- BofA’s counsel had no ‘legal’ authority in Merrill deal
- Blankfein, Dimon Met Feinberg Ahead of Pay Order, Records Show
- Christie Ousts Corzine in N.J. Governor’s Race
- Reid Won’t Commit to Passing Health Bill This Year
- Frank Says Measure Will Require Naming Risky Firms
- Buffett joins Goldman bid for Fannie Mae tax credits
- Buffett’s Lower Burlington Breakup Fee Shows Confidence in Deal
- US sen. asks health insurers about small businesses
- GM to Keep Opel in Second Break From Post-Bankruptcy Strategy
- Jilted Germans React Angrily to G.M. Decision to Keep Opel
- Discover Survey: Gloomy Consumers Plan Holiday Spending Cuts
BofA’s counsel had no ‘legal’ authority in Merrill deal – NY Post
In the heat of Bank of America’s controversial marriage with Merrill Lynch, the man serving as general counsel for BofA wasn’t authorized to practice law, The Post has learned.
Brian Moynihan was named general counsel on Dec. 10, 2008, but was not technically allowed to offer crucial legal advice until more than a week later, when he re-activated his status with the Massachusetts Bar Association…..
Blankfein, Dimon Met Feinberg Ahead of Pay Order, Records Show – Bloomberg
Lloyd Blankfein and Jamie Dimon, the chief executive officers of Goldman Sachs Group Inc. and JPMorgan Chase & Co., met Kenneth Feinberg as the Obama administration’s paymaster prepared to consider proposals from seven bailed-out companies, government documents show.
Blankfein and Dimon, whose banks are exempt from the pay rulings, had separate meetings in their New York offices in July, according to Feinberg’s daily schedules obtained under the Freedom of Information Act. The documents, with some blacked-out entries, list appointments from June 10, when he was named to the position, to Sept. 9. Details of discussions during Feinberg’s meetings aren’t on the daily schedule……
Christie Ousts Corzine in N.J. Governor’s Race – Bloomberg
Christopher Christie ousted Governor Jon Corzine to become the first Republican elected to statewide office in New Jersey in 12 years.
Christie had 49 percent of the vote to 45 percent for Corzine, a first-term Democrat, with 98 percent of the precincts counted, according to the Associated Press’s election Web site.
Republicans, who account for just 1-in-5 New Jersey voters, last won a statewide election in 1997. Christie, a former U.S. attorney with a reputation for going after corrupt politicians, campaigned on the back of dissatisfaction with the incumbent’s performance during the U.S. recession…..
Reid Won’t Commit to Passing Health Bill This Year – Bloomberg
U.S. Senate Majority Leader Harry Reid wouldn’t commit to passing a U.S. health-care overhaul this year, fueling concern among some Democrats that the debate may continue as the 2010 midterm elections approach.
“We’re not going to be bound by any timelines,” Reid told reporters in Washington today after a closed-door meeting of all Senate Democrats……
Frank Says Measure Will Require Naming Risky Firms – Bloomberg
U.S. House Financial Services Committee Chairman Barney Frank said he wants to make public the firms deemed to be systemically risky as part of legislation being considered to prevent taxpayer-funded bailouts.
Frank reversed course on provisions in a bill he crafted with the Obama administration and proposed last week, saying he would drop a proposal that would keep secret the identity of firms deemed to be a risk….
Buffett joins Goldman bid for Fannie Mae tax credits – Reuters
Warren Buffett’s Berkshire Hathaway Inc (BRKa.N) has joined Goldman Sachs Group Inc (GS.N) in a bid to buy $3 billion in tax credits from mortgage giant Fannie Mae, the Wall Street Journal’s website reported, citing people familiar with the matter.
Buffett’s Lower Burlington Breakup Fee Shows Confidence in Deal – Bloomberg
Berkshire Hathaway Inc., the holding company that agreed to buy Burlington Northern Santa Fe Corp., accepted a lower-than-usual breakup fee in a sign Warren Buffett expects to complete his biggest takeover.
Berkshire will receive $264 million if Burlington, the biggest U.S. railroad, cancels the agreement, according to a filing yesterday. That’s less than 1 percent of the deal’s value including net debt and compares with the 2 percent to 3 percent that is typical of these deals, said Elizabeth Nowicki, a professor at Tulane University Law School…..
US sen. asks health insurers about small businesses – Reuters
Health insurance companies were asked on Tuesday for information on pricing for small businesses, the latest example of U.S. lawmakers putting pressure on the industry as Congress considers how to expand coverage to more Americans.
The chairman of the Senate health committee sent letters to Aetna Inc (AET.N), Humana Inc (HUM.N), UnitedHealth Group Inc (UNH.N) and WellPoint (WLP.N) following reports that small companies could expect a 15 percent rate hike next year…..
GM to Keep Opel in Second Break From Post-Bankruptcy Strategy – Bloomberg
General Motors Co.’s board voted to keep its Opel unit rather than sell a majority stake to Magna International Inc. and partner OAO Sberbank, citing an improving economy and the brand’s strategic importance.
The decision sets aside an agreement to sell 55 percent of Ruesselsheim, Germany-based Adam Opel GmbH to Magna, Canada’s largest car-parts maker, and Sberbank, Russia’s biggest lender. GM expects about 3 billion euros ($4.42 billion) in expenses to restructure the money-losing unit and its U.K. twin Vauxhall…..
Jilted Germans React Angrily to G.M. Decision to Keep Opel – NY Times
Feeling jilted after six months of negotiations, German officials reacted angrily Wednesday to General Motor’s decision to keep its European business, Opel, rather than sell a majority stake to a consortium backed by Berlin.
Expressing frustration with the U-turn, Rainer Brüderle, the new German finance minister, vowed to make the Detroit automaker repay the money that already had been lent. “We will get back taxpayers’ money,” he told reporters in Berlin, deeming G.M.’s move “totally unacceptable.”….
Discover Survey: Gloomy Consumers Plan Holiday Spending Cuts – Wall Street Journal
Despite signs that a U.S. recovery began this summer, consumers are planning to spend less this holiday season amid worries of a worsening economy and personal finances, according to a survey of consumers done by credit-card issuer Discover Financial Services.
The Discover U.S. Spending Monitor fell 3.2 points to 85.8 in October, according to data released Wednesday. Overall 56% of respondents rated the economy as “poor,” a four-percentage point increase from September. And 46% felt economic conditions were getting worse, a 3-point rise from September…..
Tags: Bank of America, GM, Goldman Sachs, Health Care, Jamie Dimon, JP Morgan, Lloyd Blankfein, Merrill Lynch, Politics, Warren Buffett
