- AIG’s Benmosche Threatens to Jump Ship
- Madoff Former NYC Penthouse Gets $1 Million Price Cut
- Picower’s Widow Seeks Madoff Trustee Deal After Filing of Will
- Goldman chief defends employees’ pay
- Ambac, MBIA Tumble as Losses May Overwhelm Bond Insurers
- Fed’s Fisher Says Growth May Be Suboptimal Into 2011
- Dodd’s reform plan takes aim at the Fed
- Dollar Falls to 15-Month Low on Bets Fed Rate to Stay Near Zero
- Chairman Says G.M. Can Repay Taxpayers
- Adobe To Trim 680 Full-Time Positions To Cut Costs
AIG’s Benmosche Threatens to Jump Ship – Wall Street Journal
Robert Benmosche has told the board of American International Group Inc. that he is considering stepping down as chief executive of the government-controlled insurer, just three months after taking the job, according to people familiar with the matter.
At a board meeting last week, the strong-willed industry executive told fellow AIG directors that he was “done” but agreed to think it over after other board members reacted with shock, according to the people…..
Madoff Former NYC Penthouse Gets $1 Million Price Cut – Bloomberg
The price of Bernard Madoff’s former penthouse apartment in Manhattan was cut by $1 million to $8.9 million after almost two months on the market.
The three-bedroom apartment, at 133 East 64th St., was reduced yesterday and has been offered for sale for 59 days, according to StreetEasy.com, a property listing service. The U.S. Marshals Service, which is in charge of the property disposition, confirmed the reduction…..
Picower’s Widow Seeks Madoff Trustee Deal After Filing of Will – Bloomberg
The trustee for Bernard Madoff’s firm is in settlement talks with the estate of Jeffry Picower after the longtime Madoff investor, whom the trustee sued for the return of $7.2 billion in fake profit, drowned in a pool.
Picower’s wife, Barbara, who received $200 million in cash in a will dated Oct. 15, said in a statement that she wants to reach “a fair and generous settlement with the Madoff trustee.” Barbara Picower was also sued….
Goldman chief defends employees’ pay – Financial Times
Goldman Sachs pays its employees more than other financial groups because its employees are more productive, declared Lloyd Blankfein, Goldman chief executive, at an industry conference on Tuesday…..
“I often hear references to higher compensation at Goldman,” said Mr Blankfein. “What people fail to mention is that net income generated per head is a multiple of our peer average. The people of Goldman Sachs are among the most productive in the world.”…..
Ambac, MBIA Tumble as Losses May Overwhelm Bond Insurers – Bloomberg
Ambac Financial Group Inc. and MBIA Inc., the two largest bond insurers, tumbled on concerns they won’t survive the U.S. housing rout without government intervention or the companies filing for bankruptcy protection.
Ambac, which said in an earnings filing yesterday that it may seek bankruptcy protection, declined 39 cents, or 33 percent, to 79 cents in New York Stock Exchange Composite trading, its biggest drop in almost a year. MBIA lost $1.28, or 27 percent, the most in 18 months, to end at $3.52…..
Fed’s Fisher Says Growth May Be Suboptimal Into 2011 – Bloomberg
Federal Reserve Bank of Dallas President Richard Fisher said U.S. economic growth and inflation may persist below ideal levels into 2011, making the central bank’s current interest-rate stance “appropriate.”
“Looking into 2010 and perhaps to 2011, the most likely outcome is for growth to be suboptimal, unemployment to remain a vexing problem and inflation to remain subdued,” Fisher said in a speech today in Austin, Texas. “Our current policy is appropriate.” Responding to audience questions, he said the dollar is undergoing a “rather orderly depreciation.”…..
Dodd’s reform plan takes aim at the Fed – Washington Post
The chairman of the Senate Banking Committee on Tuesday unveiled a sweeping regulatory reform bill that would strip the Federal Reserve of nearly all of its power to oversee banks, setting up a possible clash with the Obama administration, which has argued for the central bank to play a pivotal role in addressing financial threats.
The legislation promoted by Sen. Christopher J. Dodd (D-Conn.) would impose the most fundamental change in the Fed’s mission since the Great Depression, leaving it responsible for little besides setting monetary policy. ….
Dollar Falls to 15-Month Low on Bets Fed Rate to Stay Near Zero – Bloomberg
The dollar dropped to a 15-month low against the currencies of major U.S. trading partners as stocks rose worldwide and investors bet the Federal Reserve won’t raise its target lending rate any time soon…..
Chairman Says G.M. Can Repay Taxpayers – NY Times
The chairman of General Motors, Edward E. Whitacre Jr., said Tuesday that the automaker would be able to repay all of its government loans and would begin doing so soon.
A government report released last week concluded that taxpayers are unlikely to receive full repayment of the more than $81 billion lent to rescue G.M. and Chrysler. But Mr. Whitacre, speaking at a small college near his home in Texas, insisted that G.M. intended to repay its full debt to the Treasury Department, excluding the nearly $1 billion lent to the old part of G.M. that remains in bankruptcy…..
Adobe To Trim 680 Full-Time Positions To Cut Costs – NY Times
Adobe Systems Inc. (ADBE) said Tuesday it will cut about 680 full-time positions world-wide, or about 9% of its total work force, as the company moves to align costs with 2010 projections.
The move marks the second wave of job cuts at Adobe since last December, when the San Jose, Calif., company said it would eliminate 600 positions, or 8% of its work force at the time……
Tags: AIG, Bernie Madoff, Bonuses, Compensation, Economy, GM, Goldman Sachs, Politics, Revolving Door
