- Worker Assets Shrink at Fannie and Freddie
- Bond fund titan seeks $5bn for mortgage-backed debts
- Obama Frames Campaign As Vote on Economy, Bush
- Dell Second-Quarter Profit Falls Short of Estimates
- Google to Start Yahoo Deal by October, Schmidt Says
- Qualcomm Found in Contempt Over Infringement Claim
- Carmakers Deserve Loan Guarantees, G.M. Official Says
- FAA Suspends Auction of Flight Slot at Newark Airport
Worker Assets Shrink at Fannie and Freddie
- NY Times
Fannie Mae’s workers had $116 million in the employee stock ownership plan at the end of 2006. Today, it’s more like $17.5 million. Ouch.
The employees of Fannie Mae, and those of its counterpart Freddie Mac, are reeling from financial blows themselves as the mortgage finance companies lurch toward what could be a government bailout. Both firms ladled out hefty servings of stocks and options to reward and compensate employees — making them popular employers for years…..
Bond fund titan seeks $5bn for mortgage-backed debts
- Daily Telegraph
Pimco, the manager of the world’s largest bond fund, is looking to raise a $5bn (£2.7bn) fund to buy up tranches of depressed mortgage-backed debt.
The group, which is part of German financial conglomerate Allianz, is the latest financial investor to attempt to profit from buying mortgage-backed debt that has fallen in value as a result of the sub-prime mortgage crisis…..
Obama Frames Campaign
As Vote on Economy, Bush – WSJ
With his party’s nomination in hand, Sen. Barack Obama launched a historic general-election campaign by promising a middle-class economic renewal and tying his Republican opponent tightly to the record of the current president.
"We meet at one of those defining moments — a moment when our nation is at war, our economy is in turmoil, and the American promise has been threatened once more," Sen. Obama said Thursday night to tens of thousands of supporters at Denver’s Invesco Field….
Dell Second-Quarter Profit Falls Short of Estimates
- Bloomberg
Dell Inc., the world’s second-largest personal-computer maker, posted a profit that trailed analysts’ projections and said a slowdown in technology spending is expanding into Europe and Asia.
The stock fell 10 percent in late trading after Dell reported earnings, excluding some costs, of 33 cents a share. That missed the 36-cent average of estimates compiled by Bloomberg. “Strategic pricing” hurt profit margins in Europe, the Middle East and Africa, Chief Financial Officer Brian Gladden said on a conference call…..
Google to Start Yahoo Deal by October, Schmidt Says
- Bloomberg
Google Inc., facing U.S. Justice Department scrutiny of its advertising partnership with Yahoo! Inc., will proceed with the agreement by early October, Chief Executive Officer Eric Schmidt said.
“We are going to move forward,” Schmidt said today in an interview with Bloomberg Television in Denver. “We are in the process of talking to the government. They’ve not indicated one way or the other how they’re dealing with us.”…..
Qualcomm Found in Contempt Over Infringement Claim
- Bloomberg
Qualcomm Inc., the world’s biggest maker of chips for mobile phones, was found in contempt of an order designed to prevent the company from violating three Broadcom Corp. patents.
U.S. District Judge James Selna in Santa Ana, California, found that Qualcomm violated the injunction by continuing to use infringing chips and ordered it to stop the infringement, Broadcom said today in a statement….
Carmakers Deserve Loan Guarantees,
G.M. Official Says – NY Times
A top General Motors executive said Thursday that automakers were “deserving” of as much as $50 billion in government-backed loans so that they can build more fuel-efficient cars.
G.M.’s vice chairman, Robert A. Lutz, said the car companies need money to retool their plants but probably cannot raise enough capital on their own because of the tight credit markets. He said the automakers have already made considerable progress in transforming themselves and that the government should help them proceed faster…..
FAA Suspends Auction of Flight Slot at Newark Airport
- Bloomberg
Aug. 28 (Bloomberg) — A U.S. auction for the right to operate a round-trip flight at New Jersey’s Newark airport was suspended while regulators review airline complaints that the sale would be illegal.
“The protesters have demonstrated compelling reasons to maintain the status quo” pending a study of their objections, Kerry Long, the Federal Aviation Administration’s chief counsel, said in an order today in Washington…..
