Posts Tagged ‘Chelsea Clinton’

The Week Unpeeled

The headlines were dominated again this week by MF Global (where $600 million in funds are still “missing” but may have been transferred from customer accounts to brokerage accounts before the bankruptcy); Europe debt woes (where UK Prime Minister David Cameron and German Chancellor Angela Merkel presented a unified front in Berlin stressing the positives from the Eurozone summit); and Occupy Wall Street protests around the globe (where 250 were arrested in New York after a failed attempt to “close” the New York Stock Exchange.  Elsewhere:

  • Deutsche Bank AG CEO Josef Ackermann resigned in a surprised move amid concerns of shareholder support;
  • Virgin Money, part of the Richard Branson fold, acquired Northern Rock, a loss for British taxpayers and the first sale of banking assets for the UK government following the financial-crisis bailout;
  • Warren Buffett, through Berkshire Hathaway, bought a 5.5 percent stake in IBM, which was widely reported as his first big stake in a tech company ever and makes Berkshire one of the biggest shares of Big Blue;
  • NBC announced that Chelsea Clinton will become a full-time special correspondent for its news division, effective immediately, as part of its “Making a Difference” series on its Nightly News;
  • In the UK, youth unemployment hit one million for the first time, and Mervyn King, Governor of the Bank of England, revised the nation's growth forecast down. Figures now show that 21.9 per cent of 16-24 year olds are now out of work, a rise of 67,000 in the last three months;
  • Amid the arrests in New York, the Occupy London protestors have undertaken a “public repossession” of an office building owned by UBS, saying that it was only right that this kind of action is taken against banks that leave premises empty;
  • Penn State’s Board of Trustees hired Ketchum for its crisis communications issues; and
  • The Dow ended the week down 2.9 percent at 11,796 in one of the worst trading weeks in a couple months.

They’re Back, Perhaps

'Pulp Fiction' (Miramax Films/Everett Collection)

Are esoteric bonds making a comeback? First Bowie Bonds were launched in 1997, which were securities backed by 10 years of royalties on albums recorded by David Bowie before 1990.  Now “Uma-Backed Securities,” (a nod to The Wall Street Journal headline) are expected to hit the market, or bonds backed by Miramax Film licensing and distribution revenues, which includes “Pulp Fiction.”  Barclays Capital serves as investment banker for the private placement. Creative financing or a sign that traditional sources of collateral (mortgages, car loans, credit cards) are getting thin? CJP

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The Week Unpeeled

Wall Street may have been “occupied” by protestors, but the markets were otherwise pre-occupied with ongoing and somewhat deeper concerns about the economic outlook for the US and Europe last week, with stocks ending the third quarter as the weakest since the financial crisis.  The Dow lost 240 points on Friday to close at 10,913, or down 12 percent for the quarter.  Elsewhere:

  • CBS’s “60 Minutes” lost Andy Rooney —92 years old!—who has played the curmudgeon on the news program for more than three decades or 120 quarters;
  • Tumblr raised $85 million in venture capital in a move that valued the blogging service at $800 million;
  • Warren Buffett, in a move he has been known to criticize, bought back tens of billions of dollars of his company’s stock, highlighting the amount of cash on the sidelines at big companies like Berkshire Hathaway;
  • Reebok got kicked in the butt that it is trying to tone and was told to pay customers $25 million for false claims that its EasyTone shoes are no better than maybe even flipflops;
  • Tainted melons from Colorado were linked to at least 15 deaths and many more illnesses in one of the deadliest food-borne outbreaks in a decade;
  • One of the US’s most-wanted Al Qaeda terrorists was killed in Yemen in a CIA drone attack;
  • Chelsea Clinton joined the IAC board;
  • Former US State Department Assistant Secretary James Rubin left Bloomberg View in a kinda surprise move; and
  • Amazon discovered Fire.

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