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McCain, Grasping for an Edge, Calls for SEC Chairman’s Head
The problem is that it's not even clear that the president can fire the chairman of the SEC — and even if he could, a lot of people aren't enamored with the sentiment anyway.
Posted 09/19/08 in Daily Intel : Early and Often
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There May Be a Day When Port Authority Is Nice to Look At
We know, we know — dare to dream, right? But there are proposals to build above it, and the renderings look lovely. Plus, news from the finance, law, real estate and media industries, in our daily roundup.
Posted 07/25/08 in Daily Intel : Company Town
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Citigroup Posts $2.5 Billion Loss
A lot of big news at the banks today — but there's also crazy stuff going down with Jeff Zucker, Dan Rather, Brooke Astor (from beyond!), and Barack Obama, in our daily industry roundup.
Posted 07/18/08 in Daily Intel : Company Town
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Chairman Cox Bans Naked Short-Selling
Heh. Naked short selling. Sounds like something a frat boy would do, right? Well … it sort of is. Read all about the SEC's bold move to crack down on market manipulators and more, in our daily roundup of finance, media, law, and real-estate news.
Posted 07/16/08 in Daily Intel : Company Town
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Angelo Mozilo’s Crocodile Tears
The Countrywide CEO gets all choked up at the last shareholder meeting before the sale to Bank of America.
Posted 06/26/08 in Daily Intel : White Men With Money
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Will the Fallout From a Failed Hedge Fund Steal the Smile From Vikram Pandit's Face?
The Citigroup CEO struggles with a hedge fund that lost hundreds of millions of dollars, the White House claims NBC's Knesset footage was edited to make Bush look like a jerk, and noogies are legally defined, all in our daily rundown of industry news.
Posted 05/20/08 in Daily Intel : Company Town
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Eliot Spitzer Hires Guides to Keep Him From Washing Down River of Despair
LAW • Eliot Spitzer has been careful about the lawyers he's selected to protect him against potential charges related to his activities with random twentysomething hookers, hiring a set of heavy hitters from white-collar crime specialists Paul, Weiss, Rifkind, Wharton & Garrison. He's right to be choosy: "Hiring a lawyer is not unlike selecting a river guide," the Times says today. "One wants a professional who not only steers clear of the rapids but does so in a reassuring manner. It also helps if he knows what to do should the boat hit the rocks." Yeah. That's just how we would have put it. [NYT] • A New York court rules that the daughter of a Jell-O heiress is not entitled to a taste of the multi-million-dollar fortune. [New York Law Journal] • Is Hillary Clinton's legal background hindering her campaign? [Law.com]
Posted 03/14/08 in Daily Intel : Company Town
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Timothy Sykes: ‘The SEC Are Rapists’
So, we don't really know anybody at the Securities and Exchange Commission. But, statistically, we'd bet that they're mostly not sexual criminals. They're busy. But former hedge-fund manager and Internet hero Timothy Sykes begs to differ. "The SEC fucked me," he told Dealbreaker.com. "The SEC are rapists. And everyone who's been raped by them is too scared to come forward." Wow. In addition to the grammatical conundrum that this statement raises (is it, "The SEC is a rapist"?), there's the whole point that the SEC is basically out to protect the little people. You know, the ones who are the most rape-prone? But we're arguing a small point here. It's Friday, and you need someone in the financial world to ridicule who isn't your own money manager. Tim Sykes—Find Him Under ‘RichAssJew’ On MySpace — Says We Should Consider Ourselves Lucky He Closed His Fund, Otherwise We Never Would Have Heard About Him*, And What A Pity That Would’ve Been [DealBreaker] Related: Has Every Wall Streeter Gone Insane? A Graphical Guide
Posted 01/25/08 in Daily Intel : In Other News
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Stephen Colbert Doesn't Make the Ballot
MEDIA • Hollywood and television writers have decided to strike and will announce a walk-out deadline by noon today. Late night will be most immediately effected — guess we'll find out just how funny Jon Stewart and David Letterman really are. [NYT] • The South Carolina Democratic executive committee rejected self-proclaimed "favorite son" Stephen Colbert's attempt to get on the ballot. Colbert now has to accumulate 10,000 signatures to make the ballot as an independent or pay the Republicans $35,000. Tough decision. [HuffPo] • Don Imus signed a deal with Citadel to return to radio, broadcasting on WABC in New York and syndicated nationally on ABC Radio. The I-Man had to settle for $5 million a year, half of what he made with CBS. [WSJ]
Posted 11/02/07 in Daily Intel : Company Town
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CEO Accused of Golf Manipulation
FINANCE • Hollywood Country Club is looking into allegations of score altering in a July 4 golf tournament by Bear Stearns CEO Jim Cayne. [CNBC] • The SEC began an investigation into Whole Foods CEO John Mackey's anonymous online postings. [DealBook/NYT] • Morgan Stanley's John Mack is hosting a fund-raiser for Hillary Clinton today. He supported George W. Bush in 2004. [Financial Times]
Posted 07/16/07 in Daily Intel : Company Town
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The Hamptons Butler Did It
For once, it appears that the butler actually did do it. That would be Graham J. Lefford, onetime butler to hot-handed media entrepreneur Robert F. X. Sillerman (yes, we love the “x” too). As CFO.com is reporting, it all went down when Sillerman was buying the majority rights to market Graceland, Elvis Presley’s estate, in 2004. (He also owns American Idol.) With deal-related faxes going back and forth between Sillerman’s Hamptons estate and his Manhattan office that summer, Lefford figured he’d be a bit of a hound dog and grab a piece of the action for himself, buying 5,000 shares of Sillerman’s company a mere twelve minutes after the final fax sealed the $100 million deal.
Posted 07/12/07 in Daily Intel : In Other News
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Man the Buckets! Long Term Capital Is (Sort Of) Back!
FINANCE • Some of Long Term Capital's former executives are making another go of it with a new fund, Quantitative Alternatives. [Bloomberg via DealBook/NYT] • Morgan Stanley will pay $8 million to settle federal fraud charges over its alleged failure to get the best prices possible for retail stock investors. [AP via NYT] • The SEC will announce Monday whether it will appeal a court ruling that overturns the "Merrill Lynch" rule, allowing brokers to offer fee-based services to clients without being registered as financial advisers. [NYP]
Posted 05/10/07 in Daily Intel : Company Town
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Sulzberger Tires of Wondering Whether Print Is Dead
MEDIA • Pinch Sulzberger: "Will we print the NYT in five years? I don't care." [Haaretz via E&P] • GE CEO Jeff Immelt calls a Post story about a sale or spinoff of NBC Universal, "more or less made-up stupid drivel." [Fortune] • Will Ferrell and Sacha Baron Cohen "too big" to share VF's Hollywood cover. Ben Stiller, Owen Wilson, Chris Rock, and Jack Black apparently not so big. [Deadline Hollywood/LA Weekly]
Posted 02/08/07 in Daily Intel : Company Town
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