Questions Are Raised in Trader’s Massive Fraud - NYTimes.com: “For years, investors, rivals and regulators all wondered how Bernard L. Madoff worked his magic.
But on Friday, less than 24 hours after this prominent Wall Street figure was arrested on charges connected with what authorities portrayed as the biggest Ponzi scheme in financial history, hard questions began to be raised about whether Mr. Madoff acted alone and why his suspected con game was not uncovered sooner.
As investors from Palm Beach to New York to London counted their losses on Friday in what Mr. Madoff himself described as a $50 billion fraud, federal authorities took control of what remained of his firm and began to pore over its books.”
Friday, December 12, 2008
BANK OF AMERICA PLANS TO CUT 30,000+ JOBS OVER NEXT 3 YEARS AFTER MERRILL LYNCH PURCHASE - New York Post
BANK OF AMERICA PLANS TO CUT 30,000+ JOBS OVER NEXT 3 YEARS AFTER MERRILL LYNCH PURCHASE - New York Post: “Bank of America said yesterday it plans to eliminate 30,000 to 35,000 jobs over three years after it completes its purchase of Merrill Lynch.
The cuts could affect about 11 percent of the combined companies' roughly 308,000-person work force. BofA employs about 247,000 people and Merrill about 61,000.
BofA said the expected cuts reflect the pending merger, as well as "the weak economic environment, which is affecting the level of business activity."”
The cuts could affect about 11 percent of the combined companies' roughly 308,000-person work force. BofA employs about 247,000 people and Merrill about 61,000.
BofA said the expected cuts reflect the pending merger, as well as "the weak economic environment, which is affecting the level of business activity."”
AIG MAY NOT PAY BACK $60 BILLION TO GOVERNMENT AS PROMISED IN BAILOUT PLAN - New York Post
AIG MAY NOT PAY BACK $60B TO GOV'T AS PROMISED IN BAILOUT PLAN - New York Post: “Uncle Sam may not get paid back as promised in its $150 billion bailout of American International Group, the giant insurer conceded.
AIG had agreed as a condition of its recent government lifeline to escape bankruptcy that it would repay at least $60 billion by selling valuable assets.
However, CEO Ed Liddy admitted yesterday that it may not be that easy to raise the cash.”
AIG had agreed as a condition of its recent government lifeline to escape bankruptcy that it would repay at least $60 billion by selling valuable assets.
However, CEO Ed Liddy admitted yesterday that it may not be that easy to raise the cash.”
NBC UNIVERSAL BOSS JEFF ZUCKER LOOKS TO EXTEND BEN SILVERMAN'S CONTRACT - New York Post
NBC UNIVERSAL BOSS JEFF ZUCKER LOOKS TO EXTEND BEN SILVERMAN'S CONTRACT - New York Post: “NBC Universal is in talks to extend chief programmer Ben Silverman's contract for at least another year, The Post has learned.
Silverman has told friends that he is keen to stay at the network, and now that he's improved the entertainment unit's earnings, NBCU boss Jeff Zucker is said to be leaning toward giving him another 12 months to work with the programming slate, said sources close to both men.”
Silverman has told friends that he is keen to stay at the network, and now that he's improved the entertainment unit's earnings, NBCU boss Jeff Zucker is said to be leaning toward giving him another 12 months to work with the programming slate, said sources close to both men.”
DALLAS COWBOYS TERRELL OWENS, JASON WITTEN, TONY ROMO PREPARE TO PLAY NREW YORK GIANTS - New York Post
DALLAS COWBOYS TERRELL OWENS, JASON WITTEN, TONY ROMO PREPARE TO PLAY NREW YORK GIANTS - New York Post: “It looks like the Giantsare catching the Cowboys at just the right time, with America's Team about to implode.
One day after Terrell Owens spoiled the holiday mood by saying quarterback Tony Romo was playing favorites with tight end Jason Witten, another starting player told ESPN's Ed Werder, "We are not together as a team, and that includes the coaches."
Owens claims Romo and Witten, who are friends and road roommates, conspire to draw up passing plays that exclude the wide receiver. The perception was denied throughout the organization, but it was revealed other wide receivers had spoken to offensive coordinator Jason Garrett about their roles in the offense.”
One day after Terrell Owens spoiled the holiday mood by saying quarterback Tony Romo was playing favorites with tight end Jason Witten, another starting player told ESPN's Ed Werder, "We are not together as a team, and that includes the coaches."
Owens claims Romo and Witten, who are friends and road roommates, conspire to draw up passing plays that exclude the wide receiver. The perception was denied throughout the organization, but it was revealed other wide receivers had spoken to offensive coordinator Jason Garrett about their roles in the offense.”
Detroit Free Press To End Home Delivery - WSJ.com
Detroit Dailies to Curtail Home Delivery - WSJ.com: “The publisher of the Detroit Free Press, the country's 20th largest paper by weekday circulation, is expected to announce next week that it will cease home delivery of the print edition of the newspaper on most days of the week, according to a person familiar with the company's thinking.”
Inaugural Committee Donors - Presidential Inaugural Committee
Presidential Inaugural Committee | Inaugural Committee Donors From the website:
"In keeping with President-elect Obama’s commitment to changing the way business is done in Washington, the Presidential Inaugural Committee (PIC) is taking unprecedented steps to insure transparency in the public reporting of donors to a Presidential Inaugural Committee. This chart will allow you to view, sort, and search virtually real-time information on all donors contributing over $200 to the 2009 Presidential Inaugural Committee.
Unlike previous inaugural committees, the 2009 PIC does not accept contributions from corporations, political action committees, labor unions, current federally-registered lobbyists, non-U.S. citizens and registered foreign agents and does not accept individual contributions in excess of $50,000."
"In keeping with President-elect Obama’s commitment to changing the way business is done in Washington, the Presidential Inaugural Committee (PIC) is taking unprecedented steps to insure transparency in the public reporting of donors to a Presidential Inaugural Committee. This chart will allow you to view, sort, and search virtually real-time information on all donors contributing over $200 to the 2009 Presidential Inaugural Committee.
Unlike previous inaugural committees, the 2009 PIC does not accept contributions from corporations, political action committees, labor unions, current federally-registered lobbyists, non-U.S. citizens and registered foreign agents and does not accept individual contributions in excess of $50,000."
Bush White House Blocks Blair House From Obamas - The Caucus Blog - NYTimes.com
Sorry, We’re Booked, White House Tells Obamas - The Caucus Blog - NYTimes.com: “CHICAGO—The White House has turned down a request from the family of President-elect Barack Obama to move into Blair House in early January so that his daughters can start school on January 5.
The Obamas were told that Blair House, where incoming presidents usually stay in the five days before Inauguration Day, is booked in early January, a spokesperson to the Obama transition said. “We explored the idea so that the girls could start school on schedule,’ the spokesperson said. “But, there were previously scheduled events and guests that couldn’t be displaced.”
It remained unclear who on Bushes guest list outranked the incoming President.
“It’s not a public schedule,” said Sally McDonough, spokeswoman for First Lady Laura Bush, in refusing to disclose who was staying at Blair House. “It’s not a question of outranking the Obamas. Blair House will be available to them on January 15.””
The Obamas were told that Blair House, where incoming presidents usually stay in the five days before Inauguration Day, is booked in early January, a spokesperson to the Obama transition said. “We explored the idea so that the girls could start school on schedule,’ the spokesperson said. “But, there were previously scheduled events and guests that couldn’t be displaced.”
It remained unclear who on Bushes guest list outranked the incoming President.
“It’s not a public schedule,” said Sally McDonough, spokeswoman for First Lady Laura Bush, in refusing to disclose who was staying at Blair House. “It’s not a question of outranking the Obamas. Blair House will be available to them on January 15.””
Fox News - Rahm Emanuel Gave Blagojevich List Of 'Acceptable' Senate Candidates: Report
Rahm Emanuel Gave Blagojevich List Of 'Acceptable' Senate Candidates: ReportHuff Post: “President-elect Barack Obama's chief of staff Rahm Emanuel had direct conversations with Gov. Rod Blagojevich about Obama's replacement in the US Senate, FOX News Chicago reports.
Citing "a source familiar with the investigation," Fox says that Emanuel had "multiple conversations" with Blagojevich and his chief of staff John Harris, who was also arrested Tuesday on federal corruption charges, about the seat and that they we're "likely recorded and in FBI possession."
Fox's source said that Emanuel gave the governor's office a list of "candidates that would be acceptable to President-elect Barack Obama" but no "quid pro quo" or "dealmaking" is suspected.
Meanwhile, an angry Emanuel says he won't go to work because of the media stakeout. He told an ABC News cameraman that has received death threats:”
Citing "a source familiar with the investigation," Fox says that Emanuel had "multiple conversations" with Blagojevich and his chief of staff John Harris, who was also arrested Tuesday on federal corruption charges, about the seat and that they we're "likely recorded and in FBI possession."
Fox's source said that Emanuel gave the governor's office a list of "candidates that would be acceptable to President-elect Barack Obama" but no "quid pro quo" or "dealmaking" is suspected.
Meanwhile, an angry Emanuel says he won't go to work because of the media stakeout. He told an ABC News cameraman that has received death threats:”
Norm Coleman - Did Coleman's Financial Straits Force Him To Solicit Donor Favors?
Huff Post - Did Coleman's Financial Straits Force Him To Solicit Donor Favors?: “Did Norm Coleman's financial problems compel him to turn to friends and GOP donors for help with his living situation?
That's what a new story out of Minnesota alleges. Friday morning, a local Fox News affiliate reported that at the time that Coleman allegedly received $75,000 in unreported payments from a prominent Republican businessman, he was also struggling to make payments for the restructuring of his home.”
That's what a new story out of Minnesota alleges. Friday morning, a local Fox News affiliate reported that at the time that Coleman allegedly received $75,000 in unreported payments from a prominent Republican businessman, he was also struggling to make payments for the restructuring of his home.”
John Harris - Gov. Rod Blagojevich Chief Of Staff John Harris Resigns
Blagojevich Chief Of Staff John Harris Resigns: “John Harris, chief of staff to Illinois Gov. Rod Blagojevich, resigned Friday morning.
Harris submitted his resignation letter in person, his lawyer told the Chicago Tribune, and will not be returning to the office.
Harris and Blagojevich were both arrested Tuesday morning on federal corruption charges. His resignation came as Illinois Attorney General Lisa Madigan asked the state Supreme Court to have Blagojevich declared unfit to serve and removed from office.”
Harris submitted his resignation letter in person, his lawyer told the Chicago Tribune, and will not be returning to the office.
Harris and Blagojevich were both arrested Tuesday morning on federal corruption charges. His resignation came as Illinois Attorney General Lisa Madigan asked the state Supreme Court to have Blagojevich declared unfit to serve and removed from office.”
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