U.S. seeks delay on calculating Madoff restitution – Sentencing will not be delayed. Whew! We're not sure if we can wait much longer for victims' statements [Reuters via DealBook] Sorry America, We Still Have No Clue What To Do About 'Too Big To Fail' – Newspeak phrase of the day: "Tier 1 Financial Holding Companies" [Clusterstock] All together now: 'F is for failure' – Hey, it's all around. Somebody's got to talk about it. [FT Alphaville]
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Scoping | 07.21.09
First, some shameless promotion:
• Breaking Media Launches Going Concern [Media Bistro]
• New Finance Blog Aims To ‘Make Accounting Sexy’ [Media Post]
• Site launched to follow accounting industry [Talking Biz News]
And the rest:
• California Budget Deal Reached By Legislators, Schwarzenegger – “The deal, reached by legislative leaders after two months of frequently acrimonious negotiations, would slash spending for schools, public works and welfare programs amid the longest recession since the 1930s. If approved by the full Senate and Assembly, the agreement will also siphon money from municipalities, force companies and individuals to pay income taxes sooner and make it more difficult to receive state aid.” [Bloomberg]
• Swiss Banks Freeze Out U.S. Clients – “In a sign that UBS AG’s high-profile spat with the Internal Revenue Service is chipping away at Switzerland’s private banking industry, some Swiss banks are cutting off or curbing business with American clients for fear of crossing U.S. authorities.” [WSJ]
• ‘Spy scandal’ hits Deutsche Bank – “Deutsche Bank has confirmed it faces a possible criminal investigation into spying allegations.” [BBC]
Scoping | 06.30.09
Waiting for Madoff, Angry Crowd Is Disappointed – Apparently, everyone was hoping for a lynching in Union Square. 150 years is so unsatisfying. [New York Times]
Madoff Faces Harsher Imprisonment Than Corporate Predecessors [Bloomberg]
Deficit forces California to issue IOUs – Still as good as cash, right? [FT.com]
UBS Selling Park Ave. Stake [New York Post]
Scoping | 07.30.09
• Moore’s ‘Capitalism: a Love Story’ to Debut in Venice – We thought it might debut at 85 Broad but whatevs. [Bloomberg]
• In downturn, robots laid off – Statistics also show that robot suicides and chemical dependency is up. [Miami Herald]
• Madoff gives feeder fund managers’ names to lawyer – Something about spending 150 years in prison makes a man want to talk. [Reuters]
• Cablevision to spin off Madison Square assets: report – In other news, Penn Station will remain a toilet. [Reuters]
• Air Canada Gets Bailout From Ottawa – “Air Canada has secured a 1 billion Canadian dollar ($922 million) lifeline with help from the federal government, giving the carrier a crucial infusion of cash to help it survive the recession and avoid another trip through bankruptcy protection, The Globe and Mail reported.” It’s the North American way. [DealBook]