NY to lose $178M in taxes from Wall Street bonuses

Posted by Financial Service News on December 19th, 2008

Gov. David Paterson says the loss of tax revenue from just six Goldman Sachs' executives will cost New York $178 million.

The executives complied with the urging of New York Attorney General Andrew Cuomo and others who said in November that major Wall Street companies benefiting from federal bailouts shouldn't pay out the usual huge bonuses to executives.

Paterson says it is the right thing to do, but the result is a further hit to the fiscal crisis of state government.

Dow falters despite auto band-aid

Posted by Financial Market News on December 19th, 2008

Dec. 19 - U.S. stocks ended mixed with investors not overly confident a $17.4 billion lifeline to the auto industry would prevent further damage to the economy.

M&T Bank to acquire Provident Bankshares for $401M

Posted by Financial Service News on December 19th, 2008

Regional bank M&T Bank Corp. said Friday it will acquire Provident Bankshares Corp.

Stock futures point to dip

Posted by Financial Market News on December 19th, 2008

Stock index futures pointed to a lower open on Wall Street on Friday, retreating for the third consecutive session as sinking oil prices continue to weigh on energy stocks, while investors eagerly await news of ...

Stocks rise on White House auto aid

Posted by Financial Service News on December 19th, 2008

Stock prices rallied Friday, as investors cheered the government's pledge to lend as much as $17.4 billion to U.S. automakers, staving off possible bankruptcies that could have sent a debilitating blow to the ...

Energy leads way to big loss as TSX reopens after daylong outage; N.Y. also lower

Posted by Financial Market News on December 19th, 2008

A wave of pentup selling on the Toronto stock market sent the main index down almost 300 points Thursday as energy stocks sold off and oil headed lower.

Regulators adopt new credit card rules

Posted by Financial Service News on December 19th, 2008

WASHINGTON - Federal regulators on Thursday adopted sweeping new rules for the credit card industry that will shield consumers from increases in interest rates on existing account balances among other changes.

Panasonic to buy Sanyo in $9 billion deal

Posted by Financial Market News on December 19th, 2008

Panasonic will acquire rival Japanese electronics maker Sanyo for up to 800 billion yen through a public tender offer after top shareholders, including Goldman Sachs, agreed to the takeover, the companies said ...

Class actions against Maple Leaf in Listeria outbreak settled for $27 million

Posted by Financial Service News on December 19th, 2008

Maple Leaf's top executive says a multimillion-dollar settlement of a class-action lawsuit will give people affected by the listeriosis outbreak prompt compensation.

Oracle 2Q profit dips, still matches analyst views

Posted by Financial Market News on December 19th, 2008

The optimistic guidance offered late Thursday eclipsed any concerns raised by Oracle's fiscal second-quarter results, which were distorted by wild currency fluctuations driven by the biggest financial crisis ...


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