Observations – Statistics – Commentary
Eating Isn’t Option When Corn in Minnesota Burns in Houston Gasoline Tanks
Mike Vis hooks a pump to a grain silo in Minnesota and siphons out enough of his corn to feed 91 people for a year. This batch will fuel vehicles in Houston for 21 seconds.
**** I love statistics.
Dairy Farmers of America (DFA) and Two Former Executives to Pay $12 Million
Penalty to Settle CFTC Charges of Attempted Manipulation and Speculative Position Limit Violations Two Former Executives of a DFA Subsidiary to Pay $150,000 for Aiding and Abetting DFA’s Position Limit Violation
Washington, DC — The U.S. Commodity Futures Trading Commission (CFTC) announced today that the Dairy Farmers of America, Inc. (DFA), its former Chief Executive Officer Gary Hanman, and its former Chief Financial Officer Gerald Bos will pay a $12 million civil monetary penalty for attempting to manipulate the Class III milk futures contract and exceeding speculative position limits in that contract. Additionally, Frank Otis, former President and CEO of a DFA subsidiary, and Glenn Millar, former Executive Vice President of the subsidiary, will pay $150,000 for aiding and abetting DFA’s speculative position limit violation.
**** Udderly Shocking! Does this mean we won’t have the guys in the cow suits protesting out front of the CME building any more?
Orc Software adds Strategic Partner in New Zealand and Australia
Continues global expansion strategy offering additional regional services
Hong Kong & Sydney, Tuesday 16 December, 2008 – Orc Software (SSE: ORC), the leading global provider of technology for advanced derivatives trading and connectivity solutions, today announced a reseller agreement with New Zealand-based financial services solutions provider Chelmer.
Watch our latest webcast: Exercising for the Dividend with Dan Sheridan and Alan Grigoletto
**** See my new video: Exercise IS the Dividend!
These Red Flags Can Signal Ponzi Scheme
Could your investment manager be another Bernard Madoff? What to look for when picking an investment manager or financial planner.
**** Here are the red flags.
Madoff Investors Missed Red Flag
Investors may have missed one major red flag that could have tipped them off that something was amiss at Bernard Madoff’s now-infamous hedge fund: He acted as his own prime broker.
Mark T. Williams, a finance professor at the Boston University School of Management, lists 10 steps to help investors reduce the chance of fraud.
**** You can’t eliminate risk, you can only manage it.
Investors With Madoff May Get Tax Relief
By LYNNLEY BROWNING
For the legions of investors who appear to have been swindled in Bernard L. Madoff’s giant Ponzi scheme, there may be a little relief. Tax rules allow investors who fall prey to criminal theft perpetrated by their investment advisers or brokers to claim a tax deduction stemming from their losses.
**** But you still might get a tax break.
Fund manager in scandal once boasted about profits
WASHINGTON – The money manager accused of duping investors in one of Wall Street’s biggest Ponzi schemes once boasted to the Securities and Exchange Commission about how much money he earned and formally advised the U.S. government on ways to protect investors from scam artists.
Implied Functionality Now Available for Treasury and Swaps Spreads on CME Globex
CME Group has now enabled the implied functionality for Intercommodity spreads on U.S. Treasury and CBOT Interest Rate Swap futures. The implied functionality creates increased matching opportunities and eliminates leg risk as you are guaranteed to get filled on your entire spread order quantity.
**** I am surprised this is not being played up more. Where is the marketing pizzazz? What happened to clever?
**** Do you know the NOB, TUT, FOB, BOI, TUB, TOS, FYT, FOS, TUF, or NOS? Did you know you can trade them with implied functionality? You can now.
Acción Traders Expands RTS’ Technology
Agreement includes algorithmic trading solution RTD Tango RTS Realtime Systems Group (RTS), a leading trading solutions provider, announced that Acción Traders, an Amsterdam-based independent trading company, has begun deploying additional RTS technology for its arbitrage trading operations. The agreement provides Acción Traders with RTS’ algorithmic trading platform, RTD Tango, along with direct market access (DMA) to a key liquidity pool.
Madoff Misery for Hedge Funds
By SIMON NIXON
The fund-of-hedge-funds industry needed the Bernard Madoff scandal like a hole in the head. Already reeling from the financial crisis, assets under management fell from $826 billion at the end of June to $685 billion by the end of October, according to Hedge Fund Research. The fact that so many leading industry names were duped by Mr. Madoff, including Man Group’s RMF and Banco Santander’s Optimal, will be another major blow to trust, with consequences felt across the hedge-fund industry.
Economists join drive for regulation rethink
Few questions raised by the global financial crisis are as urgent as the shape and nature of future regulation of the banking sector. Some of the world’s leading economists have added their voices to calls for a complete rethink of how it is done, and they have offered some provocative suggestions on how a new regulatory framework should look.
Madoff Books in `Disarray,’ May Take Six Months to Unravel, SIPC Head Says
It will take six months to sort out money manager Bernard Madoff’s records, said Stephen Harbeck of Securities Investor Protection Corp. on Bloomberg Television.
EX-SEC BOSS: NOT ME
LEVITT RETURNS FIRE
Ex-Securities and Exchange Commission boss Arthur Levitt yesterday fired back at critics trying to lay at his feet some of the blame for the Bernie Madoff scandal, saying he wasn’t asleep at the switch. “At this point, I don’t see any evidence that the SEC dropped the ball,” Levitt, who’s now an adviser to private-equity shop Carlyle Group, told The Post.
S.E.C. Image Suffers in a String of Setbacks
WASHINGTON — The Securities and Exchange Commission, a once-proud agency with an impressive history as Wall Street’s top cop, finds itself increasingly conducting autopsies of leading financial institutions after failing, in the first instance, to perform adequate biopsies. The latest black eye for the commission came when inspectors and agency lawyers missed a series of red flags at Bernard L. Madoff Investment Securities. If it had checked out the warnings, the commission might well have discovered years ago that the firm was concealing its losses by using billions of dollars from some investors to pay others.
Deutsche Börse Launches new Country and Strategy Indices
DAXglobal Latin America tracks companies from Latin American countries/ DAXglobal GCC Index enables investments in Middle Eastern markets/ New DAXplus indices on European Directors’ Dealings transactions
Electronic OTC commodities platform launched
Agora-X has launched an electronic communications network (ECN) for the negotiation of over-the-counter (OTC) transactions in commodity and derivative contracts.
National Lampoon Chief Faces Charges
By RITA K. FARRELL
The chief executive of National Lampoon was charged with conspiracy and securities fraud in what prosecutors called an attempt to raise the company’s stock value artificially.
JUST HOW CLOSE ARE WALL STREET AND WASHINGTON?
By JOHN CRUDELE
WE now know how Bernie Madoff invested so profitably. Will we ever know how Goldman Sachs worked its magic? I’m not suggesting that Goldman did anything akin to what Madoff allegedly…
Madoff Scandal News
Madoff fall-out spreads worldwide
By FT Reporters
The fallout from Bernard Madoff’s alleged $50bn fraud spread through the global financial system on Monday as more banks revealed exposures to his firm and the beleaguered hedge fund industry braced for withdrawals from worried clients.
Madoff’s Ponzi Scheme Scams Smart Money
Many of the people who lost money in the alleged fraud case involving Bernard Madoff were sophisticated and successful. It may be surprising to learn that those investors put billions of dollars into what is being labeled as one of the biggest Ponzi schemes in history. The sums may be shocking, but the dynamics at work in the case are familiar.
Madoff pyramid fraud puts US finance system in spotlight
LONDON (AFP) – Commentators sharply criticized the US financial system Tuesday as more firms announced losses in the suspected multi-billion-dollar swindle run by ex-Wall Street heavyweight Bernard Madoff.
Shock waves spread from Madoff scandal
NEW YORK/LONDON (Reuters) – Shock waves from Bernard Madoff’s alleged fraud spread globally on Monday, as charities, wealthy individuals and banks disclosed losses from the prominent Wall Street trader’s investment management business.
How to Make a Madoff
Spectacular investing frauds like the one allegedly created by the New York financier typically happen during investing bubbles—and only get exposed once they pop;. Madoff stands accused of operating an elaborate Ponzi scheme, using cash from new investors to pay off older ones, to the tune of $50 billion. The alleged offenses only came to light because he could no longer raise the money to keep his scheme going, according to the U.S. Securities & Exchange Commission. Sadly however, Madoff’s alleged scam is not unique. BusinessWeek has the background history.
Bernard Madoff: Con man Charles Ponzi would be smiling in his grave
Wilpons give green light after Ponzi scheme
BY KEN DAVIDOFF | email@example.com Omar Minaya spoke with the Wilpons concerning their huge losses in the Bernard Madoff Ponzi scheme, the Mets’ general manager told Newsday yesterday, and he received the green light to keep working on the Mets’ offseason renovation. Sterling Equities, the real-estate firm co-founded by Mets CEO Fred Wilpon, lost a reported $300 million in the scheme.
What’s the difference between a good Ponzi scheme and a bad Ponzi scheme?
Local Hedge Fund Victim Of Massive Ponzi Scheme
By Lisa Tobin
BOSTON – December 16, 2008 – A hedge fund owned by the Massachusetts Mutual Life Insurance Company of Springfield is on the growing list of victims in the alleged decades-long Ponzi scheme run by a New York trader.
Hedge Fund Index Hit by Madoff Investements
In a clear signal of how much the fraud allegedly perpetrated by Bernard L. Madoff may have hurt the hedge fund industry, the Credit Suisse/Tremont Hedge Fund Index fell 4.15 percent in November, far more than the preliminary estimation of a 0.7 percent decline issued last week, as the index included funds exposed to Bernard L. Madoff in the finalized numbers. Last week, the equity-market neutral strategy was estimated to have a 0.85 percent gain, The Wall Street Journal noted.
Maimonides School of Massachusetts Says Madoff Fund Loss May Be $5 Million
Maimonides School, an Orthodox Jewish day school in Brookline, Massachusetts, may have lost $5 million by investing with Bernard Madoff, who was arrested last week for allegedly defrauding clients of $50 billion.
Madoff’s Investors Needed a Blagojevich Moment: Commentary by Ann Woolner
Kind to employees, generous to charities, devoted to regulation of the financial services industry, Bernard Madoff was a much-admired man whose oldest, dearest friends are among his biggest victims.
Massachusetts Subpoenas Documents from Peter Madoff, Chief of Compliance
The law firm Dreier will seek bankruptcy protection after its founder was jailed for cheating hedge funds out of more than $100 million, its receiver says.
Senator Dodd Seeks Explanation of How SEC Missed Madoff’s `Massive’ Fraud
Senate Banking Committee Chairman Christopher Dodd is seeking details from the U.S. Securities and Exchange Commission to explain the agency’s failure to detect Bernard Madoff’s $50 billion Ponzi scheme.
Madoff’s $50 Billion `Lie’ Ensnares Victims From Paris and Madrid to Tokyo
Bernard Madoff’s scam that allegedly cost investors $50 billion ensnared firms from London and Paris to Tokyo.
Tremont’s Rye Unit Invested Entire $3.1 Billion of Assets With Madoff
Firm Tremont Group Holdings Inc., a hedge- fund firm owned by OppenheimerFunds Inc., had $3.3 billion, or more than half its total assets, invested with Bernard Madoff, according to a person familiar with the matter.
Bond Risk Rises on Madoff ‘Giant Ponzi’ Fraud, Earnings Concern
by Patricia Kuo Dec. 16 (Bloomberg) — The cost of protecting Asia-Pacific bonds from default rose on concern corporate earnings will fall amid a global recession and that alleged fraud by investment manager Bernard Madoff may trigger forced selling by hedge funds.
Royal Madoff hit may overshadow loss from Enron
TIM SHARP – City Editor
December 16 2008 Royal Bank of Scotland faces taking a bigger hit from the alleged fraud perpetrated by US businessman Bernard Madoff than it lost from the collapse of energy giant Enron, it emerged yesterday.
Man Group loses 6.25% after Madoff revelation
Man Group shares have dropped by 6.45 per cent or 16.5p to 237.5p today after the firm disclosed it has about $350m invested in two funds linked to Madoff through RMF, its fund of funds business.
Kass: Madoff Mess Is Widespread
Life at its best is bittersweet.
I have had a good year investing. Some of my oldest friends are also my Limited Partners. My performance in 2008 is a sense of personal achievement for me. Through hard work, a skeptical and independent view and by virtue of hard-hitting analysis, I have made money for my investors in a challenging period.
Opinion: Madoff Implosion Is No ‘Tragedy’
Madoff case fuels attacks on SEC
NOEL’S HEDGE FUND UNLIKELY TO SURVIVE MADOFF BLOW
By KAJA WHITEHOUSE
Walter M. Noel will likely be singing the blues this Christmas. Noel and his hedge fund Fairfield Greenwich Group are at the top of a growing list of highfliers expected to topple as a result of…more >
CRASH & BERNIE AFTER ‘EVIL’ CON
DC PROBE EYED AS SCANDAL TOLL RISES
He’s the Grinch who stole . . . everything.
Accused mega-swindler Bernard Madoff yesterday skulked out of his Upper East Side penthouse and went into hiding as scores more charities, banks and individual investors revealed that they face financial ruin from his alleged $50 billion Ponzi scheme.
Firm That Trusted a Disgraced Investor
By ALISON LEIGH COWAN
J. Ezra Merkin took three brief paragraphs last Thursday to notify investors in his Ascot Partners fund that nearly all the $1.8 billion they had given him to invest had instead been entrusted to Bernard L. Madoff, a Wall Street wizard who is now accused of running a huge Ponzi scheme.
Inquiry Finds No Signs Family Aided Madoff
By ALEX BERENSON and DIANA B. HENRIQUES Investigators have found no evidence so far that members of Bernard L. Madoff’s family aided in what may be the largest financial fraud in history, according to a person briefed on the case.
Wall St. Fraud Leaves Charities Reeling
By STEPHANIE STROM
Around the country, nonprofits are reeling from the Madoff scandal.
SEC Didn’t Act on Madoff Tips
Regulator Was Warned About Possible Fraud as Early as 1999 The Securities and Exchange Commission learned about what it describes as one of the largest securities frauds in history when Bernard L. Madoff volunteered his confession, raising questions about the agency’s ability to police the financial marketplace.
Investors in Madoff case gain cover
Fortis could lose up to euro1B in Madoff case
Japan’s Aozora Bank reveals Madoff exposure
Environmental Trading News
CO2 Group in 50-yr deal with Newmont
Perth-based CO2 Group has signed a 50-year carbon offset pilot project with the Asian Pacific arm of Newmont Mining. CO2 Group uses mallee trees to create a permanent forest carbon sink.
Algeria’s Carbon-Capture Experiment
Christoph Mura appointed a new member of the executive board of EEX
Oliver Maibaum, Managing Director Exchange, appointed managing director of the new derivatives subsidiary in addition Dec 16, 2008 • In the meeting of the supervisory board of European Energy Exchange AG (EEX) on Thursday, Dr. Christoph Mura was appointed a member of the executive board and new Chief Operating Officer (COO) with effect as of 1st January 2009. Prior to his appointment to the management board of EEX, Dr. Mura held the position of the sole director of boerse-stuttgart AG. In addition, he was also the chief executive of boerse-stuttgart Holding GmbH. Following his studies in engineering economics and af…
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Exchange & ECN News
Peterson Plans Bill to Force Credit Swaps Clearing (Update2)
By Matthew Leising
Dec. 15 (Bloomberg) — Credit-default swap clearing would become mandatory under legislation slated to be introduced next month by House of Representatives Agriculture Committee Chairman Collin Peterson.
Instruments in Cash Market CCP – Amendments
Heisman Trophy Winner, Sam Bradford, Visits the NYSE
Sam Bradford rings The Opening BellSM. An archived webcast of The Opening Bell is available.
Partial Amendment to Business Regulations, etc. in Connection with Transition to the Paperless Share System
Claymore U.S. Capital Markets Micro-Term Fixed Income ETF Lists on NYSE Arca http://www.nyse.com/press/1229340251100.html
Brokers & Dark Pools
Goldman Sachs Slashes Average Pay 45% to $363,654 as Firm Posts First Loss
Goldman Sachs Group Inc. eliminated 2,500 jobs in the fourth quarter and slashed average pay per worker 45 percent to $363,654 as the firm posted the first quarterly loss since going public almost a decade ago.
Goldman Sachs falls to $2.12bn loss
First quarterly deficit since banking group went public in 1999
Goldman Reports $2.3 Billion Loss
The first loss since Goldman went public in 1999 shows that the financial crisis is sucking in even Wall Street’s premier bank
Goldman Sachs Reports 2008 Earnings Per Common Share of $4.47; Fourth Quarter Loss Per Common Share was $4.97
NEWEDGE expands its brokerage processing with GL TRADE’s GL
Instant Brokerage business component
Europe’s banks pay price for guarantees
European banks are among the biggest victims of the alleged Madoff fraud after the rapid expansion of divisions helping clients borrow to invest in hedge funds.
Brinkmanship was not enough to save Lehman
By Francesco Guerrera, Henny Sender, Gary Silverman and Peter Thal Larsen On May 29 2007, with the clock ticking on one of the greatest global property booms in history, Richard Fuld rolled the dice on the US real estate market one more time.
MF Global’s executive overhaul advances
New York-based derivatives broker MF Global has appointed a new chief operating officer, continuing an overhaul of much of its senior management since a Memphis-based employee lost $141m in allegedly unauthorized wheat trades in February. The firm has replaced its chief executive, chief financial officer, chief risk officer, chief compliance officer, chief information officer and treasurer since that incident.
Tradeware Global Connects To Banca IMI’s Market Hub – Facilitates Access To Financial Markets And Seamless MiFID Compliance
Citigroup to sell Japanese trust banking unit
TOKYO – As part of a global restructuring, Citigroup Inc. will sell its Japanese trust banking unit to Mitsubishi UFJ Trust and Banking Corp., the U.S. firm’s Japanese subsidiary said Tuesday.
The SEC News Digest
The SEC News Digest provides daily information on recent Commission actions, including enforcement proceedings, rule filings, policy statements, and upcoming Commission meetings.
PartyGaming Jumps on Speculation
U.S. Settlement May Be Close
Dec. 16 (Bloomberg) — PartyGaming Plc, the owner of the PartyPoker online gambling brand, rose the most since its 2005 initial public offering in London trading on speculation the company is nearing a settlement with U.S. authorities.
Levitt Says S.E.C. Isn’t to Blame for Madoff
In the wake of the Bernard L. Madoff scandal, investors are looking for someone, anyone to blame. They shouldn’t look to Arthur Levitt Jr., the former chairman of the Securities and Exchange Commission told The New York Post.
U.S. Probes University of New Mexico Over JPMorgan Bond Deals
By Martin Z. Braun
Dec. 16 (Bloomberg) — U.S. prosecutors are investigating University of New Mexico bond issues underwritten by JPMorgan Chase & Co. amid a national criminal probe into potential bid rigging and price fixing in the municipal derivatives market.
Deutsche Bank fined by Hong Kong market regulator
HONG KONG, Dec 16 – Hong Kong’s market watchdog said Tuesday it had fined a local securities unit of Deutsche Bank HK$6 million and reprimanded the firm over activities on its facilitation trading desk.
Brazil’s Central Bank To Sound Out Mkt On Rollover FX Swaps
SAO PAULO (Dow Jones)–The Brazilian central bank will sound out market participants Tuesday to gauge potential demand for a rollover of foreign-exchange swap contracts coming due on Jan. 2.
Union Securities options supervisor disciplined
FASB Studies Expanding ‘Mark’ Rules
Mexico investigates banks’ risky derivatives sales
ISE ex-vice chair gets 18 months in conspiracy
LOS ANGELES, Dec 15 (Reuters) – A former vice chairman of the International Securities Exchange was sentenced on Monday to 18 months in prison for his role in an alleged conspiracy to leak confidential information about the $2.8 billion takeover of the options and stock exchange in 2007.
The FSA published FSA Newsletter October
SEC Charges National Lampoon, CEO Daniel Laikin, and Others for Wide-Ranging Market Manipulation Schemes See also: Litigation Release No. 20828,
Elizabeth Murphy Named Secretary of Securities and Exchange Commission http://www.sec.gov/news/press/2008/2008-295.htm
2008: Important Accomplishments, Meaningful Lessons and Getting Back to Basics, Remarks before the ICI 2008 Securities Law Developments Conference by Andrew J. Donohue, Director, Division of Investment Management, December 14, 2008, Washington, DC
FINRA: Order Granting Approval of Proposed Rule Change Relating to Supervision of Market Letters (Release No. 34-59096; File No. SR-FINRA-2008-044; December 12, 2008) http://www.sec.gov/rules/sro/finra/2008/34-59096.pdf
FINRA: Order Approving Proposed Rule Change to Amend the Arbitration Uniform Submission Agreement and Related Rules (Release No. 34-59091; File No. SR-FINRA-2008-031; December 12, 2008)
NASDAQ: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Modify the Bid Price Required for Initial Listing on the Nasdaq Global and Global Select Markets from $5 to $4 (Release No. 34-59087; File No. SR-NASDAQ-2008-093; December 11, 2008) http://www.sec.gov/rules/sro/nasdaq/2008/34-59087.pdf
NYSE Arca: Notice of Filing of Proposed Rule Change Amending Rule 6.47A to Reduce the Order Exposure Period from Three Seconds to One Second (Release No. 34-59082; File No. SR-NYSEArca-2008-135; December 11, 2008)
CBOE: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Increase the Class Quoting Limit in One Option Class (Release No. 34-59086; File No. SR-CBOE-2008-124; December 11, 2008)
Investments – Indexes – Managed Futures – Managed Funds
R3 Capital Fund Said to Lose 31% by End of October (Update1)
By Saijel Kishan Dec. 16 (Bloomberg) — R3 Capital Management LLC’s $1.5 billion hedge fund lost 31 percent in six months after its founding by Rick Rieder mainly because its assets were frozen by the bankruptcy of his former employer, Lehman Brothers Holdings Inc., according to three people familiar with the matter.
Cosco May Lose $577 Million on Shipping Derivatives (Update1)
By Lee Spears and Wendy Leung Dec. 15 (Bloomberg) — China Cosco Holdings Co., the world’s largest operator of commodity ships, said it may lose 3.95 billion-yuan ($577 million) on shipping derivatives after rates plunged to their lowest in more than two decades.
Banks face specialist bond insurer losses
By Paul J Davies Investment banks, mostly in Europe, face losses of €8.4bn ($11.5bn) on exposure to a group of specialist bond insurers that operate solely in the derivatives markets, according to analysts at JPMorgan.
L&G warns on funds hit by Lehman collapse
By Kate Burgess and Alice Ross
Thousands of individuals who invested in two Legal & General funds that promised to keep their capital safe until 2011 have fallen victim to the collapse of Lehman Brothers.
OppenheimerFunds Officer Steps Down
Overseer of Leveraged-Betting Strategy Leaves With Firm’s Flagship Down 82% http://online.wsj.com/article/SB122939557821509585.html?mod=googlenews_wsj
Meltdown 101: Billions in Treasury debt going, going, gone through computer-based auctions
Citadel suspends cash-outs
Briefing.com Economic Calendar
The CBOT Event Calendar provides a list of current US and global events for the upcoming year.
CBOE Events Calendar
Economic Release Calendar
The Economic Release Calendar (PDF) is a schedule of government, academic and industry economic releases, provided as a service to CME customers.
‘NSE action is against principles of natural justice’
Q&A: JIGNESH SHAH
Financial Technologies India Ltd has issued a clarification on this article. Read the clarification at the end of the interview.
Financial Technologies India Ltd (FTIL) operates one of the world’s largest exchange network — 10 exchanges, including Bourse Africa which it acquired last month. FTIL Chairman and Group CEO Jignesh Shah, who has been named among the top global innovators and industry leaders by Institutional Investor and FIA (Futures Industry Association), spoke to Palak Shah on the road forward and the public spat with the National Stock Exchange which has put the technology vendor on its ‘watch list’.
TraderTools Launches AI-1, The All-In-One, Compact Keyboard For Traders
- TraderTools’ customers can now access, and execute on, liquidity from market-leading trading platforms at the press of a button
Market Technologies, LLC Now Has a Blog on TraderPlanet.com
WESLEY CHAPEL, Fla., Dec. 15 /PRNewswire/ — Market Technologies, LLC, developer of VantagePoint Intermarket Analysis Trading Software, now has a blog on TraderPlanet.com that is dedicated to keeping prospects and customers informed on various aspects of trading.
Pro Signal In. Releases an Automated Online Forex Currency Trading Platform
STAN BY YOUR WIFE
EX-MERRILL BOSS HANDS OVER APT. KEYS
By JAMES COVERT
Former Merrill Lynch boss Stan O’Neal has given up ownership of his swanky Park Avenue apartment, handing it over to his wife, according to city records. The disgraced Wall Street titan -…
Detroit papers set to announce major changes
DETROIT – Newspapers are desperately seeking new business models that will help them survive dwindling readership and a deep advertising slump exacerbated by the recession.