Receiving Wide Coverage ...
Lehman Payout: Lehman makes its fifth semi-annual payout to creditors next week, a bigger-than-expected $17.9 billion, pushing its total payments to creditors above $80 billion. The Wall Street Journal notes that most of the money to be distributed "involves money Lehman entities owe each other." Reuters says, "The payout will include $12.8 billion to third-party creditors and affiliates, plus $5.1 billion to other Lehman debtors and affiliates." Creditors will now reap 26.9 cents on the dollar, up from the expected 21.1 cents.
Wal-Mart vs. Visa: The giant retailer extended its long-running battle against Visa, filing a $5 billion lawsuit this week against the payments network for allegedly conspiring with banks to charge inflated "swipe fees."
More on Fed and Citi: Second day stories on the Fed's rejecting Citi's capital plan. The Journal offers a blow-by-blow description from the time CEO Michael Corbat received a call in South Korea that forced him to race back to the U.S.. The Times' Dealbook says Citi's board expressed "bafflement and surprise" that regulators refused to approve its plan to increase dividends and stock buybacks. The broader problem may be is Citibank "simply too big to manage." Bank executives and investors lashed out at the Federal Reserve calling the stress tests "opaque," the FT says.
Wall Street Journal
JPMorgan will pay $1.25 million to
The latest housing reform bill will provide more support to the current housing-industrial complex, writes Josh Rosner in an op-ed. Rosner finds a
Financial Times
"Fed
British banks face a
Washington Post
Ally Financial's IPO could raise