DealBook Alert: Details Emerge on MF Global's Last-Ditch Effort to Fill Shortfall

Dealbook News Alert
The New York Times
Tuesday, November 29, 2011 -- 9:01 PM EST
-----

Details Emerge on MF Global's Last-Ditch Effort to Fill Shortfall

As MF Global discovered a nearly $1 billion shortfall in customer money in the midnight hours of Oct. 31, the brokerage firm lined up a last-ditch — but ultimately unsuccessful — effort to fill the hole, according to people briefed on the matter.

At the time, the revelation of missing money was about to scuttle a last-minute deal to sell part of MF Global to another brokerage. MF Global executives scrambled to assemble funds from a variety of sources, from the firm's own coffers to accounts at banks and clearinghouses, these people said.

The firm was ready to proceed with the wire transfers, but was forced to abort at the last second. Hours later, MF Global filed for bankruptcy protection. And within days, Jon S. Corzine, the former New Jersey governor, had resigned as the firm's chief executive.

Details surrounding the failed transfers are spotty, though investigators have since criticized the poor condition of MF Global's books, which may have presented an incorrect picture of how much money the firm actually had at that time.

Read More:
http://dealbook.nytimes.com/2011/11/29/details-emerge-on-mf-globals-last-ditch-effort-to-fill-shortfall/?emc=da

About This E-Mail
You received this message because you are signed up to receive DealBook
News Alerts from NYTimes.com.

To unsubscribe, change your e-mail address or to sign up for daily headlines
or other newsletters, go to:
http://www.nytimes.com/email

NYTimes.com
620 Eighth Ave.
New York, NY 10018

Copyright 2011 The New York Times Company

DealBook Alert: S.&P. Cuts Ratings on Big Banks

Dealbook News Alert
The New York Times
Tuesday, November 29, 2011 -- 4:53 PM EST
-----

S.&P. Cuts Ratings on Big Banks

The credit ratings agency Standard & Poor's on Tuesday cut its ratings on a number of big American banks as part of actions involving 37 banks.

The agency lowered its ratings on Bank of America, Citigroup, Goldman Sachs and Morgan Stanley by one notch.

The downgrades come weeks after the rating agency overhauled its method for rating financial institutions. The agency now pays less attention to a bank's bottom line, paying closer attention to whether banks had put away enough capital for rainy days.

Shares of Bank of America and other bank stocks fell in trading on Tuesday after rumors of ratings cuts emerged.

Read More:
http://dealbook.nytimes.com/2011/11/29/s-p-cuts-ratings-on-big-banks/?emc=da

About This E-Mail
You received this message because you are signed up to receive DealBook
News Alerts from NYTimes.com.

To unsubscribe, change your e-mail address or to sign up for daily headlines
or other newsletters, go to:
http://www.nytimes.com/email

NYTimes.com
620 Eighth Ave.
New York, NY 10018

Copyright 2011 The New York Times Company

DealBook Alert: Silver Lake Consortium Is Said to Seek Yahoo Stake

Dealbook News Alert
The New York Times
Monday, November 28, 2011 -- 7:04 PM EST
-----

Silver Lake Consortium Is Said to Seek Yahoo Stake

A consortium of investors led by Silver Lake and Microsoft is one of several parties that will be submitting a plan to take a minority stake in Yahoo, people briefed on the matter told DealBook.

TPG Capital is also expected to submit a proposal, said these people, who spoke on condition of anonymity. Both plans involve taking a stake of up to 20 percent in Yahoo.

Yahoo's financial advisers at Allen & Company and Goldman Sachs had set the end of business on Monday as a deadline for offers for a minority stake in the Web pioneer, these people said. The company's board is expected to discuss the matter as soon as this week.

Representatives for Silver Lake, Microsoft, Yahoo and TPG declined to comment.

Yahoo appears increasingly less interested in selling itself as a whole. Over recent weeks, the company's directors and advisers have gravitated toward plans in which an investor or consortium would buy perhaps a 20 percent stake. Yahoo would then take on debt to finance a stock buyback.

Read More:
http://dealbook.nytimes.com/2011/11/28/silver-lake-consortium-to-submit-offer-for-stake-in-yahoo/?emc=da

About This E-Mail
You received this message because you are signed up to receive DealBook
News Alerts from NYTimes.com.

To unsubscribe, change your e-mail address or to sign up for daily headlines
or other newsletters, go to:
http://www.nytimes.com/email

NYTimes.com
620 Eighth Ave.
New York, NY 10018

Copyright 2011 The New York Times Company

Making the Case for a Raise, Not-So-Safe Commodities and More on Your Money

If you have trouble reading this e-mail, please click here

November 28, 2011 Business Day Your Money

Your Money Topics Investments | Loans | Planning | Retirement | Credit | Insurance Robert Neubecker Your Money How to Make the Case for Higher Pay By TARA SIEGEL BERNARD Companies' compensation budgets remain tight, so workers need to gather information before approaching the boss. Wealth Matters In Commodities World, Safe and Secure Sometimes Isn't By PAUL SULLIVAN Commodities firms are required to keep clients' money separate from the firm's capital. But if the cash is so safe, why the delay getting it back if the firm fails? DealBook: Ex-F.B.I. Chief Asked to Oversee MF Global's Bankruptcy 8:14 PM ET Strategies The 50-50 Solution By JEFF SOMMER Holding on to stocks and bonds in equal proportion may help investors ride out the economy's storms. In Nervous Market, Gold Gains Respectability By GERALDINE FABRIKANT While some investors see pitfalls - sudden drops, lack of dividends or interest - others see a kind of insurance as countries remove value from their currencies. With Apps, Wealth Management Goes Mobile By SONIA KOLESNIKOV-JESSOP Private banks, which have been slow to embrace mobile technologies, expect to interact more with their clients through social media and smartphone apps. ADVERTISEMENT The 'Just This Once' Money Trap By CARL RICHARDS It's easy to justify all sorts of spending as a one-time treat. But just how often are you treating yourself? Lessons for Investors in MF Global's Collapse By BUCKS EDITORS Paul Sullivan, in his Wealth Matters column, looks at the implications for investors of the bankruptcy of the commodity brokerage firm MF Global. More From the Financial Pro Who Lost His Home By CARL RICHARDS Carl Richards responds to readers who had questions about his cover story in the "Your Money" special section two weeks ago, and offers up some lessons learned. How to Avoid Fried Turkey Infernos By ANN CARRNS State Farm recruited William Shatner for a video about the dangers of turkey-fryer fires. ADVERTISEMENT

The Haggler Sure, Post a Review. But the Last Word Won't Be Yours. By DAVID SEGAL On a review site for transport companies, it's the company (not the consumer) that gets the final comment. And the Haggler wonders why. Mortgages When a Co-Borrower Has Poor Credit By VICKIE ELMER There are ways to raise a FICO score, but in some instances it may be necessary to hold off on a home purchase in order to clean up one applicant's credit report, or try to go it alone. More Mortgages Columns Preoccupations Starting a Business: The Romance vs. the Reality By ALEXANDRA LEVIT Entrepreneurship holds perils far different from those of working in the corporate world. Bucks A blog about consumer tactics, helping readers sort out the choices in their financial lives. Go to Bucks » Interactive Feature: The Sketchpad: Personal Finance on a Napkin Financial planner Carl Richards has been explaining the basics of money through simple graphs and diagrams. Calculators Interactive Graphic: Is It Better to Buy or Rent? Whether renting is better than buying depends on many factors, including how fast prices rise and how long you will stay in your home. Compare the costs of buying and renting equivalent homes. The 1% More Savings Calculator What would happen to your savings balances if you saved just one percent more a year? ADVERTISEMENT

About This E-Mail You received this message because you signed up for NYTimes.com's Your Money newsletter. As a member of the TRUSTe privacy program, we are committed to protecting your privacy. Manage Subscriptions | Unsubscribe | Change Your E-Mail | Privacy Policy | Contact | Advertise Copyright 2011 | The New York Times Company | Privacy Policy | NYTimes.com 620 Eighth Avenue New York, NY 10018

DealBook Alert: MF Global Trustee Estimates Shortfall Could Be More Than $1.2 Billion

Dealbook News Alert
The New York Times
Monday, November 21, 2011 -- 11:27 AM EST
-----

MF Global Trustee Estimates Shortfall Could Be More Than $1.2 Billion

The court-appointed trustee overseeing the liquidation of MF Global's brokerage now estimates that the shortfall in the firm's customer funds could be more than $1.2 billion, double previous estimates.

The office of the trustee, James W. Giddens, said in a statement on Monday that it is continuing to search for the missing funds, in conjunction with regulators and the Justice Department. He added that the numbers are preliminary and could change.

Mr. Giddens's office did not elaborate on what may have happened to the money, though investigators are currently focused on the possibility that MF Global improperly used customer money to cover trading losses in the days before its bankruptcy filing.

Separately, Mr. Giddens's office said that it has already distributed about $1.5 billion in customer funds meant to support trading positions, and that $520 million in additional cash will be paid out soon.

Read More:
http://dealbook.nytimes.com/2011/11/21/mf-global-trustee-estimates-shortfall-could-be-more-than-1-2-billion/?emc=da

About This E-Mail
You received this message because you are signed up to receive DealBook
News Alerts from NYTimes.com.

To unsubscribe, change your e-mail address or to sign up for daily headlines
or other newsletters, go to:
http://www.nytimes.com/email

NYTimes.com
620 Eighth Ave.
New York, NY 10018

Copyright 2011 The New York Times Company

Today's Headlines: Felons Finding It Easy to Regain Gun Rights

If you have trouble reading this e-mail, please click here

November 14, 2011 Today's Headlines

IN THIS E-MAIL World |  U.S. |  Politics |  Business |  Technology |  Sports |  Arts |  New York/Region |  Media & Advertising |  Editorials |  Op-Ed |  On This Day Customize Today's Headlines |  Search

TOP NEWS Felons Finding It Easy to Regain Gun Rights By MICHAEL LUO Decades of lobbying by pro-gun groups have loosened laws across the country, allowing thousands of felons each year to regain gun rights, often with little or no review. Video: Restoring Gun Rights to Felons | Documents: Felons and Guns Deficit Panel Seeks to Defer Details on Raising Taxes By ROBERT PEAR The Congressional deficit reduction panel is hoping to strike an accord on revenue levels but delay tough decisions on raising taxes until next year. Google's Lab of Wildest Dreams By CLAIRE CAIN MILLER and NICK BILTON At Google X, a clandestine lab that many employees do not know exists, engineers and robotics experts are tackling a list of 100 shoot-for-the-stars ideas that eventually might not seem so far-fetched. • NYTimes.com Home Page » QUOTATION OF THE DAY "It's kind of spooky, isn't it? We could have all kinds of crazy hoodlums out here with guns that shouldn't have guns." BEAU KRUEGER, who has two assault convictions and had his gun rights restored last year in Minnesota after a brief hearing.

Recruiting on campus Also in DealBook » Rajaratnam's $92.8 million penalty Behind the woes at H.P. U.S. Video: Restoring Gun Rights to Felons Every year, thousands of felons across the country have their gun rights reinstated, often with little or no review. Opinion Room for Debate College Legacies The children of alumni still have an edge getting into Ivy League schools, even with the oversupply of talented applicants. Why is that?

WORLD With Clock Ticking, an Economist Accepts a Mandate to Rescue Italy By RACHEL DONADIO A day after accepting the resignation of Prime Minister Silvio Berlusconi, Italy's president asked Mario Monti, a former member of the European Commission, to form a government. Man in the News: Mario Monti Well Qualified, but Facing Uphill Fight By ELISABETTA POVOLEDO An economist with strong European credentials and familiarity with Europe's power brokers, he is widely seen as the right man for the job. Memo From London New Austerity Incites a Bitterness the Postwar Generation Did Without By ALAN COWELL As Europe's politicians confront the reality that the bounty days are over, they face challenges posed by cultural divides and expectations of prosperity. • More World News » U.S. Hispanics Reviving Faded Towns on the Plains By A.G. SULZBERGER Hispanics are arriving in numbers large enough to offset the decline in the white population in many of the smallest communities in the heartland. Video: Educating a Changed Town | Interactive Feature: Changing Face of the Rural Plains Occupy Wall Street Protesters Shifting to College Campuses By MALIA WOLLAN and ELIZABETH A. HARRIS As protest encampments in parks face increasing pressure from officials, as well as safety and health concerns, colleges look like a friendlier setting. For Annoyed Neighbors, the Beat Drags On By CARA BUCKLEY Lower Manhattan residents are increasingly aggrieved about the Occupy Wall Street protesters' daily drumming sessions and the near-constant din of construction emanating from the World Trade Center site. • More U.S. News » POLITICS A Finger Slips, and the Bachmann Camp Pounces By JEREMY W. PETERS The campaign of Michele Bachmann has seized on a CBS News e-mail that discouraged her appearance on a post-debate program, saying it shows bias. The Caucus 'Oops' Moment Takes On a Life of Its Own By JOHN HARWOOD Questioners did not expect a moment that would ripple across the Internet as one of the biggest debating calamities ever to befall a contender. The Caucus Gloria Cain Says Allegations Don't Square With Her Husband By SARAH MASLIN NIR Two weeks after a report linked Herman Cain to sexual harassment allegations, his wife, Gloria Cain, opened up publicly about the matter Sunday. • More Political News » BUSINESS Banks Quietly Ramping Up Costs to Consumers By ERIC DASH Facing a reaction from an angry public and heightened scrutiny from regulators, banks are turning to all sorts of fees that fly under the radar. Graphic: Rising Bank Fees France Keeps a Watchful Eye on Turmoil in Italy By NELSON D. SCHWARTZand LIZ ALDERMAN Italy has replaced Greece as the focus of anxiety in Europe's debt crisis, but investors are also worried over the outlook for France. Interactive Feature: Tracking Europe's Debt Crisis • More Business News » TECHNOLOGY When Sites Drag the Unwitting Across the Web By SOMINI SENGUPTA The social media site Klout has caused a stir with its culling of information about individuals, including children, from publicly available sources online. Internet Architects Warn of Risks in Ultrafast Networks By QUENTIN HARDY The promise of having access to mammoth amounts of data instantly, anywhere, is matched by the threat of catastrophe. Raw Data Putting the Brakes on Web-Surfing Speeds By KEVIN J. O'BRIEN A software program called Glasnost has detected so-called throttling in every part of the world. • More Technology News » SPORTS Patriots 37, Jets 16 Jets Get a Reminder of Who's in Charge By BEN SHPIGEL The Patriots rolled the Jets in a victory that reminded all those dressed in green and white that the division goes through New England, same as it ever has. Box Score | Slide Show: Jets-Patriots Replay, Nov. 13 The Fifth Down: Third-Rate Showing for Jets Roundup: Keeping It Simple, the Broncos Win Again 49ers 27, Giants 20 In Twist, Manning and the Giants Fall Short in the Fourth By SAM BORDEN In a battle of division leaders, the 49ers took a 14-point fourth-quarter lead and stopped a potential game-tying drive at the 10 with 37 seconds left. Box Score | Slide Show: Giants Replay: Week 10 The Fifth Down: Are Giants Too Reliant on Manning Magic? Saints 26, Falcons 23 (OT): Coach Takes the Blame After Move Costs Atlanta Steelers 24, Bengals 17 Steelers Turn Things Around By JUDY BATTISTA Steelers cornerback William Gay, who had been vilified around Pittsburgh for allowing the winning touchdown last week, made a key interception late in the game to preserve the Steelers' victory. • More Sports News » ARTS Bitter Departure for Miami's Ballet Patriarch By DANIEL J. WAKIN Edward Villella, 75, will be stepping down as artistic director of the Miami City Ballet in 2013; according to recent interviews he was forced out in a shift toward a business rather than an artistic leadership. News Analysis Billy Crystal Is Gilded as Hero of Oscar Night By MICHAEL CIEPLY At the Governors Awards, the buzz was all about Billy Crystal, who swooped in to save the Academy Awards. 'Immortals' Tops the Box Office 1:32 PM ET Books of The Times 'Sweet Judy Blue Eyes' By JANET MASLIN Judy Collins's memoir addresses her early life, career, romantic relationships, alcoholism and eating disorder, as well as the fraught life of her son, Clark. Slide Show • More Arts News » NEW YORK / REGION Cuomo Tries to Shore Up the Support of Minorities By THOMAS KAPLAN Gov. Andrew M. Cuomo has been lavishing attention on minority communities amid signs of impatience and a perceived lack of attention to their concerns. Traffic to Stymie Even the Batmobile Shows the Two Sides of Movie Production By MATT FLEGENHEIMER For nearly the entire weekend, the top level of the Ed Koch Queensboro Bridge was closed in both directions to accommodate crews filming "The Dark Knight Rises," the newest Batman movie. Regions Will Compete for New York State Cash By PETER APPLEBOME A plan from Gov. Andrew M. Cuomo to promote economic development in New York is viewed as experimental. • More New York / Region News » MEDIA & ADVERTISING Chelsea Clinton to Report for NBC By BILL CARTER The former president's daughter will be a special correspondent, focusing on reports for the "Making a Difference" series on "NBC Nightly News." Reality TV's Instant Stars Populate a Magazine By JEREMY W. PETERS The new magazine Reality Weekly appears to have both supply and demand working in its favor. The public enjoys reality television, and the stars fall over themselves to be covered. Super Bowl an Ad Buy for Hyundai By THE ASSOCIATED PRESS The advertising plans by the Korean automaker Hyundai for the Super Bowl come amid big sales gains from the past few years. • More Media & Advertising News » EDITORIALS Editorial A Blue-Ribbon Indictment A federal sentencing report shows gross unfairness in mandatory minimums. Congress needs to rescind them. Editorial Zealots' Remorse News that several Republican lawmakers are disavowing Grover Norquist's pledge to never, ever increase taxes is welcome. Editorial They Like Transparency, Until They Don't Mayor Michael Bloomberg should tell his administrators to comply with the Freedom of Information Law quickly and thoroughly. • More Opinion » OP-ED Op-Ed Columnist How Romney Could Win By BILL KELLER How his campaign might make the case to the deciders in the middle. Columnist Page Op-Ed Columnist Vouchers for Veterans By PAUL KRUGMAN And that's just one of the Republicans' really bad health care ideas. Columnist Page | Blog Editorial On the Rise in Alabama From an anti-immigrant backlash, a new civil rights movement is stirring in Alabama. Slide Show: A New Civil Rights Movement • More Opinion » ON THIS DAY On Nov. 14, 1972, the Dow Jones Industrial Average closed above 1,000 for the first time, ending the day at 1,003.16. • See This Front Page • Buy This Front Page

About This E-Mail You received this message because you signed up for NYTimes.com's Today's Headlines newsletter. As a member of the TRUSTe privacy program, we are committed to protecting your privacy. Manage Subscriptions | Unsubscribe | Change Your E-Mail | Privacy Policy | Contact | Advertise Copyright 2011 | The New York Times Company | Privacy Policy | NYTimes.com 620 Eighth Avenue New York, NY 10018