• Stanford Enters Plea; Bail Is Set at $500,000 [New York Times]
• After Madoff: Are We Safer? The question should be “Are people any smarter?” because….[Business Week]
• This happened: Pang Took $83 Million From Firm, Filings Say. So we’d be inclined to say that people might be safe but their money sure as hell isn’t. [WSJ]
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Scoping | 07.06.09
- Caleb Newquist
- July 6, 2009
•GM bankruptcy plan gains approval – Because anything less might get you a meeting with the President. [BBC]
•A Goldman trading scandal? – “On July 4, Aleynikov was processed on a ‘theft of trade secrets’ charge in a criminal complaint that was filed in federal court in Manhattan. As of this afternoon, he was still being held in federal custody pending posting of bail.” Someone is messing with GS? This aggression will not stand, obv. [Matthew Goldstein/Reuters]
•Stanford Funneled Millions Under Florida’s Nose – “But to pull it off, he needed unprecedented help from the state of Florida, which would have to grant him the right to move vast amounts of money offshore, without reporting a penny to regulators. He got it.” Because if any state was going to be good for a little shady dealing with a Texas billionaire of questionable means, it would be F-L-A. [DealBook/NYT]
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Scoping | 07.13.09
- Caleb Newquist
- July 13, 2009
• Stage Set For Sotomayor’s Confirmation Hearings – “As hearings begin, many observers believe only a major blunder could halt the 54-year-old federal appeals court judge’s march toward becoming the first Hispanic, and just the third woman, to sit on the nation’s mightiest bench.” [NPR]
• CIT Group Scrambles to Survive, Avoid a Run – Here we go again? [WSJ]
• Bank of America Said to Balk at Paying Backstop Fee – “Regulators contend Bank of America owes at least part of a $4 billion fee it agreed to pay in January — even without a completed legal document — because the company benefited from implied U.S. backing on about $118 billion of Merrill Lynch assets, such as mortgage-backed bonds, people familiar with the matter said.” [Bloomberg]
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Scoping | 07.07.09
- Caleb Newquist
- July 7, 2009
•U.S. House May Include Surtax on Wealthy in Health-Care Package – In this particular case, wealthy means greater than $200k [Bloomberg]
•Obama Adviser Says U.S. Should Mull Second Stimulus – Because you knew it was coming [Bloomberg via Clusterstock]
•NOT THE BAIR MINIMUM – She Bair might be playing in somebody else’s sandbox [New York Post]