- BofA Merrill to echo Citi move by promoting key dealmakers
- California IOUs Sought by Souvenir Hunters, Investors
- Earnings Drop Worldwide as Job Losses Hurt Consumers
- Ex-Goldman programmer out on bail in theft case
- Goldman Trading-Code Investment Put at Risk by Theft
- NYSE Error Keeps Goldman Off Program Trading List
- California Credit Rating Cut Close to Junk After IOUs
- Moody’s puts Brazil rating on review for upgrade
- Harley-Davidson, Bank of America Market Debt for Fed’s TALF
- Discover Plans Share Offer, May Repay Some TARP Funds
- Deutsche Bank to Sell New York Skyscraper
- GM Creditors Won’t Seek to Block Sale During Appeal
BofA Merrill to echo Citi move by promoting key dealmakers – Financial Times
Bank of America Merrill Lynch, whose roster of senior bankers has shrunk during the financial crisis, is making a push to spotlight key dealmakers following a similarly themed move by rival Citigroup.
Bank of America Merrill Lynch has promoted Stefan Selig, a top mergers and acquisitions banker, to the position of executive vice-chairman of global corporate and investment banking. Mr Selig, BofA’s veteran M&A head, had been a vice-chairman of M&A at the merged bank alongside Steven Baronoff, Merrill’s former M&A chief…..
California IOUs Sought by Souvenir Hunters, Investors – Bloomberg
Glen Jones has collected stock certificates from the 1920s, centuries-old maps of the western United States, and is looking to acquire another document he says will have historical value: IOUs issued by California…..
Jones, 39, an economist in Provo, Utah, with Minnetonka, Minnesota-based UnitedHealth Group Inc., posted an ad on the classified Web site Craigslist.org offering to buy the warrants for as much as twice as their face value, up to $100.
“I thought I would buy one as a souvenir of fiscal irresponsibility,” Jones said in a telephone interview. “I figure it would be an interesting thing to have around when my grandchildren are fighting over my stuff after I’m dead and gone,” he wrote in his ad…..
Earnings Drop Worldwide as Job Losses Hurt Consumers – Bloomberg
Earnings at such companies as Ford Motor Co. and ArcelorMittal may continue to decline in the next three months as the highest unemployment in a quarter-century keeps consumers from spending.
The year-over-year profit slide for Standard & Poor’s 500 Index members may narrow to 21 percent from July through September, after a decline of an estimated 34 percent in the second quarter, according to data compiled by S&P and Bloomberg. Earnings may rise by year-end based on comparisons to late 2008, which was roiled by the meltdown in financial markets. Profits dropped more than 60 percent from October through December and about 33 percent in the first quarter of this year……
Ex-Goldman programmer out on bail in theft case – Reuters
A former Goldman Sachs Group Inc (GS.N) computer programmer accused of stealing secret trading codes from the financial firm has been released from federal custody after posting bail, authorities said on Monday.
Sergey Aleynikov, 39, was arrested by the FBI on Friday and charged with “theft of trade secrets.” He met the terms of his $750,000 bail and was released Monday, said FBI spokesman James Margolin…..
Goldman Trading-Code Investment Put at Risk by Theft – Bloomberg
Goldman Sachs Group Inc. may lose its investment in a proprietary trading code and millions of dollars from increased competition if software allegedly stolen by a former employee gets into the wrong hands, a prosecutor said.
Sergey Aleynikov, an ex-Goldman Sachs computer programmer, was arrested July 3 after arriving at Liberty International Airport in Newark, New Jersey, U.S. officials said. Aleynikov, 39, who has dual American and Russian citizenship, is charged in a criminal complaint with stealing the trading software…..
NYSE Error Keeps Goldman Off Program Trading List – Wall Street Journal
An error by the New York Stock Exchange caused Goldman Sachs Inc. (GS) to be left out of the exchange’s weekly program trading data last week.
Goldman Sachs is regularly near the top of the NYSE’s list, if not at the top. In the weekly report released last Thursday, however, even when program trading amounted to an all-time high of 48.6% of NYSE average daily volume, Goldman was absent from the NYSE’s list.
“It was an error on our part in the program trading report. The program trading report will be revised with a corrected version coming out later this week,” said Ray Pellecchia, a spokesman for NYSE Euronext…..
California Credit Rating Cut Close to Junk After IOUs – Bloomberg
California’s credit rating was cut for the second time in as many weeks by Fitch Ratings after a stalemate over how to close a $26 billion budget deficit forced the most-populous U.S. state to pay some bills with IOUs.
Fitch lowered its rating of California’s general obligation bonds by two steps to BBB from A-, placing the debt two ranks above so-called high-yield, high-risk junk ratings, and said the state may be cut further. The credit-rating company last lowered its assessment of California on June 25…..
Moody’s puts Brazil rating on review for upgrade – Reuters
Moody’s Investors Service on Monday put Brazil’s foreign and local currency credit ratings on review for possible upgrade, citing the economy’s resilience to economic shocks from the global financial crisis.
“As a result of a negative turn of events in the international arena, Brazil has experienced the equivalent of a severe stress test of major proportions in the past several months,” Mauro Leos, sovereign credit analyst, said in a statement…..
Harley-Davidson, Bank of America Market Debt for Fed’s TALF – Bloomberg
Harley-Davidson Inc., Honda Motor Co. and Bank of America Corp. lead about $9.5 billion of debt offerings for the Federal Reserve’s program to jumpstart lending, according to people familiar with the sales.
Harley-Davidson plans to sell $700 million of bonds backed by loans for motorcycles and eligible for the Fed’s Term Asset- Backed Securities Loan Facility, said one of the people, who declined to be identified because terms aren’t set….
Discover Plans Share Offer, May Repay Some TARP Funds – Bloomberg
Discover Financial Services, the credit-card company that got $1.2 billion from the U.S., plans to sell $500 million of common stock to raise funds for its bank or to buy back some of the government stake.
Proceeds also may be used to invest in the business or for general purposes, according to a statement today from Riverwoods, Illinois-based Discover. Underwriters led by JPMorgan Chase & Co. may increase the offering by 15 percent to meet demand and a debt issue is planned, Discover said…..
Deutsche Bank to Sell New York Skyscraper – Wall Street Journal
….Deutsche Bank AG has agreed to sell Worldwide Plaza, a 1.8 million square-foot skyscraper in New York City, for $600 million to developer George Comfort & Sons and partner RCG Longview, a real-estate investment firm, according to two people familiar with the matter.
The sale price works out to roughly $330 a square foot and includes roughly $130 million in equity from the buyers and a $470 million mortgage from Deutsche Bank, according to a person familiar with the negotiations…..
GM Creditors Won’t Seek to Block Sale During Appeal – Bloomberg
General Motors Corp.’s sale of most of its assets to a U.S. Treasury-funded buyer won’t be stalled by the only appeal of a decision approving the transaction, a lawyer for objecting creditors said.
Steven Jakubowski, a lawyer for creditors appealing yesterday’s ruling, said he won’t seek a stay blocking the sale while the appeal is being considered. His clients are people with accident-related claims involving GM vehicles. Jakubowski said the new company should take responsibility for claims that predate the sale….
Tags: Autos, Bank of America, Bankruptcy, Deutsche Bank, GM, Goldman Sachs, Legal, Merrill Lynch, rating agencies
