• Bank of America Chief Resigns Under Fire – “One sign to company insiders that something was up: Mr. Lewis returned to work after Labor Day in a full beard, which no one at the bank had ever seen before. He shaved it off after one day.” We’re picturing something along the lines of ZZ Top. [WSJ]
• Cowboys Under 60-Yard-Long HDTV Signaling Player-Pay Showdown – “The stadium epitomizes the NFL’s costly building spree during the past 15 years. Many owners used cheap credit to build and renovate 24 of the league’s 31 venues, more than quadrupling debt held by teams and the league to about $9 billion this year from 1996.” On a side note, guess where the NFL CFO used to work? [Bloomberg]
• Crocs laces up $30M in credit – Unfortunately, Crocs seems to have survived its near death experience. [Denver Business Journal]
• Comcast-GE Talks Heighten Intrigue Over Fate of NBCU – Your cable company part owner of Conan, The Office? That feels icky. [WSJ]
• 47% Will Pay $0 Income Tax in 2009 – Probably none of you. [TaxProf Blog]
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Preliminary Analytics | 10.13.09
• Business Fends Off Tax Hit – “Lurking behind the tax debate was the administration’s need for new sources of revenue to fund its increased spending. Jason Furman, a White House economic adviser, made that point clear at the end of a session with a dozen or so lobbyists in March. Catherine Schultz, head of tax policy at the National Foreign Trade Council, who was at the meeting, says Mr. Furman basically told the group: ‘We need the money.'” – So, that’s a bit of a problem. [WSJ]
• CIT Says Chief Executive Peek to Resign, Effective Year End – The board knew something was up when Peek showed up to work yesterday with a Fu Manchu. [Bloomberg]
• Schwarzenegger Signs Bill Creating Harvey Milk Day – Good job Arnie but state employees still have to work and will now receive OT. IOU’s should work. [NPR]
• AIG to sell Taiwan insurance unit for $2.15 billion – “The sale of Nan Shan Life on Tuesday was another step in AIG’s effort to repay U.S. taxpayers after the government injected $80 billion into the company, but the insurer faces two more sales processes in Asia and others across the globe.” We lost count on what they’ve paid back but we’re guessing they owe somewhere in the nabe of a shitload. [Reuters]
• So Much Auditor Litigation Makes For Strange Bedfellows – Uncle Dangle has some interesting problems re: Merrill Lynch and BoA that they would prefer just went away. [RTA]
Preliminary Analytics | 10.28.09
• GMAC Asks for Fresh Lifeline – Third round of bailout aid should be the charm. [WSJ]
• Ex-Chief of AMD Is Linked to Galleon – So far, Hector Ruiz isn’t in any trouble but this certainly doesn’t look good. [WSJ]
• World Series Games Add $15.5 Million Each to NYC, Agency Says – Much of which goes to Billy’s and Stan’s. [Bloomberg]
• Pitchfork Watch: Couple Charged With Torturing Suspected Mortgage Fraudsters – Mortgage brokers, this is your warning. [Naked Capitalism]
• Madoff victims lobby judge to deny Frank DiPascali Jr. bail – Surprise. [NYDN]
• It may be BYOB as fewer firms plan holiday parties – Roll in with the High Life. [Reuters]
Preliminary Analytics | 11.12.09
• Costco CFO: Fingers crossed consumers will spend – Sounds like a winning strategy. [Reuters]
• Wall Street Faces ‘Live Ammo’ as Congress Aims to Unravel Banks – The bank lobby is finally a little concerned that this break up of TBTF is for real… [Bloomberg]
• The Kanjorski “We’re Tough on TBTF” Headfake – …or maybe they’re just playing along. [Naked Capitalism]
• White House Aims to Cut Deficit With TARP Cash – Not only that, there’s talk of, GASP, tax reform: “[Office of Management and Budget] is also reviewing a host of tax changes. The President’s Economic Recovery Advisory Board will submit tax-policy options by Dec. 5, including simplifying the tax code and revamping the corporate tax code.” [WSJ]
• G.E. Sells Security Unit for $1.8 Billion – The industrial conglomerate is a little less conglomerate-y, saying the fire alarm and security unit is a “noncore” business. [DealBook]