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Portfolio.com: News and Markets
Cuomo's Witch Hunt
Wed, 27 Aug 2008 19:30:00 -0000
New York attorney general Andrew Cuomo is drumming up a lot of attention for his ongoing investigation into the auction-rate securities business. This time, he wants to know if Fidelity had incentives to sell its clients the bonds that were underwritten by Goldman Sachs. Forgive us, but we fail to find what the big deal is here.Goldman, which was the fifth-largest underwriter of the bonds that saw their market freeze up earlier this year, has so far avoided the multibillion-dollar settlements its Wall Street brethren have ponied up to make individual investors whole again. Goldman agreed to buy back $1 billion of the securities from its own clients, but it has so far not agreed to reimburse clients who bought their securities through third-party brokerages like Fidelity. Cuomo apparently became interested in Fidelity's relationship with Goldman when his office discovered that most of the A.R.S. held by Fidelity clients were underwritten by Goldman. State regulators in Massachusetts, where Fidelity is based, want Goldman to pay those clients back. So does Fidelity.We don't know many details about what kinds of incentives might have been involved. A source told the Wall Street Journal that possible incentives include "underwriting of private offerings that Fidelity develops for "accredited," or wealthy, investors, and financial-counseling services that Goldman's Ayco unit provides to Fidelity executives."But there's another detail worth noting before anybody starts calling for a perp walk. A Fidelity spokesperson told the Journal that the bonds were held in just 600 of the brokerage's accounts. Now, Fidelity is huge. It manages $1.6 trillion in assets. In addition to its self-directed brokerage and retirement-account services, Fidelity has an army of registered investment advisers who cater to just the kind of investor who might listen to a sales pitch on auction-rate securities. It counts 4,000 clients in this unit alone.So 600 Fidelity accounts have them? Whatever "incentives" Goldman may have offered Fidelity, they didn't work very well. The A.R.S. ended up just 15 percent of Fidelity's entire wealth management group. Considering that over 100,000 investors held these securities when the market dried up, the fact that only 600 of them were at Fidelity makes it seem more like their brokers failed at marketing the products well. Goldman should just pay them off and get Cuomo off its back. The report says that Fidelity may have pushed the Goldman products because the brokerage used other services from Goldman Sachs. Again, what exactly is unusual about this? Hasn't everybody learned by now that if your broker is pushing something on you, there's probably a good reason why?The privately held Fidelity is a colossus in an industry that's rife with so many conflicts of interest and hidden fees that regulators can't keep up. It's hardly shocking that Goldman might have struck a deal to sell its products through Fidelity and that Fidelity uses Goldman for other services. Retail investors holding the bag on the failed auction-rate securities deserve to be paid back, regardless of who sold them to them. The third-party brokerages and the investment-banking underwriters should come to terms on how to handle those settlements and move on. If Cuomo can force that to happen, then so be it.And if Cuomo really wants to find it, there's probably plenty of dirt to unearth at Fidelity and the rest of the 401(k) industry. But 600 accounts with Goldman-underwritten auction-rate securities isn't the place to start. Related LinksMoney-Market Datapoint of the DayNo Security in SecuritiesThe Abstract: Jackson Hole Symposium Papers
Wired: Tech Biz
Can TiVo Stop Bleeding Subscribers?
Wed, 27 Aug 2008 18:00:00 -0000
Lots of people are leaving TiVo, and the total subscriber base is now down to 3.6 million.
Clive Thompson on Why Urban Farming Isn't Just for Foodies
Clive Thompson Wed, 27 Aug 2008 04:00:00 -0000
This year, Carol Nissen's crops include mesclun, cherry tomatoes, strawberries, and assorted herbs. When she sits down to dine, she's often eating food grown with her own two hands. But Nissen isn't tilling the soil on a farm. She's a Web designer who lives in Jersey City, New Jersey — one of the most cramped, concrete-laden landscapes in the nation. Nissen's vegetables thrive in pots and boxes crammed into her house and in wee plots in her yard. "I'm a micro-gardener," she says. "It's a pretty small townhouse. But it's amazing what you can do without much space." The term for this is urban farming — the art of growing vegetables in cities that otherwise resemble the Baltimore of The Wire.It has become increasingly trendy in recent years, led by health-conscious foodies coveting just-picked produce, as well as hipsters who dig the roll-your-own vibe. But I think it's time to kick it up a notch. Our world faces many food-resource problems, and a massive increase in edible gardening could help solve them. The next president should throw down the gauntlet and demand Americans sow victory gardens once again. Remember the victory garden? During World Wars I and II, the government urged city dwellers and suburbanites to plant food in their yards. It worked: The effort grew roughly 40 percent of the fresh veggies consumed in the US in 1942 and 1943. These days, we're fighting different battles. Developing nations are facing wrenching shortages of staples like rice. Here at home, we're struggling with a wave of obesity, fueled by too much crappy fast food and too little fresh produce, particularly in poorer areas. Our globalized food stream poses environmental hazards, too: The blueberries I had for lunch came from halfway around the world, in the process burning tons of CO2. Urban farming tackles all three issues. It could relieve strain on the worldwide food supply, potentially driving down prices. The influx of fresh vegetables would help combat obesity. And when you "shop" for dinner ingredients in and around your home, the carbon footprint nearly disappears. Screw the 100-mile diet — consuming only what's grown within your immediate foodshed — this is the 100-yard diet. Want to cool cities cheaply? Plant crops on rooftops. This isn't just liberal hippie fantasy, either. Defense hawks ought to love urban farming, because it would enormously increase our food independence — and achieve it without the market distortions of the benighted farm bill. You don't need tomatoes from Mexico if you can pluck them from containers on your office roof. Better yet, urban farming is an excuse to geek out with some awesome tech. Innovations from NASA and garage tinkerers have made food-growing radically more efficient and compact than the victory gardens of yore. "Aeroponics" planters grow vegetables using mist, slashing water requirements; hackers are building home-suitable "aquaponics" rigs that use fish to create a cradle-to-grave ecosystem, generating its own fertilizer (and delicious tilapia, too). Experts have found that cultivating a mere half-acre of urban land with such techniques can yield more than $50,000 worth of crops annually. But what I love most here is the potential for cultural transformation. Growing our own food again would reconnect us to this country's languishing frontier spirit. Once you realize how easy it is to make the concrete jungle bloom, it changes the way you see the world. Urban environments suddenly appear weirdly dead and wasteful. When I walk around New York City now, I see the usual empty lots and balconies and I think, Wait a minute. Why aren't we growing food here? And here? And here? In fact, that's precisely what occurred to me when I came home and looked at the window of my apartment. So now it holds three pots balanced on the ledge: One with herbs, one with lettuce, one with tomatoes. I should have my first crop in about a month. And I expect my victory salad to taste very sweet indeed. Email clive@clivethompson.net.
DTV Upgrade Proves Costly, Headachy
Betsy Schiffman Tue, 26 Aug 2008 18:50:00 -0000
As the FCC pushes $40 coupons for digital TV converter boxes, complaints about the boxes have grown loud -- for many Americans, the device hasn't delivered an acceptable quality of television reception.
ABC News: Money
Most Powerful Women: Not Just About $$
Wed, 27 Aug 2008 19:59:36 -0400
Clinton and Condi make the list but some others will surprise you.
FDIC Warns of More Bank Troubles
Wed, 27 Aug 2008 18:04:29 -0400
The government insures depositors when banks fail, but does it have enough cash?
Barbie Shows Her Claws, Wins $100M Suit
Wed, 27 Aug 2008 21:34:10 -0400
Mattel wins $100 million copyright case against makers of Bratz dolls.
Mondaq.Com - feed of articles
United States: SEC Proposes Mandatory Use Of XBRL Tagging Of Financial Statements - Hogan & Hartson
Wed, 27 Aug 2008 20:44:30 -0000
On May 30, the SEC published a proposal to require domestic and foreign public companies that prepare their financial statements in accordance with US GAAP to file financial statements contained in registration statements.
United States: Major Changes To ACCME Standards; Proposed Comments by August 11, 2008 - Hogan & Hartson
Wed, 27 Aug 2008 20:43:56 -0000
Continuing its efforts to increase the independence of continuing medical education (CME), the ACCME announced last month several clarifications and proposed changes concerning its Standards for Commercial Support and enforcement priorities.
United States: Exxon Shipping Company v. Baker: Chipping Away At Punitive Damages Awards - Alston & Bird LLP
Wed, 27 Aug 2008 16:15:46 -0000
The United States Supreme Court has issued its latest opinion addressing the excessiveness of punitive damages in the case of "Exxon Shipping Company v. Baker".
BBC News | Business | World Edition
World poverty 'more widespread'
Wed, 27 Aug 2008 08:40:44 -0000
The World Bank says there are more poor people in the world than previously thought, with one in four in poverty.
Rise in US durable goods orders
Wed, 27 Aug 2008 13:37:21 -0000
New orders for long-lasting US manufactured goods rise by a surprise 1.4% in July, led by a big rise in aircraft sales.
Oil price rises on hurricane fear
Wed, 27 Aug 2008 19:22:07 -0000
The price of oil climbs as Tropical Storm Gustav heads towards the Gulf of Mexico - home to many offshore energy installations.
CBC | Money News
Toronto market, CIBC shares surge despite bad news
Wed, 27 Aug 2008 17:25:04 -0400
Toronto stocks were up as much as 275 points at times Wednesday, lifted partly by a paradoxical enthusiasm for Canadian Imperial Bank of Commerce, which reported a big drop in profit.
Federal inspectors not at fault for listeriosis outbreak: agriculture minister
Wed, 27 Aug 2008 20:04:24 -0400
Federal inspectors in charge of overseeing health standards at a Maple Leaf Foods processing plant at the centre of a deadly outbreak of listeriosis were doing their job properly, Federal Agriculture Minister Gerry Ritz said Wednesday.
Canadians earn more, lose buying power, statistics suggest
Wed, 27 Aug 2008 10:53:37 -0400
The average Canadian employee was paid about $789 a week in June but had less buying power than a year earlier, the latest federal figures suggest.
Canadian gas prices aren't so bad, industry expert insists
Wed, 27 Aug 2008 16:31:08 -0400
While Canadians complain about the soaring price of gasoline at the pumps, oil industry experts say people in this country are actually paying the second-lowest prices in the Western world.
Repair allows Petro-Canada stations to fill up again
Wed, 27 Aug 2008 17:53:30 -0400
Petro-Canada says its gas stations that have run out of fuel should be back to normal by next week, now that a key piece of equipment has been fixed at its Edmonton refinery.
Canadians travel more, spend more to beat winter chill
Wed, 27 Aug 2008 16:35:35 -0400
Canadians are travelling and spending more to get out of the cold, with Florida still their favourite U.S. destination. Mexico, Cuba and the Dominican Republic are the top three elsewhere.
Forbes.com: E-Business News
Microsoft Vs. Google, Again
Victoria Barret Wed, 27 Aug 2008 15:31:15 -0000
Chief executive Steve Ballmer's latest attempt at toppling Google is subtle and crafty.
Xbox Vs. Firefox
Chris Morris Mon, 25 Aug 2008 10:00:00 -0000
Browser-based gaming starts to offer real action.
Cracking China's Social Network Market
Tina Wang Thu, 21 Aug 2008 16:00:00 -0000
Facebook and MySpace are trying, but can they navigate China's tough regulatory environment?
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Cuomo's Witch Hunt
Wed, 27 Aug 2008 19:30:00 -0000
New York attorney general Andrew Cuomo is drumming up a lot of attention for his ongoing investigation into the auction-rate securities business. This time, he wants to know if Fidelity had incentives to sell its clients the bonds that were underwritten by Goldman Sachs. Forgive us, but we fail to find what the big deal is here.Goldman, which was the fifth-largest underwriter of the bonds that saw their market freeze up earlier this year, has so far avoided the multibillion-dollar settlements its Wall Street brethren have ponied up to make individual investors whole again. Goldman agreed to buy back $1 billion of the securities from its own clients, but it has so far not agreed to reimburse clients who bought their securities through third-party brokerages like Fidelity. Cuomo apparently became interested in Fidelity's relationship with Goldman when his office discovered that most of the A.R.S. held by Fidelity clients were underwritten by Goldman. State regulators in Massachusetts, where Fidelity is based, want Goldman to pay those clients back. So does Fidelity.We don't know many details about what kinds of incentives might have been involved. A source told the Wall Street Journal that possible incentives include "underwriting of private offerings that Fidelity develops for "accredited," or wealthy, investors, and financial-counseling services that Goldman's Ayco unit provides to Fidelity executives."But there's another detail worth noting before anybody starts calling for a perp walk. A Fidelity spokesperson told the Journal that the bonds were held in just 600 of the brokerage's accounts. Now, Fidelity is huge. It manages $1.6 trillion in assets. In addition to its self-directed brokerage and retirement-account services, Fidelity has an army of registered investment advisers who cater to just the kind of investor who might listen to a sales pitch on auction-rate securities. It counts 4,000 clients in this unit alone.So 600 Fidelity accounts have them? Whatever "incentives" Goldman may have offered Fidelity, they didn't work very well. The A.R.S. ended up just 15 percent of Fidelity's entire wealth management group. Considering that over 100,000 investors held these securities when the market dried up, the fact that only 600 of them were at Fidelity makes it seem more like their brokers failed at marketing the products well. Goldman should just pay them off and get Cuomo off its back. The report says that Fidelity may have pushed the Goldman products because the brokerage used other services from Goldman Sachs. Again, what exactly is unusual about this? Hasn't everybody learned by now that if your broker is pushing something on you, there's probably a good reason why?The privately held Fidelity is a colossus in an industry that's rife with so many conflicts of interest and hidden fees that regulators can't keep up. It's hardly shocking that Goldman might have struck a deal to sell its products through Fidelity and that Fidelity uses Goldman for other services. Retail investors holding the bag on the failed auction-rate securities deserve to be paid back, regardless of who sold them to them. The third-party brokerages and the investment-banking underwriters should come to terms on how to handle those settlements and move on. If Cuomo can force that to happen, then so be it.And if Cuomo really wants to find it, there's probably plenty of dirt to unearth at Fidelity and the rest of the 401(k) industry. But 600 accounts with Goldman-underwritten auction-rate securities isn't the place to start. Related LinksMoney-Market Datapoint of the DayNo Security in SecuritiesThe Abstract: Jackson Hole Symposium Papers
Wired: Tech Biz
Can TiVo Stop Bleeding Subscribers?
Wed, 27 Aug 2008 18:00:00 -0000
Lots of people are leaving TiVo, and the total subscriber base is now down to 3.6 million.
Clive Thompson on Why Urban Farming Isn't Just for Foodies
Clive Thompson Wed, 27 Aug 2008 04:00:00 -0000
This year, Carol Nissen's crops include mesclun, cherry tomatoes, strawberries, and assorted herbs. When she sits down to dine, she's often eating food grown with her own two hands. But Nissen isn't tilling the soil on a farm. She's a Web designer who lives in Jersey City, New Jersey — one of the most cramped, concrete-laden landscapes in the nation. Nissen's vegetables thrive in pots and boxes crammed into her house and in wee plots in her yard. "I'm a micro-gardener," she says. "It's a pretty small townhouse. But it's amazing what you can do without much space." The term for this is urban farming — the art of growing vegetables in cities that otherwise resemble the Baltimore of The Wire.It has become increasingly trendy in recent years, led by health-conscious foodies coveting just-picked produce, as well as hipsters who dig the roll-your-own vibe. But I think it's time to kick it up a notch. Our world faces many food-resource problems, and a massive increase in edible gardening could help solve them. The next president should throw down the gauntlet and demand Americans sow victory gardens once again. Remember the victory garden? During World Wars I and II, the government urged city dwellers and suburbanites to plant food in their yards. It worked: The effort grew roughly 40 percent of the fresh veggies consumed in the US in 1942 and 1943. These days, we're fighting different battles. Developing nations are facing wrenching shortages of staples like rice. Here at home, we're struggling with a wave of obesity, fueled by too much crappy fast food and too little fresh produce, particularly in poorer areas. Our globalized food stream poses environmental hazards, too: The blueberries I had for lunch came from halfway around the world, in the process burning tons of CO2. Urban farming tackles all three issues. It could relieve strain on the worldwide food supply, potentially driving down prices. The influx of fresh vegetables would help combat obesity. And when you "shop" for dinner ingredients in and around your home, the carbon footprint nearly disappears. Screw the 100-mile diet — consuming only what's grown within your immediate foodshed — this is the 100-yard diet. Want to cool cities cheaply? Plant crops on rooftops. This isn't just liberal hippie fantasy, either. Defense hawks ought to love urban farming, because it would enormously increase our food independence — and achieve it without the market distortions of the benighted farm bill. You don't need tomatoes from Mexico if you can pluck them from containers on your office roof. Better yet, urban farming is an excuse to geek out with some awesome tech. Innovations from NASA and garage tinkerers have made food-growing radically more efficient and compact than the victory gardens of yore. "Aeroponics" planters grow vegetables using mist, slashing water requirements; hackers are building home-suitable "aquaponics" rigs that use fish to create a cradle-to-grave ecosystem, generating its own fertilizer (and delicious tilapia, too). Experts have found that cultivating a mere half-acre of urban land with such techniques can yield more than $50,000 worth of crops annually. But what I love most here is the potential for cultural transformation. Growing our own food again would reconnect us to this country's languishing frontier spirit. Once you realize how easy it is to make the concrete jungle bloom, it changes the way you see the world. Urban environments suddenly appear weirdly dead and wasteful. When I walk around New York City now, I see the usual empty lots and balconies and I think, Wait a minute. Why aren't we growing food here? And here? And here? In fact, that's precisely what occurred to me when I came home and looked at the window of my apartment. So now it holds three pots balanced on the ledge: One with herbs, one with lettuce, one with tomatoes. I should have my first crop in about a month. And I expect my victory salad to taste very sweet indeed. Email clive@clivethompson.net.
DTV Upgrade Proves Costly, Headachy
Betsy Schiffman Tue, 26 Aug 2008 18:50:00 -0000
As the FCC pushes $40 coupons for digital TV converter boxes, complaints about the boxes have grown loud -- for many Americans, the device hasn't delivered an acceptable quality of television reception.
ABC News: Money
Most Powerful Women: Not Just About $$
Wed, 27 Aug 2008 19:59:36 -0400
Clinton and Condi make the list but some others will surprise you.
FDIC Warns of More Bank Troubles
Wed, 27 Aug 2008 18:04:29 -0400
The government insures depositors when banks fail, but does it have enough cash?
Barbie Shows Her Claws, Wins $100M Suit
Wed, 27 Aug 2008 21:34:10 -0400
Mattel wins $100 million copyright case against makers of Bratz dolls.
Mondaq.Com - feed of articles
United States: SEC Proposes Mandatory Use Of XBRL Tagging Of Financial Statements - Hogan & Hartson
Wed, 27 Aug 2008 20:44:30 -0000
On May 30, the SEC published a proposal to require domestic and foreign public companies that prepare their financial statements in accordance with US GAAP to file financial statements contained in registration statements.
United States: Major Changes To ACCME Standards; Proposed Comments by August 11, 2008 - Hogan & Hartson
Wed, 27 Aug 2008 20:43:56 -0000
Continuing its efforts to increase the independence of continuing medical education (CME), the ACCME announced last month several clarifications and proposed changes concerning its Standards for Commercial Support and enforcement priorities.
United States: Exxon Shipping Company v. Baker: Chipping Away At Punitive Damages Awards - Alston & Bird LLP
Wed, 27 Aug 2008 16:15:46 -0000
The United States Supreme Court has issued its latest opinion addressing the excessiveness of punitive damages in the case of "Exxon Shipping Company v. Baker".
BBC News | Business | World Edition
World poverty 'more widespread'
Wed, 27 Aug 2008 08:40:44 -0000
The World Bank says there are more poor people in the world than previously thought, with one in four in poverty.
Rise in US durable goods orders
Wed, 27 Aug 2008 13:37:21 -0000
New orders for long-lasting US manufactured goods rise by a surprise 1.4% in July, led by a big rise in aircraft sales.
Oil price rises on hurricane fear
Wed, 27 Aug 2008 19:22:07 -0000
The price of oil climbs as Tropical Storm Gustav heads towards the Gulf of Mexico - home to many offshore energy installations.
CBC | Money News
Toronto market, CIBC shares surge despite bad news
Wed, 27 Aug 2008 17:25:04 -0400
Toronto stocks were up as much as 275 points at times Wednesday, lifted partly by a paradoxical enthusiasm for Canadian Imperial Bank of Commerce, which reported a big drop in profit.
Federal inspectors not at fault for listeriosis outbreak: agriculture minister
Wed, 27 Aug 2008 20:04:24 -0400
Federal inspectors in charge of overseeing health standards at a Maple Leaf Foods processing plant at the centre of a deadly outbreak of listeriosis were doing their job properly, Federal Agriculture Minister Gerry Ritz said Wednesday.
Canadians earn more, lose buying power, statistics suggest
Wed, 27 Aug 2008 10:53:37 -0400
The average Canadian employee was paid about $789 a week in June but had less buying power than a year earlier, the latest federal figures suggest.
Canadian gas prices aren't so bad, industry expert insists
Wed, 27 Aug 2008 16:31:08 -0400
While Canadians complain about the soaring price of gasoline at the pumps, oil industry experts say people in this country are actually paying the second-lowest prices in the Western world.
Repair allows Petro-Canada stations to fill up again
Wed, 27 Aug 2008 17:53:30 -0400
Petro-Canada says its gas stations that have run out of fuel should be back to normal by next week, now that a key piece of equipment has been fixed at its Edmonton refinery.
Canadians travel more, spend more to beat winter chill
Wed, 27 Aug 2008 16:35:35 -0400
Canadians are travelling and spending more to get out of the cold, with Florida still their favourite U.S. destination. Mexico, Cuba and the Dominican Republic are the top three elsewhere.
Forbes.com: E-Business News
Microsoft Vs. Google, Again
Victoria Barret Wed, 27 Aug 2008 15:31:15 -0000
Chief executive Steve Ballmer's latest attempt at toppling Google is subtle and crafty.
Xbox Vs. Firefox
Chris Morris Mon, 25 Aug 2008 10:00:00 -0000
Browser-based gaming starts to offer real action.
Cracking China's Social Network Market
Tina Wang Thu, 21 Aug 2008 16:00:00 -0000
Facebook and MySpace are trying, but can they navigate China's tough regulatory environment?
Blitz Magazine - Covers the media communications industry. Published in Vancouver; North America-wide distribution.
Meta Description: [ Blitz is a lively bi-monthly must read magazine for anyone involved in the business of media in Canada ]
Inbound Logistics Magazine - This site and the magazine provides a recipe for change, with real-world examples of how companies of all kinds and sizes are coping with today's business logistics challenges.
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