MBIA Criticizes Bond-Insurer Plan - WSJ.com

One of the more interesting uses of restucturing (or possible restructuring). We discussed this in class today. Intereting application of different stakeholders having different incentives.A couple of looks:From Reuters:"Bond insurer Ambac Financial Group Inc is in discussions to split itself up in a move aimed at ensuring that municipal bonds backed by the company retain high credit ratings...

Bloomberg.com: Worldwide

Bloomberg.com: Worldwide: "Societe Generale SA, France's second-largest bank, failed to follow up 75 warnings on bets by Jerome Kerviel that led to a trading loss of 4.9 billion euros ($7.2 billion), independent board members concluded in a report."75? wow.

Corporate governance gets more transparent worldwide - USATODAY.com

Corporate governance gets more transparent worldwide - USATODAY.com: "In what some call a worldwide corporate-governance movement, shareholders are pushing for stronger corporate-governance laws, teaming with investors from different countries....'We've seen some dramatic changes,' says Stanley Dubiel, head of governance research at RiskMetrics Group, the largest U.S.-based proxy research firm,

I did not know that...is it possible?

One of the half dozen or so books I am either reading or ristening to is Almost America (From the Colonists to Clinton: a "What if" History of the US by Steve Tally. In it there is something I learned that will no doubt work its way into class that was surprising to me:From P 187"In the late 1800s, American business was caught up in a frenzy of mergers. Across the country, small local businesses

Yahoo Plays the Field with News Corp.

Yet another twist in the Yahoo-Microsoft story:Yahoo Plays the Field with News Corp.: "News Corp. may be trying to cut in on the mating dance between Microsoft and Yahoo!, but it may only succeed in tightening the software maker's embrace.Yahoo (YHOO) and News Corp. (NWS) are discussing a deal that would involve mixing Yahoo's businesses with News Corp. Internet properties, including the popular

Fast Driving and Stock churning, is there a relationship?

This one really is not super surprising, but that said still very interesting.Warning: Fast Driving May Lead to More Trading - New York Times: "IF you get speeding tickets, watch out: The chances are good that you will also engage in possibly dangerous investing behavior, too. That is the implication of a new study that found that individuals who receive more speeding tickets tend to churn their

Yahoo rejects Microsoft's offer, saying it is undervalued - Feb. 11, 2008

Yahoo rejects Microsoft's offer, saying it is undervalued - Feb. 11, 2008: "Yahoo formally rejected Microsoft, saying the offer is not in the best interest of shareholders, but adding it is willing to look other options.'The board believes that Microsoft (MSFT, Fortune 500)'s proposal substantially undervalues Yahoo (YHOO, Fortune 500), including our global brand, large worldwide audience,

Chavez and Expropriation

Last week in class we were speaking of increased risks associated with doing business internationally. Political risks, in particular the risk of expropriation, are particularly difficult to hedge. One of the examples we used was that of Hugo Chavez. Of course he has provided enough examples single handedly to fill several class periods. Two that are in the news right now show the

Yahoo and Microsoft Update

Short version: It looks like Yahoo is going to say no. Will Microsoft go directly to shareholders? If so at what price?Bloomberg.com: Worldwide: "Yahoo! Inc., the Internet company that has failed to crack Google Inc.'s dominance of Web search, plans to reject a $44.6 billion takeover bid from Microsoft Corp., a person familiar with the situation said.The board spent a week reviewing the $31-

Yahoo Considers Playing a Google Defense - WSJ.com

Some updates on the potential Yahoo takeover :Yahoo Considers Playing a Google Defense - WSJ.com: "Yahoo Inc.'s board of directors discussed its options Friday in the face of Microsoft Corp.'s unsolicited offer to buy the Internet company...Yahoo has said its board would consider the Microsoft offer and any alternatives, including keeping Yahoo independent.... Among the options Yahoo directors

NY professor sees junk bond defaults at 4.64 percent: report | Reuters

It is not every day that the Altman Z score is in the news, so when I saw that it was today I figured it had to be mentioned.NY professor sees junk bond defaults at 4.64 percent: report | Reuters: "A New York University professor is projecting that high-yield 'junk' bonds will default at a rate of 4.64 percent this year, the highest since 2003, The Wall Street Journal reported on Wednesday. "

How 'cash' at companies became risky - MarketWatch

There is cash and then there is cash:How 'cash' at companies became risky - MarketWatch: "...as strange as this may sound, Bristol-Myers Squibb was the latest company to do the equivalent of taking a charge against cash when it announced a $275 million impairment of debt investments that held such things as surprise! subprime and home-equity loans.Companies don't really take charges against cash

Google Works to Torpedo Microsoft Bid for Yahoo - New York Times

Anyone want to write a case on this one? I'm in, should be fun.From the NY Times: Google Works to Torpedo Microsoft Bid for Yahoo - New York Times: "Publicly, Google came out against the deal, contending in a statement that the pairing, proposed by Microsoft on Friday in the form of a hostile offer, would pose threats to competition that need to be examined by policy makers around the

Microsoft Makes Its Yahoo! Play - Forbes.com

As Paul Harvey would say, "If you care, you have already seen the news" but since I want to use it in class, I will mention it here as well.Microsoft Makes Its Yahoo! Play - Forbes.com: "Microsoft, the world's biggest software company, is set to grow even bigger: it has offered to buy search engine Yahoo! for $44.6 billion, in a bid to rival Google and take a bigger slice of the online services