• Reluctant Shoppers Hold Back Recovery “Retail executives said they don’t expect conditions to improve until next spring. Some stores are girding for slow back-to-school and Christmas seasons by cutting inventories.” [WSJ]
• California to get $1.5-billion loan from JPMorgan Chase – Oh Jamie Dimon, you can do anything! [Los Angeles Times]
• Anschutz Sues Bond Raters, Banks Over Auction Rate Securities – You show ’em Phil. [Bloomberg]
• More Banks in Europe Identified in Tax Probe – “Among the banks named in the voluntary disclosures are Swiss banks Credit Suisse Group AG, Julius Baer Holding AG, Zürcher Kantonalbank and Union Bancaire Privée, known as UBP.” [WSJ]
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Preliminary Analytics | 10.26.09
• 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]
Preliminary Analytics | 09.03.09
• Treasury Retreats From Standoff With TARP Watchdog – “Neil Barofsky, special inspector general for the Troubled Asset Relief Program, a position also known as Sigtarp, declared victory Wednesday in his effort to clarify that he doesn’t answer to Treasury Secretary Timothy Geithner.” [WSJ]
• Oracle Faces In-Depth EU Probe Over Sun Purchase – Larry Ellison will not stand this aggression. [Bloomberg]
• Will AIG Rein In Its Brash CEO? – “Mr. Benmosche said New York Attorney General Andrew Cuomo ‘doesn’t deserve to be in government’ and that Mr. Benmosche would leave dealing with ‘all those crazies down in Washington’ to the company’s chairman, according to an account by Bloomberg News that was confirmed by Mr. Benmosche.” For the sake of the rest of us, let the man say his piece. [WSJ]
• Stanford Has Surgery; Receiver Defends $27 Million Fee – “Jailed fraud defendant R. Allen Stanford had surgery for an aneurysm in his leg Wednesday morning and was back in a Conroe-area prison before noon.” Recovery time for a stud such as Stan is not nearly as long for you mortals. Meanwhile, the receiver in the case is telling the SEC to BTFO. [Houston Chronicle]
• Stanford’s Bellagio debt, redux – Stan’s attorney suggests that if the Bellagio wants its money it should go after the aforementioned receiver, Ralph Janvey. Old school style of course, ‘Maybe the Bellagio should revert to the time-honored method of Vegas debt collection and send someone to make the receiver an offer he can’t refuse, or just break his legs,’ or may we suggest a hammer? [FT Alphaville]
Preliminary Analytics | 10.19.09
• U.S. Said to Target Wave of Insider-Trading Cases After Galleon – “Investigators developed at least one informant in the ring, who began meeting in November 2007 with agents from the Federal Bureau of Investigation, according to charging documents.” Feel free to speculate who’s next. The SEC is taking no prisoners apparently. [Bloomberg]
• Armageddon in Alabama Proves Parable for Local U.S. Governments – “One target of [citizens’] anger is Larry P. Langford, who was the county commission’s president in 2003 and 2004 and is now mayor of Birmingham. The 61-year-old Democrat goes on trial today, charged in a November 2008 federal indictment with taking cash, Rolex watches and designer clothes in exchange for helping to steer $7.1 million in fees to an Alabama investment banker as the county refinanced its sewer debt.” [Bloomberg]
• Family Squabbles in Hyatt IPO – Family squabbles may “disrupt our business” according to the latest SEC filings. Nothing like family spite to disrupt the expansion of the fortune. [WSJ]
• CME in informal talks to take over CBOE: report – “Informal talks” could really mean anything including that they had the chat over prime rib buffet and lap dances. [Reuters]
• For N.B.A. Owners, Background Checks Go Deep – “The [NBA’s] investigation [of Mikhail D. Prokhorov] is expected to tap into Russian police, military, diplomatic and intelligence sources, some from the former K.G.B., as well as his partners, competitors and customers.” [DealBook]