- After California: Which States Are in the Most Peril?
- Ex-Morgan Stanley Staffer to Plead Guilty in $2.5 Million Theft
- SEC’s Richards Leaving After Unit Missed Madoff Fraud
- AIG Will Pursue Greenberg State Suit Over Stock
- AIG Looting Case Against Starr Was ‘Weak,’ Jury Forewoman Says
- AIG May Have No Value After Rescue, Citigroup Says
- Amazon Cuts Kindle Price by $60
After California: Which States Are in the Most Peril? – Time
…..Revenues — from income, sales and property taxes — continue to fall. True, states have already plowed through a lot of tough decisions to close the $102 billion shortfall they collectively faced during the last budget cycle. But already it looks like this year’s gap will be $121 billion, according to a report from the National Conference of State Legislatures.
Two of the worst-off states by that count are Alaska and Nevada. Each of them will need to spend 30% more than what state tax officers think they’ll be collecting. And neither has a state income tax, relying on oil and tourism taxes, respectively, for most of their revenues……
Ex-Morgan Stanley Staffer to Plead Guilty in $2.5 Million Theft – Bloomberg
A former Morgan Stanley vice president intends to plead guilty to stealing $2.5 million from the company, money he spent on luxury cars, landscaping, jewelry and travel, his attorney and a prosecutor said.
Richard Garaventa Jr., 37, an ex-vice president in operations, wrote 50 checks from 2001 to 2008 to a company he created, according to an indictment. In pre-pleading papers submitted to the court, he wrote a letter accepting responsibility, defense attorney Larry Fredella said today…..
SEC’s Richards Leaving After Unit Missed Madoff Fraud – Bloomberg
Lori Richards will step down as head of the U.S. Securities and Exchange Commission office that inspects money managers and brokerages after lawmakers criticized her unit for missing Bernard Madoff’s Ponzi scheme.
Richards, director of the Office of Compliance Inspections and Examinations since its creation in 1995, will leave Aug. 7, the SEC said in a statement today. The unit’s associate director-chief counsel, John Walsh, will serve as acting director when Richards steps down…..
AIG Will Pursue Greenberg State Suit Over Stock – Bloomberg
American International Group Inc. said it will pursue its state-court lawsuit against Maurice “Hank” Greenberg, a day after a federal jury found Greenberg’s Starr International Co. wasn’t liable for taking $4.3 billion in the firm’s shares.
Roberta Kaplan, an AIG lawyer, said today the insurer would continue its case against Greenberg and six other former AIG executives, including ex-Chief Financial Officer Howard Smith. The insurer accuses them of taking $4.3 billion in company stock held by Starr, a private company run by Greenberg, AIG’s former chief executive officer…..
AIG Looting Case Against Starr Was ‘Weak,’ Jury Forewoman Says – Bloomberg
Jurors rejected as “weak” a lawsuit by American International Group Inc. alleging that a private company run by its former chief executive officer, Maurice “Hank” Greenberg, looted $4.3 billion in stock from the insurer, the forewoman said.
A federal jury in New York ruled yesterday that Greenberg’s firm, Starr International Co., or SICO, didn’t breach a trust to hold AIG shares solely for an AIG deferred-compensation plan. The panel also rejected AIG’s claim that SICO illegally converted $4.3 billion of those shares after Greenberg’s ouster in March 2005 amid an accounting scandal…..
AIG May Have No Value After Rescue, Citigroup Says – Bloomberg
American International Group Inc., the insurer bailed out four times by the U.S., will likely have no value left for private shareholders after repaying the government, Citigroup Inc. said.
“Our valuation includes a 70 percent chance that the equity at AIG is zero,” said Joshua Shanker, an analyst at Citigroup, in a note to investors today on the New York-based insurer….
Amazon Cuts Kindle Price by $60 – Wall Street Journal Digits
Amazon.com has cut the price of its 6-inch Kindle e-book reader, formerly known as the Kindle 2, to $299. That’s $60 off of the previous price for the device, and also $50 cheaper than the top-of-the line competing product from Sony, the PRS-700…..
Tags: AIG, Amazon, California, Hank Greenberg, Kindle, Morgan Stanley, SEC
