The Wall Street Journal reports, MF Global Chairman and Chief Executive Jon Corzine, was in direct contact with J.P. Morgan Chase officials, about a large transfer of customer funds to the bank shortly before the securities firm collapsed. This is according to a prepared testimony, from a J.P. Morgan lawyer for a House subcommittee hearing taking place today. The testimony by Diane Genova, deputy general counsel for J.P. Morgan, provides additional details, about a transfer of $175 million in MF Global customer funds, to a J.P. Morgan account on Oct. 28th. That move is the subject of scrutiny, as investigators hunt for clues, about how MF Global lost about $1.6 billion in customer funds.
The Wall Street Journal also reports, Goldman Sachs agreed to change its board structure in order to persuade a union pension fund, to drop a shareholder proposal, that could have cost Chief Executive Lloyd Blankfein, his job as chairman. The union had claimed stripping Mr. Blankfein of his chairman powers, would help Goldman repair its reputation and reduce the potential for conflicts of interest. Goldman shareholders voted down a similar proposal in 2010 by a wide margin.
Reuters reports, A group spear-headed by former basketball great Earvin “Magic” Johnson agreed to buy the Los Angeles Dodgers baseball team for a record $2 billion, team owner Frank McCourt announced on Tuesday, capping a two-year drama that started with McCourt’s divorce and wound its way through bankruptcy court.
Finally Reuters also reports, Mark Zuckerberg wants at least $5 billion from Wall Street investors, but those investors will not be getting much face time in return. The Facebook co-founder and CEO made that clear when he skipped the social networking company’s first major briefing for analysts and bankers last week. The meeting was the first of many that will take place in the run-up to an IPO that could value the company at close to $100 billion. The company has not yet publicly stated whether Zuckerberg will participate in the pre-IPO investor roadshow or on the quarterly earnings conference calls after the company becomes publicly listed. Facebook declined to comment on Zuckerberg’s expected level of involvement with Wall Street.
The Wall Street Journal reports, MF Global Chairman and Chief Executive Jon Corzine, was in direct contact with J.P. Morgan Chase officials, about a large transfer of customer funds to the bank shortly before the securities firm collapsed. This is according to a prepared testimony, from a J.P. Morgan lawyer for a House subcommittee hearing taking place today. The testimony by Diane Genova, deputy general counsel for J.P. Morgan, provides additional details, about a transfer of $175 million in MF Global customer funds, to a J.P. Morgan account on Oct. 28th. That move is the subject of scrutiny, as investigators hunt for clues, about how MF Global lost about $1.6 billion in customer funds.
The Wall Street Journal also reports, Goldman Sachs agreed to change its board structure in order to persuade a union pension fund, to drop a shareholder proposal, that could have cost Chief Executive Lloyd Blankfein, his job as chairman. The union had claimed stripping Mr. Blankfein of his chairman powers, would help Goldman repair its reputation and reduce the potential for conflicts of interest. Goldman shareholders voted down a similar proposal in 2010 by a wide margin.
Reuters reports, A group spear-headed by former basketball great Earvin “Magic” Johnson agreed to buy the Los Angeles Dodgers baseball team for a record $2 billion, team owner Frank McCourt announced on Tuesday, capping a two-year drama that started with McCourt’s divorce and wound its way through bankruptcy court.
Finally Reuters also reports, Mark Zuckerberg wants at least $5 billion from Wall Street investors, but those investors will not be getting much face time in return. The Facebook co-founder and CEO made that clear when he skipped the social networking company’s first major briefing for analysts and bankers last week. The meeting was the first of many that will take place in the run-up to an IPO that could value the company at close to $100 billion. The company has not yet publicly stated whether Zuckerberg will participate in the pre-IPO investor roadshow or on the quarterly earnings conference calls after the company becomes publicly listed. Facebook declined to comment on Zuckerberg’s expected level of involvement with Wall Street.