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U.S. prosecutors asked a federal judge to seal the courtroom for part of the upcoming criminal trial of a former Goldman Sachs Group Inc. computer programmer, an effort to protect the secrecy of the bank’s high-frequency trading platform.
Prosecutors said in a court filing that there is a “compelling interest in favor of privacy” for Goldman in the trial of the former employee, Sergey Aleynikov. Get the full story »
Panera Bread Co. reported third-quarter profit that matched analysts’ view, and shares fell 4.6 percent despite its better-than-expected profit targets for the fourth quarter and next year. Get the full story »
The first global crackdown on the $615 trillion derivatives market gained momentum on Tuesday as U.S. regulators unveiled a new tool to police fraud and European officials urged tighter controls.
Moving to rein in vast, only loosely-regulated markets that were blamed for contributing to the 2007-2008 financial crisis, the U.S. Commodity Futures Trading Commission laid out plans to foil traders who seek to manipulate prices or defraud investors. Get the full story »
George Soros, the multibillionaire investor, will donate $1 million to help pass Proposition 19, the marijuana legalization measure, which he endorsed Monday as “a major step forward.”
Shares of Northern Trust Corp. jumped 4.4 percent on Tuesday as talk swirled that HSBC, Europe’s biggest bank, may be planning to make a bid for the U.S. trust bank and investment manager. Get the full story »
Online brokerage optionsXpress Holdings Inc. reported quarterly profit above expectations on lower expenses and taxes. Get the full story »
Billionaire Warren Buffett renewed speculation about his successor Monday by hiring a new investment manager to handle “a significant portion” of Berkshire Hathaway Inc.’s investment portfolio. Buffett offered few details about Todd Combs, 39, but the move fits with the succession plan the 80-year-old has outlined for the company he leads. Get the full story »
PrivateBancorp Inc., which hired dozens of former LaSalle Bank lenders in hopes of becoming the Chicago area’s top middle-market business financier, has been hit with a shareholder lawsuit saying it routinely sacrificed loan quality for quantity as it aggressively ramped up growth.
The suit, which seeks class-action status, was brought by the City of New Orleans Employees’ Retirement System. It’s represented by New York law firm Bernstein Litowitz Berger & Grossmann LLP. Get the full story »
A key measure of U.S. business sentiment improved sharply in September, a lender group told Reuters Monday, as companies raised their investment in equipment and software and did a better job of staying current on their debts.
The Equipment Leasing and Finance Association said that U.S. businesses originated $5.8 billion in loans, leases and lines of credit last month to invest in capital equipment, which can include everything from tool-and-die machines and delivery trucks to office furniture and computer hardware and software. Get the full story »
The bond insurance business, which fell to its knees during the 2008 financial crisis under the weight of soaring defaults, may have finally heard its death knell Monday. Get the full story »
The U.S. Securities and Exchange Commission questioned Warren Buffett’s Berkshire Hathaway in the second quarter on why it was not writing down large losses on shares in Kraft and US Bancorp, but the company insisted its accounting was right. Get the full story »
U.S. stocks could see big swings to the downside next week on any remotely “bad” news since volatility indexes are at levels considered too low.
The Chicago Board of Options Exchange Volatility Index, a gauge widely used to measure investors’ anxiety levels, fell 2.54 percent on Friday to close at 18.78, its lowest level since April. The VIX, which rose to near 50 in May, has been around or under 20 for the past two weeks. Investors also will face a blizzard of earnings, which many analysts believe will continue to support the rally that began early this month. But any disappointments in either earnings or outlooks could, of course, trigger a sharp sell-off. Get the full story »
Wind farm owner and operator First Wind Holdings Inc., which is planning a $300 million IPO for next week, may be a risky bet in the current energy climate.
The Boston-based company, mostly owned by private equity firm Madison Dearborn and hedge fund operator D.E. Shaw foresees rapid growth. By 2014, First Wind plans to have 1900 megawatts in operation or under construction. One megawatt produces enough power to meet the electricity needs of 800 typical American homes. Get the full story »
Genzyme Corp. made its case for why it is worth more than Sanofi-Aventis’s $18.5 billion offer, forecasting 2011 profit above Wall Street estimates and sales of $3 billion for its experimental multiple sclerosis drug. Get the full story »
Crain’s Chicago Business | Starbucks has bought out the 50 percent stake of Earvin “Magic” Johnson in a venture designed to bring the coffee shops to underserved areas including Bronzeville.
