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SEC looks into private equity industry practices: WSJ

Editor - Business News — Sun, 12 Feb 2012 01:27:12 +0000

Sat Feb 11, 2012 2:27pm EST

(Reuters) – The Securities and Exchange Commission has launched an inquiry into how the private equity industry values its investments, how those investments are marketed, and other practices, the Wall Street Journal reported on Saturday.

Federal regulators sent letters to numerous private equity firms in December in an “informal inquiry” into the $1.2 trillion industry, which historically has not been a major focus of scrutiny by the SEC, the newspaper said.

It was unclear which firms received the SEC letter which “requested information related to 12 broad areas, including fund raising and fund formation,” it said.

One focus of the SEC inquiry will be how private equity firms value investments and discrepancies in valuations from firm to firm, it said, citing the letter and people familiar with the

Anxiety over incomes hits consumer morale

Editor - Business News — Sun, 12 Feb 2012 01:26:37 +0000

By Doug Palmer

WASHINGTON |
Fri Feb 10, 2012 5:52pm EST

WASHINGTON (Reuters) – Americans felt worse about their personal finances in early February, but rising confidence in the labor market’s prospects should help to support spending and the broader economy.

The Thomson Reuters/University of Michigan overall index of consumer sentiment fell to 72.5 in early February, data showed on Friday, from 75.0 in January. It was the first drop in six months and reflected households’ anxiety over their finances.

The ebb in morale comes despite the recent run of relatively strong data, including solid job growth and manufacturing activity.

“While there is plenty of positive momentum in the economy there is still plenty to worry about,” said Lindsey Piegza, an economist at FTN

Anxiety over incomes hits consumer morale

Editor - Business News — Sun, 12 Feb 2012 01:24:48 +0000

By Doug Palmer

WASHINGTON |
Fri Feb 10, 2012 5:52pm EST

The ebb in morale comes despite the recent run of relatively strong data, including solid job growth and manufacturing activity.

“While there is plenty of positive momentum in the economy there is still plenty to worry about,” said Lindsey Piegza, an economist at FTN

It’s bailout or chaos, PM Papademos tells Greece

Editor - Business News — Sun, 12 Feb 2012 01:24:15 +0000

By Harry Papachristou and Matt Robinson

ATHENS |
Sat Feb 11, 2012 7:57pm EST

ATHENS (Reuters) – Greek Prime Minister Lucas Papademos has told lawmakers to back a deeply unpopular international financial rescue in a vote Sunday or condemn the country to “uncontrolled economic chaos and social explosion.”

He made the statement in a televised address to the nation ahead of the vote on 3.3 billion euros ($4.35 billion) in wage, pension and job cuts – the price of a 130-billion-euro bailout from the European Union and International Monetary Fund.

Papademos said parliament had a historic responsibility to back the bill, or face catastrophic consequences if Greece misses a March 20 deadline to service its debt.

“A disorderly default would set the country on a

It’s bailout or chaos, PM Papademos tells Greece

Editor - Business News — Sun, 12 Feb 2012 01:24:14 +0000

By Harry Papachristou and Matt Robinson

ATHENS |
Sat Feb 11, 2012 7:57pm EST

Papademos said parliament had a historic responsibility to back the bill, or face catastrophic consequences if Greece misses a March 20 deadline to service its debt.

“A disorderly default would set the country on a

Climax nears in Greek drama

Editor - Business News — Sun, 12 Feb 2012 01:23:28 +0000

By Richard Hubbard

LONDON |
Sat Feb 11, 2012 7:38am EST

LONDON (Reuters) – Tortuous negotiations over a second bailout for Greece are set to come to a head on Wednesday, putting fragile market confidence to the test on the same day data is tipped to show the euro zone is entering a mild recession.

U.S. retail sales and the release of minutes from the last Federal Reserve rate-setting meeting, data on UK inflation and unemployment, more corporate earnings and a Bank of Japan policy meeting also stand on the market’s radar.

But it is Greece and a March 20 deadline, when the country must find 14 billion euros ($18.6 billion) to meet debt repayments or face the prospect of a chaotic default,

Climax nears in Greek drama

Editor - Business News — Sun, 12 Feb 2012 01:23:19 +0000

By Richard Hubbard

LONDON |
Sat Feb 11, 2012 7:38am EST

But it is Greece and a March 20 deadline, when the country must find 14 billion euros ($18.6 billion) to meet debt repayments or face the prospect of a chaotic default,

SEC looks into private equity industry practices: WSJ

Editor - Business News — Sat, 11 Feb 2012 23:25:14 +0000

Sat Feb 11, 2012 2:27pm EST

It was unclear which firms received the SEC letter which “requested information related to 12 broad areas, including fund raising and fund formation,” it said.

One focus of the SEC inquiry will be how private equity firms value investments and discrepancies in valuations from firm to firm, it said, citing the letter and people familiar with the

Greece warns bailout rebels of disaster

Editor - Business News — Sat, 11 Feb 2012 23:24:32 +0000

By Harry Papachristou and Lefteris Papadimas

ATHENS |
Sat Feb 11, 2012 4:07pm EST

ATHENS (Reuters) – Greek Prime Minister Lucas Papademos told lawmakers to back a deeply unpopular EU/IMF rescue in a vote on Sunday or condemn the country to a “vortex” of recession.

He spoke in a televised address to the nation, ahead of Sunday’s vote on 3.3 billion euros ($4.35 billions) in wage, pension and job cuts as the price of a 130-billion-euro bailout from the European Union and International Monetary Fund.

The effort to ease Greece’s huge debt burden has brought thousands into the streets in protest, and there were signs on Saturday of a small rebellion among lawmakers uneasy with the extent of the cuts.

Papademos said parliament had a

JC Penney CEO: America Believes in Ellen Degeneres

Editor - Finance Top Stories — Sat, 11 Feb 2012 23:23:43 +0000

The new marketing campaign hasn’t even launched yet, but just about every American knows Ellen DeGeneres is JC Penney’s new spokesperson.

A group called One Million Moms organized a Facebook campaign protest this week in response to JC Penney’s decision to hire DeGeneres, who is openly gay.

JC Penney is “jumping on the pro-gay bandwagon,” the One Million Moms organization declared, suggesting “the majority of JC Penney shoppers will be offended and choose to no longer shop there.”

After Bill O’Reilly defended her and JC Penney on Fox News, DeGeneres spoke about the protest at length on her show “Ellen” this week.

Despite potential controversy, “there wasn’t ever any doubt” JC Penney was going to stick with DeGeneres, Ron Johnson, CEO of JC Penney, tells me in the accompanying video. “We believe in Ellen. She shares our values and America believes in Ellen.”

So enamored is Johnson with DeGeneres that he says