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Showing posts with the label DealBooK | DealB%K Afternoon Edition

Struggling Gleacher & Co. Explores a Sale: DealBook | DealB%K Afternoon Edition

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Thursday, August 30, 2012 TOP STORY Struggling Gleacher & Co. Explores a Sale Gleacher & Company, the struggling investment bank started by the longtime Wall Street deal maker Eric Gleacher, said that it was exploring strategic alternatives, including selling itself and raising money from outside investors. DEALBOOK »   DEALBOOK HIGHLIGHTS A Third Option for Regulators in the Money Market Fund Fight After an overhaul stalled at the Securities and Exchange Commission, the Financial Stability Oversight Council could now use a part of Dodd-Frank, called Title VIII, that addresses regulation of the plumbing of the financial system. DEALBOOK » Buffett Celebrates His 82nd Birthday Warren E. Buffett, who turns 82 on Thursday, is taking note of the occasion by increasing a donation of Berkshire Hathaway shares to the charitable foundations run by his children. DEALBOOK » Carlyle to Acquire DuPont Coatings Unit for $4.9 Bil

Regulatory SWAT Team May Have to Move Slowly on Money Funds: DealBook | DealB%K Afternoon Edition

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Friday, August 24, 2012 TOP STORY Regulatory SWAT Team May Have to Move Slowly on Money Funds Does the Financial Stability Oversight Council have the resolve to go down untrodden paths and officially designate money funds as a risk, especially in the few months before the presidential election? DEALBOOK »   DEALBOOK HIGHLIGHTS Permira to Buy Japanese Sushi Chain for About $1 Billion The European private equity firm Permira is buying Akindo Sushiro, an Osaka-based operator of sushi bars in Japan, for roughly $1 billion including debt. DEALBOOK » Australian Magnate Abandons Bid for Whitehaven Coal Nathan Tinkler, an Australian coal magnate, has abandoned a $5.4 billion bid for the coal mining company, amid investor concern about Australia's mining sector. DEALBOOK » Fallout Continues at Vietnamese Bank The arrest of a second former executive of Asia Commercial Bank is the latest twist in a banking scandal that has prompted Vi

DealBook | DealB%K Afternoon Edition: The Trade: A Quick End to TARP Means a Smaller Payoff for Taxpayers

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Wednesday, August 22, 2012 TOP STORY The Trade: A Quick End to TARP Means a Smaller Payoff for Taxpayers Jesse Eisinger of ProPublica says that the government is trying to sell its preferred stock holdings of the smaller banks, but the potential losses from the auctions could be in the hundreds of millions of dollars. DEALBOOK »   DEALBOOK HIGHLIGHTS In Debt: The Dance Between Belize and Its Bondholders Stephen J. Lubben says that the bondholders have no direct way of making Belize pay up, but the country probably has to worry more about long-term access to the financial markets than a country like Argentina or even Greece. DEALBOOK » Citic Capital Sells Stake to Qatar Fund A unit of Qatar's sovereign wealth fund is taking a 22 percent stake in the Chinese asset management firm Citic Capital Holdings, which manages more than $4.4 billion. DEALBOOK » News Analysis: The New Citigroup Isn't Your Father's Citicorp

Dealbook | DealB%K: Afternoon Edition: Week in Review: Credit Cards and Corzine

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Friday, August 17, 2012 TOP STORY Baseball Hall of Fame Player Settles Insider Trading Case On the standout Baltimore Orioles teams of the late 1970s and early 1980s, Eddie Murray, the Hall of Fame first baseman, shared the field with the all-star third baseman Doug DeCinces. Federal regulators say that decades later, the close friends shared something else: illegal stock tips. Mr. Murray was accused of insider trading ahead of a merger announcement after receiving advanced word of the deal from Mr. DeCinces. DEALBOOK »   DEALBOOK HIGHLIGHTS Week in Review: Credit Cards and Corzine We found that the abuses that bedeviled the foreclosure process are appearing in lawsuits to collect credit card debt. Meanwhile, no criminal case is likely in the $1 billion loss at Jon S. Corzine's MF Global. DEALBOOK » Peregrine Founder Pleads Not Guilty Russell Wasendorf Sr., the former chief executive of the failed brokerage firm Peregrine Financia

DealBook | DealB%K Afternoon Edition: White Collar Watch: Is That It for Financial Crisis Cases?

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Monday, August 13, 2012 TOP STORY White Collar Watch: Is That It for Financial Crisis Cases? Peter J. Henning says that the disclosures that the Justice Department has closed an investigation of Goldman Sachs and that the S.E.C. has decided not to pursue a civil fraud case may turn out to be the denouement of the government's investigations of Wall Street for potential wrongdoing that contributed to the financial crisis. DEALBOOK »   DEALBOOK HIGHLIGHTS Pfizer Animal Health Unit Files for I.P.O. The company that will be spun off, to be called Zoetis, has about $4.2 billion in annual revenue and could be valued at $15 billion or more. DEALBOOK » Manchester United Trades Up on 2nd Day Shares of the English soccer club rose in their second day of trading on Monday, climbing as much as 9 percent above their offer price. At midmorning, the stock was still up about 3.6 percent, at $14.51 a share. DEALBOOK » Julius Baer to Bu

DealBook | DealB%K Afternoon Edition: Manchester United I.P.O. Ends Flat

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Friday, August 10, 2012 TOP STORY Manchester United I.P.O. Ends Flat Manchester United stumbled after kicking off its initial public offering, as the world-famous soccer club's stock traded flat in its debut on Friday. At the close, shares of the English soccer team were nearly unchanged from the initial public offering price of $14. The stock sale valued the franchise at about $2.3 billion. By going public - while remaining firmly under the control of its majority owner, the Glazer family - Manchester United is hoping to challenge the history of sports teams that trade on stock exchanges. Namely, that such stocks are losers. DEALBOOK »     DEALBOOK HIGHLIGHTS British Regulators Plan Major Overhaul of Rate System The system at the center of the rate-rigging scandal will be overhauled as regulators respond to public anger over the manipulation of the London interbank offered rate, or Libor. DEALBOOK » In 'Supercapitalist,

DealBook | DealB%K Afternoon Edition: Carlyle Strikes Deal for TCW

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Thursday, August 9, 2012 TOP STORY Carlyle Strikes Deal for TCW The Carlyle Group said on Thursday that it would buy the TCW Group, a Los Angeles-based investment manager, from Societe Generale of France. Carlyle is partnering on the deal with TCW's management team, which will increase its already substantial stake in the investment firm to 40 percent. The buyout firm is buying TCW as a portfolio company, rather than adding it to its own operations, and the transaction is expected to close in the first quarter of 2013. The terms were not disclosed. The transaction will conclude a lengthy sales process for TCW, which has some $130 billion in assets and counts some of the nation's biggest pension and endowment funds among its clients. Several private equity firms had participated in an auction of TCW, people briefed on the matter said previously, with Carlyle taking the lead in recent weeks. DEALBOOK »   DEALBOOK HIGHLIGHTS Barclays

DealBook | DealB%K Afternoon Edition: Carlyle Swings to a Loss in 2nd Quarter

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Wednesday, August 8, 2012 TOP STORY Carlyle Swings to a Loss in 2nd Quarter The Carlyle Group swung to a loss in its second quarter, the firm said on Wednesday, as it struggled to show growth in its core private equity investments. The firm's loss of $57 million was reported as economic net income, a metric preferred by other publicly traded private equity firms like the Blackstone Group and Kohlberg Kravis Roberts. The figure includes unrealized gains for investments. That amounts to a loss of about 19 cents a share, surpassing the 14 cents a share average estimate of analysts surveyed by Standard & Poor's Capital IQ. But Carlyle also pointed to the $3 billion in realized gains that it generated during the quarter as a sign that it was continuing to create value for its limited partners. And it said that it raised nearly $4 billion in new capital for the quarter. DEALBOOK »   DEALBOOK HI

DealBook | DealB%K Afternoon edition: Minnesota Minefield for a Best Buy Deal

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Tuesday, August 7, 2012 TOP STORY Minnesota Minefield for a Best Buy Deal Before Richard Schulze can acquire and turn around Minnesota-based Best Buy, he needs to come to terms with the State of Minnesota. The Deal Professor, Steven M. Davidoff, notes that the Best Buy founder will have to navigate Minnesota's business combination act, one of the stricter antitakeover laws in the land. As a result, the Best Buy board holds all the cards going forward. DEALBOOK » Jefferies Raises Questions About Schulze's Best Buy Holdings As part of his audacious takeover proposal for Best Buy, Richard Schulze said that he would contribute about $1 billion of his holdings into a leveraged buyout offer. But an analyst at the Jefferies Group wondered why the company founder wasn't rolling in more of his shares. DEALBOOK »   DEALBOOK HIGHLIGHTS Federal Judge Grudgingly Approves Morgan Stanley Price-Fixing Case A federal judge on Tuesday approve