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Goldman Sachs downgraded Microsoft Corp. on Monday to neutral from buy, and lowered its price target on the software giant to $28 from $32.
Among the reasons for the move, the broker cited “increased caution near-term on a more elongated PC refresh cycle” as well as the threat that some of the notebook market could be cannibalized by tablet PCs, where Microsoft Windows doesn’t yet have a presence. Get the full story »
Triton Container International Ltd., owned by Chicago’s Pritzker family, is up for sale, the latest attempt at selling the container leasing company that could be worth about $1 billion, several sources familiar with the matter said on Friday.
The auction is the latest in a series of asset sales by the Pritzkers, one of the wealthiest U.S. families. They have been selling assets after a 2001 settlement agreement, in which 11 heirs set a plan to break up the family fortune. Get the full story »
Fabrice Tourre, a central figure in a controversial Goldman Sachs transaction, asked a judge to throw out a U.S. regulator’s fraud lawsuit against him, 2-1/2 months after the bank settled its part of the case for $550 million. Get the full story »
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 »
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 »
The National Football League’s chief financial officer is leaving after two years to return to Goldman Sachs Group Inc., the league announced on Monday.
Anthony Noto, 42, will leave the NFL Oct. 4 and rejoin Goldman Sachs as co-head of the global media group within its investment banking division, working with Andy Gordon in New York. Get the full story »
CME Group Inc. told the Commodity Futures Trading Commission that CME’s ban on a type of trade that would help rival ELX Futures LP easily capture business from CME is not anti-competitive.
In a 70-page letter posted on the regulator’s website on Friday, CME asked the CFTC to reconsider its endorsement of so-called exchange for futures trades, or EFFs, repeating its view that there is no compelling reason for it to allow them. Get the full story »
Three former female employees of Goldman Sachs & Co. are suing the Wall Street firm, charging rampant gender discrimination that unfairly favors men in pay and promotions.
The suit filed Wednesday by the three women alleges that Goldman has violated federal and New York City laws by engaging in a systematic “pattern and practice” of discrimination against female professionals at the firm. They are asking a federal judge to certify the case as a class-action suit on behalf of the firm’s women employees. Get the full story »
Britain’s financial watchdog fined Goldman Sachs Group Inc. 17.5 million pounds ($27 million) for failing to tell the regulator it was the subject of a U.S. probe, reviving disclosure headaches for the Wall Street powerhouse.
The fine — one of the biggest imposed in Britain — stemmed from Goldman’s troubled Abacus mortgage-security product, which was the focus of an investigation by the U.S. Securities and Exchange Commission. Get the full story »
Goldman Sachs Group Inc. is closing its principal strategies desk as it works to comply with new U.S. rules on proprietary trading, Bloomberg News reported Friday.
The report, citing two people with knowledge of the decision, said Goldman would delay announcing the move as 65 to 70 members of the unit sought new jobs. Some traders and support staff could be reassigned in the firm, and a team in Asia could look to start a new hedge fund, it said. Get the full story »
Urban Partnership Bank, the successor to the recently failed ShoreBank, has already boosted the interest rates on a couple of savings accounts for its online ShoreBank Direct.
The ShoreBank Direct Online Savings Account now pays a 1.25 percent annual percentage rate with a $100,000 minimum balance, up from 1.19 percent. It also pays 1.2 percent for balances of less than $100,000, up from 1.03 percent.
The rate hikes were first reported by www.depositaccounts.com, a tracker of bank account trends. Get the full story »
Visteon Corp. received court approval Tuesday to exit bankruptcy, ending a 15-month fight among hedge funds, lenders and an industry giant for a piece of the revived auto-parts maker.
Visteon’s reorganization caps a two-year stretch in which dozens of U.S. automotive companies collapsed into bankruptcy. Chrysler, General Motors, Delphi Corp. and Lear Corp. used Chapter 11 to remove crushing debt, shed obligations and close underutilized factories. Get the full story »
Urban Partnership Bank, the newly formed group that last week bought failed Chicago-based ShoreBank, has named five-people to its board of directors.
It includes three former First Chicago executives who had joined ShoreBank in recent months during its last-ditch and ultimately unsuccessful effort to raise capital so state and federal regulators wouldn’t seize it.
Those are David Vitale, who, as previously reported, will serve as chairman; William Farrow, who, as reported, will be president and chief executive officer; and Eileen Kennedy, another former First Chicago executive who had joined ShoreBank in recent months. Get the full story »
The Pritzker family is putting the Hyatt Center, the curvy 71 S. Wacker Dr. skyscraper on the Chicago River, on the market for more than $575 million, according to Crain’s. Major tenants in the 49-story building include the Pritzker family’s Hyatt Hotels Corp., Mayer Brown Rowe & Maw LLP and Goldman Sachs Group Inc. Get the full story>>
CME Group Inc., the world’s largest futures market, was downgraded by Goldman Sachs Group because of slowing volume and longer-than-anticipated effects of financial reform.
