• A Goldman trading scandal?
  • Is A Case Of Quant Trading Sabotage About To Destroy Goldman Sachs?
  • Biden Says Obama Administration ‘Misread’ Economy
  • Bank of America Ousts UBS as Top Private Bank, Scorpio Says
  • Seven U.S. Banks Seized in Busiest Year for Closures Since 1992
  • Another wave of foreclosures is poised to strike
  • Will Bernanke keep his job?
  • Judge OKs sale of good assets to new GM
  • Acquiring Companies Outperform After Lehman Failure, Study Says
  • Northern Rock fattens up for sale
  • Five Chrysler Directors Are Named
  • Bankrupt Delphi awaits further bids
  • Short Circuit for Electronics Retailers
  • ‘Transformers,’ ‘Ice Age’ tie at boxoffice

A Goldman trading scandal? – Reuters

Did someone try to steal Goldman Sachs’ secret sauce?

While most in the United States were celebrating the Fourth of July holiday, a Russian immigrant living in New Jersey was being held on federal charges of stealing secret computer trading codes from a major New York-based financial institution. Authorities did not identify the firm, but sources say that institution is none other than Goldman Sachs.

The charges, if proven, are significant because the codes that the accused, Sergey Aleynikov, tried to steal are the secret sauce to Goldman’s automated stock and commodities trading business. Federal authorities contend the computer codes and related-trading files that Aleynikov uploaded to a German-based website help this major financial institution generate millions of dollars in profits each year….

Is A Case Of Quant Trading Sabotage About To Destroy Goldman Sachs? – ZeroHedge

Major developing story: Matt Goldstein over at Reuters may have just broken a story that could spell doom for if not the entire Goldman Sachs program trading group, then at least those who deal with “low latency (microseconds) event-driven market data processing, strategy, and order submissions.” Visions of swirling, gray storm clouds over Goldman’s SLP and hi-fi traders begin to form…..

Biden Says Obama Administration ‘Misread’ Economy – Bloomberg

Vice President Joe Biden said the Obama administration “misread the economy” when it forecast unemployment would peak at 8 percent if Congress enacted a $787 billion fiscal stimulus.

Biden, appearing on the ABC News program “This Week,” said that in crafting its initial economic policies, the Obama administration followed consensus views of the severity of the crisis. Unemployment reached 9.5 percent last month, the Labor Department said July 2…..

Bank of America Ousts UBS as Top Private Bank, Scorpio Says – Bloomberg

Bank of America Corp. ousted UBS AG as the world’s biggest wealth manager last year after buying Merrill Lynch & Co., according to Scorpio Partnership.

Bank of America managed $1.5 trillion at the end of 2008 compared with $1.39 trillion at UBS, Switzerland’s biggest bank by assets, London-based Scorpio said today in a new study of 248 institutions worldwide. Citigroup Inc. was third and Wells Fargo & Co. climbed to fourth after purchasing Wachovia Corp…..

Seven U.S. Banks Seized in Busiest Year for Closures Since 1992 – Bloomberg

Six banks in Illinois and one in Texas were seized by regulators as the deepening financial crisis pushed the toll of failed U.S. lenders this year to 52, the most since 1992.

Twelve banks have failed this year in Illinois, the most of any state. The seven lenders seized yesterday, with total assets of $1.49 billion and deposits of $1.34 billion, were closed by state or federal regulators and the Federal Deposit Insurance Corp. was named receiver, according to statements from the FDIC. Buyers were named for each of the closed institutions….

Another wave of foreclosures is poised to strike – LA Times

Just as the nation’s housing market has begun showing signs of stabilizing, another wave of foreclosures is poised to strike, possibly as early as this summer, inflicting new punishment on families, communities and the still-troubled national economy.

Amid rising unemployment and falling home prices, mortgage defaults have surged to record levels this year. Until recently, many banks have put off launching foreclosure action on the troubled properties, in part because they had signed up for the Obama administration’s home-stability plan, which required them to consider the alternative of modifying loans to make it easier for borrowers to make payments….

Will Bernanke keep his job? – CNNMoney

In the next six months, President Obama faces one of his biggest and most important decisions about the economy.

Should Federal Reserve Chairman Ben Bernanke keep his job?

Bernanke’s term comes to an end on Jan. 31. Obama will either reappoint or replace him. And the president has been coy about his leanings.

Last month, Obama offered a strong defense of Bernanke, saying he has done a “fine job.”….

Judge OKs sale of good assets to new GM – Detroit Free Press

General Motors this morning has cleared what could be the final hurdle to sell off its good assets to create a new GM, setting the stage for the automaker to emerge from a government-forced bankruptcy within weeks of filing.

U.S. Bankruptcy Court Judge Robert Gerber issued an order late Sunday approving the sale, saying it was “necessary to avoid immediate and irreparable harm.”….

Acquiring Companies Outperform After Lehman Failure, Study Says – Bloomberg

Companies buying and selling assets since the collapse of Lehman Brothers Holdings Inc. have outperformed competitors that haven’t engaged in mergers and acquisitions, according to a report.

They beat competitors by more than 6 percent based on share price performance, a joint study by consulting firm Towers Perrin and the U.K.’s Cass Business School said today. U.S. companies that bought and sold assets performed best, with a higher return than all non-U.S. peers, the report said…..

Northern Rock fattens up for sale – The Times of London

Northern Rock has begun offering mortgages to existing customers again — for the first time since the bank was nationalised in 2007. The move comes as the government prepares Northern Rock for a possible sale as early as the autumn.

Customers coming to the end of discounted deals are being quietly offered new mortgages if they have 25% equity in their home and satisfy “strict affordability criteria”….

Five Chrysler Directors Are Named – Wall Street Journal

Chrysler Group LLC, seeking to rebuild after its exit from bankruptcy court, said five new directors were named to its board, finalizing the composition of the nine-member panel, which will hold its first meeting at the end of the month.

The new appointees are: George F.J. Gosbee, chairman and president of Tristone Capital Inc.; Douglas Steenland, former chief executive of Northwest Airlines; Scott Stuart, a founding partner of Sageview Capital LLC; Ronald L. Thompson, chairman of the board of trustees for Teachers Insurance and Annuity Association; and Stephen Wolf, chairman of R.R. Donnelley & Sons Co….

Bankrupt Delphi awaits further bids – Financial Times

A four-year struggle to restructure Delphi passes another milestone on Friday with competing bids due for the bankrupt Michigan-based company, one of the world’s biggest car parts makers, writes Bernard Simon .

Delphi and General Motors, its former parent and biggest customer, have thrown their support behind a proposal from Platinum Equity, a California-based private equity firm. But providers of $3.3bn in debtor-in-possession loans have persuaded a bankruptcy court judge to open the process to other bidders…..

Short Circuit for Electronics Retailers – Wall Street Journal

Old shopping habits die hard. At least that is the trend emerging among former Circuit City Stores customers who have left specialty electronics stores behind.

A year ago, Circuit City accounted for roughly 8% of sales at U.S. electronics and appliance stores, according to Census Bureau estimates. But as bankrupt Circuit City has shut stores, little of its business seems to have reappeared in the specialty electronics sector…..

‘Transformers,’ ‘Ice Age’ tie at boxoffice – Hollywood Reporter

The weekend battle for boxoffice supremacy remains caught in a haze of holiday fireworks.

Paramount’s effects-driven actioner “Transformers: Revenge of the Fallen” and Fox’s 3D animated family threequel “Ice Age: Dawn of the Dinosaurs” each posted weekend grosses estimated at $42.5 million pending today’s final studio numbers. The “Transformers” sequel — produced by Paramount, DreamWorks and Hasbro — fell 61% in its second weekend for $293.5 million in cumulative boxoffice through 12 days of domestic release.

“Ice Age” boasts a $67.5 million cume since bowing Wednesday. Universal’s Johnny Depp starrer “Public Enemies” finished the three-day Fourth of July session in third place with $26.2 million in weekend boxoffice, capping a five-day debut of $41 million…..

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