New Financial Plan Presented To Senate, Hopes To Rein In Banks
November 10, 2009
U.S. (ChattahBox) - Senator Chris Dodd (D-Connecticut) has created an extensive plan to rein in banks, creating great oversight by a department meant to regulate their business practices.
Wall Street Bonuses up Whopping 60% From Last Year
November 9, 2009
(ChattahBox)—Wall Street bonus payouts of the three big financial firms, Goldman Sachs Group Inc., Morgan Stanley and JPMorgan Chase & Co.’s investment bank are poised to hand out the biggest payday yet of $29.7 billion in bonus compensation. That amount is a whopping 60 percent increase from last year’s bonus awards. Read more
Kraft formalizes hostile bid for Cadbury
November 9, 2009
(ChattahBox) — Kraft Foods has launched a follow-up $16.3 billion hostile takeover bid Monday for British chocolate and chewing gum company, Cadbury. Kraft did not raise its offer from September, in fact by keeping the previously rebuffed cash-and-stock approach, it effectively means a lower offer for investors , because of a downward shift in the share prices of both companies. Read more
Dollar General IPOs this week
November 9, 2009
(ChattahBox) — Discount retailer Dollar General Corp. is set to make its debut this week, trading on the New York Stock Exchange Friday under the symbol DG. Dollar General, which began in 1955 as one store in Kentucky, now has 8,700 stores, in 35 states, booked $11,127 million in sales over the last 12 months.
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Unemployment Rate Highest in 26 Years - Jumps To 10.2 Percent
November 6, 2009
(ChattahBox) — The unemployment rate surpassed 10 percent for the first time since 1983, rising to a deeper than expected 10.2 percent in October from 9.8 percent a month earlier. Nearly 16 million people can’t find jobs and employers cut a net total of 190,000 jobs in October, an improvement from a revised estimate of 219,000 job losses in September, according to figures released from the US Labor Department Friday.
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New York Sues Intel for Antitrust Crimes of ‘Bribery and Coercion’
November 4, 2009
(ChattahBox)–New York Attorney General Andrew Cuomo, filed an antitrust suit against Intel Corp. in U.S. District Court in Wilmington, Delaware today, to put a stop to the chipmaker’s alleged reign of terror against computer manufacturers, illegally forcing them to use Intel’s chips. The world’s largest computer chipmaker is accused of making billions of dollars of illegal payments to companies, to ensure they would not do business with Intel’s competitors, such as Advanced Micro Devices Inc. Read more
Gary Kaplan, Online Gambling King Gets Four Years
November 4, 2009
(ChattahBox)–Gary Kaplan, the founder of Betonsports, a former UK online gambling enterprise, pleaded guilty to racketeering, conspiracy and other charges and was sentenced to 51 months in prison, as part of a plea agreement. Kaplan was a high-rolling online gambler entrepreneur, until he was arrested in the Dominican Republic in March 2007, for taking illegal sports wagers from U.S. customers. Read more
GM Decides to Keep Opel After all
November 3, 2009
(ChattahBox) — General Motors Co. said Tuesday it will keep its European Opel unit and restructure it instead of selling a 55 percent stake to Canadian auto parts maker Magna International, undoing months of negotiations. General Motors board was expected to agree to sell Opel to Magna International, but an improving business environment for GM over the past few months, plus political issues posed complications for the deal. Magna has said it would cut about 10,500 jobs in Europe, including 4,500 in Germany. That prospect did not sit well with German unions and politicians because Magna would be receiving about $6.7 billion in government aid. According to the Wall Street Journal, GM’s board decided to review the sale one final time after the European Union opened the door by expressing fresh concerns in light of indications that Germany may support an alternative restructuring plan for Opel other than the Magna sale. In keeping Opel, GM would retain a critical asset because of is its small car expertise.
Government Launching Attack On “Free” Credit Report Sites
November 3, 2009
U.S. (ChattahBox) - Who hasn’t seem the commercials for Freecreditreport.com? But those lovable singers are representing a website that the government says is deliberately misleading consumers.
Warren Buffett’s Berkshire Buying Burlington Northern Railroad
November 3, 2009
(ChattahBox) Berkshire Hathaway Inc. announced on Tuesday it has agreed to completely buy Burlington Northern Santa Fe Corp. in a deal valuing the railroad at $34 billion. Berkshire Hathaway already owns a stake of about 22.6 percent in Burlington Northern, and said it will pay $100 a share in cash and stock for the 77.4 percent of the railroad’s shares it does not already own. The price represents a premium of 31.5 percent over Burlington Northern’s closing stock price on Monday. Berkshire also will assume $10 billion of outstanding Burlington Northern debt. Read more