• Buffett Joins Goldman in Bid for Fannie Mae Tax Credits – “The credits are virtually worthless to Fannie Mae and require the company to take losses each quarter as their value declines. Companies such as Berkshire Hathaway and Goldman Sachs could use them to offset federal tax expenses.” Who doesn’t hate seeing good tax credits go to waste? [WSJ]
• Congress Poised to Keep Homebuyers’ Tax Credit – Despite toddlers’ insistence of homeownership and widespread SNAFUs, the bill could pass as early as today. [NYT]
• AT&T sues Verizon – AT&T doesn’t think the map commercials are funny or accurate. [NYP]
• ‘Osama’ Funding Appeals as U.S. Independent Filmmakers Hurt – Desperate times, right? Just so long as you don’t have any political aspirations. [Bloomberg]
• Surprise! NJ Doesn’t Like High Taxes – “New Jersey holds the distinction of the state with both the highest property taxes per capita and the worst business tax climate in the nation, according to the Tax Foundation.” [Tax Girl]
• Fears of a New Bubble as Cash Pours In – “Behind the trend are measures such as cutting interest rates and pumping money into the financial system, which have left parts of the world awash in cash and at risk of bubbles, or run-ups in asset prices beyond what economic fundamentals suggest are reasonable.” [WSJ]
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Preliminary Analytics | 09.09.09
• War of Words Heats Up Over Cadbury – “Kraft Foods Inc. ratcheted up the rhetoric in its takeover battle for Cadbury PLC Tuesday, with the U.S. food giant dismissing criticism that the $16.8 billion offer is too low, as the two sides dug in for what is likely to be a months-long merger saga.” This will be the new story that involves confectionary in the coming months.
• Madoff’s Belgian Shoes Stashed as U.S. Markets Home – Shoes only get mentioned once but dog feces being thrown at the marshals gets mentioned at least twice. A title change may be in order. [Bloomberg]
• Goldman chief hits at ‘useless’ banking – Stemming the tide LB? [FT]
• July consumer credit falls a record $21.6 billion – “July consumer credit outstanding fell at a 10.4 percent annual rate to $2.47 trillion”. In other words, people are either wising up or we not interested in helping participating in the economic recovery. [Reuters]
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 | 10.20.09
• PwC: Sour Economy Sparks Divestitures – “Each of the Big Four accounting firms have scrutinized the corporate divestiture market over the last three quarters and have come up with largely the same conclusions.” Anyone surprised by this? [CFO]
• Galleon Clients Abandon Ship – “Galleon’s chief operating officer, Rick Schutte, directed portfolio managers Monday to shed some positions in a “coordinated, orderly fashion,” according to a Galleon trader. The trader said he wasn’t told to sell everything but to begin raising some cash.” [WSJ]
• NYC Judge Tosses Suit Against Biden’s Son, Brother – The non-Joe Bidens had been sued for $10 mil by an investor who says he was double-crossed on a purchase of a hedge fund firm. [AP via NYT]
• Huron, others could get caught in Galleon Group problems – Raj held nearly 6% of Huron in mid-August according to the Trib. [CT]