- Gross Headed for Record Book as Manager of Biggest Mutual Fund in History Pimco Total Return Fund, run by Bill Gross since its inception in 1987, is set to become the biggest mutual fund in the industry’s history as individual investors mostly sit out the 2009 stock rally for the safety of bonds.
- Hildebrand Sets Sights on `Sacred Cows' of Swiss Banking as SNB Job Looms Philipp Hildebrand, hedge fund manager turned central banker, is setting his sights on the dangers posed by UBS AG and Credit Suisse Group AG to the Swiss economy.
- Insider Loans Distrusted by FDIC's Bair as Georgia Bank Failures Lead U.S. James H. Blanchard and A.W. “Bill” Jones III played golf and hunted turkey, quail and deer together. They were passionate about servant leadership, the idea that corporate executives should emulate Jesus Christ as stewards for their workers, customers and communities.
- All Tiger Woods Ads Are Withdrawn by Marketers From Prime-Time Television Advertisements featuring Tiger Woods have disappeared from prime-time broadcast television and many cable channels following reports of his extramarital affairs, according to data from Nielsen Co.
- Hedge Funds Win Instant Profit From Chicago Sewer Debt at Taxpayer Expense The “fair and reasonable” price financial advisers recommended to the Metropolitan Water Reclamation District of Greater Chicago for the biggest borrowing in its history cost taxpayers $8 million in unnecessary interest and resulted in a bonanza for bankers, according to documents initially withheld from the public.
- Peter Hambro Eyes Place in Family Pantheon With Bet on Russian Gold Mining Peter Hambro, chairman of gold miner Petropavlovsk Plc, says even his 94-year-old mother keeps a close watch on the company’s stock price, which has tripled in 2009.
- TCW May Face Client Outflows as 14 Employees Follow Gundlach Out the Door Two clients of TCW Group Inc. said they plan to pull money from the Los Angeles-based fund manager, a sign that the departure of one-fifth of the fixed-income department may spur redemptions.
- Deterioration Slows in U.S. States' Tax Collections: Chart of the Day A slowdown in the deterioration of tax collections may make it easier for U.S. states to close $350 billion in budget deficits forecast in the next two years.
- Ivory Coast Cocoa Committee Proposes Industry Be Controlled by Government A government committee set up to reorganize the cocoa business in Ivory Coast, the world’s biggest producer of the chocolate ingredient, recommended that private companies have a reduced role in the industry, said an official with knowledge of the proposals.
- Warsaw Exchange Plans Initial Share Offer in 2010, Treasury Minister Says Warsaw Stock Exchange plans an initial public offering next year, Poland’s Treasury Minister Aleksander Grad said after talks on a share sale to Deutsche Boerse AG collapsed last week.
- CVS Faces Scrutiny From Texas Fund in $1 Billion Drug-Benefit Contract Bid A Texas pension fund will decide this week whether to award CVS Caremark Corp. a new pharmacy-benefits contract valued at almost $1 billion after the state’s attorney general sued the company for alleged Medicaid fraud.
Bloomberg Daily News 9th December 2009
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