Preliminary Analytics | 12.02.09

• CIT sweetens, extends debt exchange offer – “CIT raised the interest rate payable on its series B notes to 10.25 percent a year from 9 percent, and extended the closing date of the exchange offer to November 5 from October 29.” Carl Ichan isn’t so hot on the idea. [Reuters]
• Florida Bank Becomes 100th to Fail This Year – Partners Bank is the lucky winner. [DealBook]
• Investor With Madoff Is Found Dead in His Pool – Irving Picower had a history of “cardiac issues”. He had been accused of netting $7 billion in profit with BM. [NYT]
• Capmark Financial files for bankruptcy – KKR is among the investors in the commercial real estate company who are SOL. [Reuters]

• Financier Pang’s Death Ruled a Suicide – The cause was ‘combined intoxication’ according to the OC coroner said. Seven drugs were found in Pang’s system including: xycodone, hydrocodone, drugs for anxiety and depression and traces of THC. [WSJ]
• Obama Plans to Raise $120 Billion From Banking Fees – Here’s the good news: “Tax experts, who discussed the possibilities before the president’s plan was disclosed, say all of the administration’s structural options, which include an income surtax, an excise tax, or a fee pegged on the value of assets or some other measure, are likely to be so porous that financial institutions would be able to sidestep most of them.” [Bloomberg]
• The IRS Is Auditing Harvard – One of forty that is part of the tax-exempt status review. [TaxProf Blog]
• Guest bloggers needed – Blogging Suits is looking for a few good ones. Not the one where you talk about how smart your toddler is either. [Blogging Suits]
• Google’s investment arm to grow partner ranks – The investment arm is “bringing more partners onboard as the $100 million fund seeks to build upon the eight investments it has made in companies since its launch last spring.” [Reuters]
• SEC order helps maintain AIG bailout mystery – Mark your calendars for November 25, 2018. Then we’ll know everything. If anyone cares by then. [Reuters]

• U.S. gave up billions in tax money in deal for Citigroup’s bailout repayment – “While the Obama administration has said taxpayers are likely to profit from the sale of the Citigroup shares, accounting experts said the lost tax revenue could easily outstrip those profits.” Thanks Treasury! [WP]
• The Estate Tax Debate: Watch the Rate, Not the Exclusion – “In some perverse way, it’s fun to watch lawmakers dive into a mess largely of their own making. But as you do, don’t be distracted by the argument over the size of estates that should be excluded from tax, or whether the rules are extended for one year or two. The real argument is over the rate. That’s where the bucks are.” [Tax Vox]
• Lump of Coal: How to Deal With a Bad Bonus – Besides crying in the corner obviously. [FINS]
• Rajaratnam, Chiesi Charged in Insider Case – Raj is looking at 17 counts and a possible 145 years. All over a measly $20 million? Someone in North Carolina is unimpressed. [WSJ]
• SEC Mulls Surprise Audits For Investment Advisers – “Under the May proposal, the surprise audit would apply to about 9,600 of the 11,000 registered investment advisers including those who have physical custody and those deemed to have custody or the ability to deduct fees from their client’s assets.” [Reuters via NYT]
• EU Formally Ends Microsoft Antitrust Case – “The European Commission, the EU’s executive arm, agreed to abandon its case against Microsoft over whether the software giant is illegally abusing its dominance in the Internet browser markets without a fine, in return for a legally binding commitment from Microsoft to start marketing rivals’ browsers alongside its own Internet Explorer.” Doesn’t everyone hate Explorer now anyway? [WSJ]