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]
Related Posts
Scoping | 06.29.09
State Street may face SEC charges over mortgages – “The Boston-based company said on Monday that Securities and Exchange Commission staff issued a ‘Wells’ notice to its banking unit on June 25 related to disclosures and management by State Street Global Advisors of “active” fixed-income strategies in 2007 and in prior periods.” [Reuters]
UBS Said to Seek U.S. Tax Deal in Weeks – “With a payment of 3 billion to 5 billion Swiss francs, UBS hopes in the next two weeks to settle a lawsuit over the tens of thousands of American clients suspected of tax evasion, the Swiss newspaper Sonntag reported. Analysts on Monday, however, questioned the figure.” [DealBook/NYT]
A Unified Bank Regulator Is a Good Start – Penned by rock star CEO, Jamie Dimon [WSJ]
Scoping | 07.31.09
• Buffett Posts $1 Billion Profit on China Hybrid Carmaker BYD – “The automaker has jumped fivefold in Hong Kong trading since the deal was announced on Sept. 27, helped by Buffett’s investment and rising demand for fuel-efficient vehicles.” – YAWN. [Bloomberg]
• ‘Cash For Clunkers’ Lacks Cash For Clunkers [NPR]
• U.S. Recession Worse Than Previously Estimated, Revisions Show – “The first 12 months of the U.S. recession saw the economy shrink more than twice as much as previously estimated, reflecting even bigger declines in consumer spending and housing, revised figures showed.” Government data estimates not even close? THE HORROR. [Bloomberg]
• Regulators Are Getting Tougher on Banks -“Federal regulators have escalated the number of wounded banks they have essentially put on probation, with some of the targeted banks complaining that the action is too harsh.” [WSJ]
Scoping | 06.22.09
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]