Wall Street Journal Brief - Bold Business Report

Front Page
§ SEC Probes Other Soured Deals
§ SEC hits Goldman Sachs w/ civil fraud charge; looking at other large firms for similar issues
§ Open secret on Wall Street - as problems began some big firms designed products to allow key clients (hedge funds) to bet on a downturn
§ Some of the firms, Deutsche Bank, UBS and Merrill (now BofA)
§ Firm Contends It was Blindsided by Lawsuit
§ Goldman knew that regulators were examining controversial mortgages, but stunned by civil fraud suit
§ Started to be investigated in 2008
§ More combative move by the SEC since letting slip the Madoff scheme and fraud of R. Allen Stanford
Marketplace
§ Weinsteins Set to Buy Miramax
§ This weekend the Weinsteins moved closer to acquiring Miramax from Walt Disney; both emotional and financial
§ Bob and Harvey Weinstein founded Miramax in 1979, named after mother/father.
§ Could reinvigorate their independent operation that has waned in recent years.
§ Sikorsky, Lockheed Team
§ These rivals are expected to announce teaming up to bid on the contract for a fleet of Marine One helicopters
§ Sikorsky had build these helicopters since 1957 and was defeated in 2005; now rebuilding
§ Lockheed provided no comment; appears that Sikorsky would build the helicopter and Lockheed the systems
Money & Investing
§ Delinquencies For Mortgages Decline Again
§ Fell in March for the 2nd month in a row; encouraging sign for housing market
§ Declined by 8.6% in March; levels not seen since Spring 2008; also improvements in consumer credit
§ Temper enthusiasm, delinquencies usually decline during Feb/Mar (tax refunds), help from Obama
§ From Yuan, Bang or Whimper?
§ In 2005 when China allowed the yuan to rise it startled investors and sent waves through the financial markets
§ Now as there is a revaluation expected will a higher yuan be a big yawn

Could boost other Asian currencies, lift commodity prices and hurt US Treasury.

Category:

News & Politics

Tags:

• SEC
• Goldman
• Sikorsky
• Lockheed
• Weinstein
• Miramax
• Yuan
• mortage delinquencies