Auto adviser invested big in Chrysler owner
By Kevin Connor  •  May 28, 2009 at 05:01 EST

Obama auto adviser Rattner was investor in Cerberus, private equity firm with large stakes in GMAC and Chrysler. (NYT)

Sotomayor‘s stance on abortion rights unclear. (NYT)

Faced with federal insider-trading investigation, Samberg shuts down hedge fund Pequot. (Bloomberg)

Obama chooses five ambassadors, including Citigroup‘s Susman and former Rep. Roemer. (AP)

Citigroup and SEC in talks to resolve mortgage valuation probe. (WSJ)

Mixed but mainstream
By Kevin Connor  •  May 27, 2009 at 05:44 EST

In Wall Street-related and class action rulings, Sotomayor tends to side with corporate defendants, according to Journal; most positions are firmly in Democratic mainstream.  (WSJ)

California Supreme Court upholds gay marriage ban, but preserves 18,000 marriages performed before Prop 8 passed. (NYT)

Banking trade group lobbying FDIC to let banks bid on the same assets they sell through Public Private Investment Program. (WSJ)

New GM rescue plan would give Treasury 70% stake. (WaPo)

With credit tight, Cargill, Bunge, Archer Daniels Midland gain most food export aid from USDA since 1992. (Bloomberg)

Obama picks Sotomayor
By Kevin Connor  •  May 26, 2009 at 04:57 EST

Sotomayor is Obama‘s pick for Supreme Court. (WaPo)

Korea stages most powerful nuclear test yet; Rice says international community is united in opposing tests. (WSJ)

Frank drafting bill to make Fed stand behind muni bonds. (NYT)

California court will make decision on Prop 8 today. (NYT)

Justice cracking down on international corporate bribery. (WSJ)

Where’s PPIP?
By Aaron  •  May 24, 2009 at 12:16 EST

For several weeks beginning in late March, Tim Geithner and others on the Rubin wing of the White House expended significant political capital convincing the listless business press and the broader electorate that PPIP, the taxpayer-subsidized toxic asset removal program, was the only way forward.

Two months later, and without any PPIP toxic transfers, Geithner assured critics last week that the program would be activated in July.

During the original PPIP news cycle, Geithner argued that removing substantial toxicity from bank balance sheets was the last, best hope for restoring global confidence in the American financial system, and that the enormous social risks created by the program were preferable to the chaos that might result from a permanently contaminated banking system.

Read more…

The empire strikes Barack
By Kevin Connor  •  May 21, 2009 at 06:30 EST

Obama v. Cheney. (ABC News)

Supreme Court buzz focuses on Wood and Kagan. (WaPo)

GMAC will get second bailout of $7.5 billion from Treasury. (NYT)

Mulcahy to leave Xerox, will be replaced by Burns. (AP)

Google, Schmidt decide against newspaper purchase. (FT)

Ships of fools
By Kevin Connor  •  May 20, 2009 at 06:09 EST

Pointing to the lack of a comprehensive plan, Senate Democrats, led by Reid, block Guantanamo closing. (NYT)

Volcker-led economic panel will discuss green jobs at first open meeting today. (Reuters)

Joined by Schwarzenegger, Mulally, and others, Obama announces new fuel efficiency alliance. (FT)

Fund managers Schultze, PIMCO, Barclays Capital, and Fridson say they may avoid lending to unionized companies in wake of Chrysler experience. (Bloomberg)

Goldman, JP Morgan, Morgan Stanley in talks with regulators about how to pay back bailout funds. (NYT)

Dual BlackRock role in spotlight
By Kevin Connor  •  May 19, 2009 at 05:02 EST

Wall Street asset manager draws attention for dual role as government adviser and contractor. (NYT, WSJ)

With legacy on the line, Schwarzenegger is poised to lose key budget vote. (WSJ)

Trustee sues Madoff loser Fairfield Greenwich over $3.2 billion in withdrawals and fictional trades. (NYT)

Commerce Dept: housing construction in April hit record low. (AP)

Home Depot profits soar 44%.

Ponzi probe widens
By Kevin Connor  •  May 18, 2009 at 04:54 EST

Madoff investors Picower, Chais, and Shapiro under investigation by NY US Attorney. (WSJ)

In deposition, Trump says he calculates net worth based on “feeling.” (WSJ)

Google will face antitrust scrutiny from Obama administration. (NYT)

In graduation speech at Notre Dame, Obama urges respectful compromise on abortion. (FT)

Treasury staffing shortfalls hold up key decisions; White House and SummersNEC currently dominate. (WaPo)

Supreme Six
By Kevin Connor  •  May 14, 2009 at 04:29 EST

Obama considers six for Supreme Court pick, according to AP: Granholm, Napolitano, Sotomayor, Wood, Kagan, Moreno. (AP)

SEC preparing to charge Mozilo with fraud. (WSJ)

Cheney emerges from the shadows. (WaPo)

Congressional Democrats, including Nadler and Obey, register unease with Obama national security policies.  (NYT)

Schapiro considers transparency requirements for over-the-counter derivatives that may reduce bank profits significantly. (Bloomberg)

Intel busted
By Kevin Connor  •  May 13, 2009 at 05:39 EST

Intel fined $1.45 billion by EU for antitrust violations. (NYT)

$12 billion withdrawn from Madoff accounts in 3 months before his arrest. (NYT)

NY Fed aware of AIG bonuses five months before firestorm. (WaPo)

Citi shareholders call on directors Deutch and Armstrong to resign immediately. (FT)

Waxman may weaken climate bill to move it out of committee. (WSJ)