Wall Street: Thursday Morning

cityfile · 04/30/09 05:38AM

• It looks like Chrysler will file for Chapter 11 bankruptcy protection today after last-minute negotiations with creditors failed to result in a deal. [BN]
• Good news: fewer Americans filed first-time applications for unemployment insurance last week. Bad news: personal spending is down. [BN, WSJ]
• UBS has eliminated 2,000 U.S. jobs as part of a round of job cuts. [DB]
• Hedge funder Phil Falcone has been sued by his former right-hand. [NYP]
• State Street Corp. is now under investigation by state regulators. [WSJ]
• Financier Danny Pang has been given $1 million bail. He'll be under house arrest, though, so presumably he won't be heading off to China. [DB]
• Changing AIG's name to AIU has done little to redeem the company's rep or distract from its previous failings, you'll be shocked to hear, we're sure. [NYT]

Pang Gets Popped

cityfile · 04/28/09 03:22PM

Danny Pang, the very colorful financier accused of operating a Ponzi scheme that cheated investors out of hundreds of millions—and who the authorities believed may have fled to China—was taken into custody today in California by the FBI. [WSJ]

Danny Pang's Last Gamble

Owen Thomas · 04/28/09 12:19PM

A dead stripper wife. A gambling habit. A made-up résumé. All Southern California financier Danny Pang needed to complete the picture was an SEC investigation of an alleged Ponzi scheme. Now he has that, too.

Wall Street: Wednesday Morning

cityfile · 04/15/09 05:37AM

• UBS is cutting another 7,500 jobs after posting a $1.8 billion quarterly loss and clients pulled more than $20 billion out of the firm. [BN, NYT]
Andrew Cuomo strikes again: Carlyle Group is now under investigation by the attorney general and the SEC over whether it illegally paid third parties to secure $1.3 billion in investments from New York's pension fund. [BN]
• BlackRock plans to raise $5-$7 billion to scoop up toxic assets. [Reuters]
• Scandal du jour: Danny Pang, who heads up the $4 billion fund Private Equity Management Group, has a few questions to answer, it would seem. [WSJ]