Deutsche Bank Plans Capital Raise (WSJ)
DB is planning to raise as much as €9 billion ($11.4 billion) to boost its stake in another German bank and possibly shore up its own capital, according to people familiar with the matter. The German banking giant plans to launch the huge share sale as early as Monday, the people said. The primary goal for the fund raising will be to give Deutsche Bank cash to make a tender offer for additional shares in Deutsche Postbank AG, Germany’s largest retail bank by customers, the people said. Deutsche Bank hasn’t finalized its plans and may decide not to go forward with the sale.
Goolsbee To Lead Economic Counsel (WSJ)
Mr. Goolsbee, an economist at the University of Chicago’s business school, is currently a member of the council and executive director of the President’s Economic Recovery Advisory Board. In elevating him to the council’s chairmanship, Mr. Obama has decided to stay with a friend and longtime member of his inner policy circle rather than choosing an older, more prominent academic economist.
As Wall Street Sheriff, Coffey Would Be Discreet (NYT)
“There’s nothing more dangerous than a prosecutor who’s politically ambitious and has a cavalier attitude toward the facts,” Coffey told Reuters in an interview, saying Democratic rival Kathleen Rice fit that category. “I understand that the Attorney General can cut a stock price in half with a bad press release,” Coffey said at another point, adding that his experience as a federal prosecutor taught him the value knowing when not to press a case. Coffey said he would draw on pieces of both Cuomo and Spitzer but also stressed that, as a lawyer who has been a plaintiff and defender of firms accused of malfeasance, that prosecutorial discretion was paramount in an attorney general.
Secrets Of Gordon Gekko’s Clothes (Esquire)
“The character of Gordon Gekko needed to breath, so to speak. I didn’t want to put him in contrast collar, I didn’t want to put him back to exactly what he was. He was a groundbreaker at that time — he was outshining everyone around him — so why would he go back to that? Naturally, as a person of strong personality, such forceful instinct would progress. Sharks need to move forward. If they’re not moving forward they’re dying.”
Phil Davison Of Freakout Viral Video Has Never Used YouTube (TPM)
“I went home and had a ham sandwich and went to bed and thought that was the end of it,” Davison said when reached at home this afternoon. “A friend called, and well, I’m not very good with electronics, is there a YouTube? It was on some kind of electronic server.”
Trump: Developer More Interested Than Money Than Mosque (CNBC)
Speaking days after he offered the developer, Hisham Elzanaty, 25 percent above the price paid for his stake in the Park Place property just a year ago in exchange for moving the mosque elsewhere, Trump said “these are not the finest apples in the barrel.”
Paul Krugman: Things Could Be Worse (NYT)
“It’s hard to overstate how destructive the economic ideas offered earlier this week by John Boehner, the House minority leader, would be if put into practice. Basically, he proposes two things: large tax cuts for the wealthy that would increase the budget deficit while doing little to support the economy, and sharp spending cuts that would depress the economy while doing little to improve budget prospects. Fewer jobs and bigger deficits — the perfect combination. More broadly, if Republicans regain power, they will surely do what they did during the Bush years: they won’t seriously try to address the economy’s troubles; they’ll just use those troubles as an excuse to push the usual agenda, including Social Security privatization. They’ll also surely try to repeal health reform, which would be another twofer, reducing economic security even as it increases long-term deficits.” Continue reading »
