• Obama Considers Raising Fees on Larger Financial Institutions – In other news, the President giving consideration to anything appears to be news. [Bloomberg]
• Tax-Cheat Showdown: Fess Up or Stay Quiet? – The Journal seems to think that playing Russian roulette with the IRS is an option worth considering. [WSJ]
• Blackstone’s Schwarzman Tops Best-Paid Chiefs With $702 Million – In case you were wondering, it was only $2.3 mil in actual comp and $700 mil in vested options. Not too shab. [Bloomberg]
• Bernie Madoff’s biz partner Frank DiPascali beats drug and gun raps – Man. Dude would have been in some real trouble had this gotten slapped on him too. [NYDN]
Related Posts
Preliminary Analytics | 01.12.10
• 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]
Preliminary Analytics | 12.16.09
• 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]
Preliminary Analytics | 09.15.09
• Citigroup Explores Bid to Pare U.S. Stake – “Citigroup officials said they planned to raise outside capital in order to repay the outstanding bailout funds. Treasury officials responded to Citi that they didn’t object to the company paying back Washington as long as Citi first raised offsetting capital” In other words, everyone calm down. It’s more like Citi actually got the stones to call up the Treasury. At this point, Treasury is still a little grossed out. [WSJ]
• Bank of America Ruling Leaves SEC With Few Options for Pursuit – Judge Rakoff: ‘the proposed consent judgment was a contrivance designed to provide the SEC with the façade of enforcement and the management of the bank with a quick resolution of an embarrassing inquiry.’ So much for winning anybody’s respect Schapester. [Bloomberg]
• A Tough Crowd on Wall Street – Shockingly, very few lined up to congratulate the President on the speech, which probably caught him off guard a little bit. [NYT]
• How accounting changes can create a world of investment banks – So, accountants will be blamed for the next crisis too? Awesome. [FT Alphaville]