Displaying all articles tagged:

Dow Jones

Most Recent Articles

If You've Been Injured by a Man With Tuberculosis …

LAW • So the guy with the dangerous strain of tuberculosis (now quarantined in Colorado) is, naturally, a personal-injury lawyer. [Law Blog/WSJ] • An in-house lawyer at G.E. sued the company for gender discrimination but worries she won't find many plaintiffs to join her in a class action. [NYT] • Though William Lerach was never indicted as part of the Millberg Weiss kickback case, he is considering leaving his own securities firm. [NYT]

Murdoch's Meeting

20070601heds_sm.jpg
• Now, finally, inevitably, the Bancroft family has announced it would "consider" selling Dow Jones. The rest is hemming and hedging, but do click through for the most ridiculously villainous photo of Murdoch the Times has ever run. [NYT] • Leroy Comria, a city councilman, has been issued police protection after another councilman's aide kinda sorta threatened to assassinate him. Why? Because Comria wouldn't vote to rename a street in honor of Black Nationalist Sonny Carson. [NYP] • While Bloomberg wants to increase the city's real-estate tax cut from 5 to 8.5 percent, renters are screwed again — looks like the Christine Quinn–proposed $300 refund to the city tenants won't happen. [NYDN] • Columbia University, squeezed by the AG's office over an alleged violation of student-loan laws, denies any wrongdoing — but agrees to pay up to a million dollars nonetheless. [amNY] • And, in a possible first, the Hotel Chelsea Blog has inspired a documentary, Living With Legends. The last outpost of bohemia, gentrification, whither New York, blah blah. [WNBC]

Bonus Season, Already?

FINANCE • Investment bankers' bonuses could break records again, with one recruiting firm predicting 10 to 15 percent increases. [DealBook/NYT] • Ben Weston, the chief of Merrill Lynch's hedge-fund development group, stepped down after two years with the firm. [Bloomberg] • Is "back pain" the new euphemism for buyout deal? The CFO of Palm might know. [Deal Journal/WSJ]

Rupert Loves an Underperformer

Rupert Murdoch
"Executives at Dow Jones declined to comment for this article" is probably the least surprising sentence to be found in today's Times. The article in question is devoted entirely to guessing if, and by how much, the Wall Street Journal is in the black. The answer is stark: "barely, and maybe not for long." As a whole, WSJ's parent Dow Jones just about breaks even; so does its iconic media property, which, despite a weekday circulation of two million, suffers from a bad case of advertiser flight. (The Website fares better, of course.) So far, WSJ's 2007 ad figures are about 10 percent off the already none-too-rosy projections. The moderately juicy inside-baseball part, buried in the last few paragraphs of the Times piece, blames the musical chairs at the top of the Journal's ad division, specifically the loss of exec Judy Barry to a squabble with Dow Jones CEO Richard Zannino. Needless to say, Murdoch's ghostly visage hovers over the story's every downbeat sentence: make the rupees, or face the Rupe. At Journal, Slim Margins Open Door to Murdoch [NYT]

Of Course Gordon Gekko Is a Hedge-Fund Manager

FINANCE • Gordon Gekko is back! Michael Douglas will reprise his Oscar-winning Wall Street role, only this time as a hedge-fund magnate. [NYT] • James Simons tops a list of Wall Street's highest earners. [Forbes] • Two of Rudy Giuliani's firms represented both a creditor and a debtor in a bankruptcy case, a possible conflict of interest that was not disclosed to the judge. [WSJ]

Hedge-Fund Managers Can't Get Over Aerosmith

FINANCE • At this year's 2007 Robin Hood benefit, philanthropic hedge funders paid $400,000 to sing a song with Aerosmith, and $1.3 million for dinner with Mario Batali. [NYT] • Hafiz Naseem, a junior investment banker at Credit Suisse, was charged with insider trading after he tipped off associates in Pakistan about deals, including the TXU buyout, before they were made public. [NYT] • Google is the No.1 preferred employer for MBA students, with more traditional companies McKinsey and Goldman taking the next two slots. [Fortune via CNNMoney]

Murdoch Won't Meddle With ‘Journal’ Edit — But Wants Shorter Articles, More D.C. Coverage, and Is Flummoxed By Walt Mossberg

20070504rupe_sm.jpg
Rupert Murdoch has today gone to — of all places — the Times to make a very public case for his Wall Street Journal bid. We were sold on the story by its photo alone, of Rupe luxuriating on a white couch — sorry, a "taupe sofa," according to Richard Siklos and Andrew Ross Sorkin's account — but it got even better as we read on. The mogul makes a number of specific points about how he'd improve the paper. He's bored by some long articles and wants to take the Saturday Journal glossy to compete with the Times Magazine. He'd like to see more coverage of Washington. He reads but doesn't quite "get" tech columnist Walt Mossberg. Then there are the Rupert classics: globalize and synergize. Television! India! China! (The Great Wall Street Journal?) Those ideas of change aside, Murdoch swears that he "won't meddle" with the editorial side or cut staff. Unless he will: "I'm not saying it's going to be a holiday camp for everybody," he says. The paper's union rep is already organizing an e-mail drive asking the Bancrofts to stay strong. Murdoch on Owning the Wall Street Journal [NYT]

Welcome, Hedge-Fund Backlash!

FINANCE • Not all hedge funds are profitable. UBS is closing its fund, Dillon Read Capital Management, after a loss of $124 million in the first quarter. [Reuters via NYT] • Ken Moelis, who is leaving as UBS's investment banking president in June, is trying to staff his boutique investment bank with former colleagues like Navid Mahmoodzadegan and Warren Woo. [Deal Journal/WSJ] • The New York Fed warns that the current hedge-fund climate puts the economy at risk for a Long Term Capital–esque crisis. [DealBook/NYT]

Bancroft Family Divided Over Dow Jones Bid

MEDIA • A Bancroft spokesman said family members who hold slightly more than 50 percent of voting shares will oppose News Corp.'s bid for Dow Jones. [NYT] • Don Imus hired a top-notch First Amendment attorney to see that he gets the $40 million left on his contract. [Fortune/CNNMoney] • Former Newsweek Interactive head Mark Whitaker will oversee TV programming and Web content at NBC News. [WWD]

Murdoch Makes a Move on Dow Jones

MEDIA • News Corp. made an unsolicited offer of $60 a share for Dow Jones today, sending the share price up 58 percent on the news before trading was suspended. [CNBC] • GQ auctioned off a one-month internship in its marketing department on eBay. The winner paid $30,200 — likely more than a marketing assistant makes in a year. [eBay via Media Mob/NYO] • Contrarian Christopher Hitchens called the Virginia Tech shootings a "non-story" at the annual ASME board meeting yesterday. [Fishbowl NY/Mediabistro]

But How Does He Feel About Trans Fats?

20070228heds_sm.jpg
• In the no-brainer firing of the year, the Health Department has divested itself of the inspector who gave a passing grade to the famously ratty KFC–Taco Bell. The shuttered place, meanwhile, became a locus for some fun public art. [NYT] • Underreported amid the possible culprits of yesterday's Wall Street carnage — China, Cheney — were horrendously timed technical glitches at the NYSE: At some point, trades were done via paper tickets. [NYP] • Add a federal investigation to the list of JetBlue's headaches: The U.S. Transportation Secretary is calling for an official look-see into the recent snowstorm stranding of passengers on the JFK tarmac. American Airlines will get its own probe for a similar incident in Austin. [amNY] • The Thurmond-Sharpton Roots-on-acid miniseries continues to play out: The senator's biracial daughter, Essie Mae Washington Williams, is reprimanding the reverend for "overreacting," saying "[my father] did many wonderful things for black people." [NYDN] • And meet Gerard Mortier, new director of the New York City Opera, whose farewell production on his previous job was a staging of Die Fledermaus with cocaine, incest, suicide, and Nazis. Welcome!!! [CBS News]

Goldman Bonuses Depress All

FINANCE • Goldman lieutenants score $52.5 million bonuses, take home more than most Wall Street CEOs. [NYT] • Blackstone CEO Steve Schwarzman calls making a $36 billion real-estate deal “an out-of-body experience.” [Knowledge@Wharton via DealBreaker] • Are public companies going private just so the CEO can make more money? [DealBook/NYT]

Sullivan & Cromwell Bleeds Associates

LAW • Sullivan & Cromwell lost about 30 percent of its associates in 2004 and 2005. It might take more than a raise to fix that. [WSJ] • Don't despair, associates! Where Simpson Thacher goes, Milbank Tweed, Sullivan & Cromwell, Paul Weiss, Cleary Gottlieb, and Cadwalader, Wickersham & Taft are sure to follow. [Above the Law] • Long Island lawyer Gary Berenholtz, who once exposed a corrupt Brooklyn judge, stole money from clients and his partner's widow to fund fine dining and finer vacations. [NYP] FINANCE • The New York Stock Exchange will trade almost exclusively electronically by the end of today; investment firms will continue to lay off floor traders. [WSJ] • The New York City employees' pension fund is the lead plaintiff in a suit against Apple Computer Inc. for overcompensating executives with illegal stock options. [Reuters]