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Showing posts with label DealBook | DealB%K Today's Top Headlines.. Show all posts
Showing posts with label DealBook | DealB%K Today's Top Headlines.. Show all posts

Jul 31, 2012

DealBook | DealB%K Today's Top Headlines: Suggestions for an Apple Shopping List; Tiger Management Helps Next Generation of Funds

Tuesday, July 31, 2012
Suggestions for an Apple Shopping List
Suggestions for an Apple Shopping List Question: What would you do if you had $117 billion? That's the challenge facing Tim Cook, Apple's chief, whose company's cash hoard keeps growing - by about $1 billion a week.

He could hold onto it. He could increase Apple's dividend, which he instituted this year for the first time. Or he could spend it, Andrew Ross Sorkin writes in the DealBook column.

Just last week, Mr. Cook acquired AuthenTec, a mobile security company, for $356 million in cash - a price equal to pocket lint for a company with the war chest the size of Apple's. The real question is whether Mr. Cook would ever spend Apple's money on an "elephant" - Wall Street parlance for a huge deal.

Apple denizens often say that the company is not interested in deal making. It has, after all, invented some of today's most successful consumer products. But that view misunderstands Apple's history: some of its most important innovations were not invented within Apple; they were purchased from other companies.
Tiger Management Helps Next Generation of Funds When a top hedge fund manager donated money to start a student-run portfolio at the University of Virginia in 1994, Richard Gerson was one of the few undergraduates to earn a spot managing the six-figure portfolio.

It was the first connection of many that paved his way to the upper echelons of the hedge fund industry.

Mr. Gerson parlayed his college experience into an internship at Tiger Management, the vaunted hedge fund firm run by Julian Robertson. He then helped John Griffin, a top deputy of Mr. Robertson and the sponsor of the investment club, start Blue Ridge Capital.

Now, Mr. Gerson, 37, is building a new firm. Mr. Gerson and his business partner, Navroz D. Udwadia, have raised $1.2 billion for Falcon Edge Capital, according to people with knowledge of the matter. At a time when investors are reluctant to hand over money to unproven managers, Falcon Edge is the hedge fund equivalent of a high first-round draft pick.
    Levinsohn Confirms That He's Leaving Yahoo Ross Levinsohn, the executive who served as Yahoo's interim chief, confirmed on Monday that he was leaving the Internet company after being passed over to fill the spot permanently.
    Borrowing Costs Ease for Spain and Italy The two countries benefited from pledges of support by European leaders and the United States Treasury secretary, Timothy F. Geithner, The New York Times reports.
    Alibaba Is Said to Be Close to Raising $8 Billion Some American Internet companies may be unpopular with investors these days, but a Chinese one is finding plenty of takers.
    Oracle to Buy Xsigo Oracle is extending its recent embrace of the cloud, agreeing on Monday to acquire privately held Xsigo Systems, a maker of network virtualization software.
    Chicago Bridge & Iron to Buy Shaw Group for $3 Billion The Texas-based engineering company has agreed to buy a rival, the Shaw Group, in a cash-and-stock deal worth $3 billion.
    Roper Industries to Buy Sunquest Information Systems for $1.4 Billion Roper Industries, an industrial manufacturer, has agreed to purchase Sunquest Information Systems, a maker of diagnostic and laboratory software for $1.42 billion in cash.
    Cnooc Said to Seek $5 Billion to Finance Nexen Deal Cnooc is looking to foreign banks for $5 billion of financing to help pay for its $15 billion acquisition of Nexen, two unidentified people familiar with the matter told Bloomberg News.
    Another Lawmaker Challenges Cnooc's Nexen Deal Representative Edward Markey asked for conditions on Cnooc's bid for the Canadian firm Nexen, following a similar challenge by Senator Charles Schumer, Reuters reports.
    ING Said to Be in Talks to Break Up Asian Unit Bloomberg News reports that the Dutch financial services firm ING "may break up its Asian life insurance operations and is holding talks with buyers interested in the business in different countries, two people with knowledge of the process said."
    Rio Tinto Maintains Control of Ivanhoe The English-Australian mining firm Rio Tinto said it paid about $935 million for 133.6 million shares of Ivanhoe Mines, allowing it to maintain its 51 percent ownership stake, Reuters reports.
    Korea Development Bank Abandons Talks for HSBC Unit The Korea Development Bank said it failed to reach an agreement with HSBC over a sale of the European bank's South Korean retail banking operations, Reuters reports.
    UBS Profit Falls on Facebook Loss The Swiss bank reported a 58 percent decline in its net profit, as the firm was hit by a $356 million loss connected to the botched Facebook initial public offering.
    Deutsche Bank Earnings Plunge as Euro Crisis Lingers Germany's largest lender said the turmoil made clients reluctant to trade in financial markets, resulting in a 46 percent decline in net income.
    BBVA of Spain Reports a Drop in Profit BBVA, the big Spanish lender, said its profit in the second quarter fell 58 percent as it set aside provisions for soured real estate assets, Bloomberg News reports.
    2 Japanese Banks Report Contrasting Results While the Mitsubishi UFJ Financial Group said its quarterly profit fell 64 percent from a year earlier, the Mizuho Financial Group said its profit nearly doubled during the period, The Wall Street Journal reports.
    An Uncertain Path to Success on Wall Street At a gathering of financial industry workers over the weekend, the prevailing mood among those just starting out in the business was one of confusion, New York magazine writes.
    New Chief to Take Reins at Swiss National Bank Fritz Zurbruegg, a former civil servant, is stepping up this week to fill a spot that has been vacant since Philipp Hildebrand resigned in January, The Wall Street Journal reports.
    Derivatives Exchange to Overhaul Trading in Energy Contracts IntercontinentalExchange is making the changes ahead of regulations intended to bring more transparency to the trading of derivatives, The Wall Street Journal reports.
    A Case Emerges for Mortgage Forgiveness The Financial Times reports: "Provisional estimates by the regulator of Fannie Mae and Freddie Mac suggest they could save public money by forgiving certain mortgage debts, according to people familiar with the figures."
      Private Equity Assets Reach a Record The private equity industry as a whole oversaw about $3 trillion in assets as of the end of 2011, according to the data collector Preqin.
      Go Daddy Chief to Step Down, as a K.K.R. Executive Steps In When the Go Daddy Group announced on Monday that its chief executive was stepping down, the Web hosting company didn't have far to go to find an interim replacement. It plucked an executive from Kohlberg Kravis Roberts, one of its owners.
      Private Equity Firm Hires a Former G.E. Official John Krenicki, who ran a big energy unit at General Electric, is joining the private equity firm Clayton, Dubilier & Rice in January as a senior operating partner, The Wall Street Journal reports.
      Brazil Billionaire Plans to Take Transport Firm Private Eike Batista, a Brazilian mining magnate, said on Monday he intends to spend about $300 million to buy all the shares of the transportation company LLX Logistica, The Wall Street Journal reports.
      Global Infrastructure Partners Unveils $7.5 Billion Fund The investment firm Global Infrastructure Partners raised $7.5 billion for a fund to invest in infrastructure, the largest such fund to date, Reuters reports.
      Banks Get Tough With Hedge Fund Clients Reuters, citing unidentified "industry sources," reports that big banks that cater to hedge funds are "sifting through their client lists, in some cases demanding higher fees on trading or a greater share of a fund's business, and sometimes telling funds to look elsewhere."
      Activist Investor Steps Onto a Bigger Stage Daniel S. Loeb, who runs the hedge fund Third Point, successfully pushed for a management change at Yahoo, a victory that raises his profile and marks a "new phase" in his career, The Wall Street Journal writes.
      Hedge Funds Miss a Stock Market Rally The stock market has climbed since the start of June, but hedge funds have largely remained on the sidelines, The Financial Times reports.
      Venture Capitalist to Start a Hedge Fund Rob Chandra, of Bessemer Venture Partners, is reducing his role at the venture capital firm as he prepares to start a $250 million hedge fund known as Avid Park, Reuters reports, citing an unidentified investor in the new fund.
      I.P.O./OFFERINGS »
      Manchester United Sets Price Range for I.P.O. at $16 to $20 a Share Manchester United is moving forward with its initial public offering, disclosing on Monday that it is seeking $16 to $20 a share in its return to the public stock markets.
      Facebook Faces Fresh Doubts About Advertising On Monday, a Long Island start-up said it had discovered that Web robots, rather than actual human users, were far more likely to click its ads on Facebook, raising questions about the effectiveness of advertising on the social network, the Bits blog reports.
      Restaurant Operator Sets Price Range for I.P.O. CKE, which operates the Carl's Jr and Hardees chains, and is backed by Apollo Management, plans to sell 13.3 million shares at a price of between $14 and $16 each, Reuters reports.
      Annie's to Price Secondary Offering Annie's plans to sell 3.2 million shares, after the pasta maker went public in March.
      Venture Capital Firm With a Politically Charged Name Bain Capital Ventures, the venture capital arm of Bain Capital, has recently been trying to gain more recognition for its efforts, contacting journalists "just to talk," The Verge reports.
      Twitter Introduces a Stock Ticker Symbol Feature A new feature allows Twitter users to search for tweets that mention particular stocks, AllThingsD reports. A similar feature is already offered by Stock Twits, a project of the entrepreneur Howard Lindzon.
      Twitter Silences a Critic of NBC GigaOm writes: "The episode raises questions about free speech and corporate control of social media platforms."
      Medical Debt Collector Agrees to $2.5 Million Settlement Without admitting wrongdoing, Accretive Health agreed to settle accusations that it violated a federal law requiring hospitals to provide emergency care even if patents can't afford it, The New York Times reports.
      Day Trading Firm Runs Afoul of Regulators A firm called Swift Trade has reached a settlement with the Financial Industry Regulatory Authority over an alleged failure to prevent a "pattern of manipulative trading activity," The Wall Street Journal reports, citing a copy of the settlement.
      The Evolving Contours of Insider Trading Two recent cases filed by the Securities and Exchange Commission show how malleable the term "insider trading" can be, Peter J. Henning writes in the White Collar Watch column.
      R.B.S. Said to Be in Talks Over Libor Settlement The Wall Street Journal reports that the Royal Bank of Scotland is "negotiating a settlement with authorities investigating attempted interest-rate rigging at RBS and other banks, and a deal, including fines, could be announced in the next few months, according to people familiar with the matter."
      Inside the Fed, Calls for Pre-Emptive Stimulus The argument that the Federal Reserve should sometimes buttress the economy against large, potential risks dates to the era of Alan Greenspan, The New York Times reports.
      Agency Finds Its Chief Wasn't Too Close to Corzine An internal analysis by lawyers at the Commodity Futures Trading Commission found that the agency's chairman, Gary Gensler, did not have a close relationship with Jon S. Corzine, the former head of the failed brokerage firm MF Global. Bloomberg News reports: "They didn't attend each other's weddings, Corzine didn't go to the bat mitzvahs of Gensler's daughters and they haven't socialized together in 14 years."
      Chinese Solar Company Reveals Soured Deal Suntech Power Holdings, a big manufacturer of solar panels, disclosed a potential fraud by an affiliated company that could stretch its finances to the breaking point, The New York Times reports.
      Lehman Brothers Raises $4.7 Billion for Payment In the second quarter, Lehman Brothers Holdings raised money through derivatives, real estate sales and the settlement of a lawsuit, as it prepares to pay creditors, Bloomberg News reports.

Jul 19, 2012

DealBook | DealB%k Today's Top Headlines: Morgan Stanley Swings to Profit, but Revenue Falls

Thursday, July 19, 2012
Morgan Stanley Swings to Profit, but Revenue Falls Morgan Stanley on Thursday swung to a second-quarter profit, but revenue fell as the firm continued to contend with the doldrums that have descended upon the banking industry.

It earned $563 million from continuing operations, which amounts to about 28 cents a share. Analysts on average had expected 29 cents a share, according to Bloomberg.

The company reported revenue, excluding certain onetime gains, of $6.6 billion, down from $9 billion a year ago. Including adjustments, the company had revenue of $6.95 billion, down from $9.2 billion in the year-ago quarter.

Excluding accounting gains related to the value of its debt, the profit was 16 cents a share. Morgan Stanley's return on equity for continuing operations, a prominent measure of profitability, was only 3.5 percent. Shares in the firm fell 2.8 percent in premarket trading, to $13.60.
Scrutiny Intensifies on Collusion in Rate-Rigging Investigation While much of the scrutiny surrounding interest rate manipulation has centered on Barclays, regulators have said that traders at the big British bank colluded with rivals to influence a key benchmark.

As part of a three-year scheme, a senior Barclays trader in Europe worked with counterparts at Crédit Agricole, HSBC, Deutsche Bank and Société Générale, according to people with knowledge of the matter who could not speak publicly because of the investigation. Regulators are examining whether at least one other bank was involved, one of the people said.

In an effort to bolster their profits, the traders collaborated to push interest rates up or down, according to regulatory documents. By doing so, they aimed to eke out extra gains on their trades or limit losses. In its complaint against Barclays, the Commodity Futures Trading Commission described the bank's trader as having "orchestrated an effort to align trading strategies among traders at multiple banks" to profit on their portfolios.
    Muddy Waters Deals Blow to a Reeling Chinese Education Company Shares in the New Oriental Education & Technology Group, a Chinese educational company listed in the United States, plunged 35 percent on Wednesday after the Muddy Waters research firm accused it of being a fraud.
    Behind Credit Default Swaps Market, a Cartel Left Open to Collusion A proper market would want an organization that was impartial, regulated, transparent and open to appeal, but with credit default swaps, there is no such luck, writes Jesse Eisinger in The Trade.
    For Wealthy Muslims, a Dearth of Options Though retail banks offer a range of products that comply with Islamic law, The New York Times reports that "private banks have lagged, offering relatively little in terms of wealth management for Islamic customers, who want products and services that respect Islamic laws prohibiting trading in debt and collecting interest, among other rules."
    Olivier Sarkozy Plans a Move Downtown Olivier Sarkozy, the Carlyle Group executive who sold his Upper East Side townhouse this year, plans to take up residence in downtown Manhattan, where, according to The New York post, he can spend more time with his girlfriend, Mary-Kate Olsen. An unidentified person tells Page Six: "We are told they're not officially moving in together - they both think it's too early for that. But he's telling friends that Mary-Kate is the best thing that has happened to him in a long time."
    Group Led by BC Partners to Buy U.S. Cable Operator for $1.9 Billion The private equity firm BC Partners and the Canada Pension Plan Investment Board have agreed to buy the American cable operator Suddenlink Communications for $1.9 billion.
    Employing Novel Ways of Negotiating Merger Deals Before reaching an agreement to sell to TPG, Par Pharmaceutical melded the two conventional approaches in negotiating its sale. More merger deals may happen this way, the Deal Professor writes.
    US Airways Chief Lays Foundation for a Merger The chief executive of US Airways, W. Douglas Parker, told Reuters that he has had preliminary discussions with antitrust officials in the Justice Department and with Congressional lawmakers, as he pursues a possible merger with American Airlines, a bankrupt rival.
    Behind Coup at Duke Energy, a Nuclear Plant The Wall Street Journal reports: "Duke Energy Corp.'s defense of its controversial ouster of CEO Bill Johnson is beginning to focus on a central issue, people familiar with the matter say: How Mr. Johnson handled escalating problems at the Crystal River nuclear plant in Florida."
    French Utility to Sell Waste Business for $1.9 Billion Reuters reports: "Veolia Environment SA will sell its U.S. waste management business to infrastructure fund manager Highstar Capital Star for $1.909 billion to help repay debts."
    United Technologies Said to Be in Talks to Sell Rocketdyne As United Technologies looks to shed noncore businesses before closing its takeover of Goodrich, Reuters reports that it is "in final discussions to sell its Rocketdyne business to GenCorp, a maker of aerospace propulsion systems, two people familiar with the matter said on Wednesday."
    Indonesia to Consider Relaxing Bank Ownership Rules Bloomberg News reports: "Indonesia's central bank said it will consider letting banks own more than 40 percent of local lenders under new rules that may allow DBS Group Holdings to proceed with its $7 billion PT Bank Danamon Indonesia bid."
    Banks Prepare for Thousands of Job Cuts The Wall Street Journal reports: "Bank of America and Credit Suisse Group announced plans Wednesday for new cost cuts following hefty belt-tightening at both institutions last year. Citigroup is on pace to cut an added 2 percent of securities and banking jobs this year, or about 350 people, after announcing 900 job cuts at the unit last year, said people familiar with the situation. Goldman Sachs Group said this week that it aims to save $500 million this year on top of $1.4 billion of reductions since last spring, in large part by keeping younger, cheaper workers at the expense of older, costlier ones."
    Deutsche Bank Said to Plan 1,000 Job Cuts Reuters reports: "Deutsche Bank is planning to cut 1,000 investment banking jobs in response to tough conditions in capital markets, German newspaper Handelsblatt reported on Thursday. Deutsche Bank declined to comment on the report, which would amount to a shift in policy for Germany's flagship lender."
    In Washington, Blankfein Backs Dodd-Frank At the Economic Club in Washington, the Goldman Sachs chief discusses regulation, the federal budget -- and his interest in a future government post (hint, hint).
    Goldman Supports a Small Business Program in Utah Goldman Sachs's charitable foundation is committing $15 million to a partnership with the Salt Lake Community College and the state of Utah to offer support to small businesses, the local paper Deseret News reports.
    Goldman Said to Expand Metals Trading Group Reuters, citing unidentified people, reports: "Goldman Sachs has hired Jeff Romanek as a physical metals trader in New York as the U.S. bank continues to bolster its physical commodities trading business."
    Morgan Stanley Smith Barney Hires More Brokers Reuters reports: "Morgan Stanley Smith Barney landed veteran broker teams that managed more than $4 billion in client assets at rival brokerages Merrill Lynch and UBS Wealth Management Americas, bolstering its adviser force across the United States."
    Lloyds Sells Bank Branches to Rival Reuters reports: "Lloyds Banking Group has agreed the sale of 632 branches to the Co-Operative Group, concluding a process aimed at boosting competition in British high-street banking and streamlining its business at the behest of regulators."
    • reuters 
      China Said to Be Buying G.M. Pension Assets The Financial Times reports: "The Chinese government has agreed to buy investment stakes currently held by General Motors' pension plan, in a deal that will make Beijing a sizable investor in many of the U.S. and Europe's largest private equity funds."
      Blackstone Names Baratta as Global Private Equity Head The Blackstone Group said on Wednesday that it had named Joseph Baratta, one of its senior deal makers, as the head of its global private equity operations.
      Blackstone's Housing Play Reuters reports that the Blackstone Group "has spent more than $300 million to purchase over 2,000 foreclosed homes in order to rent and bet on a recovery of the U.S. housing market, the private equity company's global head of real estate said Wednesday."
      TPG Capital Said to Woo Pension Investors Bloomberg News reports: "For the past year, TPG co-founder Jim Coulter has been meeting with officials from pensions to win a large backer for a separate account, said one of the people, who asked not to be identified because the talks are private. The firm has talked to the Oregon Investment Council about such a deal, though an agreement isn't certain, said the people."
      Coller Capital Raises $5.5 Billion for Private Equity Stakes Reuters reports: "Coller Capital has raised $5.5 billion to buy private equity investments from banks and other investors, tapping into a growing niche that has seen some of the biggest pools of capital raised by buyout firms over the last year."
      Procter & Gamble Board Backs Company's Chief Directors at Procter & Gamble have backed the consumer products giant's chief executive, Robert A. McDonald, and his plan to turn around the company, setting up a potential fight with the activist investor William A. Ackman.
      William Ackman, Matchmaker? Svea Herbst-Bayliss writes in a blog post in Reuters: "Every so often, Ackman and his wife whirl through their Rolodexes and invite their unattached friends to come on over to their place and spend a few hours meeting other singles."
      Brevan Howard Opens a New York Office Bloomberg News reports: "Brevan Howard Asset Management LLP, Europe's second-largest hedge fund, has opened a U.S. investment firm that will start trading in August with an estimated $300 million."
      Hedge Fund Backed by Blackstone Said to Hit Rough Patch Bloomberg News reports: "Senrigan Capital Group, an Asia-focused event-driven fund backed by Blackstone Group, lost almost 15 percent in the first six months of this year, according to a performance estimate sent to investors."
      In Asia, Start-Up Hedge Funds Secure Capital Reuters reports: "New Asian hedge funds raised $2 billion in the first half of the year, an increase of 50 percent over the capital they raised in the previous six months, a survey released on Thursday by industry tracker AsiaHedge showed."
      Racketeering Charges in a Hedge Fund Divorce Elizabeth Bingham-Perry, whose husband, Jeffrey Perry, is an executive at the hedge fund Third Point, alleged in a court filing that Mr. Perry's career "has been marked by repeated criminal activity in his quest to amass his fortune," The New York Observer reports.
      I.P.O./OFFERINGS »
      Manchester United Said to Seek $300 Million in I.P.O. Bloomberg News reports: "Manchester United Ltd., the English soccer team with a record 19 national championships, seeks to raise $300 million in its U.S. initial public offering and plans to complete the sale in early August, said a person with knowledge of the matter. The club may begin meeting with prospective investors to pitch the IPO as early as next week, said the person, who asked not to be named because the plans are private."
      Australian Logistics Firm Said to Plan $1 Billion I.P.O. McAleese Transport, which provides logistics services for mining, infrastructure and other industries, is aiming to raise $1 billion through an I.P.O. in Australia later this year, with JPMorgan and Credit Suisse advising, The Wall Street Journal reports, citing unidentified people familiar with the matter.
      Louis Dreyfus Unit Withdraws I.P.O. Plans Reuters reports: "Biosev, the Brazilian unit of global commodities firm Louis Dreyfus Corp., pulled plans to sell shares for the first time, citing lack of demand, according to a source with knowledge of the situation."
      Temasek Said to Be Investing in Unit of Reliance Communications Temasek, the Singaporean sovereign wealth fund, and the China Investment Corporation, have agreed to invest in the Singapore I.P.O. of Global Telecommunications Infrastructure Trust, the underwater cable unit of Reliance Communications, Bloomberg News reports, citing three unidentified people with knowledge of the matter.
      News Corp. Executive Said to Plan an Investment Fund Jon Miller, the chief digital officer of the News Corporation, is "in discussions with C.E.O. Rupert Murdoch and others at the company about forming a separate investment fund to focus on digital publishing and media," AllThingsD reports, citing "numerous" unidentified people. Attracts $105 Million The Wall Street Journal reports: "Venture capitalists, including Skype co-founder Niklas Zennstrom, have invested another $105 million in, a sign investors still see potential in the business of luxury 'flash sales' even as growth rates slow and profits remain elusive."
      Dropbox Looks Into Possible Breach The Bits blog writes: "Dropbox is investigating reports that a security breach at the cloud-storage service caused its users to receive spam messages. The problem surfaced Monday after Dropbox users complained about spam messages sent to e-mail addresses reserved exclusively for their Dropbox accounts. The e-mails were scams camouflaged as messages from gambling sites."
      Capital One - which is known for its catchy television ads with Alec Baldwin - received a regulatory rebuke for misleading customers.
      Consumer Watchdog Fines Capital One for Deceptive Credit Card Practices Capital One, one of the nation's biggest banks, will reimburse $150 million to more than two million customers for selling them credit card products they could not use or did not want, as the nation's new consumer watchdog leveled its first enforcement action against the financial industry.
      What Was the Fed's Role in the Rate-Rigging Scandal? Simon Johnson writes in the Economix blog about a 2008 memo that Timothy F. Geithner, then president of the Federal Reserve Bank of New York, sent to officials at the Bank of England. Mr. Johnson says, "the timing and content of the memo raises troubling questions regarding the Fed's own involvement in the Libor scandal – both then and now."
      South Korean Banks Inspected in Rate-Setting Inquiry Reuters reports: "South Korea's anti-trust agency, which is probing suspected collusion in setting three-month rates, has inspected the offices of the local unit of Standard Chartered PLC and three local banks as part of the investigation, the four banks said on Thursday."
      Regulators' Report Cites Threats to Market Stability The Financial Stability Oversight Council, which was created under Dodd-Frank, cited various possible threats to the stability of financial markets in a report released on Wednesday. The New York Times reports: "Cybersecurity is still a threat, the council said, as is the possibility that large financial institutions might have concentrated exposures or complex trading strategies that could result in big losses because of a change in short-term interest rates."
      Mizuho Financial Agrees to Settle Case Over 'Dummy' Assets Bloomberg News reports: "Mizuho Financial Group agreed to pay $128 million to settle U.S. regulatory claims that it used 'dummy assets' to inflate the credit ratings of a financial product tied to subprime mortgages as the housing market deteriorated in 2007."
      Flaws Found in Vatican Bank The New York Times reports: "The Vatican is mostly compliant with international transparency and anti-money-laundering standards, but its bank still lags in monitoring suspicious activities or carrying out sufficient due diligence, according to a report issued Wednesday backed by the Council of Europe."
      Inside the Bankruptcy of Stockton, California The New York Times writes: "Even as some parts of the country are tentatively emerging from the worst downturn since the Great Depression, this city cannot seem to find solid ground."

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