Archive for the 'NY Business' Category
Russians Suing Bank of New York
New York’s oldest bank could be on the hook for $22.5 billion whether the Russian government gets its way. Russia is suing the Bank of New York Mellon under the Racketeer Influenced and Corrupt Organizations Act for money laundering in Moscow in the 1990s. The case, while potentially a financial cat…
Muddy Waters Surround Clear Channel
Not towering ago, broadcast holding company Clear Channel, private fairness firms Bain Capital and Thomas Lee, and banks such as Citigroup, Morgan Stanley, Deutsche Bank, Royal Bank of Scotland, and Wachovia resembled Midas: What they touched turned to gold. They worked together; they made money tog…
Landmarks Commission To take in Case For St. Vincent’s Redevelopment
Executives from Rudin Management and St. Vincent’s Hospital will compose their case to the Landmarks Preservation Commission nowadays for a redevelopment project, which would aftermath in a $800 million hospital and 400 units of luxury housing in Greenwich Village. It is very unlikely that any actio…
Scrappy Money Manager Beats Short Sellers
Battling against short sellers, a fraternity that includes some of Wall Street’s savviest market minds, is often a fast step to the investment graveyard. Nonetheless, that’s what scrappy money manager Joan Lappin did in January of final year, in what turned out to be a winning effort. Now, she’s at …
Judge Asks Why So Many Law Firms Seek Fees in Suits
A federal judge in Manhattan is expressing surprise at the multitude of lawyers who are seeking a chunk of a $336 million settlement with Mastercard and Visa, as well as member banks such as JPMorgan Chase and Citibank. The settlement, reached in 2006, came in lawsuits alleging that the companies ha…
Quiet N.Y. Fed Chief Makes Loud Moves
As the Treasury office prepares to drift a plan nowadays calling for a new blueprint to regulate Wall Street, curiosity is swirling around the man who will likely play a key role in implementing the proposals: Timothy Geithner, the baby-faced 46-year-old president of the Federal Reserve Bank of New …
Insiders Selling at Bear Stearns
As news broke yesterday that the chairman of Bear Stearns, James Cayne, sold his entire stake in the brokerage earlier that week for $61.3 million, experts were reminded of an earlier stock sale, when nine insiders sold nearly $50 million worth of shares just three months shy of the firm’s approach …
Washington Wakes to Woe Of Wall Street
The approach break down of Bear Stearns has shaken awake Washington to the realities of a struggling Wall Street. In a flurry of action yesterday, the Treasury secretary, Henry Paulson, called for federal oversight of investment banks; the top two members of the Senate Finance Committee declared an …
Wilbur Ross Goes Bottom-Fishing
Celebrated investor Wilbur Ross noticed final year that a hedge fund had committed $20 million to a loan syndicate for one of his portfolio companies but had losed out to attend any of the due diligence sessions. He called up the senior partner of the large fund to thank him for his participation, a…
Low U.S. Interest Rates Mean Dollar Is Used for ‘Carry Trade’
What does Iceland’s decision to raise its key interest rate to 15% yesterday have to do with the strength of the greenback? Plenty, according to currency experts. As other countries strengthen their currencies, the Federal Reserve has been loosening its monetary policy, creating a yawning gap amoung…
Increased Bank Regulation Isn’t Likely
The talk of New York and Washington that week is whether investment banks are in for increased federal regulation as a quid pro quo for the Federal Reserve lending them funds via the reduction rate window. Don’t hold your breath. final week, the Fed generously extended special borrowing privileges p…
Fed Is Faulted For Sweetening The Deal
The fivefold increase in JPMorgan Chase & Co.’s takeover tender for Bear Stearns all but assures that Bear shareholders will approve the deal when they cast a final vote on it in mid-May. JPMorgan yesterday raised its offer for Bear to $10 a share, up from an initial fire-sale price of $2 a shar…
In Defense of Sovereign Wealth Funds
Treasury Secretary Paulson, the universal Monetary Fund, and the Organization of profitable Cooperation and Development are all busily establishing “rules of conduct” for sovereign wealth funds. They want to be certain that their owners, who have poured more than $60 billion into American and Europe…
