Microsoft sold $4.75 billion in new debt on Wednesday, some of it at the lowest U.S. corporate borrowing rate on record, as the world’s largest software company takes advantage of low interest rates to raise cash. Get the full story »
Sears.com teams up with British clothing retailer
Retailer Sears.com has partnered with British fashion retailer NEXT to be the exclusive seller of the company’s shoes, clothing and accessories in the U.S.
Number of Chicago homeowners getting help rises
The number of delinquent homeowners in the Chicago area who received permanent mortgage loan modifications rose almost 7 percent in August, but participation in trial modification plans fell 21 percent, according to data released Wednesday afternoon by the Treasury Dept.
In the Chicago area, 23,288 homeowners had received permanently modifications between the start of the Home Affordable Modification Program in the spring of 2009 and the end of August. Meanwhile, the number of local homeowners who qualify to receive lower payment terms on a trial basis fell to 10,058 in August, from 12,734 in July. Get the full story »
NBC Universal CEO unlikely to join Apple Rentals
NBC Universal Chief Executive Jeff Zucker said on Wednesday his company is not likely to follow rivals to make its TV shows available for Apple Inc.’s new 99-cent rental service unveiled earlier this month. Get the full story »
J&J lawyers: U.S. knew of Motrin ‘phantom recall’
U.S. health regulators knew that Johnson & Johnson’s McNeil unit was using a contractor to buy back potentially faulty batches of Motrin, though there was no formal agreement with the government, lawyers for the company told lawmakers.
Still, in a letter to the House Oversight and Government Reform Committee Wednesday, J&J’s lawyers said though the purchases of defective painkiller from retailers were legal, “moving forward the company would handle things differently.” Get the full story »
Abbott recalls beetle-tainted infant formula
Abbott Laboratories Inc. said it is recalling millions of containers of its top-selling Similac powdered infant formulas after beetles were found in the products and in a Michigan plant where they are made.
Abbott said Wednesday the voluntary recall follows reports by two consumers of contamination and its inspection of an area of the plant in Sturgis, Michigan, where beetles or their larvae were found. Abbott said “less than 5 million units” of Similac are being recalled in the United States, Guam, Puerto Rico and other Caribbean markets. Get the full story »
Dimon has contract on Gold Coast mansion
From Crain’s Chicago Business | Three weeks after the price was lowered on the eight-bedroom Gold Coast mansion owned by J. P. Morgan Chase & Co. CEO Jamie Dimon, the property is under contract for $6.95 million. Dimon first put the 13,500-square-foot property at 25 E. Banks St. on the market in April 2007, asking price of $13.5 million. Get the full story >>
Netflix launches streaming video in Canada
Netflix launched an online video-streaming service in Canada for films and television Wednesday, its first foray outside the United States and a direct threat to established cable companies. Get the full story »
Lawmaker: Disturbing picture of egg production
The chairman of a House subcommittee says a recent outbreak of salmonella in eggs paints, in his words, “a very disturbing picture of egg production in America.” Get the full story »
Sep. 22, 2010 at 11:50 a.m.
Filed under: Banking, Investigations, Investing, Policy, Politics, Regulations SEC watchdog: Timing of Goldman case ’suspicious’
Goldman Sachs chairman and CEO Lloyd Blankfein at the Senate hearing on the role of investment banks during the financial crisis, Apr. 27, 2010. (Olivier Douliery/Abaca Press/MCT)
The timing of the Securities and Exchange Commission’s case against Goldman Sachs Group Inc. was “suspicious,” the federal regulator’s watchdog said Wednesday.
The SEC filed civil fraud charges against Goldman in mid-April, the same day the watchdog group released a damning report that accused the SEC of mishandling its probe of Allen Stanford’s alleged Ponzi scheme.
The report, authored by SEC Inspector General David Kotz, said the SEC had suspected as early as 1997 that Stanford was running a Ponzi scheme, but did nothing to stop it until late 2005. Get the full story »
New York Times expects 3Q loss, lower revenue
The New York Times Co. said Wednesday it expects to show a loss for the third quarter, with newspaper advertising still in decline.
Unlike the prior quarter, the Times Co. said that growth in digital ad sales will not make up for declines on the print side. Making matters worse, the company expects a drop in revenue from subscription and newsstand sales. Get the full story »
Potash Corp sues BHP to block takeover bid
Potash Corp. said Wednesday it filed a lawsuit against BHP Billiton that seeks to block the mining giant’s $39 billion hostile bid for the Canadian fertilizer producer.
The lawsuit filed in a U.S. District Court alleges that BHP misrepresented and failed to inform investors about material facts, and it accuses BHP of engaging in fraudulent, deceptive and manipulative behavior related to its offer. Get the full story »
Ill. pipeline spill cleanup estimated up to $60M
The company behind a pipeline leak this month near Chicago estimates it will cost up to $60 million to clean up the area where hundreds of thousands of gallons of oil spilled.
Enbridge Energy Partners LP said Wednesday its estimate of $40 million to $60 million doesn’t include potential penalties. It said insurance money should reduce the total charge for the cleanup to $10 million to $15 million. Get the full story »
JetBlue signs deal for onboard satellite Wi-Fi
JetBlue said Wednesday it signed a deal to install satellite broadband Internet and TV service on its fleet of 160 planes.
The airline is partnering with telecommunications company ViaSat Inc. to begin installing the service by the end of 2012. The system must be tested and certified by the Federal Aviation Administration before the airline can roll it out on all of its planes.
JetBlue didn’t say how much the new system would cost. Airline Wi-Fi expert Michael Planey estimates hardware and infrastructure will cost about $15 to $20 million. Get the full story »
Mesirow Financial reports robust revenues for 2010
Chicago-based Mesirow Financial said fiscal 2010 was its best year ever, despite lingering sluggishness in the economy.
Revenues for its fiscal year ended Mar. 31 rose 13 percent to $526 million, due to “spectacular” performances from the privately-held and employee-owned firm’s institutional sales and trading and advanced strategies businesses, as well as “strong” contributions from private equity, consulting and insurance services.
Stockholders’ equity, held by about 300 of its employees, increased nearly 20 percent to $299 million. Get the full story »
