Headlines
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May 9, 2013
Fannie Mae said today that it would make a $59.4 billion payment to the U.S. Treasury next month after reporting a $58.7 billion first-quarter profit thanks to a big tax benefit the bailed-out mortgage-finance company booked after determining it would generate profits in the coming years, the Wall...
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May 9, 2013
With a liquidation trustee now overseeing Dewey & LeBoeuf's bankruptcy, the professional advisers who guided the defunct firm through its first nine months of chapter 11 proceedings want to be paid the balance of the $23.6 million that they say they have earned for their contributions to the...
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May 9, 2013
Jeffrey Skilling, the convicted former Enron Corp. chief executive, could be freed from prison a decade earlier than originally expected over his role in bringing down the energy trader, in one of the biggest corporate frauds in U.S. history, Reuters reported yesterday. According to court papers...
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May 9, 2013
Hedge funds using debt-trading strategies honed on Wall Street are expanding at a record pace as they profit from risks big banks are no longer taking, Bloomberg News reported yesterday. BlueCrest Capital Management LLP doubled its New York staff in the two years through December, while Pine River...
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May 9, 2013
The maker of the zero-calorie nutritional drink Skinny Water is seeking to fatten up its coffers, filing for bankruptcy amid a lack of funding and facing the loss of its trademarks, Reuters reported today. Skinny Nutritional Corp. filed for Chapter 11 protection last week and announced the filing...
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May 9, 2013
Although Lehman Brothers Holdings Inc. is out of bankruptcy a year, Bloomberg Law's Lee Pacchia and Bloomberg News bankruptcy columnist Bill Rochelle discuss how Lehman is becoming a test case to decide whether a prohibition in one specific provision in bankruptcy law can be sidestepped by reliance...
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May 8, 2013
Nearly three years after Congress passed the Dodd-Frank financial law to limit risky activities on Wall Street, a series of bills could weaken regulation of derivatives, the Washington Post reported today. The House Financial Services Committee yesterday passed six bills that limit reforms in the...
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May 8, 2013
Citigroup Inc. has sued Barclays Plc to recover more than $141 million for providing foreign exchange services to a unit of Lehman Brothers Holdings Inc. soon after Lehman's bankruptcy, Reuters reported yesterday. The complaint filed on Monday in U.S. District Court related to Citigroup's role in...
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May 8, 2013
U.S. District Judge Mariana Pfaelzer ruled that American International Group Inc. can proceed with a lawsuit against Bank of America Corp. over residential mortgage-backed securities purchased from the bank’s Countrywide Financial unit, Bloomberg News reported yesterday. Judge Pfaelzer yesterday...
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May 8, 2013
California's public pension fund said yesterday that the bankrupt city of San Bernardino has a lot more cash than it had previously disclosed and more than enough money to pay off its debts to the retirement system, Reuters reported yesterday. San Bernardino declared bankruptcy on Aug. 1 last year...
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May 8, 2013
Alabama's Jefferson County will brief a bankruptcy judge tomorrow on its progress toward exiting from bankruptcy, as the county appears likely to become the first big U.S. local government to impose losses on bondholders since the 1930s, Reuters reported yesterday. The case is seen as a testing...
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May 8, 2013
Moody's Investor Service said yesterday that the number of municipal bond defaults have increased since the financial crisis but it added that defaults remain few in number, Reuters reported yesterday. In 2012 there were five Moody's-rated defaults and 23 since the beginning of the recession in...
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