Lawyers back Goldman on SEC disclosure April 19, 2010 LEGAL experts yesterday insisted that Goldman Sachs was justified in concealing from investors the first stages of the Securities and Exchange Commission’s probe into obscure credit derivative trades at the bank. Goldman came under fire at the weekend after it emerged the bank had known about the investigation months before fraud charges were officially filed [...]
Goldman goes hell for leather in defence of fraud charges… April 19, 2010 GOLDMAN Sachs threw down the gauntlet to the US Securities and Exchange Commission (SEC) long before it filed fraud charges on Friday, the bank’s initial written responses to the investigation have shown. Goldman countered the SEC claims in 60 pages of response documentation in September, when it warned the allegations are rife with “fatal deficiencies”. [...]
…as analyst warns the stage is set for a repeat of the financial system’s collapse April 19, 2010 A LEADING US bank analyst warned that the SEC’s fraud lawsuit against Goldman Sachs is paving the way for another financial crisis, just days after calling for executive heads to roll at the bank. Rochdale Securities analyst Dick Bove caused consternation at the weekend by suggesting Goldman chief executive Lloyd Blankfein and finance director David [...]
Scandal fuels legal cleanup April 19, 2010 THE case being brought against Goldman Sachs by the US securities watchdog will boost Democrat efforts to pass tough new laws against Wall Street, Washington insiders believe. The timing of the Securities and Exchange Commission’s (SEC) fraud allegations is fortuitous for President Barack Obama, who will this week try to force an ambitious finance reform [...]
Wall Street titans fear further action from SEC April 19, 2010 WALL Street’s banking giants fear that the Securities and Exchange Commission (SEC), fresh from hitting Goldman Sachs with a civil fraud charge, may soon move on to other targets. Bank of America Merrill Lynch, Citi and UBS are the three leading players when it comes to issuance of the controversial collateralised debt obligations (CDOs), according [...]
WEE WILLIE BRUSHES UP ON BA’S PR STRATEGY April 19, 2010 THAT pesky cloud of Icelandic volcanic ash may have caused havoc among passengers and crippling losses to airlines, but at least there has been a silver lining for one man. “Wee” Willie Walsh, the chief executive of British Airways, has suffered something of a PR nightmare over the past year amid strikes and crisis-hit revenues, [...]
Pace set for World Cup sales boost April 19, 2010 PACE, the set-top box maker, is expecting a World Cup sales boost as operators role out high-definition TV ahead of the summer football tournament. The UK-based company said sales in the first half of the year will outpeform the second six months as millions tune into the World Cup. However trading for the overall year [...]
Cisco snaps up Tandberg in £2.2bn swoop April 19, 2010 Cisco became the biggest maker of videoconferencing equipment yesterday as its $3.3bn (£2.2bn) acquisition of Tandberg, announced last October, closed. It is already the world’s biggest network equipment maker. The IT networking giant confirmed it has completed a voluntary offer for Tandberg, giving it control of 91 per cent of the company. It began a [...]
WILL THE WORLD CUP ENABLE PACE TO BEAT EXPECTATIONS IN 2010? April 19, 2010 JONATHAN IMLAH | ALTIUM “Pace’s quarter one management statement confirms that trading has continued in line with expectations against a backdrop of robust demand for the company’s products. With regard to margin outlook, the statement confirms that gross margins are expected to increase.” IAN ROBERTSON | SEYMOUR PIERCE “ High definition and 3D are seasonal [...]
Toyota to pay $16m US fine over failures April 19, 2010 Toyota yesterday agreed to pay a record $16.4m (£11bn) fine to US safety regulators to settle a complaint that the company delayed a recall over defective accelerator pedals, but denied violating US regulations. Toyota said it had made a “good faith” effort to handle safety problems but decided to pay the penalty — the maximum [...]