DealBook
A Financial News Service of The New York Times
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A Post-Bailout Roundup
We are in a post-bailout era as the administration in its waning days begins the hard work of actually implementing its slew of rescue programs. Hopefully, this means a more steady rhythm of government action, compared to the administrations haphazard crisis response, something my colleague David Z ...
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G.M., Ford and the Corporate Jet Effect
After drawing fire for how they got to last months hearings, the chief executives of Ford Motor Company and General Motors have said they are selling their corporate jets and driving down to Washington to present their turnaround plans to Congress. Rick Wagoner, the chief executive of G.M., will mak ...
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Yahoo Climbs on Report That Bid May Be Brewing
Shares of Yahoo rose as much as 16 percent on Tuesday afternoon after The Wall Street Journal reported that the former chief executive of AOL, Jonathan Miller, was trying to raise money to buy a portion or all of the Internet company. The stock later gave back some of those gains. Mr. Miller has ta ...
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Fed Extends 3 Emergency Loan Programs
The Federal Reserve announced Tuesday that it was extending the term of three emergency loan programs for three months, to April 30, saying it was making the move in light of continuing strains in the financial markets. The Fed said the loan programs involved were the Primary Dealer Credit Facility, ...
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Lehman Executive Joins Sears Holdings
Scott Freidheim, a right-hand man to the chief executive of Lehman Brothers, is leaving that bankrupt investment bank to join another embattled company. Mr. Freidheim, the former co-chief administrative officer and executive vice president of Lehman Brothers, will become an executive vice president ...
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GE Capitals Low-Leverage Diet
The financial arm of General Electric, GE Capital, is going to get a lot leaner as the credit crunch rolls on. That was the theme of Tuesday mornings conference call, in which GE Capital executives outlined their plan to get the unit a financial giant involved in aircraft leasing, commercial real ...
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Simpson Thacher Names Five New Partners
Simpson Thacher Bartlett, an adviser in lots of marquee mergers and buyouts, has named five new partners. In a sign of the times, none of them is a New York-based deal lawyer. Simpsons latest class is smaller than the eight partners it elected a year ago and less than half the 13 partners it named ...
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John Paulson on Hedging and High School
Theres more to come. That was the not-so-cheery assessment from John Paulson, who has proved remarkably adept at predicting and profiting hugely from the current economic debacle. Bloomberg News interviewed Mr. Paulson, whom DealBook recently spotted toasting his firms success over bottles of 199 ...
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G.E. Damps Down Earnings Expectations
General Electric said Tuesday that it expects its fourth-quarter profits to be at the low end of its previous guidance and warned that restructuring and other charges were likely to top $1 billion after taxes. The grim outlook was more evidence that, despite access to multiple federal aid programs a ...
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Hawaiian Telcom Files for Bankruptcy
Hawaiian Telcom Communications, the largest telephone company in Hawaii, said Monday that it had filed for Chapter 11 bankruptcy protection. The company, backed by buyout shop the Carlyle Group, had been working with creditors since October on a debt-restructuring agreement and said it decided the b ...
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British Airways in Merger Talks With Qantas
British Airways confirmed Tuesday that it is discussing a potential merger with Qantas Airways of Australia. The deal, which it warned may not happen, would be done through a dual-listed structure, it said in a statement on its Web site. British Airways talks with Iberia, the Spanish airline, are co ...
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Big Three May Need to Trim Brands
For the Big Three automakers to win over Washington lawmakers in their bid for federal aid, they will have to address a critical question in the business plans they give to Congress on Tuesday, The New York Timess Bill Vlasic writes. Just how serious are they about shrinking their vast lineups of di ...
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Japan Acts to Ease Crisis in Corporate Credit
The global credit crunch has finally hit Japan. That was the message from the nations central bank, the Bank of Japan, on Tuesday as it announced emergency measures to ease an acute squeeze in corporate funding that threatens to push Asias largest economy deeper into recession, The New York Timess ...
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Daimler Sells $1.3 Billion in Bonds
Daimler, the German automaker, sold 1 billion euros ($1.27 billion) of three-year bonds on Monday, paying sharply higher interest costs than it did for a similar issuance three months ago, Reuters reported. Daimler sold the 3-year bond, with a coupon of 9.0 percent, at 99.519 percent of face value t ...
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Putting a Value on a C.E.O.
With taxpayers money now sunk into struggling banks, can Main Street stomach the high salaries that some argue it takes to keep Wall Streets leaders in place? One thing the financial crisis has demonstrated is that Wall Streets old pay systems failed, Andrew Ross Sorkin writes in his latest DealBo ...
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K.K.R. To Take Stake in Chinese Dairy Business
Kohlberg Kravis Roberts plans to invest $100 million in a Chinese dairy-farm business, Bloomberg News reported. The buyout firm reportedly plans to to scoop up a minority stake in Modern Farm, making China Mengniu Dairy, the countrys largest liquid milk producer, its partner. Last year, Chinas da ...
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Goldman Said to Face $2 Billion Loss
Goldman Sachs is likely to report a net loss of as much as $2 billion for the fourth quarter, The Wall Street Journal reported, citing industry insiders. The quarterly loss, equivalent to about $5 a share, will be Goldmans first ever as a public company, as it faces write-downs on everything from p ...
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At Least Three Bidders Line Up for Cubs, Report Says
At least three groups submitted offers on Monday to the Tribune Company in the latest round of bidding for the Chicago Cubs baseball team, Reuters reported, citing two sources familiar with the process. Groups led by Tom Ricketts, chief executive of Chicago investment bank Incapital and the son of t ...
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Carlyles Hawaiian Telcom Files for Bankruptcy Protection
Hawaiian Telcom Communications, the largest telephone company in Hawaii, said Monday that it had filed for Chapter 11 bankruptcy protection. The company, backed by buyout shop the Carlyle Group, had been working with creditors since October on a debt-restructuring agreement and said it decided the b ...
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Greenberg Urges Yet Another A.I.G. Lifeline
Maurice R. Greenberg cant let his old firm go. The former chief executive of the American International Group again took to the op-ed pages of The Wall Street Journal, writing on Tuesday that the insurance giant needs yet another revision to its bailout by the federal government. Its not that the A. ...
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