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US Steel Tower Sold for $250M

by on April 26, 2011

Costar…

An investment group led by New York-based real estate mogul Mark Karasick purchased the U.S. Steel Tower, Pittsburgh’s tallest office building, for $250 million, or about $107 per square foot. The 64-story, 2.3 million-square-foot, class A office tower is located at 600 Grant St. It was designed by architecture firm Harrison, Abramowitz & Abbe in the 1970s, and is noted for its triangular shape with indented corners and its corrosion-resistant…

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US Steel Tower Sold for $250M

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April 12 (Bloomberg) — Todd Harrison, chief executive officer of Minyanville Media Inc., talks about the oil and stock markets, and the outlook for the U.S. economy and government spending. Harrison, speaking with Pimm Fox on Bloomberg Television’s “Taking Stock,” also discusses his book, “The Other Side of Wall Street: In Business It Pays to Be an Animal, In Life It Pays to Be Yourself.” (Source: Bloomberg)

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Video: Harrison Says U.S. Stock Rally Is Not Same as a Recovery

Video: Todd Harrison Says Post-Crisis Markets `Aren’t Free’

March 29, 2011

March 29 (Bloomberg) — Todd Harrison, chief executive officer of Minyanville Media Inc., talks about the state of the financial industry and markets since the financial crisis. Harrison talks with Bloomberg Television contributing editor William Cohan and Julie Hyman on Bloomberg Television’s “Taking Stock.” (Source: Bloomberg)

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Video: Altman Said to Be Leading Choice to Replace Summers: Video

November 17, 2010

Nov. 16 (Bloomberg) — Roger Altman, founder of Evercore Partners Inc. and a former deputy Treasury secretary, has emerged as a leading candidate to replace Lawrence Summers as director of President Barack Obama’s National Economic Council, according to two people familiar with the matter. Bloomberg’s Hans Nichols reports. Todd Harrison, chief executive officer of Minyanville Media Inc., and Bloomberg’s Pimm Fox also speak on Bloomberg Television’s “Taking Stock.” (Source: Bloomberg)

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Video: Pento Sees Fed Policy Boosting Jobless Rate Above 10%: Video

October 22, 2010

Oct. 22 (Bloomberg) — Michael Pento, a senior economist at Euro Pacific Capital, and Todd Harrison, chief executive officer of Minyanville Media Inc., talk about Federal Reserve monetary policy. Pento and Harrison also discuss U.S. stocks and the dollar. They speak with Pimm Fox on Bloomberg Television’s “Taking Stock.” (Source: Bloomberg)

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Video: Harrison Discusses Druckenmiller’s Decision to Quit: Video

August 18, 2010

Aug. 18 (Bloomberg) — Todd Harrison, chief executive officer of Minyanville Media Inc., talks about hedge-fund icon Stanley Druckenmiller’s decision to quit the business after three decades, telling investors he’d been worn down by the stress of trying to maintain one of the best trading records in the industry while managing an “enormous amount of capital.” He speaks with Pimm Fox on Bloomberg Television’s “Taking Stock.” (Source: Bloomberg)

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Video: Minyanville’s Harrison Says Hefner Wants Playboy Mansion: Video

July 12, 2010

July 12 (Bloomberg) — Todd Harrison, chief executive officer of Minyanville Media Inc., speaks about the proposal to take Playboy Enterprises Inc. private by founder Hugh Hefner. FriendFinder Networks Inc., owner of Penthouse adult magazine, plans to submit a bid for Playboy following the $123 million offer from Hefner. Harrison talks with Pimm Fox on Bloomberg Television’s “Taking Stock.” (Source: Bloomberg)

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Video: Minyanville’s Harrison Says Hefner Wants Playboy Mansion: Video

July 12, 2010

July 12 (Bloomberg) — Todd Harrison, chief executive officer of Minyanville Media Inc., speaks about the proposal to take Playboy Enterprises Inc. private by founder Hugh Hefner. FriendFinder Networks Inc., owner of Penthouse adult magazine, plans to submit a bid for Playboy following the $123 million offer from Hefner. Harrison talks with Pimm Fox on Bloomberg Television’s “Taking Stock.” (Source: Bloomberg)

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Video: Todd Harrison Says Financial System Needs to Reset: Video

July 1, 2010

July 1 (Bloomberg) — Todd Harrison, chief executive officer of Minyanville Media Inc., talks about the outlook for the U.S. financial system and economy. Harrison speaks with Pimm Fox on Bloomberg Television’s “Taking Stock.” (Source: Bloomberg)

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Former Merrill Asia Investment-Bank Chief Chunilal Sues Over Reduced Bonus

June 11, 2010

By Lindsay Fortado June 12 (Bloomberg) — The former head of Asia-Pacific investment banking at Merrill Lynch & Co., Damian Chunilal , is suing the bank over reducing his bonus last year he was with the firm. Chunilal, who was fired from Merrill in November 2008 less than two months after the bank agreed to be taken over by Bank of America Corp. , says he was paid a $2.3 million bonus for his last year. That was one-fifth of his year earlier bonus, his lawyer, Robin Knowles, said at a hearing yesterday in London, where Chunilal is suing for breach of contract. “They looked back at last year and took 20 percent,” Knowles said. “It doesn’t matter how well you’ve done, however hard you’ve worked, that’s what you get.” U.K. bankers have had success with lawsuits over reduced or withheld bonus payments in London courts since the beginning of the financial crisis. A former Societe Generale SA managing director, an ex-Seymour Pierce Ltd. investment banker and a derivatives trader who had worked at Rabobank International, have all won rulings on unpaid compensation claims this year. Merrill lawyer Christopher Harrison asked the court to throw out Chunilal’s claim, arguing the dispute should be decided in Hong Kong, where he was based. Chunilal, who reported to Greg Fleming in New York, must show the contract breach happened in London for it to be heard by a U.K. court, he said. ‘A Lot of Problems’ “We say that his claim has a lot of problems with it, as it was a wholly discretionary bonus,” Harrison said. “The claimant is not resident in this country, and yet seeks to drag the respondent into this country.” Merrill’s “normal practice” was to offer fired employees a payment of 20 percent of the bonus they received the previous year, Knowles said the bank told Chunilal. The bonus decision was, therefore, made in London by the head of human resources for investment banking, Knowles said. Bonuses for fired workers weren’t “an automatic 20 percent,” Harrison said. “Someone had to work out what level to give him.” Judge Michael Burton said he would rule on jurisdiction as early as next week. Chunilal worked for Merrill in England until 2003, when he signed a new contract with the bank and was sent to work in Hong Kong, his lawyer said. His original contract was governed by English law, and the latter one did not specify, Knowles said. The departure of Chunilal and that of Jason Brand , president of Asia-Pacific operations, and Raymundo Yu , chairman of the region, came shortly after Merrill’s purchase by Bank of America. The Asia-Pacific head of mergers and acquisitions, Kalpana Desai , also left months later. The case is Damian Chunilal v. Merrill Lynch International Inc., case no. 2009-1354, High Court of Justice (London). To contact the reporter on this story: Lindsay Fortado in London at lfortado@bloomberg.net

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Ex-Merrill Lynch Asia Investment Banking Head Chunilal Sues Over Bonus Cut

June 11, 2010

By Lindsay Fortado June 11 (Bloomberg) — Damian Chunilal , the former Asia- Pacific head of investment banking at Merrill Lynch & Co., is suing the bank over a reduced bonus payment in his last year with the firm. Chunilal, who was fired from Merrill in November 2008 less than two months after the bank agreed to be taken over by Bank of America Corp., says he was paid a $2.3 million bonus for his last year. That was one-fifth of his year earlier bonus, his lawyer, Robin Knowles, said at a hearing today in London, where Chunilal is suing for breach of contract. “They looked back at last year and took 20 percent,” Knowles said. “It doesn’t matter how well you’ve done, however hard you’ve worked, that’s what you get.” U.K. bankers have had success with lawsuits over reduced or withheld bonus payments in London courts since the beginning of the financial crisis. A former Societe Generale SA managing director, an ex-Seymour Pierce Ltd. investment banker and a derivatives trader who had worked at Rabobank International, have all won rulings on unpaid compensation claims this year. Merrill lawyer Christopher Harrison asked the court to throw out Chunilal’s claim, arguing the dispute should be decided in Hong Kong, where he was based. Chunilal, who reported to Greg Fleming in New York, must show the contract breach happened in London for it to be heard by a U.K. court, he said. ‘A Lot of Problems’ “We say that his claim has a lot of problems with it, as it was a wholly discretionary bonus,” Harrison said. “The claimant is not resident in this country, and yet seeks to drag the respondent into this country.” Merrill’s “normal practice” was to offer fired employees a payment of 20 percent of the bonus they received the previous year, Knowles said the bank told Chunilal. The bonus decision was, therefore, made in London by the head of human resources for investment banking, Knowles said. Bonuses for fired workers weren’t “an automatic 20 percent,” Harrison said. “Someone had to work out what level to give him.” Judge Michael Burton said he would rule on jurisdiction as early as next week. Chunilal worked for Merrill in England until 2003, when he signed a new contract with the bank and was sent to work in Hong Kong, his lawyer said. His original contract was governed by English law, and the latter one did not specify, Knowles said. The departure of Chunilal and that of Jason Brand , president of Asia-Pacific operations, and Raymundo Yu , chairman of the region, came shortly after Merrill’s purchase by Bank of America. The Asia-Pacific head of mergers and acquisitions, Kalpana Desai , also left months later. The case is Damian Chunilal v. Merrill Lynch International Inc., case no. 2009-1354, High Court of Justice (London). To contact the reporter on this story: Lindsay Fortado in London at lfortado@bloomberg.net

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Video: Harrison Says Jobs Report Not Telling `Whole Story’: Video

June 4, 2010

June 4 (Bloomberg) — Todd Harrison, chief executive officer of Minyanville Media Inc., talks with Bloomberg’s Matt Miller and Carol Massar about today’s jobs report. American companies hired fewer workers in May than forecast and workers dropped out of the labor force, indicating government support is still needed to spur economic growth. Bloomberg’s Joseph Brusuelas also speaks. (Source: Bloomberg)

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Video: Minyanville’s Harrison Discusses Market Outlook, Risks: Video

May 14, 2010

May 14 (Bloomberg) — Todd Harrison, chief executive officer of Minyanville Media Inc., talks with Bloomberg’s Pimm Fox about the outlook for financial markets. (This is an excerpt of the full interview. Source: Bloomberg)

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Toyota Asks ABC News to Retract `Irresponsible’ Sudden-Acceleration Report

March 18, 2010

By Alan Ohnsman and Jeff Plungis March 19 (Bloomberg) — Toyota Motor Corp. asked U.S. broadcaster ABC News to retract and apologize for an “irresponsible” report it aired last month suggesting electronics as the cause of sudden acceleration in its cars. The world’s largest automaker is working to repair its reputation after recalling 8 million vehicles worldwide to fix defects linked to bursts of speed. The National Highway Traffic Safety Administration said yesterday that evidence from a Toyota Prius involved in a Harrison, New York, crash tied to unintended acceleration found no sign the car’s brakes had been applied. Toyota has said accelerators that stick or snag on floor mats are at fault in sudden acceleration, with no evidence of failures in the electronic-control systems of its cars and trucks. An ABC News report on Feb. 22 challenged that assumption, and the network in a response to Toyota defended its right to air the report. The network owned by Walt Disney Co. “relentlessly promoted” a view that electronics in Toyota and Lexus models were a cause of sudden-acceleration complaints, without providing “credible scientific evidence,” Christopher Reynolds , Toyota’s U.S. general counsel, said in a March 11 letter to ABC News President David Westin . “Toyota deserves a public retraction and formal apology from ABC News for your irresponsible broadcast,” Reynolds said in the four-page letter, reported yesterday by the Web site gawker.com. ‘Legitimate, Newsworthy’ ABC News’s report on the design of Toyota electronic throttle controls was “legitimate and newsworthy,” John Zucker , ABC Inc. senior vice president of law & regulation, said yesterday in a three-page letter to Reynolds. Toyota was contacted on Feb. 22, before the broadcast for a response to be included in the report, and didn’t respond, Zucker said. ABC News had included a fabricated video image of a car tachometer in the broadcast “to create the false and misleading impression with viewers of a dangerous and uncontrolled acceleration,” Reynolds wrote. The original video image was deemed difficult for viewers to observe because of the car’s motion, Zucker responded. Using a different shot was an “editorial error,” and a re-edited video has been posted to the abcnews.com Web site, he said. “The larger point, however, is that the use of the video shot was not intended to, and did not, materially mislead the public,” Zucker said. “ABC News intends to continue to cover the issues surrounding reports of unintended acceleration by Toyota vehicles.” Harrison Accident Toyota City, Japan-based Toyota faces more than 100 class- action and individual lawsuits from customers related to vehicle defects. Toyota’s American depositary receipts, each equal to two ordinary shares, fell 49 cents to $78.81 yesterday in New York Stock Exchange composite trading. The shares have lost $25.2 billion in market value since Toyota announced a recall on Jan. 21. In the suburban New York crash on March 9, a 2005 Prius sped out of control before hitting a stone wall. The Prius’s diagnostic recorder indicated the car’s accelerator was engaged, NHTSA said in the e-mailed statement. “Information retrieved from the vehicle’s onboard computer systems indicated there was no application of the brakes and the throttle was fully open,” the Washington-based auto safety agency said in the statement. “Any release of information regarding an investigation that’s not complete or without consulting local investigating authorities is irresponsible,” said Captain Anthony Marraccini, head of the Harrison police department. Gilbert’s Test The information mentioned by NHTSA is “just one snapshot,” Marraccini said. Harrison police are still meeting with Toyota to analyze the data and is using the Rockville, Maryland, office of RTI International, a forensic engineering company, to help assess the crash, he said. Toyota told reporters March 8 that Southern Illinois University professor David Gilbert ’s test, featured in the ABC broadcast, altered a circuit in a way that couldn’t occur in everyday driving, so it couldn’t be used as evidence of sudden acceleration. Toyota Motor Sales vice president of corporate communications, Mike Michels , said at the time that the company wasn’t planning legal action against ABC. Reynolds couldn’t be immediately reached for comment yesterday. The automaker “reserves the right to take any and every appropriate step to protect and defend the reputation of our company and its products from irresponsible and inaccurate claims,” Reynolds wrote in the letter, which was copied to Disney Chief Executive Officer Robert Iger . Gilbert testified before a U.S. House of Representatives hearing on Feb. 23 that he had isolated weaknesses in Toyota’s electronic throttle system not found in units from other automakers. Toyota engineers and those from the firm it hired to assess its electronics, Exponent Inc., used Gilbert’s technique to induce engine-revving in vehicles from General Motors Co., Daimler AG and Chrysler Group LLC at the March 8 demonstration. To contact the reporters on this story: Alan Ohnsman in Los Angeles at aohnsman@bloomberg.net ; Jeff Plungis in Washington at jplungis@bloomberg.net

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Russian Economy to Grow More Than 2% This Quarter, Kudrin Says, AP Reports

October 24, 2009

By Mike Harrison Oct. 24 (Bloomberg) — Russia’s economy will grow more than 2 percent in the fourth quarter, the Associated Press said, citing Finance Minister Alexei Kudrin. He forecast oil prices would drop to about $60 a barrel in 2010, the news agency cited the minister as saying on the Vesti v Subbotu television program.

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BRIEF-Extra Space Storage amends JV deal with Harrison Street Real Estate Capital

September 30, 2009

Sept 30 (Reuters) – Extra Space Storage Inc: * Amends joint venture agreement with Harrison Street Real Estate Capital, LLC * Says HSRE will contribute about $15.0 million in cash to the jv in return for a 50.0% ownership interest * Says JV will assume

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