U.S. seeks delay on calculating Madoff restitution – Sentencing will not be delayed. Whew! We're not sure if we can wait much longer for victims' statements [Reuters via DealBook] Sorry America, We Still Have No Clue What To Do About 'Too Big To Fail' – Newspeak phrase of the day: "Tier 1 Financial Holding Companies" [Clusterstock] All together now: 'F is for failure' – Hey, it's all around. Somebody's got to talk about it. [FT Alphaville]
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Scoping | 06.23.09
At Least Seven Killed in Red Line Crash – “One Metro train slammed into the back of another on the Red Line at the height of the evening rush yesterday, killing at least seven people and injuring more than 70 others in the deadliest accident in Metrorail’s 33-year-history.” [Washington Post]
Conspiracy surrounds $134bn ‘bond’ find – If the blogosphere is good for anything, it’s a conspiracy [BBC]
Experts: Apple Disclosure ‘Falls Short’ – [Business Week]
Scoping | 07.20.09
• CIT Is Said to Obtain Urgent Loan to Prevent Bankruptcy – “Directors of the CIT Group, one of the nation’s leading lenders to small and midsize businesses, approved a deal Sunday evening with some of the bank’s major bondholders to help it avert a bankruptcy filing through a $3 billion emergency loan, according to people briefed on the matter.” Bullet dodged. [New York Times]
• Scam victims ‘easily persuaded’ – “The scams the OFT has been highlighting range from the so-called Nigerian or advance free frauds, to bogus lotteries, fake clairvoyants and health cures, bogus investments and crooked racing tipsters.” Nigerian emails do have a certain charming prose that is difficult to resist. [BBC]
• Sweden’s SEB bank posts 2Q loss – No doubt had some exposure to the Latvian souls brokers [AP via Miami Herald]
• Charles Schwab denies Cuomo’s fraud allegations – “Charles Schwab Corp, the largest U.S. online brokerage, denied allegations by New York Attorney General Andrew Cuomo of civil fraud in its marketing and sale of Auction Rate Securities (ARS).” Also, some less serious charges include running commercials with creepy half-human, half-cartoons moving and talking seriously about their depleted 401(k)s. [Reuters]
• Evidence shows there’s no such thing as ‘recession-proof’ jobs – Bankruptcy lawyers might be the lone exception. Good luck getting into that. [Chicago Tribune]
Scoping | 07.30.09
• Moore’s ‘Capitalism: a Love Story’ to Debut in Venice – We thought it might debut at 85 Broad but whatevs. [Bloomberg]
• In downturn, robots laid off – Statistics also show that robot suicides and chemical dependency is up. [Miami Herald]
• Madoff gives feeder fund managers’ names to lawyer – Something about spending 150 years in prison makes a man want to talk. [Reuters]
• Cablevision to spin off Madison Square assets: report – In other news, Penn Station will remain a toilet. [Reuters]
• Air Canada Gets Bailout From Ottawa – “Air Canada has secured a 1 billion Canadian dollar ($922 million) lifeline with help from the federal government, giving the carrier a crucial infusion of cash to help it survive the recession and avoid another trip through bankruptcy protection, The Globe and Mail reported.” It’s the North American way. [DealBook]