• 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]
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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 | 12.07.09
• Taking Tiger By the Tax Tale – Two things are for sure, Elin will come out of this thing just fine and Uncle Sam will certainly be looking for his cut. [Tax Girl]
• Fresh Pay Skirmish Erupts at AIG – Pseudo-government employees continue to threaten to jump ship if their civic-duty comp is cut too much by the pay master. [WSJ]
• Going to School on Revenue Recognition – Tom Selling digs into Apollo Group, Inc.’s (parent of University of Phoenix) SEC filings to try and figure out what the Commish might be interested in. [The Accounting Onion]
• Bloomberg eyes more acquisitions – In its quest for world domination of financial information, the ‘Berg is “planning a further year of aggressive investment and may make more acquisitions”. [FT]
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]