FAO Schwarz Changes Hands

cityfile · 05/28/09 02:36PM

FAO Schwarz has a new owner. The investment firm that controls the legendary chain of toy stores, David Shaw's D.E. Shaw, has sold it to (Wayne, N.J.-based!) Toys 'R' Us. Terms of the deal weren't disclosed, but we'll go ahead and assume it couldn't possibly have been more than the most expensive stuffed animal on sale at the store. [Crain's]

Stocks Slip, Summers in the Spotlight

cityfile · 04/06/09 05:32AM

• Wall Street retreated this morning after a four-week rally amid concern about the banking sector and after IBM's attempt to buy Sun unraveled. [WSJ, CNN]
• The latest Washington official facing questions about potential conflicts of interest: Larry Summers, who collected $5.2 million in 2008 working one day a week for D.E. Shaw before joining the administration. [NYT]
• Tim Geithner says that the Obama administration is prepared to oust top financial executives if their firms require more public aid. [FT, DB]

Street Talk

cityfile · 08/29/08 05:12AM
  • Lehman slashed 1,500 jobs yesterday. But job cuts are expected at several other banks around town very soon. [NYT]