- Bank of America names Brian Moynihan as new CEO
- U.S. Delays Sale of Citigroup Stake as Shares Sell at Discount
- Bernanke confirmation seen passing first hurdle
- Meredith Whitney Cuts Goldman Sachs, Morgan Stanley Estimates
- Lehman to pay $50m in bonuses
- U.S. says Credit Suisse schemed to evade sanctions
- SEC tightens rules on investment advisers, corporate transparency
- Tiger Woods Dubai Says It’s Committed to Golf Course
Bank of America names Brian Moynihan as new CEO – AP
Bank of America’s board of directors has chosen consumer banking chief Brian Moynihan to replace Ken Lewis as CEO of the nation’s biggest bank on Jan. 1.
U.S. Delays Sale of Citigroup Stake as Shares Sell at Discount - Bloomberg
Citigroup sold 5.4 billion shares at $3.15 apiece, less than the $3.25 the government paid when it acquired its stake in September. The New York-based bank said the Treasury won’t sell any of its shares for at least 90 days.
Bernanke confirmation seen passing first hurdle – Reuters
Federal Reserve Chairman Ben Bernanke is likely to pass the first hurdle in winning Senate confirmation to serve another term on Thursday but will face unusually strong opposition as his nomination moves ahead.
The Senate Banking Committee is expected to recommend his confirmation to the full Senate, which is not expected to vote on his nomination until 2010. Bernanke’s four-year term expires January 31.
Bernanke is expected to gain Senate approval, but analysts believe opposition may exceed the 16 no votes former Fed Chairman Paul Volcker drew in 1983, when he raised rates to double digits and triggered back-to-back recessions to crush inflation…..
Meredith Whitney Cuts Goldman Sachs, Morgan Stanley Estimates - Bloomberg
….The analyst, who runs Meredith Whitney Advisory Group, now projects Goldman Sachs will earn $19.57 a share in 2009, $19.65 in 2010 and $20.60 in 2011. Those were reduced from $19.95, $21.73 and $24.04, respectively.
Morgan Stanley’s projection for 2010 was cut to $2.60 a share from $2.63, while the 2011 forecast was reduced to $2.75 from $3.28…..
Judge OKs $50M Lehman bonuses – NY Post
Lehman Brothers’ plan to pay $50 million in bonuses to employees handling derivatives contracts was approved by a bankruptcy court judge, who said the payments provide essential incentives……
U.S. says Credit Suisse schemed to evade sanctions – Reuters
U.S. and Manhattan prosecutors detailed on Wednesday a “decades-long scheme” by Credit Suisse to hide thousands of transactions on behalf of clients in Iran, Sudan, Libya and other nations, and said the Swiss bank had agreed to pay $538 million in fines.
More than $1.6 billion was moved through the U.S. financial system through the transactions, prosecutors said.
Manhattan District Attorney Robert Morgenthau told a news conference that other banks were being investigated for similar transactions…..
SEC tightens rules on investment advisers, corporate transparency – Washington Post
…..The first measure, passed unanimously by the commission, requires new oversight, including outside audits, of financial advisers. Some advise clients about where to invest their assets and also control those assets, as Madoff did. The rules seek to ensure that clients’ assets are where advisers say they are. In Madoff’s case, of course, the assets were gone.
The second measure, which passed over the objection of one of the agency’s five commissioners, requires that companies disclose more information about how they pay employees — in particular, in ways that could create incentives for risk-taking — and the qualifications of people who sit on corporate boards……
Tiger Woods Dubai Says It’s Committed to Golf Course – Bloomberg
Tiger Woods Dubai, part of Dubai Properties Group, said it is committed to completing its Al Ruwaya golf course and continues to make progress on the first course created by Woods’s design firm.
“The Tiger Woods Dubai does not comment on the personal lives of our valued partners,” Tiger Woods Dubai said yesterday in an e-mailed statement…..
Tags: Bank of America, Ben Bernanke, Citigroup, Fed, Goldman Sachs, Lehman Brothers, Meredith Whitney, Morgan Stanley, SEC, Tiger Woods, Vikram Pandit
