- Geithner Said to Be Seeking TARP Extension Until Next October
- Greece Finance Minister Says No Risk of Default
- Jackson’s (W)Hole
- Morgan Stanley reshuffles to take on Goldman
- Morgan Stanley Ousts Petrick as Trading Chief, Promotes Porat
- Nomura to wind down Lehman fixed bonuses
- Apollo Investment plans to sell 10 million shares
- Barclays Says Lehman Brokerage Sale Gave It No ‘Secret’ Gain
- AIG General Counsel Kelly May Depart After Protesting Pay Limit
- Judge Approves CIT Group’s Restructuring
- Job Openings and New Hires Fall
- GM nears hiring new CFO, repaying some of its U.S. loans
- Tiger Woods as Pitchman Slips From View
Geithner Said to Be Seeking TARP Extension Until Next October – Bloomberg
Treasury Secretary Timothy Geithner plans to tell Congress that the Obama administration will extend the $700 billion financial-rescue program until next October, according to people familiar with the matter.
While the Troubled Asset Relief Program expires on Dec. 31, Geithner can extend it by notifying Congress. ….
Greece Finance Minister Says No Risk of Default – Bloomberg
Greek Finance Minister George Papaconstantinou said there is “absolutely” no risk the country will default on its debt or seek a European Union bailout after a credit rating cut caused its bonds to plunge.
“We do have a credibility issue,” Papaconstantinou said today in an interview with Bloomberg Television. “As it becomes clear the deficit is coming down, that spending is reined in and that taxation receipts are going up, then confidence will return and there won’t be any problem borrowing in the markets.”…
Jackson’s (W)Hole – NY Post
The foundation under the house that Istithmar CEO David Jackson built for the Dubai-owned investment company showed its first major crack yesterday after he lost a last-minute bid to keep control of the W Hotel in Union Square.
The humbling setback for both Jackson and Dubai came after Istithmar paid a whopping $285 million for the property in 2006 but wound up defaulting on the debt payments.
The default culminated in the auction in which a Philadelphia private-equity firm, LEM Mezzanine, paid a paltry $2 million for control of the 270-room hotel on Park Avenue South……
Morgan Stanley reshuffles to take on Goldman – Financial Times
James Gorman, who will succeed John Mack as chief executive of Morgan Stanley next month, has unveiled a series of management changes that reflect the bank’s push to close the gap between its flagship securities business and that of its arch-rival, Goldman Sachs.
Mr Gorman yesterday confirmed plans to reshuffle a number of the bank’s top management positions. With few exceptions, Mr Mack’s most senior loyalists will remain in vital, and in some cases bigger, roles……
Morgan Stanley Ousts Petrick as Trading Chief, Promotes Porat – Bloomberg
Morgan Stanley ousted sales and trading chief Mitch Petrick after his division’s revenue fell short of rivals and promoted Ruth Porat, head of the financial institutions group, to become chief financial officer.
Porat, 52, is taking a role held by Colm Kelleher, who will become co-president of Morgan Stanley’s institutional securities business with Paul Taubman, the 48-year-old chief of investment banking. Kelleher, 52, will focus on sales and trading, while Taubman will manage investment banking, with both overseeing capital markets. The changes take effect on Jan. 1, the New York-based firm said in a statement…..
Nomura to wind down Lehman fixed bonuses – Financial Times
Nomura has no plans to renew controversial guaranteed bonuses for former Lehman Brothers staff who joined the Japanese bank last year, according to a senior executive.
Minoru Shinohara, chief executive of Nomura’s non-Japanese Asian operations, also said the bank intended to expand significantly in China and India next year, in addition to stepping up its recruitment drive in the US……
Apollo Investment plans to sell 10 million shares – AP
….Including the overallotments, the new shares would be equal to 7 percent of the current number of shares, which the company put at 164.2 million in a recent regulatory filing. The price of the shares was not immediately set.
Apollo said it would use the net proceeds to pay down debt, fund investments in portfolio companies and for general purposes…..
Barclays Says Lehman Brokerage Sale Gave It No ‘Secret’ Gain – Bloomberg
Barclays Plc, sued three times last month over an alleged “secret” $5 billion windfall profit from its purchase of Lehman Brothers Holdings Inc.’s North American brokerage, said the gain was publicly disclosed before the sale closed 15 months ago.
Britain’s second-largest bank was accused by Lehman, its unsecured creditors and the brokerage trustee, James Giddens, of arranging the deal to give itself a quick profit and of concealing that from the court. Lehman’s Nov. 16 lawsuit demanded Barclays return $5 billion…..
AIG General Counsel Kelly May Depart After Protesting Pay Limit – Bloomberg
American International Group Inc. general counsel Anastasia Kelly, who threatened to quit over government-imposed pay limits, may depart as early as this month, said three people familiar with the matter.
Kelly, 60, said in a Dec. 1 letter she was prepared to leave AIG by yearend because of impending compensation restrictions, and the insurer hasn’t sought to keep her, said the people, who declined to be identified because an announcement hasn’t been made. Michael Leahy, a lawyer who works at AIG’s New York headquarters, is among candidates being considered to succeed Kelly, said one of the people…..
Judge Approves CIT Group’s Restructuring – Wall Street Journal
CIT Group Inc. wrapped up its swift bankruptcy case Tuesday after a judge approved a restructuring plan that slashes about $11 billion in debt from its books.
The ruling comes a little more than a month after CIT, a major lender to small and midsize businesses, filed for bankruptcy protection on Nov. 1 hoping to move out of court quickly and avoid a drawn-out fight with creditors…..
Job Openings and New Hires Fall – Wall Street Journal
The labor market is showing tentative signs of improvement, but reports released Tuesday suggest competition for jobs remains fierce as companies large and small are wary of adding positions.
The level of layoffs and discharges in the U.S. improved to a seasonally adjusted 2.12 million in October from 2.13 million the prior month, the Labor Department said Tuesday. But job openings and hirings both contracted, leaving fewer prospects for the nation’s unemployed….
GM nears hiring new CFO, repaying some of its U.S. loans – USA Today
Just a few months after emerging from bankruptcy, General Motors executives are under pressure to make sure the privately held automaker can repay its government loans as quickly as possible.
Ed Whitacre, chairman and interim CEO of GM, says the automaker is considering making that move, and he says turning a profit and having an initial public stock offering of GM’s shares are among his top priorities….
In a Web chat with reporters, Whitacre said the company is close to naming a replacement for current Chief Financial Officer Ray Young. The company has been searching for a new CFO for several months…..
Tiger Woods as Pitchman Slips From View – NY Times
Even as Tiger Woods remained hidden from public view on Tuesday in his home, or somewhere else, he has also begun to fade from view in his role as ubiquitous corporate pitchman for an array of products…..
Tags: AIG, Apollo, Barclays, CIT, Dubai, GM, Lehman Brothers, Morgan Stanley, Nomura, Politics, Sovereign wealth funds, TARP, Tiger Woods, Tim Geithner, U.S. Treasury
