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DealBroken: The Week That WasiPhone Up, Blackstone Down, Interest Rates Flat And A Bear Goes The Way Of The Spartans

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The Federal Reserve left the fed funds rate unchanged at five and a quarter percent, noting that inflation rather than slower growth is still the primary concern. Bear Stearns agreed to pay up to $1.6 billion to bail out one of its troubled subprime mortgage loaded hedge funds. The SEC was said to have begun an inquiry into the funds’ troubles. The head of the Bear Stearns group with responsibility for the funds was replaced. UBS was formally charged by Massachusetts regulator with ‘hedge fund’ hotel charges. Blackstone’s share price slipped below Friday’s IPO price. Carl Icahn revealed that tried to short Blackstone’s stock.
The annual charity auction for lunch with Warren Buffett began. Rupert Murdoch reached a preliminary agreement with the board of Dow Jones & Company. Michael Moore was banned from the floor of the New York Stock Exchange. Robert Zoellick was named head of the World Bank. A court sentenced the founder of HealthSouth, Richard Scrushy, to almost seven years in prison. A phony departure email allegedly from a JP Morgan analyst made the rounds through Wall Street’s email inboxes.
A new phone from computer and music player maker Apple went on sale.