November 7, 2007

Microsoft Dismisses CIO

From the BBC:

Microsoft says it has fired its chief information officer, Stuart Scott, for "violation of company policies", but declined to give details.

Mr Scott oversaw the use of computers, software and networks by the US software giant's 80,000 employees.

Read the rest here.

Posted by Becky at 1:33 PM

September 22, 2006

Business News: H-P Chairwoman Patricia Dunn Resigns

From the NYT this afternoon:

PALO ALTO, Calif., Sept. 22 — Hewlett-Packard today announced the immediate resignation of its chairwoman, Patricia C. Dunn, the first casualty inside the company over the disclosure of its internal spying operation.

Ms. Dunn will be replaced by Mark V. Hurd, the computer giant’s chief executive officer. Mr. Hurd disclosed the change at a press conference Friday in which he and Hewlett-Packard for the first time publicly discussed a scandal that has engulfed the company for more than two weeks.

LINK (registration req'd)

Posted by Becky at 4:23 PM

August 27, 2006

Measuredmarkets Study Reveals Abnormal Trading Before Buyout Announcements

From the NYT:

The boom in corporate mergers is creating concern that illicit trading ahead of deal announcements is becoming a systemic problem.
It is against the law to trade on inside information about an imminent merger, of course.

But an analysis of the nation’s biggest mergers over the last 12 months indicates that the securities of 41 percent of the companies receiving buyout bids exhibited abnormal and suspicious trading in the days and weeks before those deals became public. For those who bought shares during these periods of unusual trading, quick gains of as much as 40 percent were possible.

The study, conducted for The New York Times by Measuredmarkets Inc., an analytical research firm in Toronto, scrutinized mergers with a value of $1 billion or more that were announced in the 12-month period that ended in early July. The firm analyzed the price, the total number of shares traded and the number of individual trades in each stock during the weeks leading up to the announcement and looked for large deviations from trading patterns going back as far as four years.

Read the rest here.

Posted by Becky at 12:10 PM

May 5, 2006

Louis Rukeyser, Television Host, Dies at 73

From the NYT:
Louis Rukeyser, the exquisitely tailored and pun-loving television host who helped millions of Americans believe that they could get rich in the stock market, or at least begin to understand it, died yesterday at his home in Greenwich, Conn. He was 73.

He died of multiple myeloma, said his brother Bud Rukeyser.

When "Wall Street Week" was broadcast for the first time on Nov. 20, 1970, probably nobody, not even the always self-assured Mr. Rukeyser, dreamed that the show would run for 32 years while attracting the biggest audience on public television and making its host a celebrity in the improbable field of light-hearted, free-market-oriented financial commentary. The Dow Jones Industrial Average was then languishing, and the population of American mutual funds numbered a scant 323.


On a personal note, this belloger enjoyed Wall Street Week on the PBS. He had the worst puns, but Louis trusted his regulars on roundtable discussions and his guests to be truthful with his viewers. He will be missed.

Posted by Becky at 7:22 PM

April 12, 2006

2 Wall Street Employees Charged With Insider Trading

In light of UIUC's new Center for Professional Responsibilities, this article from NYT seemed timely:

Published: April 12, 2006
Ever since Michael Douglas declared that "greed is good" in the 1987 movie "Wall Street," the character he played, Gordon Gekko, has been the face of insider trading on Wall Street.

But it was $2 million in profits made by a 63-year-old retired seamstress in Croatia that tipped off the Securities and Exchange Commission about an ambitious and unusually creative insider trading ring, investigators say. That lead culminated in the arrests yesterday of two junior-level employees at Goldman Sachs and Merrill Lynch.

LINK (free, but must be signed up)

Posted by Becky at 11:46 AM