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Chyron Appoints Sim Kolliner Vice President of Professional Services

by on June 2, 2011

Kolliner Brings Rich and Diverse Engineering Background to Leadership of Chyron’s New Professional Services Division

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Chyron Appoints Sim Kolliner Vice President of Professional Services

Brock Securities Expands Capital Raising Platform

by on May 24, 2011

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More here: Brock Securities Expands Capital Raising Platform

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Quantum Names David Roberson to Board of Directors

May 10, 2011

Roberson Previously Served as Head of HP’s StorageWorks Division and President and CEO of Hitachi Data Systems

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Simon Segars (ARM) Joins the EDA Consortium Board of Directors

May 10, 2011

SAN JOSE, CA–(Marketwire – May 10, 2011) – The Electronic Design Automation (EDA) Consortium announced today that it has appointed Simon Segars, ARM Executive Vice President and General Manager, Physical IP Division, to its board of directors to serve the organization through the spring of 2012.

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EffTec International, Inc. Expands Geographic Reach to Latin America

May 3, 2011

Company Appoints Bill Lamb President of Latin America Division

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Greg Evans Joins Swinerton’s Washington Division

March 28, 2011

BELLEVUE, WA–(Marketwire – March 28, 2011) – Greg Evans has been selected by Swinerton Builders Washington to enhance Swinerton’s position within the Pacific Northwest Native American market. In his new role as Project Executive, Evans will be charged with cultivating new business relationships and positioning the division for serving the next wave of gaming, hospitality, and infrastructure work for local tribes.

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Video: Cohen Observes `Explosive Growth’ in Healthy Snacks

March 28, 2011

March 28 (Bloomberg) — Jason Cohen, president of Hain Celestial Group Inc.’s Club Division, talks about the company’s Sensible Portions brand, growth in the market for healthy snacks, new developments in food technology and products, and marketing to parents. Cohen speaks with Julie Hyman on Bloomberg Television’s “Taking Stock.” (Source: Bloomberg)

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Ron Ashkenas: Turn Down the Volume on Yelling!

March 11, 2011

Have you ever observed an interaction between two people who speak different languages? Oftentimes, they speak louder and louder as the conversation progresses — unconsciously hoping that turning up the volume will cause the other person to eventually get the message. Increasing decibel levels is usually not the key to effective communications . Yet many managers still rely on dialing up “virtual volume” when persuading subordinates or peers. We’ve all seen managers who do this in various ways, such as sending belligerent or nasty emails ; enlisting others to exert pressure ; escalating disputes to higher levels; pulling rank; or threatening to derail a career . You’ve also probably seen managers use these techniques with suppliers or customers — trying to get them to change terms, conditions, or prices. The reality is that speaking louder is usually a symptom of frustration, like when an exasperated parent yells at a misbehaving child. It’s a last resort when calm, rational arguments haven’t worked . But when things reach this stage, communication deteriorates rapidly . Frustration and anger affect the yeller like an internal static, making it difficult for him to understand anyone else. And the raised volume — while it might force the subordinate, colleague, or customer to give in — certainly doesn’t increase real understanding or acceptance of the message. In the long term, this kind of behavior creates fear, distrust, and suspicion — not a good foundation for future understanding or problem solving. It’s easy to say that managers in organizations shouldn’t act this way, just like we say that parents shouldn’t yell at their kids . But organizations are made up of flawed human beings — and all of us struggle with effective communication . So what can you do to deal with a loss of volume control either in yourself or others? Let me suggest two simple steps: 1. Tune up your sound meter: The first step in dealing with organizational yelling is to recognize when it is occurring, either in yourself or others. As mentioned earlier, managers often use various types of “virtual volume” to shout at one another in ways that can be silent. In the absence of real noise, you need to be alert for the signs of volume disorders such as projects that are stalled, decisions that are never made, and managers or departments that tend to blame each other for problems or just don’t seem to get along. Here’s a quick example: In a large financial services company, a key systems project was months behind schedule with nobody taking responsibility for the delays. When asked, the business teams said that IT “couldn’t get anything done,” and the IT people reported that the business arm “didn’t know what they wanted.” As this kind of quiet shouting continued, project meetings eventually deteriorated into detailed task reviews with no real discussions about how to get the effort back on track. Eventually as the lack of progress escalated, the head of the division realized that the business and IT people were shouting, but not really talking. 2. Restart and reframe the discussion: Once you realize that a shouting match is underway (even if you are part of it), you need to get the parties to step back, turn off the megaphones, and start the discussion all over again. In doing so, you should begin with the premise that no one is to blame and that a shouting match does not serve any purpose. Instead, start from the end-point and work backwards as a team: What are we trying to accomplish? What’s our shared organizational goal? What do we need to do to accomplish that goal? In the financial services case, the division executive insisted that the IT and business teams (ten people) spend a full day recalibrating the project. With the help of a facilitator, the group focused first on the goal of the project. As the business people talked about their current products and what they hoped to do differently as a result of this systems change, some of the IT people began to realize that there was a completely different — and much easier — way to satisfy the business need. Six weeks later the first customer transaction was successfully concluded and the new revenue stream was underway. Of course not every shouting match is defused as easily as this one. But by recognizing that the volume has been turned up and reframing the conversation in terms of a shared goal, you’ll have a much better chance of making progress. Otherwise — like those two people speaking different languages — you’ll just keep talking louder and louder. Cross-posted from Harvard Business Online [For more, visit the Communication Insight Center .]

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Bank Watch: Bank Failures Reach 23 for the Year

March 3, 2011

One more bank failed in the past week, bringing the total number of U.S. bank failures for 2011 to 23. Valley Community Bank, St. Charles, IL, was closed by the Illinois Department of Financial and Professional Regulation – Division of Banking, which appointed the Federal Deposit Insurance Corp. (FDIC) as receiver. The FDIC entered into a purchase and assumption agreement with First State Bank of Mendota, IL, to acquire essentially all of its…

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IRS Takes 100,500 SF in Northeast DC

February 16, 2011

The U.S. General Services Administration inked a 100,500-square-foot, 10-year deal for the Internal Revenue Service in Union Square in Washington, DC. The well-known division of the U.S. Treasury Department is scheduled to occupy three floors at 999 N. Capitol St. NE in January of next year. The IRS’ Criminal Investigation Division currently occupies 103,120 square feet at 1750 Pennsylvania Ave. NW in the central business district, according to…

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Microsoft Earnings Edge Down On Slow PC Sales

January 27, 2011

SEATTLE — Microsoft Corp. said Thursday that its net income for the latest quarter fell slightly from a year ago, and it beat Wall Street’s expectations despite the weak personal computer market. Sales of Office 2010 to consumers and businesses buoyed the results, as did the popularity of Kinect, Microsoft’s new motion-sensing controller for the Xbox 360 video game system. Microsoft’s net income for the October-December quarter was $6.63 billion, compared with $6.66 billion in the same period last year. Thanks to stock buybacks, its net income rose to 77 cents per share, from 74 cents. Analysts surveyed by FactSet were expecting net income of 69 cents per share for the fiscal second quarter. Much of Microsoft’s business depends on selling copies of the Windows operating system and Office desktop software, products that usually rise and fall with fluctuations in the personal computer market. Microsoft launched Windows 7 in the same quarter of 2009, making for a tough comparison. Revenue plunged 30 percent in the Windows division to $5.1 billion. Worldwide personal computer shipments only grew about 3 percent in the latest quarter, as Apple Inc.’s iPad and the promise of more tablet devices to come made consumers think twice about what kind of device to buy. However, the division that sells Office software and other programs saw revenue rise 24 percent to $6 billion. Big companies that put off buying new technology during the worst of the recession are more willing now to upgrade their systems. Microsoft said the division’s revenue from businesses rose 18 percent while revenue from consumers jumped 49 percent, both because of sales of Office 2010. Strength in the entertainment and devices division, which is responsible for Xbox 360, also helped make up for weak Windows sales. Microsoft says it sold 8 million Kinect controllers, helping push revenue for the segment up 55 percent to $3.7 billion. In all, Microsoft’s revenue edged up 5 percent to $20 billion, topping analysts’ expectations for $19.2 billion in revenue. The software maker rushed out its earnings report a few minutes early, just before the markets closed for the day. Shares spiked to more than $29 per share in heavy trading about 15 minutes before the closing bell, before dropping back to $28.87, a 9 cent gain for the day. They slipped 16 cents to $28.71 in extended trading. “A preproduction draft of our earnings release was discovered by one or more media sources who then published our results to the Web before market close,” Bill Koefoed, Microsoft’s general manager of investor relations, said in a statement. Microsoft posted its official numbers after consulting with the Nasdaq stock market, he said. The company is reviewing its procedures to avoid a repeat of the earnings leak. This has happened before to other companies, including The Walt Disney Co. last year. A reporter accessed the quarterly report by guessing the Web address Disney would use before the information was made public, based on the pattern used in past quarters. Microsoft did not immediately say whether the media used a similar tactic to obtain the early results. Despite a successful holiday season for Kinect, Microsoft still needs to prove it is heading in the right direction in areas where it currently lags behind market leaders. Thursday’s report included a wider loss in the online division, which is mostly made up of online advertising. Google Inc., which makes almost all of its money from online advertising, saw its earnings in the same period rise 29 percent to $2.5 billion. Devices running a new smart phone system, Windows Phone 7, went on sale during the quarter, but in its quarterly filing with the Securities and Exchange Commission, Microsoft did not mention its contribution to the entertainment and devices division, which also houses Xbox.

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New Chief Human Resources Officer Announced for Marriott Vacation Club International

January 26, 2011

ORLANDO, FL–(Marketwire – January 26, 2011) – Marriott Vacation Club International, the vacation ownership division of Marriott International, has appointed Michael E. Yonker to chief human resources officer. In his new role, Yonker is responsible for the division’s human resources strategies, programs and performance for over 9,000 associates worldwide and will also serve on the division’s Executive Committee and Marriott’s Global Senior Human Resources Leadership Team.

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IMG College Creates New National Sales Organization; Lawton Logan Named Senior Vice President, U.S. Business Development

December 9, 2010

WINSTON SALEM, NC–(Marketwire – December 9, 2010) – IMG College, a division of IMG Worldwide, the global sports and media company, announced today that Lawton Logan has been named Senior Vice President, U.S. Business Development. Logan will also lead a newly established national college sales organization and will be based at the division’s headquarters in Winston Salem, NC and in New York, reporting to Ben Sutton, President of IMG College.

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Industry Veteran John Noble Named Managing Director at Paulson Investment Company, Inc.

November 16, 2010

Paulson Launches New Division: Paulson Wealth Advisors

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Madison Ave. Media, Inc. Implements Marketing Communications Support Group

November 1, 2010

Two Key Professionals to Head-up New Division

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Parsons Appoints Loose as Senior Vice President and Installations & Environment Division Manager

October 25, 2010

PASADENA, CA–(Marketwire – October 25, 2010) –  Parsons announces the appointment of Vice Admiral (VADM) Michael K. “Mike” Loose, United States Navy (ret.), as Senior Vice President and Manager of the Installations & Environment (I&E) Division for its Infrastructure & Technology group. In this role, Mr. Loose will be responsible for overseeing Parsons’ work with federal government clients, including the Department of Defense and all military services, the General Services Administration, and other agencies at cabinet level and below. I&E’s markets and services encompass the full life cycle of natural and built environments.

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Pernod Ricard(R) USA Names Marty Crane to Top Spirits Sales Post

October 5, 2010

PURCHASE, NY–(Marketwire – October 5, 2010) –  Pernod Ricard USA, the premium spirits and wine company in the U.S., announces the promotion of Marty Crane — who previously served as PRUSA General Manager – East Division — to Senior Vice President, Spirits Sales. Crane replaces Jim Evans, who is leaving Pernod Ricard USA to join another company.

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EGPI Firecreek, Inc. Appoints New Board of Director

September 16, 2010

Appointment of New Director Adds Greater Depth to Oil & Gas Division

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EGPI Firecreek, Inc. Appoints New Board of Director

September 16, 2010

Appointment of New Director Adds Greater Depth to Oil & Gas Division

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ManageSource Financial Group, Inc. Announces 2010 – 2011 Board of Advisors

August 10, 2010

BEVERLY HILLS, CA–(Marketwire – August 10, 2010) – ManageSource Financial Group is pleased to announce the appointment of three new advisors, as well as the extension of two existing advisors, to its 2010 – 2011 Advisory Board, to help align with the recent launch of ManageSource’s Media & Entertainment Finance Division .

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Dr. Breck Parker Joins EnviroLogix as VP – Molecular Diagnostic Product Development

August 5, 2010

PORTLAND, ME–(Marketwire – August 5, 2010) –  Dr. Breck O. Parker, formerly a Strategic Development Leader for GE Healthcare-Life Sciences Consumables Division, joined the EnviroLogix team on July 1 as Vice President, Molecular Diagnostic Product Development.

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Video: MGM’s Murren Expects Multiple Macau Venues `Over Time’: Video

August 3, 2010

Aug. 4 (Bloomberg) — MGM Resorts International Chief Executive Officer Jim Murren talks with Bloomberg’s Susan Li about the company’s financial results and business strategy. MGM, the biggest casino operator on the Las Vegas Strip, reported a wider second-quarter loss after writing down its CityCenter joint venture as room rates bottomed. The company agreed to exit Atlantic City in a settlement with New Jersey regulators after the Division of Gaming Enforcement found its Macau co-owner Ho an “unsuitable partner,” largely because of concerns about her casino mogul father, Stanley Ho. (Source: Bloomberg)

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David Isenberg: The GAO Transcripts, Part 19: When PSCs Hurt U.S. Troops

July 23, 2010

This is the nineteenth installment of the Government Accountability Office interview transcripts that were prepared pursuant to the July 2005 GAO report ” Rebuilding Iraq: Actions Needed To Improve Use of Private Security Providers .”. Given language like this, “The risk-to his troops could be minimized if PSCs would coordinate with the Division 1st”, I assume, that this interview was done with members of the 1st Armored Division, Wiesbaden, Germany. Note that three years after the U.S. invaded Iraq the U.S. military still has problems working with PSCs. As the interviewees state, “The MNF-I guidance they had received did not include how to use PSCs or how to interface with them.” They also noted that when PSCs do something wrong the blowback affects the military: ________________ explained that whether the PSCs were from Global, or hired by other contractors, they all wore similar uniforms to the U.S. military, so when something occurred, the American army was blamed. … The ________________ also had concerns that the actions of some PSCs were hurting the image of the U.S. military. The ________________ said that when the PSCs forced an Iraqi off the road or shot at an Iraqi vehicle, the Iraqis thought it was a U.S. military member. The Iraqis did not make a distinction between PSCs and the troops. Standard disclaimer: I have put in ( _____ ) to reflect those words of phrases which have been blacked out in the transcript. I have also put in the underlining as it appeared in the original transcript. As in the transcript, I have left out letters from various words, even when it seems obvious what the word is. Prepared by: Laura Czohara Index: I Date Prepared: April 10, 2006 DOC Number: 149037 Reviewed by: Carole Coffey 4/19/06 DOC Library: Atlanta Job Code: 350732, 350739 ________________ Record of Interview Title Brief with ________________ Purpose To discuss our job objectives and scheduled meeting participants for the week 3/27/06 through 3/31/06 Contact Method. In-person Contact Place ________________ Contact Date March 27, 2006 1300 Participants U.S. Army (Army), ________________ ________________ ________________ ________________ ________________ Government Accountability Office (GAO) Defense Capabilities and Management Team: Vince Balloon, Senior Analyst – (404) 679-1983; balloonv@ gao_aov Laura Czohara, Senior Analyst- (404) 679-1814; czonaral@gao.gov Wesley Johnson, Analyst – (202) 512-8475; johxzsonw@zao.dov Aaron Kaminsky, Analyst – (214) 777-5782; kaminskya@gao.goy Comments/Remarks: ________________ ith the U.S. Army as part of an ________________ Page 1 Record of Interview Experience with Contractors in Iraq ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ Private Security Contractors ________________ provided his observations on the use of private security contractors (PSCs) in Iraq. He explained that the ________________ ad a difficult time working with and interfacing with PSCs during their deployment. For example; some were good while others acted like “cowboys.” However, it was a trade-off in the numbers game. The MNF-I guidance they had received did not include how to use PSCs or how to interface with them. However, once a week they would meet to gain situational awareness. There were about 91 PSCs in Baghdad. ________________ explained that whether the PSCs were from Global, or hired by other contractors, they all wore similar uniforms to the U.S. military, so when something occurred, the American army was blamed. He provided an example of when a PSC company shifted and lowered their bid. For eight months, they worked with a ________________ ompany. Then, this other company came in, had a lower bid, and won the contract. There was a large risk involved in this shift; language, procedures, and an established working relationship had changed. ________________ tated tha ________________should have had a say; however, he had no input. PSCs are a very different: thing. PSCs would pass through the area and the military would not even know of the movements so they could secure the area. In Baghdad, the military had no authority over them and no ability to communicate with them. However, ________________ xplained they could put pressure on it. MNF-I had a wing of PSCs. When asked about the Reconstruction 0perations Centers (ROCs), ________________ ted they were not familiar with ROCs. Conclusion ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ Follow-up interview On Friday, April 7, Carole Coffey phoned ________________ follow-up on the issues of PSCs. According to the ________________ some PSCs frequently did not coordinate their movements with his division. although others were very good about coordinating with the division. He re-iterated that the PSCs Page 2 Record of interview frequently entered the division’s battlespace without notifying the division. He said that that the lack of coordination put his troops at risk. He said that most army officers believe they have a moral obligation to help contractors when they get in trouble, particularly American contractors. The risk-to his troops could be minimized if PSCs would coordinate with the Division 1st. If the PSCs coordinated, his troops could secure the area or recommend a different route or a different time of day that might be safer. The ________________ also had concerns that the actions of some PSCs were hurting the image of the U.S. military. The ________________ said that when the PSCs forced an Iraqi off the road or shot at an Iraqi vehicle, the Iraqis thought it was a U.S. military member. The Iraqis did not make a distinction between PSCs and the troops. The ________________ felt that the division had no way to really communicate with the PSCs although they tried. To work with the embassy’s Regional Security Officer. The ________________ aid that he had no idea how many PSCs would be in his AOR before he got to Iraq. The Division was based in Baghdad and the ________________ stimated that there were about 90 PSCs working in the Baghdad area. He said the division got no information about working with PSCs in Iraq but he believed that some training/guidance/information would have been helpful. Page 3 Record of Interview

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Halleman Joins Parsons as Vice President, Business Development Water & Infrastructure

July 6, 2010

PASADENA, CA–(Marketwire – July 6, 2010) –  Parsons is pleased to announce that Mark A. Halleman has joined the company as Vice President, Business Development, for its Water & Infrastructure group. In this capacity, he will be responsible for not only developing the East Division’s project and program leads but will oversee the pursuit of large water projects.

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Fred Parker Launches Swinerton Government Services

June 17, 2010

SAN FRANCISCO, CA–(Marketwire – June 17, 2010) –  Fred Parker has joined Swinerton Incorporated to launch their new Swinerton Government Services division, which is dedicated to the pursuit and execution of Government projects. In his new role as Vice President & Division Manager of Swinerton Government Services, Parker will lead efforts to successfully deliver sustainable, large-scale complex design and construction projects and professional services, to a diversified base of Government agencies nationally.

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Microsoft’s Bach, Allard Will Leave in Management Shake-Up of Devices Unit

May 25, 2010

By Adam Satariano May 25 (Bloomberg) — Microsoft Corp. said Robbie Bach will retire as head of the division that runs the company’s Xbox game and mobile-devices businesses. J Allard , senior vice president of design and development in the division, is also leaving, Microsoft, the world’s largest software company, said today in a statement. Senior Vice President Don Mattrick will continue to run the Xbox business and Senior Vice President Andy Lees will head the mobile unit. The entertainment and devices business accounted for about 13 percent of Microsoft’s $58.4 billion in fiscal 2009 revenue. Xbox 360’s global sales of 40 million units rank second to Nintendo Co. ’s Wii, while the company has trailed Apple Inc. and Google Inc. in mobile market share. Mattrick and Lees will report to Steve Ballmer , Microsoft’s chief executive officer. “The mobile situation has not been good,” said Matt Rosoff , an analyst at Directions on Microsoft. The unit “has been a big area of investment” for Redmond, Washington-based Microsoft as it tries to expand beyond the core Windows and Office products. Bach, 48, said in the statement he wanted to dedicate more time to his family and nonprofit work including the Boys & Girls Clubs of America. A successor wasn’t named. Sales in the division fell 4.8 percent last year as video-game industry revenue declined. Microsoft’s share of mobile operating systems fell to 7.9 percent of the worldwide market in the fourth quarter from 12.5 percent a year earlier, according to ABI Research, based in Oyster Bay, New York. The company has also struggled to gain market share for the Zune music player against Apple ’s market- leading iPod. New Game Products Bach’s departure comes ahead of this year’s release of a new motion-activated game device called Natal and the Windows Phone 7 operating system for mobile devices. Bobby Kotick , chief executive officer of Activision Blizzard Inc., the world’s biggest game publisher, credited Bach with being “willing to take on business challenges and go after opportunities that are risky.” “It would have been very easy to say, ‘I’m not going to do Zune. I’m not taking on Steve Jobs and the iPod,’” Kotick said in an interview last week. Natal will let game players control action by moving their arms and legs rather than holding a controller. Further details of the product, scheduled to be introduced this year, will be given at the annual E3 game conference in June in Los Angeles. Game Experience Allard, 41, will remain an adviser to Ballmer, the company said. Lees has led the mobile communications business since 2008, Microsoft said. Mattrick, 46, was an executive at Electronic Arts Inc. before joining Microsoft in 2007 and has helped Bach develop Xbox Live, the online game portal with more than 23 million members. Xbox Live, which lets gamers play with one another, has helped differentiate Xbox from other systems, said Kotick. Microsoft retreated 54 cents to $25.73 at 2:23 p.m. New York time in Nasdaq Stock Market trading . The shares had fallen 14 percent before today. To contact the reporter on this story: Adam Satariano in San Francisco at asatariano1@bloomberg.net ;

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Walmart Ad Claims To Save Families $700 Million A Year

May 21, 2010

Last year Walmart got into some trouble for claiming it saved shoppers $700 a year just by shopping its stores. Competitors took issue with the claim, as did the National Advertising Division of the Council of Better Business Bureaus, and the ads were pulled. But Walmart is at it again, saying it can save shoppers $28 a week with its latest round of reduced prices. That’s more than twice the amount it claimed that got it into hot water last year. Is it true?

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Parsons Appoints Bodie as Energy, Systems & Security Division Manager

May 17, 2010

PASADENA, CA–(Marketwire – May 17, 2010) –  Parsons announces the appointment of William Bodie as Manager of the Energy, Systems & Security (ESS) Division for its Infrastructure & Technology group. In this role, Mr. Bodie will lead ESS’s work in the energy, mission-critical systems, homeland security and defense, and intelligence markets — Parsons is one of the largest providers of management, engineering, environmental, and planning services to government agencies.

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Wright Joins Parsons as East Division Proposal Manager Water & Infrastructure

May 17, 2010

PASADENA, CA–(Marketwire – May 17, 2010) –  Parsons is pleased to announce that John D. Wright has joined the company as East Division Proposal Manager for its Water & Infrastructure group. In this capacity, he will lead major proposals, manage the division’s sales and marketing team, assist in training and development, and work closely with business development and division management to promote Parsons’ core values and strategic objectives.

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Societe Generale Profit Beats Estimates as Investment Banking Fees Climb

May 5, 2010

By Fabio Benedetti-Valentini May 5 (Bloomberg) — Societe Generale SA , France’s second- largest bank by market value, posted a first-quarter profit that beat analysts’ estimates, helped by a rebound at its corporate- and investment-banking unit. Net income was 1.06 billion euros ($1.38 billion), compared with a net loss of 278 million euros a year earlier, the Paris- based bank said in an e-mailed statement today. That exceeded the 654 million-euro median estimate of 13 analysts surveyed by Bloomberg. Societe Generale “anticipates a sustainable rebound in the financial results in light” of the momentum of its main businesses in the quarter, and expects to reach its targets for 2010, the bank said in the statement. Chief Executive Officer Frederic Oudea , 46, is rebuilding profitability at the corporate- and investment-banking unit two years after the company announced a record trading loss, which it blamed on unauthorized positions amassed by former trader Jerome Kerviel . Societe Generale in the first quarter cut writedowns and provisions at the division, which accounted for more than 50 percent of the bank’s profit in the period. Societe Generale has fallen 21 percent this year in Paris trading, cutting its market value to 28.6 billion euros. BNP Paribas SA , France’s largest bank, has declined 12 percent, while Credit Agricole SA, the country’s biggest by branches, has dropped 16 percent. Toxic Assets The corporate- and investment-banking unit’s profit totaled 541 million euros in the first quarter, compared with a 171 million-euro net loss a year earlier, the bank said. Revenue at the division, led by Michel Peretie , rose 74 percent to 2.14 billion euros. Oudea reiterated in March that the business will probably have 2 billion euros of quarterly revenue this year. Societe Generale in the first quarter booked 237 million euros of writedowns and provisions from toxic assets including asset-backed securities and debt backed by U.S. bond insurers, down from about 1.8 billion euros a year earlier, the bank said. “They’re catching up,” Jaap Meijer , a London-based analyst at Evolution Securities Ltd. who recommends selling the stock, said before the earnings were released. “Still, there is a risk that writedowns will wipe out part of the profit this year.” The French company follows some of the world’s biggest banks in posting a rebound or growth in first-quarter earnings. JPMorgan Chase & Co. and Bank of America Corp. beat analysts’ estimates for first-quarter earnings last month, helped by debt trading revenue. Goldman Sachs Group Inc. said revenue from fixed-income, currencies and commodities trading rose 13 percent in the first three months to a record $7.39 billion. BNP Paribas is scheduled to report its results tomorrow. Provisions Drop Societe Generale’s overall provisions for doubtful loans fell 16 percent to 1.13 billion euros in the first quarter. That compares with analysts’ estimate of 1.35 billion euros. Net income at the French consumer-banking unit rose 25 percent to 279 million euros, ahead of the 263 million-euro median estimate of analysts. The international retail-banking unit had earnings of 114 million euros, compared with 121 million euros a year earlier, hurt by losses in Greece. Financial-services earnings more than doubled to 70 million euros, while profit at the global investment management and services unit almost quadrupled to 55 million euros. Greek Risks Societe Generale slid 5.8 percent yesterday as European stocks plummeted on concern the 110 billion-euro aid package for Greece may not solve the nation’s deficit crisis or prevent contagion to Europe’s debt-ridden economies. Societe Generale and Credit Agricole may be among European banks with the most at risk from the Greek crisis because of unprofitable units in the country. French banks have the biggest risks related to Greece among European lenders, accounting for $78.8 billion of the $193.1 billion of total claims European lenders have there, according to the Bank for International Settlements. Societe Generale said today it had about 3 billion euros of risks related to the Greek state at the end of April. Credit Agricole said last week it had 850 million euros at risk from Greek government debt. Societe Generale owns 54 percent of Greece’s Geniki Bank SA. The French company’s international retail unit’s doubtful- loan provisions increased in the quarter, including 149 million euros set aside for Greece, the bank said. ‘Precautionary Measures’ “The crisis has had a considerable impact in Greece, with a decline in the performance of Geniki Bank,” Societe Generale said in the statement. The French company is tightening its loan approval process and cutting costs in Greece as part of “precautionary measures,” it said. Societe Generale was roiled in 2008 by the 4.9 billion-euro trading loss. Kerviel, who goes on trial in June for his role in the loss, says in a book that goes on sale today that his superiors were well aware of his bets. Kerviel, 33, has been charged with abuse of trust, faking documents and hacking into the bank’s computer system to input false information. He faces as many as five years in prison and a 375,000-euro fine if found guilty. Kerviel admitted faking positions in order to give the appearance that he’d hedged unauthorized bets on stock index futures. He says his superiors knew what he was doing and only stepped in when his bets went wrong. Societe Generale says it only discovered Kerviel’s positions in January 2008 and posted the trading loss as the company unwound them. To contact the reporter on this story: Fabio Benedetti-Valentini in Paris at fabiobv@bloomberg.net .

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The Clymb Announces Microsoft’s J Allard as Board Member

April 14, 2010

PORTLAND, OR–(Marketwire – April 14, 2010) –   Retail Innovation Group’s The Clymb , a private sale network site featuring premium outdoor gear and performance brands, is proud to announce the appointment of Mr. J Allard to its Board of Directors. J Allard is a Senior Vice President at Microsoft Corporation, where he serves as Chief Experience Officer (CXO) and Chief Technology Officer (CTO) for the Entertainment and Devices Division, with responsibility for the technical architecture and user experiences related to products and services of the division.

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Unpaid Internships Investigated: ‘Mostly Drudgery’ Means Employers Must Usually Pay, Say Regulators

April 2, 2010

Convinced that many unpaid internships violate minimum wage laws, officials in Oregon, California and other states have begun investigations and fined employers. Last year, M. Patricia Smith, then New York’s labor commissioner, ordered investigations into several firms’ internships. Now, as the federal Labor Department’s top law enforcement official, she and the wage and hour division are stepping up enforcement nationwide.

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SEC Series: A Meaner & Leaner SEC?

March 9, 2010

According to the Securities and Exchange Commission (SEC) Chairwoman, Mary Schapiro, the SEC certainly is becoming meaner and leaner. On February 5, 2010, Schapiro gave a speech entitled “Looking Ahead and Moving Forward.” In her speech, she highlighted some of the major changes that have been undertaken in the last year since she took office. These changes include, among other things: Enforcement Division streamlined procedures – (1) SEC attorneys no longer need to get full SEC approval to initiate an investigation or enter into settlement talks with corporate defendants, (2) it removed a layer of middle management and redeployed dozens of superbly qualified attorneys back to the front lines, (3) it created specialized units to concentrate expertise and better connect the dots, and (4) it recently added a host of measures to encourage corporate insiders to come forward with evidence of wrongdoing. Inspections and Examinations Office – the (1) SEC began to improve its inspections program and place greater reliance on risk assessment such as requiring examiners to routinely verify the existence of client assets, and (2) SEC started to more rigorously review firms before sending in its examiners in an effort to use its limited resources more efficiently and target those firms with the greatest risks. SEC’s Internal Systems – The SEC expects (1) to have fully centralized its system so that complaints received in Chicago are downloaded into the same database as complaints received in Miami, (2) to have a new set of guidelines and protocols that will govern how everyone should handle the tips they receive, and (3) to work on further upgrading its technology so that the system will be able to not only store the complaint, but also analyze the complaints and connect the dots that might not be readily apparent. Created a New Division – For the first time in 37 years, the SEC established a new division, the Division of Risk, Strategy and Financial Innovation.  This new Division is expected to help the SEC keep pace with Wall Street by employing renowned experts in the economic, legal, and public policy implications of the financial innovations being crafted on Wall Street. Rulemaking Agenda – These include new enacted rules and rule proposals covering disclosures to shareholders on proxies and investors in municipal securities, target date funds, custody rule for investment advisers (see prior post discussing the new custody rules), point of sale disclosures and 12(b)(1) fees. As evidence of the SEC’s greater focus on protecting investors, the Schapiro cited statistics showing that the SEC has significantly increased the amount of temporary restraining orders, formal orders of investigation and disgorgement orders.  In addition, Schapiro pointed out that the SEC hopes to enact new rules governing the credit rating agencies, proxy access, money market funds, as well as certain aspects of market structure.  Clearly, under Schapiro’s leadership the SEC is taking its responsibility for investor protection very seriously. If you have questions about the Chairwoman’s speech or would like to discuss it in more detail, contact Jeffrey Wittenberg at 877-352-2010.

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Goldman Sachs’s Spilker Exits Firm After 20 Years; Forst Named Replacement

February 12, 2010

By Christine Harper and Bradley Keoun Feb. 12 (Bloomberg) — Marc Spilker , co-head of Goldman Sachs Group Inc. ’s fund-management division, is leaving the firm after about two decades, according to an internal memorandum. Spilker, 45, will be replaced by Edward Forst , who rejoined the firm last year as a senior strategy officer after a year as Harvard University’s first executive vice president and principal operating officer, according to a separate memo. Both memos were signed by Chairman and Chief Executive Officer Lloyd Blankfein and President Gary Cohn and confirmed by Andrea Raphael , a Goldman Sachs spokeswoman in New York. Goldman Sachs’s Investment Management Division, which oversees funds for institutions and wealthy individuals, has had a series of leadership changes in the last three years. Spilker and Tim O’Neill were promoted to help run the division in June 2008, when Forst left to join Harvard. Three months earlier, Co-Head Peter Kraus left after almost 22 years at the firm, later surfacing at Merrill Lynch & Co. to work with former Goldman Sachs colleague, John Thain . Eric Schwartz , a previous co-head of the division, left Goldman Sachs in 2007 after 23 years. Spilker joined Goldman Sachs in 1990 and became a partner in 1996. Before joining the investment management division in 2006 as head of global alternative asset management, Spilker was responsible for U.S. equities trading and global equity derivatives. He previously ran fixed-income, currencies, and commodities in Japan and served as global head of foreign exchange options. As one of the 30 members of Goldman Sachs’s management committee, he received no cash bonus for his performance in 2009. Spilker will become a “senior director” of the firm, according to the memo. Senior directors serve in an advisory capacity and aren’t employees. “Marc has made outstanding contributions throughout the firm and has mentored many colleagues who have developed into our important leaders,” Blankfein and Cohn said in the memo. The changes take effect at the end of February, they said. To contact the reporter on this story: Christine Harper in New York at charper@bloomberg.net .

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Morgan Stanley Allots 62% of Revenue for Employee Pay, Highest in Decade

January 20, 2010

By Christine Harper and Michael J. Moore Jan. 20 (Bloomberg) — Morgan Stanley , the world’s biggest brokerage, allocated 62 percent of revenue to pay employees in 2009, the highest ratio in more than a decade, as the firm added staff faster than it made money. The compensation and benefits expense rose 31 percent to $14.4 billion as revenue climbed 28 percent, the New York-based company said today. Because Morgan Stanley added more than 15,000 employees in June through its Morgan Stanley Smith Barney wealth-management joint venture, average compensation per employee fell to $235,193 from $244,000 last year. Wall Street firms including Morgan Stanley are under pressure from politicians and regulators to curb year-end bonuses after taxpayer funds helped the companies rebound from the financial crisis. At the same time, Morgan Stanley’s efforts to keep brokers at Smith Barney and hire 400 people for sales and trading added to compensation costs. The bank posted fourth- quarter earnings from continuing operations of $413 million today, missing analysts’ estimates on lower trading revenue. “We have to find the balance between what’s prudent to run your business and at the same time be responsive to what’s going on in the economy,” Chairman John Mack , who ceded his chief executive officer duties to James Gorman this month, told reporters on Jan. 13 after testifying to the Financial Crisis Inquiry Commission in Washington. “We’re in an environment that’s so difficult that you can never strike the perfect balance.” Dean Witter The company’s ratio of compensation to revenue was the highest since at least 1997, when Morgan Stanley combined with Dean Witter, Discover & Co. Excluding charges related to the value of Morgan Stanley’s debt, the compensation ratio was 50 percent, Colm Kelleher , Morgan Stanley’s co-president of institutional securities, said on a conference call. The bank “considered the impact of the U.K. bonus tax” as it set compensation levels, Kelleher said. If the 50 percent tax on banks paying discretionary bonuses of more than 25,000 pounds ($40,000) is implemented, “the cost of this tax will be shared significantly by employees globally.” The 2009 compensation expense fell short of some analysts’ estimates, including Bank of America Corp.’s Guy Moszkowski . He estimated a $15.1 billion pay expense. Credit Suisse Group AG’s Howard Chen expected compensation to total $15.4 billion. Deferred Compensation Morgan Stanley said today that Gorman, 51, won’t take a cash bonus, instead receiving his pay in deferred compensation. Mack, 65, declined to take a year-end bonus for a third consecutive year. Morgan Stanley, like other firms, is allocating a larger proportion of compensation in stock that employees can’t sell immediately and can be clawed back for up to three years if the firm realizes losses on certain trading positions or investments. Members of the operating committee will receive about 75 percent of their year-end pay in deferred compensation, the firm said today. “Year-end compensation for Morgan Stanley employees is now paid in a mix of components — including three-year performance stock units for senior executives, equity subject to market risk that vests over three years and deferred awards subject to clawback — that puts a significant portion of total compensation at risk and tied to long-term firm performance,” the company said. Wall Street firms typically set aside between 40 percent and 50 percent of revenue to pay employees. Morgan Stanley’s 62 percent ratio in 2009 compares with 61 percent in 2008. Institutional Securities The institutional securities division, which includes Morgan Stanley’s bankers and traders, set aside $7.22 billion for compensation in 2009, or 57 percent of the division’s $12.8 billion in revenue. That percentage fell from 2008, when pay accounted for 58 percent of revenue in the unit. Revenue at the securities division was damped by $5.5 billion in accounting writedowns because an improvement in the firm’s creditworthiness over the year increased the value of its liabilities. Without the charges, the division’s compensation ratio was 40 percent for 2009, Kelleher said. Global wealth management, which contains the company’s Morgan Stanley Smith Barney venture, allotted $6.11 billion to pay workers, up 63 percent from a year earlier and equal to 65 percent of the division’s $9.39 billion in revenue. Asset management contributed 83 percent of its $1.34 billion in revenue to pay employees $1.1 billion in compensation for 2009, the company said. Morgan Stanley didn’t disclose how many of its employees work in each division. Goldman Sachs The bank carved out more revenue to pay employees than Goldman Sachs Group Inc. and JPMorgan Chase & Co. because the firm made less money. Revenue at the institutional securities division, Morgan Stanley’s largest unit, rose 15 percent to $12.8 billion in 2009, while revenue at JPMorgan’s investment bank more than doubled to $28.11 billion from $12.3 billion in 2008. Goldman Sachs, which set aside an average of $527,192 per employee for the first nine months of the year, is scheduled to report earnings tomorrow.

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CryoPort Announces the Addition of John H. Bonde to Its Board of Directors

January 12, 2010

LAKE FOREST, CA–(Marketwire – January 12, 2010) – CryoPort, Inc. ( OTCBB : CYRX ) today announced that John H. Bonde, 64, was elected as a director to the Board on January 7, 2010 and serves as a member of the audit committee. Mr. Bonde is the Chief Executive Officer of eQsys, Inc., a position he has held since November 2008. From January 2005 through January 2006, Mr. Bonde served as the Division President of CGS Systems. Mr. Bonde has over 35 years experience working in various management positions at a number of successful high tech companies and has been a director of numerous private companies. Mr. Bonde earned his Bachelor of Science in Economics from City University of New York, Queens College in 1969 and a Masters of Science in Business Policy from Columbia University in 1982.

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Former Nintendo Executive Joins BDA as Vice President

January 12, 2010

Esteemed Industry Executive John Moore Named Divisional VP of Product Development and Marketing for BDA’s POWER A Division

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Bear Stearns Disappears Two Years After Collapse With JPMorgan Name Change

January 8, 2010

By Elizabeth Hester Jan. 8 (Bloomberg) — The Bear Stearns Cos. name may live on through memorabilia sold on EBay . Starting next month, it won’t be on a business card. The Bear Stearns Private Client Services division, the last to use the name of the failed firm, is changing to JPMorgan Securities, spokesman Darin Oduyoye said. The rebranding was announced to brokers today on a conference call. Clients will see the new logo on their February statements. JPMorgan, which acquired the unit in its March 2008 purchase of Bear Stearns, branded it “Bear Stearns: a JPMorgan Company.” With the decision to drop that name, Bear Stearns joins firms including Salomon Brothers, Dillon Read and Donaldson Lufkin & Jenrette among brands that have disappeared from Wall Street in the past two decades. “Even though the name goes away on the business cards and e-mails, there will always be a fondness,” said Barry Sommers , the head of the division who joined from Bear Stearns. “We’re still proud of the name and feel fortunate to be a part of JPMorgan.” The move comes after the unit had one of its best years in terms of hiring, client revenue and products offered, Sommers, 40, said in a telephone interview. Being able to leverage the JPMorgan name will help the business going forward, he said. Chief Executive Officer Jamie Dimon , the 53-year-old son and grandson of stockbrokers, said Oct. 27 that his New York- based bank planned to have as many as 1,000 of the “top, top, top” brokers. Hiring Brokers JPMorgan hired 70 brokers in 2009, bringing the total to 386 who manage more than $60 billion in client assets, Oduyoye said. The commission-based pay structure will remain unchanged. The unit had 324 brokers at the end of 2008, company documents show. One of the new hires was Dimon’s father, Theodore “Ted” Dimon, who joined the firm in November from Bank of America Merrill Lynch. The elder Dimon spent more than three decades as a broker for companies once run by Sanford “Sandy” Weill before moving to Merrill Lynch in August 2006, according to a report from the Financial Industry Regulatory Authority. The Bear Stearns brokers made $307 million in revenue for the year through Sept. 30, a company report shows. Sommers will continue to run the division, which will remain separate from JPMorgan’s private wealth management group, whose customers have $1 million to $25 million, and the private bank, whose clients are typically worth more than $25 million. Samuel Molinaro , former chief financial officer of Bear Stearns, is helping a former client Braver Stern Securities Corp. negotiate the purchase of New York-based broker-dealer Pali Capital Inc., three people familiar with the talks said yesterday. Molinaro will oversee about 250 people at the combined firm as chief executive officer. To contact the reporter on this story: Elizabeth Hester in New York at ehester@bloomberg.net .

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Wells-Gardner Appoints Management Team to Direct Illinois Video Lottery Terminal Business

January 5, 2010

CHICAGO, IL–(Marketwire – January 5, 2010) – Wells-Gardner Electronics Corporation ( NYSE Amex : WGA ) announced that their wholly owned subsidiary, American Gaming & Electronics (AG&E), has appointed Mike Rudowicz to be Executive Vice President in charge of the VLT Division of AG&E and Mike Mazzaroli to be the Vice President of Sales of the Division reporting to Rudowicz effective January 1, 2010. “We have recruited a very strong team to manage our VLT business,” said Anthony Spier, Wells-Gardner’s Chairman and Chief Executive Officer. “Mike Rudowicz is the best known executive in the amusement industry not just in Illinois but in the nation. Consequently he has long term relationships with all the operators in Illinois, who will be AG&E’s VLT customers. He is the immediate past President of the AMMA, the trade association of the amusement industry, a post he held for over 10 years. Prior to that h

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Citigroup Bailout Exit Clouded by $617 Billion of Assets at Citi Holdings

December 15, 2009

By Michael J. Moore and Bradley Keoun Dec. 15 (Bloomberg) — Citigroup Inc. Chief Executive Officer Vikram Pandit , emerging from a U.S. bailout with higher capital levels and loan-loss reserves than any peer, still has a $617 billion reason to worry. That’s the amount of assets left in Citi Holdings, the division that Pandit set up to strip his bank of unprofitable businesses, troubled loans and securities. While the bank has unloaded almost $100 billion of the assets so far, getting stuck with the rest may hinder earnings for years, analysts said. “I wouldn’t say that all of their issues are completely behind them,” said Bill Tanona , an analyst at Collins Stewart Inc. in New York who rates Citigroup “hold.” “We still have a soft economic environment and high unemployment, so losses are likely moving higher in the short term.” Citigroup yesterday joined Bank of America Corp. in exiting a taxpayer bailout program. Both lenders received “exceptional financial assistance,” according to Treasury Secretary Timothy Geithner . Citigroup plans to raise capital and repay $20 billion of U.S. funds as the government unwinds a stake in the bank. Wells Fargo & Co., which wasn’t in the special category, said yesterday it will raise money to repay a $25 billion bailout. Citigroup fell 6.3 percent in New York Stock Exchange trading yesterday to $3.70. The stock has tumbled 45 percent this year, valuing the New York-based lender at about $85 billion. The bank earned $101 million in the third quarter, a fraction of the $3.59 billion of net income that JPMorgan Chase & Co. reaped in the same period, and expects to lose $6.4 billion this quarter on the bailout repayment. Winding down Citi Holdings carries its own risks, because many of the assets, such as loans, are still producing interest income. In a research note, Sanford C. Bernstein LLC analyst John McDonald estimated that the bank’s overall revenue may decline by 16 percent in the next two years to $78.9 billion as Citi Holdings assets get sold or retired. Bad-Loan Costs By 2011, Citigroup may post a $9.36 billion profit, McDonald estimated, as bad-loan costs decline by half to $21.9 billion. That compares with an estimated net loss of about $1.7 billion this year and is less than half the $22 billion that Citigroup earned in 2006. Any profit the bank does make will be spread among more shareholders . By selling at least $20.5 billion of common stock and equity units, Citigroup’s common shares outstanding will increase to about 28.5 billion, according to Edward Najarian , an analyst at International Strategy and Investment Group in New York. That’s up from 22.9 billion as of Sept. 30 and 5 billion at the end of 2007. “They had a desire to no longer be regarded as an exceptionally assisted financial company, but they clearly paid a steep price for that,” Najarian said. “Shareholders already got diluted hugely once. Now they’re getting diluted by another 25 percent.” Tier 1 Ratio After the share sale and repayment of bailout funds, Citigroup will have a Tier 1 common equity ratio of 9.0 percent, Richard Staite , a London-based analyst at Atlantic Equities LLP, wrote in a note yesterday. That compares with 8.2 percent at JPMorgan as of the end of the third quarter and 8.4 percent at Bank of America after its share sale to repay the U.S. Pandit has stuck to the strategy he set in January 2009 to sell or wind down businesses outside consumer banking, investment banking, trading, corporate cash management and securities custody. The businesses he’s keeping, grouped under the name Citicorp, had a combined $13 billion of income from continuing operations in the first nine months of the year, up 12 percent from the same period of 2008. Of 16 geographic business segments in Citicorp, only one has lost money so far this year. That segment, European consumer banking, had a loss of $166 million during the period, compared with an $87 million profit the prior nine months. CitiFinancial The rest, grouped under Citi Holdings, includes the CitiFinancial personal-lending, CitiMortgage and Primerica life- insurance units, along with about $182 billion of Citigroup’s riskiest mortgages, auto loans, commercial real estate and credit-card loans. Citi Holdings had a loss of $6.79 billion in the first nine months, narrower than the $21.3 billion loss reported for the same period of 2008. Michael Corbat , appointed by Pandit to manage Citi Holdings, reduced total assets at the division to $617 billion as of Sept. 30, from $715 billion at the end of 2008. This year, he’s sold businesses including Japanese brokerage and asset- management, Diners Club in Europe and a consumer-finance unit in Italy. Citigroup has reported a mixed outlook for credit costs as consumers and businesses face the worst recession since World War II. Total loan charge-offs declined in the third quarter for the first time since the credit crisis began, while loans 90 days past due climbed to 4.7 percent from 4.2 percent in the second quarter. Citigroup held its rank as the world’s fourth-biggest merger adviser on announced deals so far this year, and moved to second from third in 2008 in underwriting global bonds, according to Bloomberg data. To contact the reporter on this story: Michael J. Moore in New York at mmoore55@bloomberg.net ; Bradley Keoun in New York at bkeoun@bloomberg.net .

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Browns Send Steelers to Fifth Straight Loss With Second Win of Season

December 11, 2009

By Dex McLuskey Dec. 11 (Bloomberg) — The Cleveland Browns won for only the second time this season to send the Pittsburgh Steelers to their fifth straight defeat and extend the longest losing streak in six years for the National Football League champions. Phil Dawson opened the scoring with a pair of 29-yard field goals at Cleveland Browns Stadium before Chris Jennings ran 10 yards for his first career touchdown and the only score by a Cleveland running back in more than a year. The Steelers could only muster two field goals from Jeff Reed in response. Ben Roethlisberger was sacked eight times by a Browns defense that allowed 216 yards of offense. It was the most sacks for Cleveland since Oct. 20, 2002, when it also got eight against Houston. Roethlisberger found himself on the losing team for the first time in 11 starts against the Browns, who ended a 12-game losing skid to their division rival. On a night when temperatures dipped to around 15 degrees Fahrenheit (-9.5 Celsius) and the wind swirled, Cleveland quarterback Brady Quinn completed six of 19 pass attempts for 90 yards, while Roethlisberger went 18-for-32 and 201 yards. The Browns, who had lost seven consecutive games since beating Buffalo on Oct. 11, improved to 2-11 with their first win in 10 home games, while the Steelers dropped to 6-7. Cleveland remains last in the American Football Conference North Division, while the Steelers are third. Cincinnati leads with a 9-3 record and Baltimore is second on 6-6.

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Woodbridge Group Launches Distressed Situations Division

December 8, 2009

NEW HAVEN, CT–(Marketwire – December 8, 2009) – Woodbridge Group, Inc., an innovative mergers and acquisition firm, has established a new Distressed Situations Division ( www.woodbridgegrp.com/distressed.htm ) to serve the needs of lower middle-market companies that are facing severe financial pressure, including possible bankruptcy or foreclosure. This new division will focus on companies with at least $5 million in assets but will consider situations below that amount on a case-by-case basis. The division can also determine alternative refinance options in the case of an insolvent or stressed financial situation.

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Video: Reinhart Sees `Low Profile’ Fed With Unemployment High: Video

November 20, 2009

Nov. 20 (Bloomberg) — Vincent Reinhart, resident scholar at the American Enterprise Institute, talks with Bloomberg’s Lori Rothman about the outlook for the U.S. labor market. Reinhart, a former director of the Federal Reserve’s Division of Monetary Affairs, also discusses Fed policy. (Source: Bloomberg)

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Buffalo Bills Fire Coach Dick Jauron After 3-6 Season Start, 24-33 Overall

November 17, 2009

By Erik Matuszewski Nov. 17 (Bloomberg) — Dick Jauron was fired as coach of the Buffalo Bills, who are in last place in their division with a 3-6 record and may miss the National Football League playoffs for the 10th straight year. Jauron, 59, had a 24-33 record since taking over as Bills’ coach in 2006. He is the first NFL head coach fired this season. Buffalo trails New England, Miami and the New York Jets in the American Football Conference’s East Division this season and has averaged just 15.6 points a game, tied for the fourth-fewest in the 32-team league. The Bills lost to the Tennessee Titans 41-17 two days ago. “While this was a very difficult decision, I felt that it is one that needed to be made at this time for the best interest of our team,” Bills owner Ralph Wilson said in a statement. The Bills haven’t named a replacement. NFL.com reported that defensive coordinator Perry Fewell is expected to fill in for Jauron on an interim basis. Buffalo hasn’t made the playoffs since 1999, tied with the Detroit Lions for the league’s longest active streak for a non- expansion franchise. Jauron has a 60-82 record over parts of 10 seasons as an NFL coach with the Bills, Detroit Lions and Chicago Bears. His lone winning season came with the Bears in 2001. Jauron is the first coach fired by the Bills during a season since 1986, when Hank Bullough was dismissed after a 2-7 start. Marv Levy replaced him and led Buffalo to four straight Super Bowl appearances from 1990 through 1993. To contact the reporter on this story: Erik Matuszewski in New York at matuszewski@bloomberg.net

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N.Y. Leaders Fail to Close $3.2 Billion Budget Gap as Legislature Gathers

November 17, 2009

By Michael Quint Nov. 17 (Bloomberg) — New York lawmakers and Governor David Paterson said they continue to negotiate a plan to narrow a $10 billion budget deficit over the next 17 months and solve a December cash squeeze. Paterson, a Democrat who called legislators to Albany for special sessions last week and yesterday, told the Associated Press he will hold them in the state capital until there’s an agreement or they vote down the proposal he made a month ago. He said a vote on the budget-reduction plan isn’t likely today. Paterson’s plan for midyear spending cuts to education and Medicaid spending, the two largest parts of the state’s $133.2 billion budget, have been stumbling blocks since he made his proposal on Oct. 15. Senate Democrats have sought to replace spending cuts with other one-time revenue, including $500 million from a restructuring of the state’s $3.59 billion of tobacco bonds. “There are some ways I’m going to explore in the next couple of days in which I will try to act independently of the Legislature,” Paterson said in an interview yesterday on Buffalo-based radio station WBEN . “That’s not what a democracy is,” he said, referring to unnamed unilateral actions to balance the budget or raise the cash to pay bills in December. New York hasn’t furloughed state workers or suspended construction projects, actions taken by California in its budget crisis. Paterson, whose comments to AP were confirmed by spokesman Morgan Hook , declined to speak with Bloomberg News. One-Year Fixes One-time revenue actions, are “a bridge to take us to a new frontier” said Carl Kruger , chairman of the Senate Finance Committee. Budget deficits in future years will be closed by “by reforming government, changing the way we deliver services and learning to do more with less.” In the absence of recurring spending cuts or new revenue, New York’s deficit is projected at $6.8 billion in the year beginning April 1, 2010, and $14.8 billion the following year, according to budget documents . Comptroller Thomas DiNapoli , the state’s fiscal watchdog who has no formal role in designing the budget, said that without spending cuts, the current year’s deficit would be $4.1 billion, or $900 million more than the Division of Budget projects. The state already relied on $11 billion of temporary revenue, including personal income tax increases that expire after 2011, to close a record $17.9 billion budget gap in April, he said. “Negotiations continue,” Kruger said. “We are far from being far apart.” Schools, Health Care After calling lawmakers “afraid politically” of interest groups that support spending on schools and health care, Paterson said in the radio interview that he was willing to “mortgage my political future” to balance the budget. Recent polls show Paterson losing to Attorney General Andrew Cuomo by a 75 percent to 16 percent margin in a September primary election for the Democratic governor’s nomination. The state faces a cash shortage in December, when it owes $5.9 billion to local governments, schools and transportation authorities, Paterson has said. New York already postponed a $959.1 million pension-fund payment, not legally required until March 1, according to the Division of Budget. Since issuing his budget plan, Paterson has warned that if lawmakers don’t act, New York could face a California-style liquidity squeeze that forced the most-populous state to issue IOUs. U.S. states are closing $250 billion of budget deficits and will be forced to grapple with diminished revenue until at least 2012, the National Governors Association and National Association of State Budget Officers said in a report. While a cash crunch could force New York to delay some payments to schools, it will continue to pay interest and principal on debt, Robert Megna , budget director, said in October. By the end of December, the state expects a negative $1.1 billion balance in the general fund, and may exhaust the cash in its short-term investment pool, said Matt Anderson , a spokesman for Megna. To contact the reporter on this story: Michael Quint in Albany, New York, at mquint@bloomberg.net .

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Randy Rogers Joins Team Pop N Go

November 10, 2009

WHITTIER, CA–(Marketwire – November 10, 2009) – Pop N Go, Inc. ( PINKSHEETS : POPN ) announced today that Randy Rogers will head up the Company’s new Bentonville, AR office focusing on the Company’s national accounts program. He brings 19 years of experience with Walmart Stores Inc. (Sam’s Club Division). Mr. Rogers was honored in 2008 with the prestigious Sam M. Walton Entrepreneur of the Year Award (the highest award given in Walmart Stores Inc.).

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Weatherby Locums Promotes Mike DePaolis

November 3, 2009

CARY, NC–(Marketwire – November 3, 2009) – CHG Healthcare Services, one of the oldest and largest healthcare staffing firms in the United States, has announced the promotion of Mike DePaolis to vice president for one of its physician staffing companies, Weatherby Locums. Mr. DePaolis will oversee business operations in Weatherby Locums’ Cary, N.C. office, with responsibility for directing and managing the operations of the division’s sales support organization. He previously served as the director of sales for the internal medicine subspecialties and oncology teams.

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Tigers, Twins Win to Force One-Game Playoff for AL Central Division Title

October 4, 2009

By Erik Matuszewski Oct. 4 (Bloomberg) — The Detroit Tigers and Minnesota Twins will meet in a one-game playoff to determine the final spot in Major League Baseball’s postseason after both teams won on the final day of the regular season. The Tigers beat the Chicago White Sox 5-3 at Comerica Park in Detroit, while the Twins were 13-4 winners over the Kansas City Royals at the Metrodome in Minneapolis. Detroit and Minnesota will have their one-game playoff on Oct. 6 in Minneapolis to decide the American League Central Division champion after finishing the regular season with 86-76 records. The winner will play the New York Yankees in the first round of the playoffs, which begin Oct. 7. The AL Central playoff can’t be contested tomorrow because the National Football League’s Monday night game between the Minnesota Vikings and Green Bay Packers is at the Metrodome. The Tigers snapped a three-game losing streak with today’s win, yet are just 11-15 since Sept. 6, when they led the division by seven games. The Twins have won four straight games and 16 of their last 20 to force a one-game playoff for the second consecutive year. Minnesota lost a one-game playoff to the Chicago White Sox for the division title in 2008. This will be the eighth extra game to decide a division title since baseball expanded its postseason format in 1969, according to MLB.com. The others were in 1978, 1980, 1995, 1998, 1999 and 2007. To contact the reporter on this story: Erik Matuszewski in New York at matuszewski@bloomberg.net

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Detroit Tigers, Twins May Need One-Game Playoff to Determine AL Central

October 4, 2009

By Vince Golle Oct. 4 (Bloomberg) — Wins today by the Detroit Tigers and Minnesota Twins would force a playoff for the American League Central Division title that will determine who makes Major League Baseball’s postseason. The Tigers, who on Sept. 6 led the Central Division by seven games, host the Chicago White Sox this afternoon. Detroit lost to the White Sox yesterday and is now in a tie for the division with the Twins, who are at home in Minneapolis’ Metrodome against the Kansas City Royals. The Twins and the Tigers are both 85-76. Detroit today will try and rally around pitcher Justin Verlander , who is 18-9, while the White Sox begin with John Danks (13-10) on the mound. In Minnesota, Carl Pavano (4-4) will start for the Twins and Luke Hochevar (7-12) for the Royals. If the Tigers and Twins both win or both lose, their playoff fate won’t be determined until Tuesday at 4 p.m. local time in Minneapolis because of tomorrow night’s National Football League game between the Green Bay Packers and Minnesota Vikings in the Metrodome. The AL playoff schedule also hangs in the balance. One AL divisional series will begin Oct. 7 and the other on Oct. 8. The New York Yankees, with the league’s best record at 102-59 heading into today’s finale at Tampa Bay, determine which day they play the AL Central winner in Game 1. The Boston Red Sox (94-67), the AL wild card team as the second-place club with the best record, and the Los Angeles Angels (96-65), winners of the AL West, start on the day the Yankees reject. Late Decision The Yankees can wait until an hour after the last out of the final regular-season game, which would include a Twins- Tigers playoff, to decide what day they will play the Central Division winner. Because Verlander is pitching today, he may not be available for Game 1 of the best-of-five postseason series if the Yankees chose a Wednesday start. The Tigers had the division lead since May 10 and had been alone in first place since July 23. No team has led a division or league since May 10 and lost it in the final week, and no team has led a division or league by three games with four games to play and not won, according to MLB.com. To contact the reporter on this story: Vince Golle in Washington at vgolle@bloomberg.net .

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New York’s Budget Deficit May Grow to $3 Billion This Year, Paterson Says

September 23, 2009

By Michael Quint Sept. 23 (Bloomberg) — New York Governor David Paterson said the state’s budget deficit this year may reach $3 billion, up from $2.1 billion the Division of Budget estimated July 30. The $3 billion deficit for the year ended March 31, 2010, “is a revenue problem more than anything else,” Paterson said at a legislative leaders meeting in Albany, the state capital. Personal income tax collections are down about 35 percent rather than the projected 15 percent, Paterson said. The $133.5 billion spending plan for the year that began April 1 and updated in July included $86 billion of state funds, with the remainder coming from the federal government. To contact the reporter on this story: Michael Quint in Albany, New York, at mquint@bloomberg.net .

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