- SEC questions Wall Street firms on use of repurchase agreements
- Ex-I.B.M Executive Pleads Guilty to Fraud in Galleon Trading Case
- Some TARP Beneficiaries Continue to Stumble
- BofA pushes on with corporate growth plans
- Moody’s, S&P Win Dismissal of Investors’ Fraud, Negligence Suit
- Lehman Says Unsecured Claims May Fall to $260 Billion in Review
- New iPhone Could End AT&T’s U.S. Monopoly
SEC questions Wall Street firms on use of repurchase agreements – Washington Post
The Securities and Exchange Commission is asking the largest Wall Street firms and U.S. insurance companies whether they are using the accounting techniques that Lehman Brothers adopted to hide $50 billion in liabilities in the months before its collapse. The SEC said Monday that it has sent letters to the chief financial officers of nearly two dozen firms to ask detailed information about their use of transactions that temporarily transfer financial assets out of the firms…..
Ex-I.B.M Executive Pleads Guilty to Fraud in Galleon Trading Case – NY Times
A former I.B.M. senior executive pleaded guilty on Monday to providing confidential information about Advanced Micro Devices and Lenovo to a hedge fund consultant accused of participating in a wide-ranging insider trading scheme. The executive, Robert W. Moffat Jr., is the 11th person to plead guilty in the case involving the Galleon Group hedge fund and its founder, Raj Rajaratnam…..
Some TARP Beneficiaries Continue to Stumble – Wall Street Journal
At least 17 banks that received Troubled Asset Relief Program funds from the government have now seen their capital fall below the levels that regulators want to see, a Dow Jones Newswires analysis shows. That’s another indication the Treasury Department sometimes made bad decisions about which banks were “healthy” enough–the government’s stated standard –to get bailout funds…..
BofA pushes on with corporate growth plans – Financial Times
Bank of America Merrill Lynch, created in the teeth of the financial crisis, will this week press ahead with the expansion of its corporate banking worldwide, as it seeks to make the most of its vast scale.
Paul Donofrio, head of the corporate bank, will set out a plan to expand BofA’s presence in Europe and Asia, mimicking the group’s strength in providing corporate banking services to US clients…..
Moody’s, S&P Win Dismissal of Investors’ Fraud, Negligence Suit – Bloomberg
Moody’s Investors Service Inc., Standard & Poor’s and Fitch Ratings won dismissal of a negligence and fraud lawsuit by two California investors who lost money on highly rated bonds.
U.S. Magistrate Judge Dale A. Drozd in Sacramento threw out the case in a ruling filed yesterday, saying the investors’ complaint wasn’t specific enough about the alleged fraud. He said they could refile the lawsuit within 30 days if they can include more detail, such as misleading statements by the companies…..
Lehman Says Unsecured Claims May Fall to $260 Billion in Review – Bloomberg
Lehman Brothers Holdings Inc., which has been reviewing creditors’ demands for payment, said unsecured claims may fall to $260 billion as it rejects inappropriate claims, from more than $819 billion submitted, according to a regulatory filing yesterday…..
New iPhone Could End AT&T’s U.S. Monopoly – Wall Street Journal
Apple Inc. plans to begin producing this year a new iPhone that could allow U.S. phone carriers other than AT&T Inc. to sell the iconic gadget, said people briefed by the company.
The new iPhone would work on a type of wireless network called CDMA, these people said. CDMA is used by Verizon Wireless, AT&T’s main competitor, as well as Sprint Nextel Corp. and a handful of cellular operators in countries including South Korea and Japan. The vast majority of carriers world-wide, including AT&T, use another technology called GSM.
With Apple developing a phone with CDMA capability, its exclusive U.S. arrangement with AT&T dating to 2007 appears set to end…..
Tags: Apple, AT&T, Bank of America, Bankruptcy, Galleon, Insider Trading, iPhone, Lehman Brothers, Moody's, Raj Rajaratnam, rating agencies, S&P, SEC, TARP
