July 2009

House Approves $2 Billion For Cash For Clunkers Program

July 31, 2009

WASHINGTON — The House has voted to rush an additional $2 billion into the popular but financially strapped “cash for clunkers” car purchase program.

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Gucci Handbags Become `Less Ostentatious’ With Fewer Logos, Chief Says

July 31, 2009
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Best Stock Picks Made by Brokers in Study as Sell-Side Beats Fund Research

July 31, 2009

By Eric Martin July 31 (Bloomberg) — Stock recommendations from Wall Street brokerages produced bigger profits than picks by analysts working for money managers, according to a study of equity research from 1997 to 2004. Shares chosen by so-called sell-side analysts performed more than three times better than the companies selected for mutual funds, according to the survey by professors from Harvard Business School and the University of North Carolina. The study was released today after provisions of former New York Governor Eliot Spitzer ’s six-year-old pact regulating Wall Street research expired

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President Obama Raises a Glass as Beer Sales Fall Flat: Chart of Day

July 31, 2009

By Duane D. Stanford July 31 (Bloomberg) — President Barack Obama ’s three-man race-relations symposium at the White House is providing publicity for a U.S

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Connecticut Senator Dodd Has Early-Stage Prostate Cancer; Surgery Planned

July 31, 2009

By Alison Vekshin July 31 (Bloomberg) — U.S. Senate Banking Committee Chairman Christopher Dodd has been diagnosed with early-stage prostate cancer and will have surgery next month, his spokeswoman said today. Dodd, a Connecticut Democrat, plans to return to work after a quick recuperation, spokeswoman Kirstin Brost said in a telephone interview.

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House Approves Adding $2 Billion to `Cash for Clunkers’ Car-Buying Program

July 31, 2009

By Angela Greiling Keane July 31 (Bloomberg) — The U.S.

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U.S. Stocks Gain on Speculation of Economic Recovery; Dollar Index at Low

July 31, 2009

By Lynn Thomasson July 31 (Bloomberg) — Most U.S. stocks rose, extending the Dow Jones Industrial Average’s best monthly gain since 2002, as better-than-estimated gross domestic product spurred speculation the economy is recovering from the recession.

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Video: Inside Look – Why Deficits Matter

July 31, 2009

Analysis and Discussion with UC Berkley Economics & Law Professor Alan Auerbauch (Bloomberg News)

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Video: Inside Look – Why Deficits Matter

July 31, 2009

Analysis and Discussion with UC Berkley Economics & Law Professor Alan Auerbauch (Bloomberg News)

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La Jolla Pacific and Real Estate Experts Team Up to Offer Asset Management and REO Solutions

July 31, 2009

BUSINESS WIRE)– Leading construction risk management firm . today announced several upcoming workshops on the topic of REO (real estate owned) properties and distressed assets

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La Jolla Pacific and Real Estate Experts Team Up to Offer Asset Management and REO Solutions

July 31, 2009

BUSINESS WIRE)– Leading construction risk management firm .

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Video: Afternoon Business News Briefs

July 31, 2009

Pemex May Not Meet Lower Forecast, Will Seek $10 Billion in Bank Loans; Low Prices for Laptops; Australian Meat Traders Hopping to China (Bloomberg News)

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Video: Afternoon Business News Briefs

July 31, 2009

Pemex May Not Meet Lower Forecast, Will Seek $10 Billion in Bank Loans; Low Prices for Laptops; Australian Meat Traders Hopping to China (Bloomberg News)

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Video: Commodities Check – Coffee Prices May Rise

July 31, 2009

Coffee – Sell in May & Go Away (Bloomberg News)

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Video: Friday Morning Hangover

July 31, 2009

Wine Cheaper in New Zealand and Australia (Bloomberg News)

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AIG’s Regulatory Filings Show Tangled Web, Increasing Weakness

July 31, 2009

The dozens of insurance companies that make up the American International Group show signs of considerable weakness even after their corporate parent got the biggest bailout in history, a review of state regulatory filings shows.

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Video: Obama Speaks on "Cash-to-Clunkers" Program

July 31, 2009

Live! From the White House: President Barack Obama Holds News Conference (Bloomberg News)

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Mike Lux: Taking on the Big Guys

July 31, 2009

Like many good progressives in DC and around the country (along with the insurance company lobbyists of course), I am working virtually around the clock at the moment on health care reform. As I have written, this fight will almost certainly determine the fate of the rest of the Obama administration, and whether we have a chance to take on and beat the big business special interests on any other issue.

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Cash For Clunkers Will Survive: White House

July 31, 2009

WASHINGTON – The White House said Friday that the ‘cash for clunkers’ program was still alive even though new-car shoppers appear to have already snapped up all the $1 billion that Congress had appropriated for it.

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Terrence McNally: Q&A with Michael Lewis (Part 1): The Rules of the Game Were Totally Screwed Up

July 31, 2009

I recently interviewed Liar’s Poker author Michael Lewis, and I didn’t even ask him if the Moneyball movie was on again.

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Video: Special Report – Dancing in the Lap of Recession

July 31, 2009

Rick’s Cabaret Shares Up Over 90% YTD (Bloomberg News)

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Cash for Clunkers: Why Did It Run Out Of Money?

July 31, 2009

Amid conflicting reports this morning about whether the Cash for Clunkers program is still operating (there is some indication that the Obama Administration suspended it at midnight, after the $1 billion funding ran dry, while statements out of the White House seem to indicate (they’re looking for more funding) it ought to be obvious why its runaway success is a failure. The government bought a lot of clunkers.

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Video: Sector Focus – Automakers

July 31, 2009

Automakers Report July Sales Monday; “Cash for Clunkers” Still Running (Bloomberg News)

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Exxon Spends More On Lobbying Than Entire Clean Energy Industry Combined

July 31, 2009

Guess it pays to be the biggest oil company in the world–even though their profits are at the lowest they’ve been in six years, Exxon still managed to spend more money on lobbying efforts for the climate bill than the entire clean energy industry combined.

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7 Questions for Michael Milken, Small Business Advisor: Minyanville

July 31, 2009

It takes a certain Type A personality to excel in management, and running even a small to medium-sized business can be a herculean task. Which is why you might want to enlist the expertise of a market titan. Bizmore — a business advice website comprised of user-generated questions and answers — goes live this week, and it has something of a secret weapon: Billionaire financier–and a bald man who boldly eschews the ceremonial wearing of the toup — Michael Milken has given the fledgling service some $10 million in funds, according to the New York Times.

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Video: More Perspective – Opposing the Healthcare Plan

July 31, 2009

A Wall Street Perspective – Analysis and Discussion with Chip Hanlon of Delta Global Advisors (Bloomberg News)

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Video: More Perspective – Opposing the Healthcare Plan

July 31, 2009

A Wall Street Perspective – Analysis and Discussion with Chip Hanlon of Delta Global Advisors (Bloomberg News)

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Video: More Perspective – Opposing the Healthcare Plan

July 31, 2009

A Wall Street Perspective – Analysis and Discussion with Chip Hanlon of Delta Global Advisors (Bloomberg News)

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Video: Today in Washington – Dodd Cancer Diagnosis, Healthcare Bill

July 31, 2009

Sen. Chris Dodd Diagnosed with Prostate Cancer; House Panel Agreement Restores $550 Billion to Cut Subsidies, Opens Way for Measure to Clear House Panel (Bloomberg News)

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Video: Today in Washington – Dodd Cancer Diagnosis, Healthcare Bill

July 31, 2009

Sen. Chris Dodd Diagnosed with Prostate Cancer; House Panel Agreement Restores $550 Billion to Cut Subsidies, Opens Way for Measure to Clear House Panel (Bloomberg News)

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Video: Inside Look – SEC Probes High-Frequency Trading

July 31, 2009

Interview with TABB Group Founder/CEO Larry Tabb (Bloomberg News)

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Video: Inside Look – SEC Probes High-Frequency Trading

July 31, 2009

Interview with TABB Group Founder/CEO Larry Tabb (Bloomberg News)

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Video: Inside Look – SEC Probes High-Frequency Trading

July 31, 2009

Interview with TABB Group Founder/CEO Larry Tabb (Bloomberg News)

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Congress Fights To Save ‘Cash For Clunkers’ Sales

July 31, 2009

WASHINGTON (AP) — The House raced Friday to pass legislation pouring an additional $2 billion into the popular — but financially strapped — “cash for clunkers” car purchase program. Reps. Sander Levin, D-Mich., and Betty Sutton, D-Ohio, said the House planned to consider the additional funding after lawmakers from the two states were assured by Transportation Secretary Ray LaHood that the program would continue while the Obama administration looked for more money. Democrats in the House were exploring the possibility of votes as early as Friday to replenish the funding.

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Business Leaders Surprised By Wide Access To Obama

July 31, 2009

Business leaders also agree they have had surprisingly wide access to the President and his top advisers. Some even say the doors are more open than they were during the Bush years

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U.S. `Cash-for-Clunkers’ Program Suspended After Going Through $1 Billion

July 31, 2009

By Angela Greiling Keane and Roger Runningen July 31 (Bloomberg) — The Obama administration is seeking ways to keep the $1 billion “cash for clunkers” program running after a burst of demand exhausted much of the money. The program to encourage new car sales is still in operation, and the Obama administration will meet today with congressional leaders “to find and develop ways to continue to fund” the auto discounts, White House press secretary Robert Gibbs told reporters today. “If you were planning on going to buy a car this weekend, using this program, this program continues to run,” Gibbs said. “If you meet the requirements of the program, the certificates will be honored.” Senator Debbie Stabenow , a Michigan Democrat, and other lawmakers called for an infusion of taxpayer money to subsidize more new-vehicle purchases in the effort to revive dealerships and automakers while getting older, less fuel-efficient vehicles off the road.

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Video: Commodities Check – Corn Dillemma

July 31, 2009

Corn is a Dog, Down 20% YTD (Bloomberg News)

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Video: Commodities Check – Corn Dillemma

July 31, 2009

Corn is a Dog, Down 20% YTD (Bloomberg News)

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Video: Commodities Check – Corn Dillemma

July 31, 2009

Corn is a Dog, Down 20% YTD (Bloomberg News)

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Business Activity in U.S. Contracts at Slower Pace, ISM-Chicago Index Says

July 31, 2009

By Bob Willis and Shobhana Chandra July 31 (Bloomberg) — U.S. business activity contracted at a slower pace in July, a sign the economic outlook is improving entering the second half of the year.

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Boeing, Xerox, Business Groups Object to U.S. Health-Care Plan Over Costs

July 31, 2009

By John Hughes and Holly Rosenkrantz July 31 (Bloomberg) — Boeing Co. , Xerox Corp. and Caterpillar Inc

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Space Shuttle Endeavour Touches Down Safely in Florida After 16-Day Flight

July 31, 2009

By Ryan Flinn July 31 (Bloomberg) — The space shuttle Endeavour and its seven-person crew landed safely in Florida today, completing a 16-day mission that included a crowded stay at the International Space Station . Endeavour touched down at Kennedy Space Center in Cape Canaveral, Florida, at about 10:48 a.m. local time. The shuttle spent 11 days docked at the ISS, during which the crew delivered parts to the station and installed batteries and other components.

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Michigan Lawmakers Seeking $2 Billion to Keep `Cash for Clunkers’ Running

July 31, 2009

By Angela Greiling Keane July 31 (Bloomberg) — Lawmakers from Michigan are pressing to add $2 billion to continue the “cash for clunkers” program after a burst of demand exhausted most of the initial $1 billion. The program to encourage new car sales is still in operation, White House press secretary Robert Gibbs told reporters today. Members of Congress had said late yesterday that the clunkers offer was being suspended.

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MetLife Adds Corporate Bonds After Reducing Cash Holdings 30% in Quarter

July 31, 2009

By Andrew Frye July 31 (Bloomberg) — MetLife Inc.

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Lone Star Said to Secure Pledges for $20 Billion Distressed-Property Fund

July 31, 2009

By Hui-yong Yu July 31 (Bloomberg) — Lone Star Funds founder John Grayken is securing pledges toward his goal of raising $20 billion to invest in distressed commercial real estate and securities, according to two people familiar with the matter.

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Ackermann Says Rising Delinquencies Represent `Next Wave’ of Bank Crisis

July 31, 2009

By Elena Logutenkova July 31 (Bloomberg) — Rising delinquencies among consumer and corporate borrowers are the “next wave” of the financial crisis and may affect banks that have avoided losses so far, said Deutsche Bank AG Chief Executive Officer Josef Ackermann . “This crisis has consisted of a series of earthquakes, with changing epicenters,” Ackermann said late yesterday at an event in Zurich.

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Dollar, Yen Slump Versus Euro as U.S. Economy Shrinks Less Than Forecast

July 31, 2009

By Ye Xie and Sapna Maheshwari July 31 (Bloomberg) — The dollar and the yen declined versus the euro after a government report showed the U.S. economy shrank less than economists forecast, reducing the demand for the currencies as a refuge

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IMF Says U.S. Recovery to Be `Gradual,’ More Stimulus Funds May Be Needed

July 31, 2009

By Sandrine Rastello July 31 (Bloomberg) — The U.S.

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U.S. Economy Shrinks at 1% Annual Rate; Spending Falls More Than Estimated

July 31, 2009

By Shobhana Chandra July 31 (Bloomberg) — The worst U.S. economic slump since the Great Depression abated in the second quarter as government spending programs started to kick in, while the deepest retrenchment by consumers since 1980 augured a muted recovery. Gross domestic product shrank at a better-than-forecast 1 percent annual pace after a 6.4 percent drop the prior three months, Commerce Department figures showed today in Washington.

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Video: Earnings Watch – Chevron

July 31, 2009

Analysis and Discussion with Brian Youngberg of Edward Jones (Bloomberg News)

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