SmartBlogs for SIFMA SmartBrief
Bailouts Gone Wild! Porn Chiefs Seek $5 Billion
New York Times/Dealbook, The | 8 hours 49 minutes ago
Is this for real? Now even the pornographers are lining up for a government bailout. Larry Flynt, the publisher of Hustler magazine, and Joe Francis, the producer of the "Girls Gone Wild" videos, said Wednesday that they were asking Congress for $5 billion in federal assistance, asserting that the adult entertainment industry was among those hit [...]
Clearwire Proves Costly for Its Big Investors
New York Times/Dealbook, The | 10 hours 50 minutes ago
Clearwire, the wireless Internet provider that attracted billions of dollars of investment last May from big names like Google, Time Warner Cable, Intel and Comcast, is causing its investors some major heartburn. Time Warner Cable and Intel announced Wednesday that they were writing down the value of their investments in the "WiMax" wireless broadband company [...]
Inauguration Watch: Sorry, the Road's Closed
Wall Street Journal/Washington Wire, The | 12 hours 5 minutes ago
June Kronholz reports on the inauguration. The Secret Service released a map of roads it will close and others where it will restrict traffic during Barack Obama's Inauguration. It includes much of official Washington and plenty of business Washington. Road closures extend from north and west of the White House, south as far as the Washington Monument and east to include the Supreme Court and Library of Congress. Restricted areas include parts of K Street and neighborhoods near Union Station...
Democratic Allies Line up Behind Holder for Attorney General
Wall Street Journal/Washington Wire, The | 12 hours 21 minutes ago
Evan Perez reports on the Justice Department. Liberal groups are lining up to sing the praises of Attorney General designee Eric Holder, backing up President-elect Barack Obama's pick to lead the Justice Department against anticipated attacks on his record. Republicans have groused about Holder's role in former President Bill Clinton’s granting of several last minute pardons, including that of financier Marc Rich. But so far, there is no indication such concern is leading to active opp...
Sun Capital Shifts Its Focus and Cuts Back
New York Times/Dealbook, The | 12 hours 21 minutes ago
In the latest sign of trouble in the alternative investment world, Florida-based Sun Capital Partners has decided to refocus its $1.3 billion internal hedge fund after suffering losses on several investments. The fund will now focus solely on debt investments instead of both debt and equities. Sun Capital, which manages more than $10 billion in [...]
West Wing Lunch: Ordering From the White House Mess
Wall Street Journal/Washington Wire, The | 12 hours 34 minutes ago
John D. McKinnon reports on the details of Wednesday's West Wing power lunch. Here’s the rundown as the four living presidents and the president-elect gathered for a White House lunch hosted by President George W. Bush: President Bush, his father, George H.W. Bush, President-elect Barack Obama, Bill Clinton and Jimmy Carter ate together in the president's private dining room, just off the Oval Office. The setting was more business-like than a luncheon in the president’s residence...
Barney Frank Lays Out Plan on TARP Limits
Wall Street Journal/Real Time Economics, The | 12 hours 46 minutes ago
House Financial Services Committee Chairman Barney Frank (D., Mass.) sent a memo to other lawmakers Wednesday laying out his plan to place limits any future use of money from the Treasury Department's Trouble Asset Relief Program, known as TARP. Rep. Frank acknowledged in the memo that many members were frustrated at the way the Bush administration handled the program and promised major changes if the second half of the $700 billion is requested. (he said he thinks it would be useful for the ...
Learning From G.E. as Spin Season Approaches
New York Times/Dealbook, The | 13 hours 12 minutes ago
As companies prepare for a new season of investor updates, they would do well to consider a recent conference call by General Electric's Jeffrey Immelt, Jack Flack says.
Gallup: Americans Confident In Obama
RealClearPolitics Blog, The | 13 hours 18 minutes ago
Ther American public's confidence in Barack Obama's ability to be a good president appears to be unwavering so far, according to Gallup, which has tracked Obama's confidence rating on a daily basis since his election in November. Even Republicans (36%) are relatively confident in Obama, while only 7% of Democrats in the latest Gallup poll approve [...]
Obama Taps McKinsey & Co.
Wall Street Journal/Washington Wire, The | 13 hours 24 minutes ago
Laura Meckler reports on the Obama transition. When President-elect Barack Obama tapped Nancy Killefer for the newly created post of “chief performance officer,” he was merely opening the bidding on McKinsey & Co., the management consulting firm. In the coming days, he is expected to tap a second McKinsey director for the White House. Diana Farrell, director of the McKinsey Global Institute, the firm’s in-house think tank, is expected to be named deputy director of th...
Hedge Funds Raise the Gates, and Investors Pay
New York Times/Dealbook, The | 13 hours 38 minutes ago
Numerous money-losing hedge funds have curtailed investor withdrawals over the past few months as redemption requests piled up. But "raising the gates," as it's known in the industry, can cost investors dearly, according to a recent study from the Vanderbilt University's Owen Graduate School of Management and Columbia University. According to the study, the implied costs [...]
Six Degrees of Martin Feldstein
Wall Street Journal/Real Time Economics, The | 14 hours 3 minutes ago
Martin Feldstein might never win the Nobel for economics, but he may be the most influential economist of his generation. Feldstein A Republican who advised Ronald Reagan, the Harvard economist has close ties to many of the economists who have been tapped to work in the Obama administration. (Read a related article.) Then again, any administration would end up picking economists with close ties to Mr. Feldstein. As a sophomore at Harvard, Lawrence Summers, who will head the National Ec...
Joe Goes to War
RealClearPolitics Blog, The | 14 hours 10 minutes ago
Sometimes an idea can be a "near miss," which is to say that it was close to being a cool idea but crossed the line into a farce. Example: if you told me that someone hired Joe the Plumber to travel around the country and do a series of 2-minute vignettes with working class families discussing [...]
Greer Endorses Steele For RNC Chair
RealClearPolitics Blog, The | 14 hours 10 minutes ago
Said to be mulling his own bid for the post, Florida Republican Party chairman Jim Greer instead announced today that he is throwing his support behind GOPAC chairman Michael Steele, the former lieutenant governor of Maryland. "Michael has everything that the GOP desperately needs right now: the ability to communicate our message from a fresh point [...]
Inauguration Watch: You Probably Can't See the Rehearsal Either
Wall Street Journal/Washington Wire, The | 14 hours 50 minutes ago
June Kronholz reports on the inauguration. The Congressional inaugural committee and the military will rehearse their roles in Barack Obama’s Jan. 20 inauguration this Sunday morning, complete with herald trumpeters, military bands, a touchdown and takeoff by the Marine One helicopter and perhaps 3,000 service people parading down the Pennsylvania Avenue parade route. Don't expect to see much of it, though. The Capitol Hill part of the rehearsal the practice swearing-in of Obama on t...
MoDo Is, You Know, Full of It
RealClearPolitics Blog, The | 15 hours 37 minutes ago
Maureen Dowd on Caroline Kennedy: Ask not, you know, what your country can, like, do for you. Ask what you, um, can, you know, do for your country. After a lifetime of shying away from the public spotlight, Caroline Kennedy asked herself what she could do for her country. Her soft-spoken answer to follow her father and [...]
McCain Makes Pitch for a New PAC
Wall Street Journal/Washington Wire, The | 15 hours 51 minutes ago
Susan Davis reports on politics. Former Republican presidential candidate and Arizona Sen. John McCain is re-emerging on the political scene following his November defeat with Country First, a political action committee aimed at rebuilding the Republican Party, according to an email sent to supporters today. "Country First will allow us to strengthen our Party, better define our Republican ideals and message, recruit and back strong, dedicated candidates and continue our efforts to bring r...
Intel Warning Bodes Ill for Whole Economy
Wall Street Journal/Real Time Economics, The | 15 hours 51 minutes ago
Semiconductor giant Intel Corp.’s latest warning, its second this quarter, signals the severity of the economic woes world-wide. “If you’re an individual or a corporation, chances are you’re an Intel customer,” BMO Capital Markets analyst Brian Piccioni said. “The fact that they’re not doing well is a good indicator of broader economic weakness.” Intel’s reach stretches around the world, although particularly in Asia, and trickles through ...
I.P.O. Chill May Last Through 2010, Analysts Say
New York Times/Dealbook, The | 15 hours 57 minutes ago
The frozen market for initial public offerings isn't likely to bottom out until 2010 at the earliest, according to an analysis by Bernstein Research.
Exelon Claims 46% of NRG Shares in Hostile Tender Offer
New York Times/Dealbook, The | 15 hours 57 minutes ago
The battle between Exelon and NRG heated up on Wednesday, after Exelon said that it has garnered nearly 46 percent of its fellow power company's stock through a hostile tender offer. At the close of business on Tuesday, NRG shareholders tendered 106.3 million shares, representing 45.6 percent of the Princeton, N.J. power generator's stock. Exelon said [...]
Clinton Confirmation Scheduled for Tuesday
Wall Street Journal/Washington Wire, The | 16 hours 25 minutes ago
The Senate Foreign Relations Committee has scheduled the start of confirmation hearings for Secretary of State-designate Hillary Clinton for Jan. 13, the office of Sen. John Kerry announced today. The committee will also begin holding confirmation hearings for Susan Rice, President-elect Barack Obama's nominee to be Washington's new ambassador to the United Nations. Kerry noted that he has called Clinton and Rice "an extremely talented team" and promised a "fair and expeditious confirmation p...
Ares Hires Merrill Leveraged Finance Executive
New York Times/Dealbook, The | 16 hours 26 minutes ago
Ares Management said on Wednesday that it has hired Greg Margolies, a former Merrill Lynch leveraged finance executive, as the head of the investment firm's capital markets group.
Raytheon Executive to Accept No. 2 Pentagon Job
Wall Street Journal/Washington Wire, The | 17 hours 6 minutes ago
August Cole reports on the presidential transition from Washington. The Obama administration is expected to announce that it has offered the No. 2 job at the Pentagon to William Lynn, currently and executive at defense contractor Raytheon Co., according to people familiar with the situation. According to these people, Mr. Lynn plans on accepting the post. He had been considered one of the front runners in recent weeks. Mr. Lynn, 55 years old, is a former comptroller of the Pentagon, a backg...
A Quiet End for Wallstrip, One of CBS's Web Deals
New York Times/Dealbook, The | 17 hours 14 minutes ago
Wallstrip, the finance-focused, comedy video Web site that CBS bought in 2007, won't be producing any more episodes.
Economists Urge Fast Action on Stimulus
Wall Street Journal/Real Time Economics, The | 17 hours 27 minutes ago
Experts Wednesday added a sense of urgency to President-elect Barack Obama’s call for a major economic stimulus plan, saying that tax cuts, state aid and infrastructure spending are sorely needed to revive the faltering U.S. economy. The government must take aggressive action, and it must act within weeks or else job losses will continue to mount and the economy will fall into an even more severe recession, they said at a House Democratic policy forum on Capitol Hill. “Because mon...
Senator Burris
RealClearPolitics Blog, The | 17 hours 53 minutes ago
Technically, there isn't a deal to seat Roland Burris yet, but from the news accounts you can hear the collective cry of "uncle" from Harry Reid, Senate Democrats, and the new President-elect, who said he would be happy to work with Mr. Burris moving forward. Harry Reid is denying there's a deal to seat Burris, and [...]
Prosecutors Itemize Madoff's Luxe Care Packages
New York Times/Dealbook, The | 18 hours ago
Bernard L. Madoff, the financier accused of running a $50 billion Ponzi scheme, violated his bail terms by sending his friends and family packages containing 13 watches, 4 diamond brooches, a jade necklace, two sets of cufflinks and other jewelry totaling at least $1 million, federal prosecutors argued in a legal brief released Wednesday. The brief [...]
Political Perceptions: Why Some States Are in Better Fiscal Shape
Wall Street Journal/Washington Wire, The | 18 hours 26 minutes ago
by Peter Brown State capitals around the country - where laws or constitutions generally require balanced budgets are awash in red ink, and lawmakers are facing politically unpalatable spending cuts and tax increases. While the depth of the recession is being felt from Albany to Austin, there is a pattern in how the various states got into this budget mess, and why some are in much better shape than others. Here's a hint: It has to do primarily with how lavish the folks who spend your stat...
Credit-Card Charge Offs Jump
Wall Street Journal/Real Time Economics, The | 18 hours 32 minutes ago
U.S. credit-card charge-offs rose again in December as cardholder payment rates “slowed dramatically,” according to Fitch Ratings‘ latest Credit Card Index. “Consumers continue to struggle amid a rapidly deteriorating employment situation and from declining property values and other measures of wealth,” said managing director Mike Dean. Fitch’s prime charge-off index is now at 6.8%, nearly one-third higher than year-earlier levels. It expects the figure to ...
Obama s Remarks on His Pick for Chief Performance Officer
Wall Street Journal/Washington Wire, The | 18 hours 39 minutes ago
The prepared remarks of President-elect Barack Obama in Washington on his pick for White House chief performance officer. Good morning. By now, we all know that we are facing a crisis in our economy, one that requires immediate and decisive action to spur the creation of new jobs as we lay the foundation for future growth. And with the American Recovery and Reinvestment Plan that Congress will soon be debating, we intend to deliver that change. But we committed to more change than that. We...
Secondary Sources: Stimulus, Loan-Modification Data, 2009 Choices
Wall Street Journal/Real Time Economics, The | 18 hours 45 minutes ago
A roundup of economic news from around the Web. Stimulate Private Investment: Writing for the Journal, Hal Varian says that the government stimulus plan should consider private investment. “That brings us to private investment, which hasn’t been getting nearly as much attention as it deserves. This is unfortunate, since private investment is what makes possible future increases in production and consumption. Investment tax credits or other subsidies for private-sector investment a...
Talk of 'India's Enron' as Satyam Shares Plunge
New York Times/Dealbook, The | 18 hours 53 minutes ago
The debacle at Satyam Computer Services sent the company's shares reeling and drew swift comparisons with Enron, which was one of America's most-respected companies before it collapsed in a fraud scandal.
National Security Adviser Stephen Hadley s Farewell Speech
Wall Street Journal/Washington Wire, The | 19 hours 46 minutes ago
The prepared text of National Security Adviser Stephen J. Hadley’s remarks in Washington at the Center for Strategic and International Studies. In less than two weeks, a new President will take the oath of office. And a watching world will witness the greatest of democratic traditions the peaceful transfer of power. President Bush's Administration has been working closely with the President-elect's team to make this transition the smoothest in history. The stakes are clear. Ameri...
Univision-Televisa Saga Continues in Court
New York Times/Dealbook, The | 20 hours 9 minutes ago
Televisa's lawsuit against Univision, the private-equity-owned broadcaster it once hoped to buy, began this week in Los Angeles, and the accusations flew from both sides.
Losses for V.C. Investors Who Want Out
New York Times/Dealbook, The | 20 hours 22 minutes ago
From Bits: Investors in venture capital and private equity funds who want out are discovering that their stakes are worth less than they paid for them.
Federal Budget Deficit Projected to Reach $1.186 Trillion in FY09
Wall Street Journal/Washington Wire, The | 20 hours 43 minutes ago
Corey Boles reports on the federal deficit. The federal government's budget deficit will widen to an unprecedented $1.186 trillion in fiscal year 2009, projections released by the Congressional Budget Office later Wednesday will say, according to a congressional source. The CBO will release its twice annual federal budget projections at 10 a.m. EST Wednesday. The federal government’s fiscal year began Oct. 1, 2008.
Two Interesting Moves in a Quiet Week
New York Times/Dealbook, The | 20 hours 44 minutes ago
The Deal Professor looks at two interesting developments from last week: the triggering of Selectica's poison pill and Sam Zell's standstill agreement with Starwood Hotels.
Most Useful Stuff Of 2008
AAO Weblog | 20 hours 44 minutes ago
As part of my year-end tidying-up process (which failed again), I started thinking about the things that I used in every workday that I'd come across on the internet - either 1) websites I checked every day because they gave me ideas on better ways to get things done or) applications or programs that I found on those sites. In short, there are webtools and applications that I realized make web life (an oxymoron) more livable. I've blabbed about them to friends, and it makes sense to put them ...
ADP Reports 693,000 Private-Sector Jobs Lost in December
Wall Street Journal/Real Time Economics, The | 21 hours 48 minutes ago
Private sector jobs fell 693,000 in the U.S. in December, according to a revamped national employment report published Wednesday by payroll giant Automatic Data Processing Inc. and consultancy Macroeconomic Advisers. That’s far higher than the 515,000 loss forecast in a Dow Jones Newswires survey. The December ADP survey is the first to incorporate a major overhaul of the methodology, including new regressions. The changes were introduced because the ADP survey has underestimated the mo...
Citadel's Main Funds Fell 53% in 2008, Report Says
New York Times/Dealbook, The | 22 hours 14 minutes ago
Citadel Investment Group's main hedge funds lost 53 percent for 2008, Dow Jones reported, citing a person familiar with Citadel's preliminary estimates. The $10 billion Kensington and Wellington funds reportedly fell about 9 percent during the first 24 days of December, following a 13 percent loss in November, Dow Jones said. In 2007, the fund finished [...]
Dow May Delay Rohm & Haas Deal, Chief Says
New York Times/Dealbook, The | 22 hours 20 minutes ago
Dow Chemical is prepared to pay a penalty for delaying its proposed acquisition of chemical maker Rohm & Haas, the company's chief executive, Andrew Liveris, told The Financial Times. Dow is taking several steps needed to shore up the financing needed to complete the $15 billion deal. As part of that effort, the company is prepared [...]
Private Equity Firms to Reveal Losses
New York Times/Dealbook, The | 22 hours 32 minutes ago
Investors in private equity funds may have to brace themselves for some bad news in the next few weeks. Because of new rules that require buyout shops to mark the value of their portfolio companies to market, instead of just disclosing the original cost of the investment, the firms are expected to send letters to investors [...]
Madoff Said to Have Gotten Millions Days Before Arrest
New York Times/Dealbook, The | 22 hours 39 minutes ago
Days before his arrest, Bernard L. Madoff received $250 million from one of his oldest friends and the man who gave him his start on Wall Street. The Wall Street Journal reported Wednesday that the disgraced money manager received the money on Dec. 1 from Carl Shapiro, the 95-year-old investor and former retailing executive. Mr. Madoff [...]
Ross on the Lookout for Bank Deal
New York Times/Dealbook, The | 22 hours 39 minutes ago
The next big deal for distressed investor Wilbur Ross may well be a bank. "We will end up with a bank, there is no doubt about that," Mr. Ross, best known for his bets on distressed steel and automotive assets, told CNN Money. The private equity player told the publication that his plans to snap up [...]
Austria's 'Woman on Wall St.' Now Out of Sight
New York Times/Dealbook, The | 22 hours 58 minutes ago
With an aggressive style that stood out in the staid world of Austrian banking even more than her bouffant red wig, Sonja Kohn made few friends gathering billions for Bernard L. Madoff from wealthy investors in Russia and across Europe. Now, she has even fewer, The New York Times's Nelson D. Schwartz and Julia Werdigier write. [...]
For Victims of Schemes, the I.R.S. Can Be Flexible
New York Times/Dealbook, The | 23 hours 4 minutes ago
Wall Street and Detroit got bailouts. Now investors who lost money with Bernard L. Madoff may get a bailout of sorts, too, The New York Times's Lynnley Browning writes. Under American tax rules, investors may be able to seek redress from the federal government for losses stemming from the $50 billion Ponzi scheme that Mr. Madoff [...]
Chinese Tycoon's Wife Detained in Probe, Reports Say
New York Times/Dealbook, The | 23 hours 4 minutes ago
The wife of billionaire Chinese appliance retailer Wong Kwong-yu has been detained as police investigate Mr. Wong for possible financial offenses, according to news reports. Du Juan, who resigned in December as a member of the board of directors of Mr. Wong's Gome retail chain, is under police guard in Beijing, the newspaper Shanghai Securities News [...]
N.Y. Judge Restrains Merkin Funds In Madoff Lawsuit
New York Times/Dealbook, The | 23 hours 4 minutes ago
A judge extended an order on Tuesday barring hedge fund founder Ezra Merkin from shutting down funds that had invested with accused swindler Bernard L. Madoff or withdrawing money from them. New York State Supreme Court Justice Richard Lowe issued the extension in a lawsuit brought on December 23 by New York University, which says it [...]
Bank Of America Sells $2.8 Billion China Bank Stake
New York Times/Dealbook, The | 23 hours 4 minutes ago
Bank of America, raising cash to weather a dismal market at home, sold a $2.83 billion chunk of its holding in China Construction Bank on Wednesday, dragging the Chinese bank's stock 6 percent lower. China's three largest banks attracted big strategic investments from western financial giants at the time of their initial public offerings. Those investors [...]
Ruling Could Open Door to New Trial in Enron Case
New York Times/Dealbook, The | 23 hours 4 minutes ago
A federal appeals court has upheld the conviction of Jeffrey K. Skilling on charges of fraud stemming from the 2001 collapse of Enron, the company he once ran. But, The New York Times's Floyd Norris writes, the ruling, released on Tuesday, left open the possibility that Mr. Skilling might yet win a new trial because [...]
Winner of Cubs to Be Picked This Week, Reports Say
New York Times/Dealbook, The | 23 hours 4 minutes ago
The winner in the long-awaited sale of the Chicago Cubs Major League Baseball team will be identified this week, according to press reports.
A Lucrative I.P.O., Too Hot to Handle
New York Times/Dealbook, The | 23 hours 4 minutes ago
Here's a shocker: Wall Street doesn't appear all that excited by pornography. Not one major bank has agreed to handle the planned $460 million initial public offering of the parent of Penthouse magazine. After a year of famine in the underwriting business, this sounds odd, Breakingviews says, until one examines some of the deal's [...]
Banks May Need to Raise Fresh Capital In '09, Analyst Says
New York Times/Dealbook, The | 23 hours 10 minutes ago
U.S. banks will have to raise fresh capital in 2009, and a sharp increase in credit-rating downgrades on mortgage-related securities will lead to further stresses on the companies' capital, according to prominent banking analyst Meredith Whitney. "From July 2007 to date, over $5 trillion worth of securities have been downgraded, but our concern here is that [...]
Tribune CDS Recover 1.5 Percent In Auction
New York Times/Dealbook, The | 23 hours 10 minutes ago
Sellers of protection on Tribune's bonds are facing losses of 98.5 percent of the insurance they sold, based on the results of an auction on Tuesday to determine the value of the bankrupt company's credit default swaps. The auction determined swaps on Tribune's bonds are worth 1.5 cents on the dollar, said auction administrators Creditex and [...]
Markets Higher Amid Latest Economic Reports
New York Times/Dealbook, The | 23 hours 10 minutes ago
Stock markets pushed higher on Tuesday as investors shrugged off economic reports showing more troubles for America's factories and service sector, The New York Times's Jack Healy reported. Worries from the Federal Reserve that the recession could persist despite their best efforts did not hold back gains, either. Technology, transportation and basic-materials sectors led the major [...]
Banks Agree to Extend Credit Lines to Talbots
New York Times/Dealbook, The | 23 hours 16 minutes ago
Talbots shares jumped 24 percent on Tuesday, a day after the women's apparel retailer said it entered into agreements with three banks to secure a total $150 million in committed lines of credit. Talbots said it agreed with Mizuho Corporate Bank, Sumitomo Mitsui Banking Corp. and the Norinchukin Bank to convert each of their existing uncommitted [...]
Superfish Reels in $5.3 Million
New York Times/Dealbook, The | 23 hours 16 minutes ago
Superfish, a start-up in stealth mode that VentureBeat says will eventually let users search by sight, has hooked $5.3 million in second-round financing. DFJ Tamir Fishman Ventures, the Israeli partner of U.S. investment firm Draper Fisher Jurvetson, the Individuals' Venture Fund and Xenia Venture Capital participated in the round, peHUB reported, citing a regulatory filing. [...]
One True Media Takes $9 Million
New York Times/Dealbook, The | 23 hours 16 minutes ago
One True Media, the start-up that runs video ad platform SpotMixer, has landed $9 million in a second round of funding. DAG Ventures led the round for the Calif.-based firm, along with previous backer Kleiner Perkins Caufield & Byers and an investment from NTT Finance. Go to Article from PaidContent.org
Credit Suisse Invests in Indian Finance Unit
New York Times/Dealbook, The | 23 hours 23 minutes ago
Credit Suisse said it had injected 7.94 billion rupees ($164 million) into the operations of its nonbanking financial company in India. The money will raise the capital of Credit Suisse Finance (India), a wholly owned unit of Credit Suisse, to 8.27 billion rupees, the company said. It added that the funds would be used to [...]
E.U. Regulators Still Reviewing Airline Merger
New York Times/Dealbook, The | 23 hours 23 minutes ago
The European Commission, Europe's competition watchdog, said it had extended its review of a bid by Lufthansa to buy a smaller Belgian rival, Brussels Airlines. The commission said the deadline for its review of the deal, worth up to 250 million euros ($337 million), had been extended to Jan. 26 from Jan. 12 so it [...]
Satyam Shares Plunge on Scandal
New York Times/Dealbook, The | 23 hours 23 minutes ago
The chairman of Satyam Computer Services, a leading Indian information technology company that serves numerous Fortune 500 companies, resigned on Wednesday after disclosing major accounting irregularities, sending Satyam's shares down 77 percent, The New York Times's Heather Timmons and Bettina Wassener reported. Ramalinga Raju resigned after revealing that the company's financial position had been massively inflated [...]
Goody's to Begin Liquidation
New York Times/Dealbook, The | 23 hours 23 minutes ago
The privately-held discount retail chain Goody's Family Clothing will begin liquidating its stores on Friday as the retailer becomes one of the year's first victims of the worsening economy. Goody's is owned by PGDYS Lending, which is managed by hedge fund Prentice Capital Management. Goody's, based in Knoxville, Tenn., has 9,800 employees and 287 stores in the [...]
John F. McGillicuddy, 78, Banking Leader, Is Dead
New York Times/Dealbook, The | 23 hours 29 minutes ago
John F. McGillicuddy, who assembled one of first big bank mergers in the wave of consolidation that emerged from the economic slump of the early 1990s, the one between Manufacturers Hanover and Chemical Bank, died on Sunday at his home in Harrison, N.Y., The New York Times's Eric Dash reported. He was 78. The cause was [...]
What are SmartBlogs?
SmartBrief's simple blog reader, designed for the busy executive, does the work so you don't have to. "SmartBlogs" delivers in real time the influential voices of must-read industry bloggers, hand-selected and maintained by our expert editors. Be sure to bookmark this page and visit often.
Selected blogs for this industry includes:
AAO Weblog
The AAO Weblog is a blog by Jack Ciesielski, dealing with current accounting topics related to investment and finance.
RealClearPolitics Blog, The
News, opinion, and commentary on the political issues of the day
Wall Street Journal/Real Time Economics, The
Economic insight and analysis from The Wall Street Journal.
Wall Street Journal/Washington Wire, The
Political Insight and Analysis From The Wall Street Journal's Capital Bureau