October 2009

Video: Wienbar Sees Venture Capital Opportunites in Web Media: Video

October 27, 2009

Oct 27 (Bloomberg) — Sharon Wienbar, managing director at Scale Venture Partners, talks with Bloomberg’s Francine Lacqua about the state of venture capital funding and strategy for investing in Internet and enterprise software companies. (Source: Bloomberg)

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Video: Housing Outlook- Artificial Strengths Amid Tax Credit Impact

October 27, 2009

Housing Trick or Treat? – Analysis and Discussion with Ethan Harris of Bank of America-Merrill Lynch (Bloomberg News)

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MediaBeacon Appoints Enterprise Content Management Veteran to Enhance and Expand Marketing Initiatives

October 27, 2009

Tom Rieger Brings More Than 20 Years of Industry Experience to Be the Vice President of Marketing and Business Development

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Video: UBS’s McCann Aims to Restore Trust in Wealth Management: Video

October 27, 2009

Oct. 27 (Bloomberg) — Robert McCann, UBS AG’s new head of wealth management in the Americas, talks with Bloomberg’s Margaret Brennan about his goal to create the “best wealth management in the Americas” and restore the profession’s reputation. McCann also discusses the outlook for the financial-services industry and factors influencing his decision to take the new role at UBS. McCann replaces Marten Hoekstra, who is leaving UBS. (This is an excerpt of the full interview. Source: Bloomberg)

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Science Commons: Lynda Resnick Interviews John Wilbanks

October 27, 2009

Researchers around the world are hard at work on cures for most every ailment and disease. But until now, there was no system – let alone incentive – for sharing their discoveries, leaving researchers working independently in their own silos, possibly duplicating the same mistakes as their colleagues around the globe. It wasn’t unusual for decades to pass before any significant progress was made on a study. But that’s all changing. Just as parent organization Creative Commons has made sharing artistic endeavors both easy and profitable, Science Commons is using that same open-access model to enable the scientific research community to both find and share their studies, thereby enabling an approach to sharing data that just might revolutionize the scientific world. My interview with John Wilbanks was a fitting way to cap off Open Access Week. (This interview has been edited for clarity and length.)

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Video: Schapiro Says SEC is `Significantly Underesourced’: Video

October 27, 2009

Oct. 27 (Bloomberg) — Mary Schapiro, chairman of the Securities and Exchange Commission, talks to Bloomberg’s Lindsey Arent about the impact of the SEC’s staffing levels on its enforcement efforts. Schapiro also discusses the implications of the agency’s review of trading practices as it considers rule changes in strategies faulted by lawmakers. (Source: Bloomberg)

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Video: Special Report – Patrick Stewart on the Recession

October 27, 2009

A Spotlight on Royal Shakespeare Company Amid Global Recession; Excerpts of Interview with Actor Patrick Stewart (InBusiness)

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"Showdown In Chicago": Thousands Of Protesters Gather, Jesse Jackson, Labor Leaders Speak (VIDEO)

October 27, 2009

Thousands of people gathered in Chicago today in front of the American Bankers Association annual convention to protest what they consider to be the group’s resistance to financial reform. On the final day of a three-day protest directed at the banking industry’s top trade group, civil rights leader Jesse Jackson addressed a crowd of what is reported to be more 5,000 people, along with did AFL-CIO president Richard Trumka, SEIU President Andy Stern and Secretary-Treasurer Anna Burger. WATCH a video excerpt of of Stern’s speech: Called the “Showdown In Chicago,” the rally was led by National People’s Action, the Service Employees International Union and the AFL-CIO — and featured numerous other organizations — the protests focused on bank reform and the need to rein in the financial sector. According to a release from the SEIU, a year after the financial crisis, the banking industry still has not been properly regulated. From its release: “After taking $17.8 trillion in taxpayer bailouts and backstops, the ABA and the six largest banks have spent more than $35 million fighting Congressional action on financial reform. Meanwhile, ordinary Americans continue to face rising foreclosures, record unemployment, skyrocketing bank and credit card fees, and vanishing pensions and 401(k)s.” Yesterday, protesters marched to the Chicago offices of Wells Fargo and Goldman Sachs. They attempted to deliver a letter to Goldman Sachs officers demanding that that the bank donate some of its projected $23 billion bonus pool to help foreclosure victims. (Check out photos and video here.) In a statement to the Chicago Tribune , ABA executive vice president of membership Bob Schmermund defended his organization which, as The Huffington Post pointed out yesterday , has rallied hard against bank regulation for years. Here is Schmermund’s statement to the Tribune : “These are very tough times. A lot of people lost their jobs, and they are very frustrated and they’re very angry, What the protesters may not realize is who’s attending this meeting. This room is literally filled from stem to stern with traditional bankers whose life’s work is dedicated to serving the needs of their communities.” Check out the Huffington Post’s coverage of yesterday’s events here . Progress Illinois has links to a Flickr stream of shots from the protests. Check back here for more photos and videos from the scene of the rally. Get HuffPost Business On Facebook and Twitter !

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Video: Survey Says – Nordic Countries Continue to Bridge Gaps

October 27, 2009

Global Gender Gap Report ’09 – Interview with Saadia Zahdi of World Economic Forum (InBusiness)

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Video: International Perspective – Bullish on the Pound

October 27, 2009

Analysis and Discussion with Paul Robinson of Barclays Capital (InBusiness)

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FDIC New Frontier Report: Bank Was Warned Of Risky Practices As Early As 2004

October 27, 2009

Federal bank regulators repeatedly warned the now-collapsed New Frontier Bank it was taking financial risks it could not cover and lacked the systems to ensure loan officers made good decisions, according to an investigation by a federal inspector general. The “material loss review” for the Federal Deposit Insurance Corporation concludes that bank officials failed to implement proper risk-management strategies despite multiple warnings starting in 2004. The report also says regulators should have moved more aggressively to protect the bank from itself.

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Finding the floor

October 27, 2009

will go. Agreed, the market needed a correction or a wake up call, but surely not a crash!! Real would’t have droppped that much if the whole world around us was not collapsing and banks were still lending. Such articles are doing nothing but push the

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Jonathan A. Schein: Southwest Airlines Markets Green to What End?

October 27, 2009

As more companies enter the green era, it’s a good idea to pay attention to their messages.

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Video: Daschle Discusses Reid’s Push for Health-Plan Support: Video

October 27, 2009

Oct. 27 (Bloomberg) — Tom Daschle, former Senate majority leader and a Bloomberg contributor, talks with Bloomberg’s Lizzie O’Leary about whether U.S. Senate Democratic Leader Harry Reid’s move to include the so-called public option in health-care legislation represents real policy or is designed to appease. (This is an excerpt of the full interview. Source: Bloomberg)

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Home Prices: Case-Shiller Index Up For Third Straight Month In August

October 27, 2009

NEW YORK — Home prices rose for the third straight month in August, data Tuesday showed, a key ingredient for a broad and sustained housing recovery. The Standard & Poor’s/Case-Shiller home price index of 20 major cities climbed 1 percent from July to a seasonally adjusted reading of 144.5. While prices are down 11.4 percent from August a year ago, the annual declines have slowed since February. The index showed a widespread turnaround with prices rising month-over-month in 15 metro areas since June. San Francisco, Minneapolis and San Diego led the way. Prices are at levels not seen since August 2003 and have fallen almost 30 percent from the peak in May 2006. Low prices and mortgage rates combined with a temporary tax credit for first-time buyers have spurred sales. Home resales climbed more than 9 percent in September, the largest amount in more than 26 years, the National Association of Realtors said last week. Sales figures for newly built homes are due out Wednesday. “In general we view the latest (price) increase as positive, while also recognizing that there could still be some further price drops still to come,” said Abiel Reinhart, an economist at JPMorgan Chase Bank, in a research note. Zach Pandl, an economist at Nomura Global Economics, expects prices to fall to levels reached earlier this year, possibly reversing all of the gains of the summer. “We need to see flat to rising prices in the winter months. That would be a very encouraging sign that prices have bottomed out,” he said. Economists are concerned the nascent trend in home prices cannot withstand falling consumer confidence, rising unemployment and foreclosures and the looming deadline for a first-time homebuyer tax credit. Congress is debating extending a temporary tax credit that saves first-time buyers 10 percent of the sales price, up to $8,000. This week, top Democrats in the Senate pressed a plan that would prolong the credit but gradually phase it out over the next year. Supporters will likely point to new data Tuesday that showed confidence about the U.S. economy fell unexpectedly in October. With job prospects bleak, the Conference Board’s Consumer Confidence Index fell almost 6 points from September to the lowest level since May. And home prices are not rising everywhere. Prices in Las Vegas, Seattle and Charlotte, N.C., all fell to their lowest levels in August. Prices in Las Vegas have plunged by 56 percent since peaking in April 2006, the largest peak-to-trough decline of all 20 cities.

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U.S. Chamber Of Commerce Does Not Have Three Million Members

October 27, 2009

The U.S. Chamber of Commerce has long claimed “an underlying membership of more than three million businesses and organizations of every size, sector, and region.” But after Mother Jones investigated that claim , the Chamber apparently backed off the inflated number and claimed only 300,000 members in a press conference. Subsequent press releases , however, have carried the usual boilerplate statement that “The U.S. Chamber is the world’s largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.” LobbyBlog asked Chamber spokesman J.P. Fielder for clarification. He explained that the Chamber makes a distinction between its actual members and a broader business constituency. “The Chamber represents more than 3 million businesses and organizations,” wrote Fielder. “We have more than 300,000 members.” This is exactly the distinction New Yorker biz columnist James Surowiecki suggested the Chamber might make after MoJo popped its bubble. “The Chamber might conceivably try to wiggle out of this by saying that it does ‘represent’ these businesses even if they aren’t official members,” Surowiecki wrote in a column titled “The U.S. Chamber of Commerce: Now 90% Smaller.” The distinction so far is lost on the Associated Press, which called the Chamber a “3 million-member business federation” in a Monday story.

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Written agreements with Ogden Bancshares, Ames Community Bank, and VisionBank

October 27, 2009

Written agreements with Ogden Bancshares, Ames Community Bank, and VisionBank

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Prompt corrective action directive against SolutionsBank

October 27, 2009

Prompt corrective action directive against SolutionsBank

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Video: UBS’s McCann Says He Won’t Pay `High Bid’ to Get Talent: Video

October 27, 2009

Oct. 27 (Bloomberg) — Robert McCann, UBS AG’s new head of wealth management in the Americas, talks with Bloomberg’s Margaret Brennan about employee compensation.¶ McCann says he won’t pay the most on Wall Street to attract employees to UBS. He also discusses the outlook for restoring the firm’s reputation. McCann replaces Marten Hoekstra, 48, who is leaving UBS. (Source: Bloomberg)

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Video: Moody’s Zandi Calls Rise in U.S. Home Prices `Temporary’: Video

October 27, 2009

Oct. 27 (Bloomberg) — Mark Zandi, chief economist at Moody’s Economy.com, talks with Bloomberg’s Francine Lacqua, Michael McKee and Jon Erlichman about the significance of today’s rise in the S&P/Case-Shiller home-price index. Home prices in 20 U.S. cities rose in August for a third consecutive month. The S&P/Case-Shiller home-price index climbed 1 percent from the prior month, seasonally adjusted, after a 1.2 percent increase in July.(Source: Bloomberg)

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Chamber Of Commerce Taking Yes Men To Court

October 27, 2009

The Chamber of Commerce is suing the Yes Men over the parody press conference the group pulled off last week. The Chamber has filed a civil complaint in the US District Court of Washington, DC, accusing Yes Men Jacques Servin and Igor Vamos (also known as Andy Bichlbaum and Mike Bonanno, respectively) of trademark infringement, unfair competition and false advertising. The Chamber’s suit also lists several members of the DC-based activist group the Avaaz Action Factory as co-defendants. The conduct of those who organized the event was “destructive of public discourse,” the Chamber argues.

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The Case For More Stimulus: NYT

October 27, 2009

The consensus among economists is that the recession is over, and, technically, the herd is probably right. Corporate profitability has been boosted by job cuts, pay cuts and a drive to restock depleted inventories. Immense federal stimulus has jolted the economy. But what happens when those measures run their course? The economy is going to need more government support, or it is bound to be very weak for a very long time — and vulnerable to a relapse into recession. Unemployment is expected to worsen well into next year, exceeding 10 percent. Foreclosures are expected to rise, which will push home values down further. Hundreds of small and midsize banks are likely to fail in coming years. State and local governments face budget shortfalls in 2010 that are as bad or worse than this year’s.

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Distressed real estate draws interest from Nashville investors

October 27, 2009

fellow principals Micah Lacher and Chris Kirkland, aim to be ready when it does, with their sights on distressed properties. Several local firms have created divisions to capitalize on so-called distressed properties, including Eakin Properties and Baker

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NetShelter Technology Media Names Sarah Fay to Its Board of Directors

October 27, 2009

Former CEO of Carat in the US and Aegis Media North America Adds Unique Marketer Perspective

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Andrew Ross Sorkin Met With "Uncharacteristic Disdain" From NYT Colleagues Following Book

October 27, 2009

A week after the release of his book on the Wall Street meltdown, The New York Times’ star mergers-and-acquisitions reporter, Andrew Ross Sorkin, is attracting uncharacteristic disdain from colleagues who claim he’s a glory hog. “He’s self-promotional,” sniped one insider, who described Sorkin as “a very divisive person in the newsroom.”

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Obama Smart Grid Push: Putting $3.4 Billion Towards New System

October 27, 2009

WASHINGTON — The Obama administration is giving a jolt to the futuristic “smart” electric grid, hoping to more quickly bring America’s power transmission system into the digital age. President Barack Obama, during a visit to a solar energy facility in Arcadia, Fla., is announcing Tuesday that he is making available $3.4 billion in government support for 100 projects aimed at modernizing the power grid. The projects include installing “smart” electric meters in homes, automating utility substations, and installing thousands of new digital transformers and grid sensors. White House officials provided details of the initiative prior to the president’s scheduled visit to Florida Power & Light Co.’s DeSoto Next Generation Solar Energy Center, the largest photovoltaic electricity facility in the country. Officials have argued that a more modern grid is needed to give consumers better control over their electricity usage and costs, and to spur development of renewable energy sources such as wind and solar. The $3.4 billion in grants from the government’s economic stimulus program will be matched by $4.7 billion in private investments, the officials said. The smallest grant will be $400,000 and the largest $200 million. “We have a very antiquated (electric grid) system in our country,” said Carol Browner, assistant to the president for energy and climate change. “The current system is outdated, it’s dilapidated.” Browner said the federal funding will spur the needed modernization of the grid and set the stage for the smooth introduction of large amounts of electricity from wind or solar sources into the transmission system. Matt Rogers, the Energy Department official involved in the program, said the 100 projects were selected from 400 proposed. The money would be distributed over the next two months and the work is expected to be done over the next one to three years, he said. The push to essentially bring modern computer and communications technology to the electric grid has been under way for some time but has gained momentum with the prospect of billions of dollars in federal support. Rogers said the government funds will allow installation of 18 million smart meters and 1 million other in-home devices as well as more modern thermostats to allow homeowners to better monitor their electricity usage. The government and industry want to deploy 40 million smart meters – wall-based units that can monitor how much electricity various appliances use and turn them off when energy is costlier to consume – within the next several years. Other projects funded under the program will result in the installation of 850 sensors to allow utilities to better monitor the grid; the installation of 200,000 digital transformers to reduce the risk of power outages; and the automation of 700 grid substations. “This will save or create tens of thousands of jobs,” said Jared Bernstein, chief economist and economic adviser to Vice President Joe Biden. He said the jobs will include equipment installers and electrical engineers as well as communications systems analysts and data entry clerks. A $200 million grant will go to Energy Smart Florida, a program involving Florida Power & Light that plans to install 2.6 million smart meters in homes and advanced monitoring systems in the grid substations, said Browner. “The impact of this will be felt throughout Florida,” she said.

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Octus Adds Energy Industry Executives to Its Advisory Group

October 27, 2009

DAVIS, CA–(Marketwire – October 27, 2009) – Octus, Inc. ( OTCBB : OCTI ) today announced the addition of two energy industry executives to its Advisory Group, further strengthening the company’s efforts to rapidly commercialize smart energy technologies. Mark Henwood, CEO of Henwood Associates, and Dr. Mark Modera, director of the UC Davis Western Cooling Efficiency Center, have joined the Octus Advisory Group. “Mark Henwood and Mark Modera are acknowledged energy industry thought leaders,” said Chris Soderquist, Octus CEO. “Both have conceived and commercialized innovative energy products as catalysts to growing world-class energy companies. Their relevant experience, industry relationships, and get-it-done demeanors are great assets to Octus.”

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Video: Market Open 10.27

October 27, 2009

Modest gains in stock market; Limited Brands to expect a decline on October; Wynn wins on cost cutting; U.S. Steel narrows losses. (Bloomberg News)

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UPDATE 1-Deutsche Pfandbriefbank sells distressed CDOs

October 27, 2009

background) FRANKFURT, Oct 27 (Reuters) – Deutsche Pfandbriefbank, the core bank to emerge from nationalised German lender Hypo Real Estate, sold 759 million euros ($1.1 billion) worth of distressed structured assets as it works to regain a sound

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UPDATE 1-Deutsche Pfandbriefbank sells distressed CDOs

October 27, 2009

background) FRANKFURT, Oct 27 (Reuters) – Deutsche Pfandbriefbank, the core bank to emerge from nationalised German lender Hypo Real Estate, sold 759 million euros ($1.1 billion) worth of distressed structured assets as it works to regain a sound

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UPDATE 1-Deutsche Pfandbriefbank sells distressed CDOs

October 27, 2009

background) FRANKFURT, Oct 27 (Reuters) – Deutsche Pfandbriefbank, the core bank to emerge from nationalised German lender Hypo Real Estate, sold 759 million euros ($1.1 billion) worth of distressed structured assets as it works to regain a sound

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FirstMerit posts 24 percent decline in 3rd-qtr profit as bad loans …

October 27, 2009

Noninterest income, or money earned from fees and charges, edged up to $51.6 million from $47 million last year, helped by a jump in loan sales and servicing fees. The increase in loan sales and servicing is mostly due to increased mortgage … July 30th, 2009 Indo-ASIAN NEWS SERVICE MUMBAI – India’s largest lender State Bank of India (SBI) Thursday reported a 42 percent rise in net profit to Rs.2330.37 crore ($481 million) in the first quarter of this fiscal compared to …

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"The Obama Effect": First Family’s Clothing Picks Lead To Big Sales

October 27, 2009

America’s voyeuristic love affair with the rich and famous: what they’re wearing, what they’re driving and where they play, certainly isn’t a new phenomenon. And the obsession is hardly limited to Hollywood — just look at the First Family.

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China may buy distressed US real estate assets

October 27, 2009

the U.S., UK and the Middle East have all been witnessing crises or near crises in their real estate assets market. The U.S., especially is having a financial meltdown due to multiple reasons — bad choices, high interest rates, no jobs, etc. The UK is

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Video: Inside Look – Reigning In Risk

October 27, 2009

Analysis and discussion with SEC Chair Mary Schapiro; We want to look at all market structure issues; We hope to have a concept to be released early in new year and sponsored market assets is a big issue to deal with. (Bloomberg News)

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Video: Amato Sees Increasing Investor Willingness to Buy Stocks: Video

October 27, 2009

Oct. 27 (Bloomberg) — Joseph Amato, president of Neuberger Berman Group LLC, talks with Bloomberg’s Erik Schatzker and Deirdre Bolton about investor sentiment on the equity market. Amato also discusses Neuberger’s asset allocation strategy and business outlook. Neuberger Berman bought itself out of Lehman Brothers Holdings Inc. after the investment bank filed for bankruptcy. (Source: Bloomberg)

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American Sierra Gold Corp. Appoints New Chief Financial Officer

October 27, 2009

RENO, NV–(Marketwire – October 27, 2009) – American Sierra Gold Corp. ( OTCBB : AMNP ), an independent gold exploration company headquartered in Reno, Nevada, is pleased to announce that Johannes Petersen has joined the Company as Chief Financial Officer and as a member of the Board of Directors. Mr. Petersen has experience in a wide range of aspects of resource exploration, management and finance. He brings great value to the company having served as director and CFO of a number of public and private resource companies. He has worked in business planning and development for resource projects located in North America and Asia. Over the past four years, Mr. Petersen has been instrumental in raising over $17 million to fund the activities of resource projects.

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IAC Reports 3Q Profit But Ad Revenue Down

October 27, 2009

SAN FRANCISCO — IAC/InterActiveCorp, which runs Match.com, Ask.com and other Web sites, said Tuesday that asset sales helped it profit in the third quarter while advertising revenue continued to slump. The results for IAC, which is led by media mogul Barry Diller, come after other Internet companies indicated in their third-quarter reports that the online advertising market remains uneven. Google Inc. reported a 7 percent increase in revenue in the period, but Yahoo Inc. said its revenue dropped 12 percent. The period was tough for IAC, whose revenue fell 9 percent. Counting one-time events such as a large gain on a stock sale and the sale of Match’s European operations, IAC earned $21.7 million, or 16 cents per share, on $337 million in revenue. In the same period a year ago it lost $14.8 million, or 11 cents per share. Revenue in IAC’s media and advertising unit, which includes search engine Ask.com and online city guide Citysearch, dropped 11 percent to $172.3 million. For the third straight quarter, the company said the difficult ad climate – which is hurting media on and off the Web – lowered revenue at Citysearch. IAC also said for the second quarter in a row that Citysearch was hindered by the relaunch of its site and the use of a new ad-delivery system. Revenue from IAC’s Match unit, which includes Match.com, Chemistry.com and other dating sites, fell 13 percent to $81 million. IAC attributed the drop to the absence of Match Europe, which was sold to a French company in June. Match’s number of paid subscribers rose nearly 5 percent to 1.4 million. The only IAC unit that reported revenue growth during the quarter was ServiceMagic, which operates Web sites that connect homeowners with home-improvement contractors. ServiceMagic’s revenue rose 30 percent to $43.9 million. IAC said the number of service requests rose 22 percent.

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Jack Myers: McKinsey’s Failure at Conde Nast; Network TV’s Strong 4th Quarter; Plus My Strategy for Media Industry Growth

October 27, 2009

From 1963 to 2007, the domestic U.S. advertising business grew at an annual rate of 5%, staying slightly ahead of inflation. Between 2008 and 2011, Jack Myers Media Business Report projects the total advertising business will decline from $245 billion to $194 billion, a dramatic 20% decline. (See Jack Myers detailed Advertising and Marketing Forecasts 2007-2012 .) From 2012 to 2020, the advertising business will achieve average annual growth only in the low to mid single digits. The media industry, which grew at a rate greater than 5.0% annually for four decades due to subscriber payments, affiliate fees and advertising revenues, is declining at an even more precipitous rate and there is little visibility for the future. It’s ironic that these revenue declines are happening during a golden age of media brands when more capital than ever before is flowing into high quality professional content development. In this week’s subscriber-only report, I outline the growth opportunities for advertising and subscription dependent media companies, challenge the McKinsey-led actions of Cond

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Deutsche Pfandbriefbank sells distressed CDOs

October 27, 2009

FRANKFURT, Oct 27 (Reuters) – Deutsche Pfandbriefbank, the core bank to emerge from nationalised German lender Hypo Real Estate, sold 759 million euros ($1.1 billion) worth of distressed structured assets as it works to regain a sound footing.

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Eric Schurenberg: Insider Trading for the Rest of Us

October 27, 2009

Raj Rajaratnam, the putative head of the alleged insider trading ring at the Galleon Fund , may not have a firm grip on his moral compass. But he clearly knows one thing about stock picking-namely, that the only way to win consistently is to have information the market doesn’t. Rajaratnam’s problem, of course, is how he got his information. In addition to the analysts and money managers at his hedge fund, Rajaratnam maintained a network of informants inside companies and on Wall Street trading desks who were paid to deliver hot tips. The SEC and the U.S. district attorney say that some of those tips included material, non-public information that the informants had a duty to keep confidential. If so, and if Rajaratnam knew that when he traded, he’s in trouble. But note: There’s nothing wrong with keeping a network of paid informants in itself. Lots of hedge funds do. If you trade stocks, that ought to give you pause. You already knew that when you buy a stock you’re up against professionals backed by platoons of analysts on Bloomberg terminals. Now you learn that some of your competition also maintains paid networks of insiders turning over market-moving tips, legal or otherwise. And the rest of us have… Jim Cramer ? Want to profit from the Galleon insider trading case? Then take the hint: It’s a waste of time trying to beat the pros at the stock picking game. They outgun you, and they don’t always play fair. Far better to join them, by investing in low-cost index funds or ETFs , like Vanguard Total Stock Market Index (VTSMX) , as my colleagues Larry Swedroe , Allan Roth and Nathan Hale repeatedly urge you to do. ( As do the likes of Peter Lynch and Warren Buffett .) That way, you’re buying the whole market at the market price, which incorporates the collective judgment of all the Rajaratnams, Warren Buffetts and Peter Lynchs who have their money in the market. History suggests you’ll beat most pros after fees in the long run. Call it insider trading for the rest of us. Without the perp walk. Continue reading on CBS MoneyWatch.com

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CT Realty Changing Up Management as Company Looks to Jump Back into the Market

October 27, 2009

OC-based CT Realty Corp is looking to become an active investor again, as acquisition opportunities for institutional quality distressed real estate begin to surface. CT is expanding its senior management team as it looks to raise capital for its CT

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Video: Microsoft Pulls Out of Sponsoring `Family Guy’ Special: Video

October 27, 2009

Oct. 27 (Bloomberg) — Bloomberg’s Erik Schatzker reports on Microsoft Corp.’s decision to back out of an agreement to be the sole sponsor a comedy special on Fox called “Family Guy Presents: Seth & Alex’s Almost Live Comedy Show.” Microsoft canceled the deal due to the racy plot of the comedy show, according to Variety. (Source: Bloomberg)

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CMBS Bonds Downgraded on Special Servicing Action

October 27, 2009

Chris Rodriguez submits: Standard & Poor’s had downgraded 15 classes of bonds backed by a 5 million loan secured against the Four Seasons Hotel in New York (FS) and 3 other luxury resort hotels. The action was triggered by a drop in …

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Video: Sifma’s Ryan Favors Resolution Agency for Failing Firms: Video

October 27, 2009

Oct. 27 (Bloomberg) — Timothy Ryan, chief executive officer of the Securities Industry and Financial Markets Association, talks with Bloomberg’s Erik Schatzker about the need for a new resolution agency to wind down failing financial firms. Ryan also speaks about the outlook for Sifma’s guidelines on compensation. (Source: Bloomberg)

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Video: Blanch Says Price of Oil May Rise 25% on Market Recovery: Video

October 27, 2009

Oct. 27 (Bloomberg) — Francisco Blanch, head of global commodities research at Bank of America-Merrill Lynch, talks with Bloomberg’s Deirdre Bolton about the outlook for an increase in oil demand and prices. Blanch also discusses production capacity of the Organization of Petroleum Exporting Countries, the correlation of the global economic recovery to the oil market and investor sentiment. (Source: Bloomberg)

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"Ice House Detroit": Artists Plan To Encase Vacant Detroit Home In Ice

October 27, 2009

DETROIT — A photographer and an architect plan to freeze one of Detroit’s thousands of abandoned homes this winter, encasing it in ice to draw attention to foreclosures that have battered the region. The project from Gregory Holm and Matthew Radune, dubbed Ice House Detroit, is the latest example of the remnants of Detroit’s population loss and industrial decline serving as both artistic inspiration and canvas. “I’ve been really fascinated by the whole mythology of Detroit and the structures and what they represent,” said Holm, who grew up on the city’s east side and lived in the suburb of Hamtramck from 1997 until moving to New York City four years ago. Holm, 38, plans to photograph the transformation of the house, which will be sprayed with water and gradually covered in ice. In the spring, crews will salvage what building materials can be reused and demolish the home. The lot will be donated, probably for a community garden. The Detroit area has a foreclosure rate that’s among the nation’s highest, and Radune said the city offers a unique backdrop for the artists’ work. “It’s a project that couldn’t be done in the same way in New York City and it wouldn’t necessarily make the same sense,” said Radune, a 32-year-old freelance architect in Brooklyn who also is a DJ. “Detroit was a place where we could make it into more than architectural installation.” Holm and Radune are working to raise $11,000 online to fund the project, mostly for costs related to demolition, and hope to soon figure out where in the city they’ll freeze a home. Detroit, which has shrunk from a population of 1.8 million in the 1950s to half that now, has tens of thousands of vacant homes and buildings. “It’s Detroit’s distinctive history that makes it so resonant for this kind of work,” said John Beardsley, an adjunct professor with Harvard’s Graduate School of Design. “It was a go-go city that in recent years has been identified as gone. “This is not to say that Detroit can’t come back, but there is a particular poignance to this history.” One deteriorating Detroit neighborhood became the outdoor art gallery for Tyree Guyton, whose more than two-decade-old Heidelberg Project has drawn international attention. Guyton transformed the houses, streets and lots with his colorful polka-dot art and collections of stuffed animals, shoes and old appliances. More recently, a group calling itself Object Orange painted the shells of crumbling Detroit buildings bright orange to call attention to the city’s blight and decay. Radune developed the idea for Ice House while studying architecture at Rice University in Houston. After talking it over with Holm earlier this year, they decided to collaborate. A book and film about the project also are planned. ___ On the Net: Ice House Detroit: http://icehousedetroit.blogspot.com

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Video: FT’s Lex Columnist Rathbone on BP’s Cost-Cutting Plan: Video

October 27, 2009

Oct. 27 (Bloomberg) — John Paul Rathbone of the Financial Times’ Lex commentary team talks with Bloomberg’s Deirdre Bolton about BP Plc’s cost reduction plan and third-quarter profit. BP, Europe’s second-largest oil company, said earnings excluding one-time items and inventory changes fell 47 percent to $4.67 billion from a year earlier. That exceeded the $3.25 billion median estimate of 11 analysts compiled by Bloomberg. (Source: Bloomberg)

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Video: Mixed Forecast for Home Prices; Biden to Visit GM Plant in DE

October 27, 2009

Oct. 27 — Bloomberg’s Michelle Steele summarizes the day’s top stories in the Bloomberg Business Report.

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Call2Recycle(R) Appoints Andrew Sirjord as Board Chairman

October 27, 2009

ATLANTA, GA–(Marketwire – October 27, 2009) – Call2Recycle ®, the only free rechargeable battery and cell phone collection program in North America, today announced the appointment of Andrew Sirjord as chairman of the board of directors, tasked to guide the company through strategies designed to spur growth and development. Sirjord has been a board director with the organization since 2006, and was appointed chairman due to his distinct knowledge of environment and energy related products, as well as his strong background in legal affairs.

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