DealBook: Edited by Andrew Ross Sorkin
The New York Times
Tuesday, August 31, 2010
------------------------------For updates throughout the day, visit:http://dealbook.blogs.nytimes.
------------------------------
To view the latest DealBook headlines on
your mobile device, go to:http://mobile.nytimes.com/
------------------------------
For tips, feedback: e-mail dealbook@nytimes.com;
1. Top Story: Sorkin: Why Wall St. Is Deserting Obama
2. M & A: Taiwan Blocks Sale of A.I.G.'s Nan Shan
3. Banking: Lenders Back Off of Environmental Risks
4. Private Equity: Candover to Wind Up Funds
5. Hedge Funds: Funds Move to Halt Ambac Asset Grab
6. Offerings: A Year of Disappointing I.P.O.'s Angers Investors
7. Venture Capital: The Google Deal Machine
8. Legal: Warren's Fate Is Gauge of Wall St. Overhaul
------------ ADVERTISEMENT -------------
The New York Today e-mail
Keep up with the city that never sleeps.
New York Today is a free e-mail newsletter sent Monday through
Friday featuring a collection of the best local offerings from
all areas of NYTimes.com - business, arts, sports, dining, style
and more.
New York Today covers all the stories that matter most to
the New York region.
http://ads.nyt.com/th.ad/nl-
------------------------------
1. Top Story: Sorkin: Why Wall St. Is Deserting Obama
------------------------------
A letter from a hedge fund manager to his investors about Washington's
policies is stirring up controversy on a sensitive topic among the
moneyed elite, The New York Times's Andrew Ross Sorkin writes in his
latest DealBook column.
The poison pen of Daniel S. Loeb took a jab recently at one of his
former allies, the Obama administration, deploring the redistribution
of resources and power that Wall Street has come to fear with the
passage of the financial regulation overhaul.
Some say that they knew Obama would seek higher taxes and tighter
regulation; that was O.K. What they say they did not realize was that
they were going to be painted as villains. And as they grow to distrust
government, they threaten to cut off investment in the United States.
Go to Column from The New York Times:http://www.nytimes.com/2010/
Read Morehttp://dealbook.blogs.nytimes.
Add a Commenthttp://dealbook.blogs.nytimes.
2. M & A: Taiwan Blocks Sale of A.I.G.'s Nan Shan
------------------------------
The Taiwan financial regulator said Tuesday that it would block the
$2.15 billion sale of Nan Shan -- American International Group's life
insurance unit on the island -- to a group of buyers tied to China,
citing laws that limit investment from the mainland.
Go to Item from DealBook:http://dealbook.blogs.nytimes.
Read Morehttp://dealbook.blogs.nytimes.
Add a Commenthttp://dealbook.blogs.nytimes.
-----
The American power producer Exelon said Tuesday that it had agreed to
buy John Deere Renewables, a wind power company, in a deal that may be
worth up to $900 million.
Go to Item from DealBook:http://dealbook.blogs.nytimes.
Go to Exelon Statement:http://www.businesswire.com/
Go to Previous Item from Bloomberg News:http://www.nytimes.com/2009/
Read Morehttp://dealbook.blogs.nytimes.
Add a Commenthttp://dealbook.blogs.nytimes.
-----
"Let me in, and I might go higher." That, in a nutshell, is the message
Chris Viehbacher, the chief executive of Sanofi-Aventis, is sending the
management of the biotech company Genzyme in making public his $18.5
billion offer to buy it.
Go to Article from Reuters Breakingviews:http://www.nytimes.com/2010/
Read Morehttp://dealbook.blogs.nytimes.
Add a Commenthttp://dealbook.blogs.nytimes.
-----
BHP Billiton denied speculation on Monday that it planned to sell any
of Potash Corp.'s assets if it succeeds with its $38.6 billion hostile
bid for the world's largest fertilizer producer.
Go to Article from Reuters:http://www.reuters.com/
Read Morehttp://dealbook.blogs.nytimes.
Add a Commenthttp://dealbook.blogs.nytimes.
-----
The days of being able to pick up failed financial institutions on the
cheap are coming to an end, despite a high number of bank failures this
year.
Go to Article from The Wall Street Journal (Subscription Required):http://online.wsj.com/article/
Read Morehttp://dealbook.blogs.nytimes.
Add a Commenthttp://dealbook.blogs.nytimes.
-----
Newcrest Mining's $8 billion-plus acquisition of Lihir Gold is creating
a new top-tier of Australian gold producers, which are already being
sized up for takeovers, Reuters reported.
Go to Article from Reuters:http://www.reuters.com/
Read Morehttp://dealbook.blogs.nytimes.
Add a Commenthttp://dealbook.blogs.nytimes.
3. Investment Banking: Lenders Back Off of Environmental Risks
------------------------------
Some large lenders are taking a stand on industry practices -- like
mining and deforestation -- that they regard as risky to their
reputations.
Go to Article from The New York Times:http://www.nytimes.com/2010/
Read Morehttp://dealbook.blogs.nytimes.
Add a Commenthttp://dealbook.blogs.nytimes.
-----
No client is too small for Goldman Sachs Group these days, even a
company with no revenue that's owned by a hedge fund specializing in
penny stocks.
Go to Article from Reuters:http://www.reuters.com/
Read Morehttp://dealbook.blogs.nytimes.
Add a Commenthttp://dealbook.blogs.nytimes.
-----
Marketing campaigns aimed at reminding the world's 1.6 billion Muslims
to follow the teachings of Prophet Muhammad that supposedly ban
receiving interest have increased as the global economy recovers this
year.
Go to Article from Bloomberg News:http://www.bloomberg.com/news/
Read Morehttp://dealbook.blogs.nytimes.
Add a Commenthttp://dealbook.blogs.nytimes.
-----
HSBC said Tuesday that it has sold its last United States auto finance
businesses to Santander for about $3.56 billion in cash, completing its
exit from a market that cost it billions during the financial crisis,
The Associated Press reported.
Go to Article from The Associated Press via The New York Times:http://www.nytimes.com/
Go to Santander Press Release:http://www.santander.com/csgs/
Read Morehttp://dealbook.blogs.nytimes.
Add a Commenthttp://dealbook.blogs.nytimes.
4. Private Equity: Candover to Wind Up Funds
------------------------------
Candover Investments said it will wind itself up, sealing the fate of
one of the buyout industry's highest-profile victims of the credit
crunch, Reuters reported.
Go to Article from Reuters:http://www.reuters.com/
Go to Candover Statement:http://www.
Read Morehttp://dealbook.blogs.nytimes.
Add a Commenthttp://dealbook.blogs.nytimes.
-----
Wilbur Ross's Assured Guaranty is alone in the municipal bond insurance
market, since Warren Buffett stopped Berkshire Hathaway from backing
new issues. But Mr. Ross's monopoly won't guarantee higher profits.
Go to Article from Bloomberg News:http://www.bloomberg.com/news/
Read Morehttp://dealbook.blogs.nytimes.
Add a Commenthttp://dealbook.blogs.nytimes.
-----
Acquisitions in the United States power industry surged more than
20-fold by value in the first eight months of the year. Advisers say to
expect more deals as buyers like Blackstone Group bet that electricity
prices will rise with economic recovery.
Go to Article from Bloomberg News:http://www.bloomberg.com/news/
Read Morehttp://dealbook.blogs.nytimes.
Add a Commenthttp://dealbook.blogs.nytimes.
-----
Ronald W. Burkle has responded in a sharply worded letter to Barnes &
Noble's criticism of his investing record and his slate of candidates
for the company's board.
Go to Item from DealBook:http://dealbook.blogs.nytimes.
Go to Yucaipa Statement:http://www.businesswire.com/
Read Morehttp://dealbook.blogs.nytimes.
Add a Commenthttp://dealbook.blogs.nytimes.
5. Hedge Funds: Funds Move to Halt Ambac Asset Grab
------------------------------
Hedge funds including King Street Capital and Stonehill Capital
Management filed a motion seeking to prevent Ambac Financial Group from
taking assets out of a bond-insurance unit.
Go to Article from Bloomberg News:http://www.bloomberg.com/news/
Read Morehttp://dealbook.blogs.nytimes.
Add a Commenthttp://dealbook.blogs.nytimes.
-----
Even some of the savviest hedge fund managers got burned in 2008 by
sticking with their hot stocks for too long as the market tumbled,
Reuters writes.
Go to Article from Reuters:http://www.reuters.com/
Read Morehttp://dealbook.blogs.nytimes.
Add a Commenthttp://dealbook.blogs.nytimes.
6. I.P.O.s/Offerings: A Year of Disappointing I.P.O.'s Angers Investors ------------------------------
The woeful state of this year's market for initial public offerings is
provoking anger among investors and calls that companies' stock is
being issued with unrealistic valuations, The Financial Times reported.
Go to Article from The Financial Times (Subscription Required):http://www.ft.com/cms/s/0/
Read Morehttp://dealbook.blogs.nytimes.
Add a Commenthttp://dealbook.blogs.nytimes.
-----
In its first implementation of the Dodd-Frank law, the Commodity
Futures Trading Commission said Monday that it had published a new set
of so-called final rules to regulate the retail foreign exchange
market.
Go to Item from DealBook:http://dealbook.blogs.nytimes.
Go to C.F.T.C. Statement:http://www.cftc.gov/PressRoom/
Read Morehttp://dealbook.blogs.nytimes.
Add a Commenthttp://dealbook.blogs.nytimes.
-----
Stocks fell Tuesday in Europe and Asia, led by a 3.6 percent decline in
Tokyo, as worries about the global economy weighed on banks and a
strengthening yen hit manufacturers in Japan.
Go to Article from The New York Times:http://www.nytimes.com/2010/
Read Morehttp://dealbook.blogs.nytimes.
Add a Commenthttp://dealbook.blogs.nytimes.
-----
Hewlett-Packard said Monday that its board approved the buyback of an
additional $10 billion of shares to boost investor confidence as it
finds itself involved in a bidding war for high-end data storage
company 3Par.
Go to Article from Reuters via The New York Times:http://www.nytimes.com/
Go to Hewlett-Packard Press Release:http://www.hp.com/hpinfo/
Read Morehttp://dealbook.blogs.nytimes.
Add a Commenthttp://dealbook.blogs.nytimes.
7. Venture Capital: The Google Deal Machine
------------------------------
Google has now announced acquisitions of 25 companies in the 12 months
since its chief executive, Eric Schmidt, said he expected to do a deal
at least once a month.
Go to Item from DealBook:http://dealbook.blogs.nytimes.
In its effort to challenge Facebook, Google has become a social
butterfly. The latest proof of that is Google's acquisition of
SocialDeck, a maker of social games for mobile phones.
Go to Article from VentureBeat:http://games.venturebeat.com/
Read Morehttp://dealbook.blogs.nytimes.
Add a Commenthttp://dealbook.blogs.nytimes.
-----
IContact, a provider of e-mail marketing services like newsletter
creation and distribution, just raised $40 million in its second round
of funding, which was spearheaded by JMI Equity.
Go to Article from VentureBeat:http://deals.venturebeat.com/
Read Morehttp://dealbook.blogs.nytimes.
Add a Commenthttp://dealbook.blogs.nytimes.
8. Legal: Warren's Fate Is Gauge of Wall St. Overhaul
------------------------------
This autumn, Elizabeth Warren, a contender to become the top U.S.
consumer financial regulator, could become a focal point in a political
debate over how far government should go to rein in the financial
sector and other corporate interests.
Go to Article from Reuters via The New York Times:http://www.nytimes.com/
Read Morehttp://dealbook.blogs.nytimes.
Add a Commenthttp://dealbook.blogs.nytimes.
-----
The Chinese government ran an enormous help-wanted advertisement on
Monday seeking professional managers for some of its biggest
state-controlled companies, a move that apparently reflected
unhappiness with the companies' current performance.
Go to Article from The New York Times:http://www.nytimes.com/2010/
Read Morehttp://dealbook.blogs.nytimes.
Add a Commenthttp://dealbook.blogs.nytimes.
-----
Donald Kohn, vice chairman of the Federal Reserve, will take his
central banking expertise to the Brookings Institution after he retires
this week from four decades at the Fed, Brookings announced on Monday.
Go to Article from Reuters via The New York Times:http://www.nytimes.com/
Go to Brookings Press Release:http://www.brookings.edu/
Read Morehttp://dealbook.blogs.nytimes.
Add a Commenthttp://dealbook.blogs.nytimes.
-----
Hewlett-Packard has agreed to pay $55 million to settle kickback
allegations related to federal government contracts, the U.S. Justice
Department said on Monday.
Go to Article from Reuters via The New York Times:http://www.nytimes.com/
Read Morehttp://dealbook.blogs.nytimes.
Add a Commenthttp://dealbook.blogs.nytimes.
-----
Christoper R. Conte, a longtime lawyer in the Securities and Exchange
Commission's enforcement unit, is leaving the agency to join Steptoe &
Johnson.
Go to Item from DealBook:http://dealbook.blogs.nytimes.
Read Morehttp://dealbook.blogs.nytimes.
Add a Commenthttp://dealbook.blogs.nytimes.
-----
And in today's Morning Take-Out:
--Immigrants to the rescue
--A beginner's guide to Twitter
--Mike Mayo doesn't trust Citi
Go to Morning Take-Out from DealBook:http://dealbook.blogs.nytimes.
Read Morehttp://dealbook.blogs.nytimes.
Add a Commenthttp://dealbook.blogs.nytimes.
*****
Kevin Dayhoff Soundtrack: http://kevindayhoff.blogspot.com/ = http://www.kevindayhoff.net/ Kevin Dayhoff Art: http://kevindayhoffart.blogspot.com/ or http://kevindayhoffart.com/ = http://www.kevindayhoff.com/ Kevin Dayhoff Westminster: http://kevindayhoffwestgov-net.blogspot.com/ or http://www.westgov.net/ = www.kevindayhoff.org Twitter: https://twitter.com/kevindayhoff Twitpic: http://twitpic.com/photos/kevindayhoff Kevin Dayhoff's The New Bedford Herald: http://kbetrue.livejournal.com/ = www.newbedfordherald.net Explore Carroll: www.explorecarroll.com The Tentacle: www.thetentacle.com
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.