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Showing posts with label DealBooK P.M. Edition ( December 3. Show all posts
Showing posts with label DealBooK P.M. Edition ( December 3. Show all posts

Dec 3, 2012

DealBooK P.M. Edition ( December 3, 2012 ): S.E.C. Charges the Chinese Affiliates of 5 Big Accounting Firms



Monday, December 3, 2012
TOP STORY
S.E.C. Charges the Chinese Affiliates of 5 Big Accounting Firms The Securities and Exchange Commission says the Chinese affiliates of the five largest United States accounting firms failed to produce work papers from their audits of several China-based companies that are under investigation.
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  • DEALBOOK HIGHLIGHTS
    Taking His Fight Against H.P. to the Web On Monday, Mike Lynch, the founder of the British software firm Autonomy, set up AutonomyAccounts.org, a Web site meant to house his responses to the controversy swirling around his former company.
    White Collar Watch: String of Insider Trading Cases Shows Prosecutors Casting a Wider Net Peter J. Henning says that the recent cases of insider trading do not involve the use of wiretaps to capture how the information was disclosed, evidence that was a central feature of other such prosecutions in the last two years.
    Lawyer Says Trader Did Not Manipulate Market
    Lawyer Says Trader Did Not Manipulate Market A lawyer for Glenn Hadden, the head of global rates at Morgan Stanley, says the CME inquiry of his client concerns "technical risk management activity in a one-minute period four years ago during which Mr. Hadden acted properly and followed established market practice."
    Dell Shares Leap After Analyst Muses About a Buyout Shares of Dell rose sharply on Monday after an analyst at Goldman Sachs upgraded the stock - and mused about the possibility of a leveraged buyout in the computer maker's future.
    Saputo to Buy Morningstar Unit of Dean Foods for $1.45 Billion Saputo, a Canadian dairy processor, agreed on Monday to buy the Morningstar division of Dean Foods for about $1.45 billion in cash to help expand its presence in the United States.
    Archer Daniels Raises Bid for GrainCorp The Archer Daniels Midland Company raised its offer for GrainCorp of Australia on Monday, valuing the grain processor at about $2.9 billion, as A.D.M. pressed ahead with its unsolicited takeover bid.
    Cantor Fitzgerald to Buy Irish Brokerage Firm Cantor Fitzgerald agreed on Monday to acquire the Irish firm Dolmen Stockbrokers as part of its expansion into global markets.
    Buzz Tracker
    Equifax to Buy Credit Service Business for $1 Billion The consumer credit agency agreed on Monday to buy a unit of the Computer Sciences Corporation. Computer Sciences said it expected to earn up to $800 million from the sale, which the company planned to use to buy back shares and contribute to its pension plan.
    Cable and Wireless to Sell Units for Up to $1 Billion The British company agreed on Monday to sell a number of businesses to the phone operator Batelco Group of Bahrain. The deal includes the sale of assets in the Maldives, Channel Islands, Isle of Man and the Seychelles, as well as part of Cable & Wireless's stake in Monaco Telecom, for a combined $680 million.
    LOOKING AHEAD
    Corporate Earnings Companies scheduled to release quarterly earnings reports on Tuesday include Toll Brothers and Pandora Media.
    In the United States On Tuesday, John Stumpf, the chief executive of Wells Fargo; Brian Moynihan, the chief executive of Bank of America; and Kenneth Chenault, the chief executive of American Express, will speak at the Goldman Sachs Financial Services Conference at the Conrad Hotel in New York; and the Federal Deposit Insurance Corporation will release its quarterly banking profile on industry earnings.
    Overseas On Tuesday, European Union finance ministers will meet in Brussels to discuss banking oversight.

    Quotation of the Day
    "We highlight that a L.B.O. transaction or levered recap need not take place to help stabilize the share price, as long as investors begin to increasingly weigh the possibility of a transaction."BILL SHOPE, an analyst at Goldman Sachs, on the possibility of a leveraged buyout at Dell.
    DealBook Video
    An Investment Fund Defends C.L.O. Leon Wagner, a co-founder of the New York-based investment fund GoldenTree Asset Management, discusses investing in collateralized loan obligations and the underpricing of leverage in the market.
    Pointing Fingers and Deflecting Blame Treasury Secretary Timothy F. Geithner used five Sunday morning news shows to outlined President Obama's proposals for long-term deficit reduction in order to avoid a self-imposed fiscal crisis at the end of the month.