Unstructured Finance

Stevie, SAC and that ticking redemption clock

January 11, 2013

By Matthew Goldstein and Svea Herbst-Bayliss

The WSJ is out today with a big story saying Stevie Cohen and SAC Capital are bracing for up to $1 billion in redemptions, or roughly 16 percent of the $6.3 billion it manages for outside investors. That’s a lot of money but sources are telling us redemptions will likely come in lower than that—think more in the $500 million range.

The gold rush in foreclosed homes picks up steam as mad money flows freely

January 10, 2013

By Matthew Goldstein

Institutional money keeps rushing into the market for foreclosed homes, with some big players snapping up homes at breakneck speed. But the question is whether the big buyers are throwing money around indiscriminately and Wall Street’s big housing long will come up a bit short.

Essential reading: Public goals, private interests in ‘Fix the Debt’ campaign, and more

January 10, 2013

Welcome to the top tax and accounting headlines from Reuters and other sources.

* Public goals, private interests in debt campaign. Nicholas Confessore – The New York Times. Many members of the ‘Fix the Debt’ campaign are juggling their private interests with their public goals: they are also lobbyists, board members or executives for corporations that have worked aggressively to shape the contours of federal spending and taxes, including many of the tax breaks that would be at the heart of any broad overhaul. Link

Virginia plan to end gas tax quickly panned

January 9, 2013

Virginia Governor Bob McDonnell, entering his last year in office, offered on Tuesday a bold plan to finance badly needed road work and transportation expansion in the state.

Essential reading: After Sandy, tax cuts fade from Christie plan, and more

January 9, 2013

Ortley Beach, New Jersey after super storm Sandy REUTERS Tom Mihalek

Welcome to the top tax and accounting headlines from Reuters and other sources.

 * After Sandy, tax cuts fade from Christie plan. Heather Haddon – The Wall Street Journal. In his annual address to the state on Tuesday, New Jersey Gov. Chris Christie laid out what he said would be a difficult road ahead as the state recovers from Sandy—a somber departure from last year, when he extolled the state’s economic health and centered his agenda around an aggressive income-tax cut. Link

Essential reading: Insiders benefited from special dividends, and more

January 8, 2013

Welcome to the top tax and accounting headlines from Reuters and other sources.

* Insiders benefited from special dividends. Maxwell Murphy and Emily Chasan – The Wall Street Journal. Many big companies raced to pay special dividends in the fourth quarter, ahead of potentially large tax increases on cash distributions this year. Most of the one-time payouts, however, came from smaller companies that had higher-than-average ownership by their management, employees and directors. Link 

Goldman: 1, Volcker: 0

January 8, 2013

By Lauren Tara LaCapra

There’s an interesting article out today from Bloomberg, which accuses Goldman Sachs of skirting the yet-to-be-defined-or-implemented Volcker rule, and accuses its top executives, including CEO, Lloyd Blankfein, of being a hypocrite.

Essential reading: More tax revenue to IRS before cliff, and more

January 7, 2013

 

Welcome to the top tax and accounting headlines from Reuters and other sources.

* U.S. tax bonanza may be tapped out. Spencer Jakab – The Wall Street Journal. All the talk about the fiscal cliff and the inadequacy of the last-minute deal to avert it obscures one fact: It probably provided the government with tens of billions of dollars in unexpected tax receipts. Link

Calendar

January 4, 2013

Some important tax and accounting dates in the week to come:

Tuesday, Jan.8

* Panel discussion of the fiscal cliff debate and what is likely to happen on taxes in 2013. 12 noon – 1:30 p.m. ET, Urban Institute. Washington.

Essential reading: Inquiry into tech giants’ tax strategies nears end, and more

January 4, 2013

Welcome to the top tax and accounting headlines from Reuters and other sources.

 * Inquiry into tech giants’ tax strategies nears end. Charles Duhigg and David Koieniewski – The New York Times. Congressional investigators are wrapping up an inquiry into the accounting practices of Apple and other technology companies that allocate revenue and intellectual property offshore to lower the taxes they pay in the United States. Link