"Wallstreet" Reader

"Wallstreet" Reader

Chiquita Brands Names Lonergan as CEO

Posted: 02 Oct 2012 07:01 PM PDT

Chiquita Brands has chosen Edward Lonergan as its new CEO, succeeding Fernando Aguirre. He starts work on Oct. 8.

Obama Sued Over Wind-Farm Project

Posted: 02 Oct 2012 06:14 PM PDT

The Chinese executives that President Obama blocked from acquiring a wind-farm project in Oregon challenged the rare rejection with a lawsuit alleging that the president acted unconstitutionally.

Market Complexity Cited in Snafus

Posted: 02 Oct 2012 06:14 PM PDT

Wall Street firms and exchanges should better police each other to prevent and reduce the cost of technology gaffes, industry executives and researchers told securities regulators Tuesday.

J.P. Morgan: New Case Copies Older Lawsuit

Posted: 02 Oct 2012 06:36 PM PDT

J.P. Morgan is employing an unusual argument in its new legal fight with New York Attorney General Eric Schneiderman: The prosecutor didn't do his own work.

Freddie's Foreclosure Plan Hits Roadblock

Posted: 02 Oct 2012 04:24 PM PDT

Freddie Mac's proposal to finance investors looking to buy foreclosed home and rent them out has been put on hold by its regulator and is being opposed by major banks.

Jobless Spaniards Look Abroad

Posted: 02 Oct 2012 07:54 PM PDT

Spanish unemployment rose 1.7% in September from August, evidence that unemployment in the euro zone's fourth-largest economy has yet to peak. Amid the worsening economy, some Spaniards are looking abroad for jobs.


Beer Sales Are Back

Posted: 02 Oct 2012 07:29 PM PDT

Things are looking brighter in the U.S. beer market. Beer shipments in the U.S. rose 1.9% in the first eight months of 2012 after falling three straight years, and store sales are up 2.1% in volume terms through Labor Day.


CEO of Electric-Car Network Steps Down

Posted: 02 Oct 2012 04:45 PM PDT

Shai Agassi, founder of U.S. electric-car charging station start-up Better Place LLC, stepped aside as chief executive amid concern about mounting losses as cars tailored to the company's network enter pilot markets.

Google Withdraws Patent Claim Against Apple

Posted: 02 Oct 2012 04:51 PM PDT

Google's Motorola Mobility has withdrawn a patent-infringement claim against rival Apple that was filed with the U.S. International Trade Commission in a bid to ban the import of some Apple products.

YouTube Holds Key Place In Google's Social 'Spine'

Posted: 02 Oct 2012 01:37 PM PDT

Google may start seeing use of its social network increase among at least one constituency: People who make a living from posting videos on YouTube.

Wynn Wins Ruling Over Ousted Investor

Posted: 02 Oct 2012 04:07 PM PDT

Wynn Resorts won a legal test of its move early this year to oust a major shareholder and former business partner of Chief Executive Steve Wynn.

Madoff Employee Trial Set for October 2013

Posted: 02 Oct 2012 12:48 PM PDT

A group of former employees of convicted Ponzi scheme operator Bernard Madoff will go to trial on criminal charges in October 2013, nearly five years since the massive fraud came to light, a judge ruled.

Banks Like Munis; Mom-and-Pop Investors Don't

Posted: 02 Oct 2012 11:51 AM PDT

Bankers are increasingly turning to municipal bonds to protect their profit margins from declining interest rates—just as mom-and-pop investors, the largest holders of such securities, are becoming more reluctant to buy them.

Vanguard Drops MSCI Benchmarks for 22 Index Funds

Posted: 02 Oct 2012 07:26 PM PDT

Vanguard cited cost as the main factor behind its decision to change benchmarks for 22 of its index funds to those provided by FTSE Group and the University of Chicago. MSCI shares plunged on the news.


Court Sentences Abbott for Off-Label Promotion of Antiseizure Drug

Posted: 02 Oct 2012 12:06 PM PDT

A federal court in Virginia formally sentenced Abbott Laboratories for its off-label promotion of its antiseizure drug Depakote, ordering it to pay $700 million as part of a previously announced $1.6 billion settlement.

Animal Activist Seeks Tyson Board Seat

Posted: 02 Oct 2012 07:30 PM PDT

The head of the Humane Society is seeking a board seat at Tyson in order to press the food processor to phase out hog gestation stalls.


FCC Seeks Comment on Sirius, Liberty

Posted: 02 Oct 2012 04:32 PM PDT

The FCC called for public comment on Liberty Media's request to take control of Sirius XM Radio, a sign that the agency is evaluating the application.

Mosaic Profit Off 18% Amid Lower Phosphate Volume

Posted: 02 Oct 2012 10:03 AM PDT

Mosaic Co.'s earnings fell 18% as the fertilizer producer's sales declined because of production problems and weak demand in China and India.

AIG Advances in 'Systemically Important' Review Process

Posted: 02 Oct 2012 03:15 PM PDT

AIG became one of the first big, nonbank financial firms to alert investors that it is in the latter stages of consideration by federal regulators to be deemed systemically important.

Bill Gross: Bonds Could Be 'Burned to a Crisp'

Posted: 02 Oct 2012 11:35 AM PDT

The world's biggest bond fund, run by Bill Gross, took in $2.8 billion in new cash last month, even as he warned that bonds could be "burned to a crisp" if the U.S. doesn't tackle its debt problems.