Madoff scandal fallout deepens a year later in New York
FBI found Bernard Madoff at his Manhattan penthouse in a bathrobe as the $50 billion fraud unraveled. A year after the collapse, investigators and investors grapple with the full impact, legal fallout, and how much of losses will be recovered. The saga led to a 150 year sentence for Madoff and asset seizures for Ruth Madoff, with ongoing efforts by a court trustee to recover funds and pursue recovery from hedge funds and large investors.
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New York
FBI
Bernard Madoff
Madoff
Ruth
Manhattan
Stephen A. Weiss
SEC
Chris Steskel
European leaders push one off tax on bank bonuses
In a coordinated move Britain and France advocate a one off tax on fat bonuses for bailed out banks. Goldman Sachs says it will pay top executives in stock rather than cash, five year vesting. The stance signals pressure on U S banks to curb bonuses amid a buoyant recovery.
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Wall Street Journal
Nielsen Co. to Sell Journals and End Editor & Publisher
Nielsen Co. will sell several prominent trade journals including The Hollywood Reporter and Billboard and shut down Editor & Publisher after more than a century. Eight titles move to e5 Global Media formed by Pluribus Capital Management and Guggenheim Partners. James Finkelstein will be e5 chairman and Alan Schwartz Guggenheim executive chairman. Price undisclosed.
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China tops U.S. as world’s biggest car market in surprise shift
Chinese car sales exceed U.S. forecasts with over 12.7 million vehicles expected this year, driven by tax cuts and a stimulus push. The shift pressures oil demand, prices, and vehicle design as GM and other brands expand in China.
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J.D. Power and Associates
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India
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Buick
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