- Credit Swaps Investigated by U.S. Justice Department
- Congress Mulls Trading Curbs for Its Own
- SEC’s Schapiro Eyes Credit-Rating Firms
- NY Probe May Have Stalled Rattner
- Fortress Clashes on Both Sides of Talks
- Goldman executives sold $700m of stock
- BlackRock to Earn at Least $71 Million to Oversee Maiden Lane
- Microsoft in free software assault on Google
- Bankruptcy filing a possibility for Chicago Cubs
Credit Swaps Investigated by U.S. Justice Department – Bloomberg
The U.S. Justice Department is investigating the market for credit-default swaps, according to Markit Group Ltd., the data provider majority-owned by Wall Street’s largest banks.
“Markit has been informed of an investigation by the Department of Justice into the credit-derivatives and related markets,” spokeswoman Teresa Chick said yesterday in an e- mailed statement in response to questions from Bloomberg News. She declined to comment on the nature of the investigation. “We will work with the Department to provide any information requested of us.”….
Congress Mulls Trading Curbs for Its Own – Washington Post
A congressional committee yesterday pushed for stronger curbs to prevent financial trading based on confidential information by lawmakers, their staff or other government officials.
Lawmakers and market experts said stronger limits are needed now that the government is playing a much bigger role in the private sector as a result of the financial crisis. They said it is much more likely that policymakers will know market-sensitive information about public companies….
SEC’s Schapiro Eyes Credit-Rating Firms – Wall Street Journal
Securities and Exchange Commission Chairman Mary Schapiro is set to tell Congress she has directed her staff to look into ways of preventing debt issuers from shopping around for the best credit ratings.
Ms. Schapiro is scheduled to discuss her ideas in testimony before a subcommittee of the House Financial Services Committee Tuesday. In prepared remarks, she said she has established a branch of examiners specializing in overseeing credit-rating agencies, which some have blamed for contributing to the financial crisis….
NY Probe May Have Stalled Rattner - NY Post
President Obama’s “car czar” is trading in his job at the same time a New York state probe into his hedge fund intensifies…..
The developing scandal may amount to the single biggest impediment to his return to public service.
Questions continue to swirl around his role in the influence-peddling scheme. Among its high-profile accounts, Quadrangle manages Mayor Bloomberg’s $16 billion fortune while he is in office……
Fortress Clashes on Both Sides of Talks – Wall Street Journal
Fortress Investment Group LLC is deep in discussions with lenders to refinance a critical $1.6 billion loan on real-estate and railroads company Florida East Coast Industries Inc., according to people familiar with the talks. There is only one wrinkle: One of those lenders happens to be Fortress Investment Group.
New York-based Fortress, a private-equity and hedge-fund firm with $26.5 billion in assets under management, has until July 27 to work out a plan, when the loan matures and Florida East Coast must pay back the amount. People involved in the negotiations say that the company wants to extend the loan, and that it is expected to reach an accord that will delay the maturity and increase its interest rate…..
Goldman executives sold $700m of stock – Financial Times
Executives at Goldman Sachs sold almost $700m worth of stock following the collapse of Lehman Brothers last September, according to filings with the Securities and Exchange Commission.
Most of the sales occurred during the period in which the investment bank enjoyed the support of $10bn from the troubled asset relief programme…..
BlackRock to Earn at Least $71 Million to Oversee Maiden Lane – Bloomberg
BlackRock Inc., the biggest publicly traded U.S. money manager, will get at least $71 million in the first year of contracts to oversee assets previously owned by Bear Stearns Cos. and American International Group Inc.
BlackRock is set to receive $45.3 million this year for running the Maiden Lane holdings that the Federal Reserve took over from Bear Stearns, based on contract terms released by the New York Fed. The company will get $25.5 million to manage the Maiden Lane II and Maiden Lane III investments that the Fed purchased from AIG…..
Microsoft in free software assault on Google – Financial Times
Microsoft on Monday escalated its battle with arch rival Google, reacting to an assault on one of its core businesses with the announcement of a free online version of its widely used Office software, to be launched next year.
While likely to take only a small bite out of Office revenues in the short term, the move represents one of the most radical steps yet by Microsoft as it tries to refocus its software business around the internet, according to analysts….
Bankruptcy filing a possibility for Chicago Cubs – Chicago Tribune
The sale of the Chicago Cubs has to be approved by a bankruptcy judge, in addition to Major League Baseball, because the team’s owner, Tribune Co., is in bankruptcy. That raises a thorny legal and public relations question: Should Tribune Co. place the Cubs, one of baseball’s marquee franchises, in bankruptcy?
It’s an issue that has become significant as Tribune Co. moves closer to selling the team, Wrigley Field and related assets to the Ricketts family, sources familiar with the negotiations said Monday. Sources also have said Tribune Co. remains in negotiations with a rival bidding team led by New York investor Marc Utay….
