Archive for September, 2009
CIT near plan to turn over company to bondholders: sources (Reuters)
Reuters – CIT Group Inc is nearing a plan that likely would hand the commercial lender over to its bondholders, sources familiar with the matter said on Tuesday.
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30Sep2009 | it-y | 0 comments | Continued
CIT's future in question ahead of lender meeting (AP)
CHARLOTTE, N.C. – CIT Group Inc.’s shares soared Tuesday on a report that hedge fund manager John Paulson is considering merging the troubled finance company with failed mortgage lender IndyMac Federal Bank. But they plunged after-hours as a separate report said CIT is preparing a debt swap offer that could wipe out taxpayers’ investment or [...]
30Sep2009 | it-y | 0 comments | Continued
SEC watchdog pushes changes after Madoff failure (AP)
WASHINGTON – The watchdog of the Securities and Exchange Commission has recommended a new system for handling the thousands of tips and complaints the agency receives and other changes to prevent another breakdown like the one that allowed Bernard Madoff’s massive fraud to go undetected for 16 years.
The proposals from SEC Inspector General David Kotz [...]
U.S. consumer woes overshadow housing cheer (Reuters)
NEW YORK (Reuters) –
U.S. house prices rose for a third month in July, but consumer confidence fell unexpectedly in September as the worst job market in 26 years fueled worries about personal finances, private reports showed on Tuesday.
The data indicates the economic rebound is still in its early days following the worst recession in decades, [...]
30Sep2009 | it-y | 0 comments | Continued
Jackson estate sues foundation over name (AP)
LOS ANGELES – Michael Jackson’s estate on Tuesday sued a foundation that bears the name of one of his most famous songs, “Heal the World.”
The federal court lawsuit claims the Heal the World Foundation is improperly using trademarks and Web sites to create the impression they were approved by Jackson to solicit donations.
The current administrators [...]