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Wednesday, February 03, 2010

DealBook: Dodd Calls Obama Plan Too Ambitious

DealBook: Edited by Andrew Ross Sorkin
The New York Times
Wednesday, February 3, 2010
------------------------------
------------------------------
For updates throughout the day, visit:
http://dealbook.blogs.nytimes.com/
----------------------------------------
To view the latest DealBook headlines on
your mobile device, go to:
http://mobile.nytimes.com/blogs/dealbook
----------------------------------------
For tips, feedback: e-mail dealbook@nytimes.com;


1. Top Story: Dodd Calls Obama Plan Too Ambitious
2. M & A: MetLife Confirms Talks Over A.I.G. Unit
3. Banking: From Sydney: Interest Rates and Indiscretion
4. Private Equity: Istithmar Said to Shop Port Unit
5. Hedge Funds: Galleon Case Informant Faces S.E.C. Charges
6. Offerings: A Word of Caution on New Russian I.P.O.s
7. Venture Capital: Agnilux? It Means, 'Won't Say a Peep'
8. Legal: In Court, Challenges of Madoff Trustee's Plans


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----------------------------------------


1. Top Story: Dodd Calls Obama Plan Too Ambitious
----------------------------------------

Christopher J. Dodd, the chairman of the Senate Banking Committee,
warned that the Obama administration's new proposals to rein in Wall
Street firms ran the risk of derailing months of delicate negotiations
over overhauling financial regulations.

"It's not a movable feast," the chairman, Christopher J. Dodd, told
Paul A. Volcker, the former Federal Reserve chairman, who has become an
influential outside adviser to President Obama. "It's adding to the
problems of trying to get a bill done," he said at the end of a hearing
on the proposals, after all the other committee members had already
left, The New York Times reports.

Mr. Dodd, Democrat of Connecticut, added that the administration was
"getting precariously close" to excessive ambition for the legislation.
"I don't want to be in a position where we end up doing nothing because
we tried to do too much," he said.

Go to Article from The New York Times:
http://www.nytimes.com/2010/02/03/business/03regulate.html?dbk


Mr. Volcker pushed his plan on Tuesday to restrict the investment
activities of large banks, telling the Senate Banking Committee that
there was no "rationale for public funds -- taxpayer funds --
protecting and supporting essentially proprietary and speculative
activities."

Go to Item from DealBook:
http://dealbook.blogs.nytimes.com/2010/02/02/volcker-takes-tough-line-on-trading-by-banks/


Does former Mr. Volcker know the difference between private equity
firms and hedge funds? One blogger wants to know.

Go to Article from Private Equity Analyst via The Wall Street Journal:
http://blogs.wsj.com/privateequity/2010/02/02/volckers-understanding-of-pe-comes-across-as-hazy/

Read More
http://dealbook.blogs.nytimes.com/?p=174589&dlbk&emc=dlbk

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2. M & A: MetLife Confirms Talks Over A.I.G. Unit
----------------------------------------

MetLife on Tuesday confirmed that it is in talks with the American
International Group to buy a major life insurance unit, commonly known
as Alico.

Go to Item from DealBook:
http://dealbook.blogs.nytimes.com/2010/02/02/metlife-confirms-talks-over-aigs-alico/

Go to MetLife Press Release (PDF):
http://www.metlife.com/assets/cao/pr/MetLife4Q2009Rls2-2.pdf

Go to Article from Reuters via The New York Times:
http://www.nytimes.com/reuters/2010/02/02/business/business-us-metlife.html?dlbk

Go to Previous Item from DealBook:
http://dealbook.blogs.nytimes.com/2010/01/19/metlife-nears-a-deal-for-aigs-alico-unit/

Read More
http://dealbook.blogs.nytimes.com/?p=174445&dlbk&emc=dlbk

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-----

Britain's consumer watchdog has asked for a say in the planned merger
of the U.K. arms of France Telecom's Orange and Deutsche Telekom's
T-Mobile, raising prospects of at least a delay to any deal.

Go to Article from Reuters via The New York Times:
http://www.nytimes.com/reuters/2010/02/03/business/business-uk-orange-tmobile.html?scp=1&sq=t-mobile&st=cse

Go to Article from The Financial Times:
http://www.ft.com/cms/s/0/184116de-1098-11df-975e-00144feab49a.html

Go to Press Release from the O.F.T.:
http://www.oft.gov.uk/news/press/2010/08-10

Go to Related Item from DealBook:
http://dealbook.blogs.nytimes.com/2010/01/26/t-mobile-needs-orange-merger-to-compete-exec-says/

Read More
http://dealbook.blogs.nytimes.com/?p=174735&dlbk&emc=dlbk

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-----

Pearson, owner of The Financial Times, has bought Medley Global
Advisors, a provider of macroeconomic intelligence to hedge funds and
banks, as the company shifts emphasis from advertising-funded
publications to subscription services.

Go to Article from Reuters via The New York Times:
http://www.nytimes.com/reuters/2010/02/03/business/business-uk-pearson-ft-acquisition.html?dbk

Go to Press Release from Pearson:
http://www.pearson.com/media-1/pearson-news/?i=1216

Read More
http://dealbook.blogs.nytimes.com/?p=174685&dlbk&emc=dlbk

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-----

Bank of New York Mellon is growing, but at a price, Breakingviews says,
and PNC's shareholders seem to be getting the better end of the
transaction.

Go to Article from Breakingviews via The New York Times:
http://www.nytimes.com/2010/02/03/business/03views.html?dbk

Read More
http://dealbook.blogs.nytimes.com/?p=174621&dlbk&emc=dlbk

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-----

Kraft declared victory on Tuesday in its pursuit of Cadbury, announcing
that it has won widespread support from the British confectioner's
shareholders.

Go to Item from DealBook:
http://dealbook.blogs.nytimes.com/2010/02/02/kraft-seals-deal-for-cadbury/


Hershey defended its decision to back away from a Cadbury bid and a
bigger stake in the global confectionery market, saying it remained
confident about its growth prospects and was raising its dividend.

Go to Article from Reuters via The New York Times:
http://www.nytimes.com/reuters/2010/02/02/business/business-us-hershey.html?dbk

Read More
http://dealbook.blogs.nytimes.com/?p=174227&dlbk&emc=dlbk

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3. Investment Banking: From Sydney: Interest Rates and Indiscretion
----------------------------------------

As Chris Bath, an announcer for 7 News, spoke with Martin Lakos on live
television about the possibility of the Australian central bank
eventually lifting interest rates, a Macquarie employee was looking at
what appear to be semi-nude photographs in the background.

Go to Item from DealBook:
http://dealbook.blogs.nytimes.com/2010/02/03/interest-rates-and-nudy-shots-in-sydney/

Go to Article from The Australian:
http://www.theaustralian.com.au/business/media/macquarie-banker-filmed-ogling-nude-miranda-kerr-pictures-named/story-e6frg996-1225826327979

Go to Article from Bloomberg News:
http://www.bloomberg.com/apps/news?pid=20601208&sid=a4EdsRgfT6EM

Go to Video from 7 News via YouTube:
http://www.youtube.com/watch?v=v1m8a4Jl4ZI

Read More
http://dealbook.blogs.nytimes.com/?p=174691&dlbk&emc=dlbk

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-----

Lazard, the independent investment bank, reported a $54.9 million loss
for its fourth quarter, as the firm took charges related to changes in
its compensation policies and stock payouts tied to the death of its
former chief executive, Bruce Wasserstein.

Go to Item from DealBook:
http://dealbook.blogs.nytimes.com/2010/02/03/lazard-posts-loss-in-4th-quarter-on-compensation-charges/

Go to Lazard Press Release via Business Wire:
http://www.businesswire.com/news/home/20100203005769/en/Lazard-Reports-Fourth-Quarter-Full-Year-2009-Results

Read More
http://dealbook.blogs.nytimes.com/?p=174773&dlbk&emc=dlbk

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-----

Bank of America has approved more than $4 billion in 2009 pay for its
investment bankers and traders, according to The Wall Street Journal.

Go to Article from The Wall Street Journal:
http://online.wsj.com/article/SB10001424052748703338504575041663923952520.html

Go to Article from Reuters via The New York Times:
http://www.nytimes.com/reuters/2010/02/02/business/business-us-boa.html?dbk


The bank is also poised to hire 2,000 retail brokers this year, The
Financial Times reported, citing unidentified sources.

Go to Article from The Financial Times:
http://www.ft.com/cms/s/0/fa3a52a2-104e-11df-841f-00144feab49a.html

Read More
http://dealbook.blogs.nytimes.com/?p=174659&dlbk&emc=dlbk

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-----

Mitsubishi UFJ Financial Group, Japan's top bank, swung to profit in
the quarter ending Dec. 31, buoyed by trading gains and an improvement
in its stock portfolio, and kept its full-year forecast.

Go to Article from Reuters via The New York Times:
http://www.nytimes.com/reuters/2010/02/03/business/business-mufg.html?dbk

Go to Press Release from Mitsubishi UFJ:
http://www.mufg.jp/english/ir/fs/

Read More
http://dealbook.blogs.nytimes.com/?p=174671&dlbk&emc=dlbk

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-----

What are the odds that 2010 will be as benign as last year for the
world's economies? In his latest column, Thomas Friedman writes that
the odds are low, and wonders whether the struggle between banks and
President Obama has a win-win resolution.

Go to Op-Ed from The New York Times:
http://www.nytimes.com/2010/02/03/opinion/03friedman.html?dbk

Read More
http://dealbook.blogs.nytimes.com/?p=174623&dlbk&emc=dlbk

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-----

The Financial Services Authority of Britain has told banks in the City
to cooperate in deferring 60 percent of all pay, regardless of
contractual obligations, or risk having their banking licenses
withdrawn, The Telegraph reports, citing unidentified sources.

Go to Article from The Telegraph:
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/7141221/Banks-told-to-comply-on-bonuses-or-lose-UK-banking-licences-in-shock-FSA-ultimatum.html


Goldman Sachs's London-based partners expect the investment bank to
make them whole through stock grants, after having their 2009 bonuses
capped, The New York Post reported.

Go to Article from The New York Post:
http://www.nypost.com/p/news/business/goldman_to_defer_brits_1FAMv3AgV2gM85ehA3HSvL

Read More
http://dealbook.blogs.nytimes.com/?p=174603&dlbk&emc=dlbk

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-----

The PNC Financial Services Group, one of the largest regional banks,
said Tuesday that it would pay back $7.6 billion in government bailout
money to the Treasury Department.

Go to Item from DealBook:
http://dealbook.blogs.nytimes.com/2010/02/02/pnc-to-repay-tarp-money-after-sale-of-unit/

Read More
http://dealbook.blogs.nytimes.com/?p=174487&dlbk&emc=dlbk

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-----

Galileo Capital Management has started LGBT Capital, a specialist
corporate advisory and investment management unit that will focus
exclusively on the lesbian, gay, bisexual and transgender consumer
market.

Go to Item from DealBook:
http://dealbook.blogs.nytimes.com/2010/02/02/galileo-sets-up-lgbt-capital-for-gay-market/

Read More
http://dealbook.blogs.nytimes.com/?p=174225&dlbk&emc=dlbk

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4. Private Equity: Istithmar Said to Shop Port Unit
----------------------------------------

Dubai World's investment arm Istithmar has put port and shipping agent
Inchcape Shipping Services up for sale for $600 million to $700 million
and has attracted interest from private equity groups, The Financial
Times reported Wednesday.

Go to Article from The Financial Times:
http://www.ft.com/cms/s/0/312dc536-102d-11df-841f-00144feab49a.html

Go to Article from Reuters:
http://www.reuters.com/article/idUSLDE6112OZ20100203

Read More
http://dealbook.blogs.nytimes.com/?p=174613&dlbk&emc=dlbk

Add a Comment
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-----

Odyssey Investment Partners said Tuesday that it had inked a deal to
buy Wencor Group, a commercial distributor and maker of aircraft parts.

Go to Article from The Salt Lake Tribune:
http://www.sltrib.com/business/ci_14319461

Go to Article from The Deal (Subscription Required):
http://www.thedeal.com/dealscape/2010/02/odyssey_acquires_aircraft_part.php

Go to Press Release from Odyssey via Earthtimes:
http://www.earthtimes.org/articles/show/imperial-capital-llc-advises-odyssey,1148587.shtml

Read More
http://dealbook.blogs.nytimes.com/?p=174719&dlbk&emc=dlbk

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-----

Avista Capital Partners, a private equity firm specializing in energy,
healthcare and media investments, said on Tuesday that it has hired
former Bush administration official Jim Nussle to its advisory board.

Go to Item from DealBook:
http://dealbook.blogs.nytimes.com/2010/02/02/avista-hires-ex-bush-official-to-advisory-board/

Read More
http://dealbook.blogs.nytimes.com/?p=174215&dlbk&emc=dlbk

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5. Hedge Funds: Galleon Case Informant Faces S.E.C. Charges
----------------------------------------

David R. Slaine, a former Wall Street hedge fund manager and head of
Nasdaq trading at Morgan Stanley who secretly recorded conversations
for the government in the Galleon Group insider trading case, was
accused of insider trading by the Securities and Exchange Commission on
Tuesday.

Go to Item from DealBook:
http://dealbook.blogs.nytimes.com/2010/02/02/galleon-case-informant-faces-sec-charges/


The Securities and Exchange Commission admitted in court filings that
federal prosecutors mistakenly sent the agency confidential wiretap
information from the criminal insider trading case against Galleon
Group founder Raj Rajaratnam.

Go to Item from DealBook:
http://dealbook.blogs.nytimes.com/2010/02/02/sec-admits-it-received-galleon-wiretaps/

Read More
http://dealbook.blogs.nytimes.com/?p=174241&dlbk&emc=dlbk

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-----

The hedge fund Paulson & Co., run by John A. Paulson, has received an
information request from the Securities and Exchange Commission, The
Financial Times reported, citing unidentified sources.

Go to Article from The Financial Times:
http://www.ft.com/cms/s/0/a0bc0e48-105b-11df-a8e8-00144feab49a.html

Read More
http://dealbook.blogs.nytimes.com/?p=174759&dlbk&emc=dlbk

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-----

Harold E. Ford Jr.'s potential bid for New York Senator Kirsten E.
Gillibrand's seat has touched off a war for the city's richest donors,
especially those on Wall Street, as both camps race to nail down
financial support and demonstrate the breadth of their Rolodexes.

Go to Article from The New York Times:
http://www.nytimes.com/2010/02/03/nyregion/03donors.html?dbk

Go to Related Item from DealBook:
http://dealbook.blogs.nytimes.com/2010/01/29/bank-tax-is-knotty-issue-for-new-yorks-senators/

Read More
http://dealbook.blogs.nytimes.com/?p=174687&dlbk&emc=dlbk

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-----

A key U.S. lawmaker, Senator Maria Cantwell of Washington, is set to
join forces with several business groups on Wednesday to call for
Congress to end the "reckless speculation" in commodity markets as the
Senate prepares to take on financial reform.

Go to Article from Reuters via The New York Time:
http://www.nytimes.com/reuters/2010/02/02/us/politics/politics-us-commodities-speculation.html?dbk

Read More
http://dealbook.blogs.nytimes.com/?p=174679&dlbk&emc=dlbk

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-----

The hedge fund and private equity industry may not have been too
pleased with some of the proposals put forth by President Barack Obama
in his 2011 budget blueprint Monday.

Go to Article from Reuters via The New York Times:
http://www.nytimes.com/reuters/2010/02/01/us/politics/politics-us-obama-budget-taxes.html?dbk

Go to Article from The Wall Street Journal:
http://online.wsj.com/article/SB10001424052748704107204575039132987274858.html

Go to Article from Politico:
http://www.politico.com/news/stories/0210/32350.html

Read More
http://dealbook.blogs.nytimes.com/?p=174087&dlbk&emc=dlbk

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6. I.P.O.s/Offerings: A Word of Caution on New Russian I.P.O.s
----------------------------------------

Russian initial public offerings are set for a comeback, and investors
should be able to drive a hard bargain, Breakingviews says.

Go to Article from Breakingviews via The New York Times:
http://www.nytimes.com/2010/02/03/business/03views.html?dbk

Read More
http://dealbook.blogs.nytimes.com/?p=174627&dlbk&emc=dlbk

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-----

Investors rallied on Tuesday behind signs of stability in the housing
sector and indications that businesses had bolstered revenue, lifting
stocks for a second day.

Go to Article from The New York Times:
http://www.nytimes.com/2010/02/03/business/03markets.html?dbk

Read More
http://dealbook.blogs.nytimes.com/?p=174629&dlbk&emc=dlbk

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-----

China First Heavy Industries set its $1.67 billion Shanghai initial
public offering price below the top of its range, the first to do so
since China resumed I.P.O.s last June, and a sign of growing realism as
markets weaken and regulators demand more rational pricing.

Go to Article from Reuters:
http://www.reuters.com/article/innovationNews/idUSTRE61219Q20100203

Read More
http://dealbook.blogs.nytimes.com/?p=174609&dlbk&emc=dlbk

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7. Venture Capital: Agnilux? It Means, 'Won't Say a Peep'
----------------------------------------

There's only one thing more frustrating for reporters than a stealth
start-up, and that's a stealth start-up run by former Apple employees.
That would be Agnilux, a secretive venture populated by chip designers.

Go to Item from Bits:
http://bits.blogs.nytimes.com/2010/02/02/agnilux-is-start-up-for-wont-say-a-peep/?dlbk

Read More
http://dealbook.blogs.nytimes.com/?p=174157&dlbk&emc=dlbk

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-----

Silicon Valley's venture capitalists and their investors are finally
feeling the full effect of the dot-com crash a decade ago, thanks to
the industry's long-term approach to tracking returns.

Go to Item from Bits:
http://bits.blogs.nytimes.com/2010/02/02/dot-com-crash-catch-up-with-venture-capitalists/?dbk

Read More
http://dealbook.blogs.nytimes.com/?p=174707&dlbk&emc=dlbk

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-----

Denham Capital said Tuesday that it has invested an additional $108
million in Vulcan Power, a developer of geothermal energy projects.

Go to Article from The Associate Press via The New York Times:
http://www.nytimes.com/aponline/2010/02/02/business/AP-US-Denham-Capital-Vulcan-Power.html?dbk

Go to Joint Press Release:
http://www.vulcanpower.com/html/news/vulcannews9.html

Read More
http://dealbook.blogs.nytimes.com/?p=174693&dlbk&emc=dlbk

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8. Legal: In Court, Challenges of Madoff Trustee's Plans
----------------------------------------

Victims of Bernard L. Madoff got their day in court to challenge how
Irving H. Picard, the trustee in charge of dividing up what can be
salvaged from Mr. Madoff's record-setting scheme, is calculating
investor losses.

Go to Article from The New York Times:
http://www.nytimes.com/2010/02/03/business/03sipc.html?dbk


A federal judge in Manhattan dismissed all of the Securities and
Exchange Commission's civil fraud complaints against Cohmad Securities,
a small brokerage firm that the S.E.C. said had played a role in the
long-running Ponzi scheme.

Go to Article from The New York Times:
http://www.nytimes.com/2010/02/03/business/03madoffside.html?dbk


Britain's Serious Fraud Office said Tuesday that it would not pursue
legal action against the British operations of Mr. Madoff, now in jail
in the United States.

Go to Article from The New York Times:
http://www.nytimes.com/2010/02/03/business/03madoff.html?dbk

Read More
http://dealbook.blogs.nytimes.com/?p=174585&dlbk&emc=dlbk

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-----

The Obama administration is prepared to impose fees on financial firms
for as long as necessary to ensure that every cent spent on bailing out
banks is repaid, Treasury Secretary Timothy F. Geithner said.

Go to Article from Reuters via The New York Times:
http://www.nytimes.com/reuters/2010/02/02/business/business-us-obama-budget-geithner.html?dbk

Read More
http://dealbook.blogs.nytimes.com/?p=174649&dlbk&emc=dlbk

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-----

Moody's Investors Service said Tuesday that unless the U.S. government
makes more moves to decrease the budget deficit or the economy improves
more than anticipated, the government's ''Aaa'' bond rating will
eventually be put under pressure.

Go to Article from The Associated Press via The New York Times:
http://www.nytimes.com/aponline/2010/02/02/business/AP-US-TEC-US-Moodys.html?dbk

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-----

The American International Group has agreed to cut employee bonuses by
$20 million and will distribute about $100 million on Wednesday,
according to people familiar with the negotiations.

Go to Article from The New York Times:
http://www.nytimes.com/2010/02/03/business/03aig.html?dbk


A.I.G., which was saved from collapse by a $180 billion government
bailout, said Tuesday that it had named a former top lawyer from Lehman
Brothers as its general counsel.

Go to Item from DealBook:
http://dealbook.blogs.nytimes.com/2010/02/02/aig-taps-lehman-alumnus-for-its-top-lawyer/

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-----

Representative Barney Frank, chairman of the House Financial Services
Committee, contends that regulators should force companies to disclose
the compensation for their best-paid employees, potentially forcing
Wall Street to reveal how much top traders and money managers earn.

Go to Article from Bloomberg News:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aQ_6NbIIIpWs&pos=4

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http://dealbook.blogs.nytimes.com/?p=174387&dlbk&emc=dlbk

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Kevin Dayhoff Soundtrack: http://www.kevindayhoff.net/ Kevin Dayhoff Art: http://www.kevindayhoffart.com/ Kevin Dayhoff Westminster: http://www.westgov.net/ Twitter: https://twitter.com/kevindayhoff Twitpic: http://twitpic.com/photos/kevindayhoff Kevin Dayhoff's The New Bedford Herald: http://kbetrue.livejournal.com/

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