bond -- which answers to the name "Sequoia Mortgage Trust 2010-H1" -- is made up of some very low-risk mortgages.

Basically, it's the opposite of some of the crazy mortgage-backed bonds sold during the boom (sorry, Toxie), which were full of loans to borrowers with weak credit and little or no home equity.

Calculated Risk points out a few of the key details on the new bond:

• It includes 253 mortgages, with an total principal balance of about $238 million
• The average loan-to-value ratio is 53%
• Borrowers' weighted FICO score is 768
• The bond was created by Citigroup and a real estate company called Redwood Trust.

For a little more news on the mortgage-bond front, check out this Bloomberg News story on a new set of indexes that will track the performance of mortgage-backed bonds issued in 2006 and 2007.

These indexes make the market for mortgages more transparent. They also make it easier for people to speculate on mortgages.

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Source: NPR Blogs: Planet Money | 29 Apr 2010 | 12:42 pm

Emerging markets fuel consumer goods groups

Three of the world’s largest consumer goods groups – Procter & Gamble, Unilever and Colgate-Palmolive – reported robust sales, led by strong demand in emerging markets in Asia and Latin America
Source: Financial Times - US homepage | 29 Apr 2010 | 12:37 pm

Protestors Storm JPMorgan Office

A reader just sent us this photo, purported to be from 270 Park Ave. where angry protestors have pushed their way into JPMorgan’s headquarters. We’ll update as more info comes in. Not sure if they’re from Syracuse or not.

Update: Apparently the protestors are from this group, which plans to stage some sort of big Wall Street protest this afternoon at 4pm. They’ve already dispersed from JPM. A spokesman for the company declined to comment.

Wall Street - JPMorgan Chase - Demonstration - Business - Syracuse University
Source: Dealbreaker | 29 Apr 2010 | 12:29 pm

The Month’s Biggest Index Losers: Chinese Agriculture, Agri Chemical and Fertilizers, and Tobacco Stocks

There were strong losses in three Tickerspy indexes over the most recent 30-day period. This month’s biggest fallers are in Chinese agriculture, genetic analysis, and agricultural chemical and fertilizer stocks. Chinese agriculture stocks continue to decline, and are down 21.1% in the past month. The worst performing stocks in the index are China Agritech Inc., (NASDAQ: CAGC) down 37.9%, Agria [...]

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Source: 24/7 Wall St. | 29 Apr 2010 | 12:23 pm

Deutsche’s Ackermann: “Mistakes Were Made”

Deutsche Bank boss Josef Ackermann spent last night in Washington chilling with Bono, Bill Clinton and other dignitaries at the Atlantic Council’s annual awards dinner.

While he applauded the influential think tank’s “courage to give an award to a banker,” he acknowledged in his speech that bankers had made mistakes with financial instruments that were too complex to understand the risks that were taken.

Among the others honorees were James Mattis, of the U.S. Marine Corp., and Stephane Abrial, of the French Air Force. Gen. Brent Scowcroft, John McCain and Chuck Hagel (left) were among the dozens of politicians and military officials on hand to schmooze. Former President George H. W. Bush appeared via video feed after being introduced by Joe Scarborough.

Here’s an excerpt of Ackermann’s speech:

Firstly, it’s essential to start with a dispassionate view of the banking industry.  We have heard many passionate views recently.  But there are two sides to this coin and we need to look at both sides.  Without question, structural weaknesses existed.  Mistakes were made.  Rewards grew out of proportion to the risks that were being taken.  Some financial instruments were so complex that the risks they posed were not properly understood.  We underestimated the interconnectedness of the banking system.  Problems at a few institutions created problems for many and some in the industry lost sight of their role as servants of the greater good of society.

But on the other hand, the banking system as a whole has facilitated the period of prosperity and economic growth that was unparalleled in recent history.  Capital flowed across the world faster and more freely than ever.  Financial innovation allowed business leaders to realize their aspirations, widen their horizons and protect themselves from risk.  Most of this activity was totally unrelated to the instruments that triggered the crisis.

Deutsche Bank - Bill Clinton - United States - Atlantic Council - John McCain
Source: Dealbreaker | 29 Apr 2010 | 12:13 pm

Rupkey, Ludwig, Feldstein, El-Erian, Gabelli: Surveillance

Source: Bloomberg - All Podcasts | 29 Apr 2010 | 12:07 pm

First Solar Soars, Will It Burn And Fall? (FSLR, SPWRA, JASO, TSL, SOLF, YGE)

Shares in First Solar Inc. (NASDAQ:FSLR) are soaring this morning, following its first quarter earnings report. The PV solar panel maker posted EPS of $2.00, a penny more than a year ago, on revenue of $568 million. Analysts had been expecting EPS of $1.63 and revenue of $541 million. But the jet-propelled rise is share [...]

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Source: 24/7 Wall St. | 29 Apr 2010 | 11:45 am

Fuld Sighting. . .

Former Lehman Brothers chief Dick Fuld was just spotted walking by himself in Times Square near 42nd Street. Is he looking for office space or just paying a visit to his old firm?

Lehman Brothers - Times Square - Richard S. Fuld Jr. - Dick Fuld - Business
Source: Dealbreaker | 29 Apr 2010 | 11:05 am

Goldman set to settle SEC fraud case soon: report (Reuters)

Reuters - Goldman Sachs may soon settle its fraud case with the U.S. regulator, the New York Post reported on Thursday, opting to end a legal fight rather than endure a repeat of the public flogging it received this week.

Source: Yahoo! News: Stock Markets News | 29 Apr 2010 | 10:53 am

Citigroup Clears Up Confusion On SchnitzelGate, Is Yet To Make Grand Gesture

A couple weeks ago, when the Schnitzel & Things food truck, purveyor of “thin, deep-fried cutlets,” was forced by the cops to leave its regular corner on 54th and Lex, the owners were pretty surprised. Particularly when they were told the alleged reason, which was that there’d been a complaint from inside the building, where Citi has offices, and that if they didn’t hit the bricks, they’d be cited as a “terrorist threat.”

“I was stunned,” said Gene Voss. “I asked the police officer, ‘Let me get this straight, this building is complaining that I might be a terrorist threat?’ I mean, I’m just selling schnitzel.”

According to the police, the reason the truck was asked to scram because it was blocking parking spaces. And a spokeswoman for Citi says the bank had nothing to do with the call, which, sure, okay, we’ll buy that. Nevertheless, someone costs these guys two weeks of business (they’ve “vowed to return Friday”). And I’m just thinking aloud here, but it would not only be a nice gesture but would also help Citi keep this “we’re not Goldman, we’re the good guys” streak going, if Vikram were spotted on line, buying up a mess of schnitzel for him and his liuetenants and/or manning the window himself. Just something to think about.

Schnitzel & Things - Citigroup - Police officer - Deep frying - Warfare and Conflict
Source: Dealbreaker | 29 Apr 2010 | 10:45 am

Lisa Marie Falcone Dances Like No One’s Watching

When you’re the wife of a wealthy/powerful/prominent man, you have to be ever vigilant to follow the rules. You have to act a certain way, dress, a certain way, think a certain way. You don’t want to do anything that would potentially embarrass your husband and/or cause trouble for him professionally. For the most part, you have to be boring, at least to the naked eye. There are lots of women who get in line with this reality, figuring it’s the price they’ve paid. Not Phil Falcone’s leading lady, Lisa Marie. She marches to the beat of her own drum, gets out there and says, here I am, world, out of the box fashions and all! And I’m going to dance on this table and not give a baker’s fuck what you or anyone else thinks of me!

Lisa Maria Falcone had as much fun as anyone at the after-party for “Mother & Child,” which she produced, on the High Line, which she and her husband, billionaire hedge-funder Philip Falcone, helped turn into a park. Lisa was beaming atop a banquette and dancing with Kerry Washington.

She did, however, tone things down a bit, sartorially speaking. The outfit you’re taking a gander at right now is her “demure” look. Sometimes you have to conform, just an inch. Last night was not the night to bring this to the table.

Lisa Marie Falcone Hosts A Wild Night [NYP]

Kerry Washington - Dance - High Line - Arts - Performing Arts
Source: Dealbreaker | 29 Apr 2010 | 10:18 am

Presented By:

Source: Dealbreaker | 29 Apr 2010 | 10:18 am

How to Do a Short Sale if You Can’t Pay Your Mortgage

This is a guest post by James Hua of The Intelligent Investor.

You can save a few hundred a month by buying discount items on Ebay or Amazon and by searching for the hottest deals. Saving a few hundred bucks a month is a ton over a year and its effects are even greater over 10 years. But what if that’s not enough? What if you need to somehow impossibly cut back your expenses like $1000-$1500 because you lost your job or your savings have depleted?

The mortgage payment is America’s single highest expense.

Honoring your word is sacred. You signed on the dotted line and said you would pay your debts. Abraham Lincoln spent 17 years paying off debt he borrowed to start a business in 1833. The virtues of repaying debt and honoring your commitments are self-evident.

However, at some point you have to acknowledge when the snowball gets irreversibly big and you have to make a decision between food and the mortgage. Most people choose the former.

I do not advocate walking away from your mortgage for the sake of it, but if you can only hang in for 3-6 months, you might have to take a close and hard look at the situation and start preparing accordingly. While you might not need a short sale, you might need to prepare for one or at least look at this option. Downsizing and renting can potentially save you thousands of dollars per month.

How do I get started on a short sale?

Just like purchasing a home, it takes time to work a short sale – in many cases, even more time. Be patient and take it one step at a time. This can often take 90-180 days, and if successful, could be well worth your time.

1. Contact your bank – before the end of the road, you want to make sure that you’ve given them notice (i.e., speed bumps). Calling 30 days before you can’t make payment might not be helpful. See if there are loan modifications or refinancing programs that might help alleviate the burden. If you can’t find a viable and durable solution, then consider short selling your home. Request a short sale package to get the process started.

2. Find a short sales agent – it pays dividends to make sure you work with a realtor that has time of the day to answer your questions and go through the process with you. A short sale requires more time, thought, and effort to execute properly to bring all the relevant parties such as buyer, seller, lender, agents, title and escrow companies. Use an agent with good follow up.

3. Third party negotiators – sometimes (although not all) sellers in a short sales employ negotiators that charge a separate fee in addition to the realtor commissions (buyer’s and seller’s agent commissions). The beauty of this for the seller is that it does not directly cost the seller anything. It ultimately comes from the bank’s funds (or proceeds). However, there are plenty of short sales in which a “third party negotiator” is employed and the listing agent shares their commission with the negotiator.

I tend to like these arrangements where the seller’s agent and negotiator split the selling agents commission. Much of the work and brain damage comes from negotiating with the bank and making sure the borrower has everything right. If the seller’s agent does not do any negotiating besides list the property below market, they don’t earn their keep. In these arrangements, the listing agent can split their commission 35/65, where the agent gets 35% and the negotiator gets 65% or 50/50, etc.

Feel free to ask your agent whether they play to employ a negotiator and what the commission split is and why. While some agents can get prickly, you have every right to know if you plan to hire the agent.

4. Pricing – some agents will deceivingly tell you to list your property at a fire-sale price. They say this will help get an offer on the price after which you can send to the bank to move the short sale process along. If the agent tells you to fire-sale the property, do not use this agent. While this may not be fraudulent or negligent behavior, it shows inexperience. All banks that approve short sales employ a valuation method often know as a broker’s price opinion (BPO). This valuation gives the bank a reference point on the value of the property and whether the short sale makes “business sense” to approve.

For example, if the contract price is $300k, but the BPO comes back at $600k the bank will likely not approve a 50% discount. However, if the BPO comes back at $350k (a 14% discount) then may approve this just to get the property out of their hair.

Time is precious. Don’t waste it on apparent solutions that will not avail. In 2009, the banks were seen approving discounts of 15% or greater for homes. In 2010, banks have gotten tighter on their discounts and are typically seen approving discounts on short sales of 7-10%.

The goal: Price realistically and close to the market. You want the deal approved so you can get rid of debt and move on.

What is a Deficiency and Why is it Important?

As part of short sale negotiations you should know whether the bank will maintain their deficiency rights. A deficiency exists when a bank receives less money than it is owed. For example, you owe $400k but the bank only received $300k. $100k is your deficiency.

In cases where the bank maintains their full deficiency rights you may want to think twice about the short sale because you are still fully responsible for the deficiency. I have cases where borrowers negotiated this out of the deal. This is highly recommended if possible.

Do I have tax consequences with debt forgiveness?

It depends. Pre-mortgage crisis the answer was generally, yes. Now, it depends on the situation. According to the IRS:

If you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes, depending on the circumstances. When you borrowed the money you were not required to include the loan proceeds in income because you had an obligation to repay the lender. When that obligation is subsequently forgiven, the amount you received as loan proceeds is reportable as income because you no longer have an obligation to repay the lender. The lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 1099-C, Cancellation of Debt.

However, with the Mortgage Debt Relief Act, certain debt forgiveness may be excluded from income. In general, the property has to be used as the owner’s principal residence (aka owner occupied) and this applies to debt forgiven from 2007 through 2012.

I hope this article has been helpful to those working on a short sale and informative to those you may have to do one in the future as a last resort. Selling your home like this isn’t easy, but it might be the best thing in your situation.

Learn more about real estate by subscribing to The Intelligent Investor.

Source: Business Pundit | 29 Apr 2010 | 10:18 am

FTSE bounces back as Greek deal nears (AFP)

AFP - London's leading stock exchange bounced back on Thursday after a top European Union official said talks on a debt bailout deal for Greece were nearly complete.

Source: Yahoo! News: Stock Markets News | 29 Apr 2010 | 10:14 am

Steve Jobs’ “Thoughts on Flash” Slams Adobe

Image: Acaben/Flickr

Steve Jobs just posted an essay called Thoughts on Flash on Apple’s website. In it, he lists the reasons Apple will not work with Adobe and Flash. His main points:

* Flash is 100% controlled by Adobe, making it a “closed system.” Apple, on the other hand, lets developers add to its Web standards.

* Flash has a horrible security record.

* Flash does not perform well on mobile devices.

* Flash drains mobile batteries.

* Flash needs to be rewritten in order to support touch-based systems.

* “Adobe…has said that Apple mobile devices cannot access the ‘full web’ because 75% of video on the web is Flash,” writes Jobs. He also says that most of this video is also available to users in the “more modern” H.264 format.

* Most importantly: Apple does not want to be beholden to a third party between itself and developers. “Developers only have access to the lowest common denominator set of features,” according to Jobs. “Flash is a cross platform development tool. It is not Adobe’s goal to help developers write the best iPhone, iPod and iPad apps. It is their goal to help developers write cross platform apps. And Adobe has been painfully slow to adopt enhancements to Apple’s platforms.”

Jobs’ conclusion:

Flash was created during the PC era – for PCs and mice. Flash is a successful business for Adobe, and we can understand why they want to push it beyond PCs. But the mobile era is about low power devices, touch interfaces and open web standards – all areas where Flash falls short.

The avalanche of media outlets offering their content for Apple’s mobile devices demonstrates that Flash is no longer necessary to watch video or consume any kind of web content. And the 200,000 apps on Apple’s App Store proves that Flash isn’t necessary for tens of thousands of developers to create graphically rich applications, including games.

New open standards created in the mobile era, such as HTML5, will win on mobile devices (and PCs too). Perhaps Adobe should focus more on creating great HTML5 tools for the future, and less on criticizing Apple for leaving the past behind.

Ouch, Adobe.

Read Jobs’ full essay here.

Source: Business Pundit | 29 Apr 2010 | 9:49 am

Allegient Air: The Tiniest Airline In The Universe.

By Robert Herbst How about it is the only consistently profitable US airline for the last 29 consecutive quarters? Allegiant (ALGT), based out of Las Vegas, labels themselves as: “A leisure travel company focused on transporting travelers in small cities to leisure destinations” Not only is Allegiant profitable, but with approximately 15% annual growth during [...]

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Source: 24/7 Wall St. | 29 Apr 2010 | 9:46 am

Graco, Simplicity: Major Crib Recall

Image: CPSC

Thousands of Graco and Simplicity cribs have been recalled for suffocation and strangulation risk.

Simplicity, which is now out of business, has been linked 13 deaths, according to CBS News. Almost all of the company’s cribs have been recalled at this point. The Consumer Product Safety Commission urges people not to resell or give away their Simplicity cribs–they’re too dangerous. In other words, if you see a Simplicity-branded crib, take an ax to it or run the other direction. CBS has more:

In the case of the Graco-branded wood cribs, the side that moves up and down – the dropside – can break or detach, creating a dangerous gap between the crib mattress and dropped side. A baby can become trapped and suffocate or strangle. CPSC and LaJobi have received 99 complaints of dropside problems with the cribs. None involved serious injuries.

The Simplicity recall is for all full-sized cribs with tubular metal mattress-support frames. Those frames can bend or detach, causing the mattress to collapse and creating a space that a baby can roll into, become trapped in and suffocate.

A massive number of crib recalls that have taken place during the past year or so. You practically have to be a scientist to find a crib that won’t maim your baby. KidsHealth.org has a good list of tips for buying a crib that’s safe for your child. The measuring and inspection described in that list should be mandatory before buying a crib. It’s not worth making the mistake of trusting the wrong brand.

Source: Business Pundit | 29 Apr 2010 | 9:29 am

Goldman Employees Scared Into Eating Lunch At Their Desks, Not Making A Spectacle Of Selves While Partying

Thanks, Mary Schapiro. Because of you the men and women of Goldman Sachs can’t even leave the building for a sando out of fear someone will be listening in on their conversation re: the next client they’re going to give the old “GS surprise.” And don’t give me that crap about how they could find other topics to discuss. What else is there to talk about when there are nefarious plots to be hatched?

According to employees, Goldman managers have urged them to keep a low profile, think carefully about the restaurants and parties they attend and watch how they behave in public. Some employees are even reluctant even to go out to lunch with co-workers for fear of being overheard talking about Goldman, said one person familiar with the matter.

It’s enough to drive people to drink themselves stupid but guess what Mare? That’s out too. Lucas vP has already advised that anyone who can’t hold their liquor and, more to the point, abstain from revealing the GS logo branded to their ass-cheeks, ought to strongly considered going dry.

For Goldman Employees, Concerns And Shots [WSJ]

Goldman Sach - United States - Labor - Government Unions - United States Senate
Source: Dealbreaker | 29 Apr 2010 | 9:00 am

Why Is Microsoft-HTC Deal A Game Changer?

By John Hudson, The Atlantic Wire The last time we checked in with HTC, Apple was trying to sue its pants off for patent infringement. Now, the Taiwanese cell-phone maker has forged a major patent deal with Microsoft. What’s this all about? At first blush, bloggers jumped the gun Read more… Filed under: Uncategorized

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Source: 24/7 Wall St. | 29 Apr 2010 | 8:05 am

Lewis on U.K. Elections, Marta on Goldman Sachs: First Word

Source: Bloomberg - All Podcasts | 29 Apr 2010 | 8:01 am

Three Reasons The Euro Crisis Matters For The U.S.

By Jacob Goldstein

1. The crisis could mean fewer U.S. jobs.

The crisis could hurt U.S. exports to Europe, which in turn would mean fewer U.S. jobs. When the euro falls against the dollar, American products get more expensive in Europe. What's more, if the debt problems spill over into Europe's broader economy, Europeans will buy less stuff overall -- including less American-made stuff. About a fifth of our exports go to Europe.

2. The U.S. is the biggest funder of the IMF, so taxpayers are on the hook for a chunk of the IMF bailouts.

Rep. Mark Kirk, who worked for the World Bank during Mexico's 1982 debt crisis, now sits on the House Appropriations Committee that oversees IMF funds. He's called for Congressional hearings on the IMF's ability to handle a broader European collapse, this morning's New York Times reports.

3. Europe's problems are a reminder that, sooner or later, the bell may toll for us.

Here's how the economist Ken Rogoff put it on All Things Considered yesterday:

We Americans, you know, love to borrow. And Greece was doing that merrily for years, and then wham, they got hit. And I don't think our day of reckoning will look like this, but it will come when we have to face higher interest rates, we have to tighten our belts, and we might think it's not so easy when it happens to us.

Rogoff also talked about this issue when he was on the Planet Money podcast back in February.

"If the United States thinks this can't happen here, think again," he said. "When the investment community loses faith in you, it can happen so fast."

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Source: NPR Blogs: Planet Money | 29 Apr 2010 | 7:58 am

Gramley, Silvia: Bloomberg On the Economy With Tom Keene

Source: Bloomberg - All Podcasts | 29 Apr 2010 | 7:58 am

Thinking Out of the Box Even Works for Pi

Source: Business Pundit | 29 Apr 2010 | 5:26 am