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Goldman profit slides on SEC charge, revenue drops
Headline Legal News |
2010/07/20 08:52
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pGoldman Sachs Group Inc. said Tuesday its second-quarter net income dropped 83 percent to $453 million as its trading revenue fell and it booked a charge for its settlement of civil fraud charges with the Securities and Exchange Commission./ppThe company's revenue fell short of expectations and helped send the stock market falling. Goldman followed IBM Corp. and Texas Instruments Inc., which late Monday reported revenue that disappointed investors./ppGoldman's stock dropped $1.89 to $143.79 in morning trading./ppGoldman took a $550 million charge to cover the cost of the settlement with the SEC that was announced last week. Earnings were also reduced by a one-time, $600 million charge tied to a new tax on bonuses in Britain./ppExcluding the one-time costs, net income after payment of dividends on preferred stock came to $2.75 per share, easily topping the $2.08 analysts forecast. Analysts typically exclude one-time charges from their estimates./ppRevenue fell 36 percent to $8.84 billion, short of the $8.94 billion predicted by analysts./ppThe drop in revenue that a number of companies have reported is unnerving investors, who see it as a sign that the economic recovery is stalling. Banks, however, have their own revenue issues. Goldman's trading revenue fell along with that of competitors including JPMorgan Chase amp; Co. and Bank of America Corp. that were hit hard by the spring plunge in the stock market. The drop in their revenue is adding to investors' concerns about how new federal regulations will affect banks' ability to profit from trading operations.
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Chicago's tough new gun ordinance goes into effect
Headline Legal News |
2010/07/12 10:05
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| pA new gun ordinance in Chicago that officials say is the strictest of its kind in the country went into effect on Monday./ppThe ordinance was pushed through quickly by Mayor Richard Daley and the City Council after the U.S. Supreme Court last month made the city's 28-year-old handgun ban unenforceable. The high court ruled that Americans have the right to have guns in their homes for protection./ppThe ordinance permits residents to have only one working gun at a time in their homes and prohibits them from stepping outside, even onto their porches or in their garages, with a handgun./ppFollowing the lead of Washington, D.C., which enacted a strict ordinance after the Supreme Court struck down its gun ban two years ago, Chicago also requires prospective gun owners to take a class and receive firearms training./ppChicago's ordinance also bans gun shops from setting up shop in the city and bars anyone convicted of a violent crime, domestic violence or two or more convictions for driving under the influence of alcohol or drugs from owning a handgun./ppAlso starting Monday is a 90-day grace period in which residents who owned handguns illegally during the ban can register them without penalty./ppChicago's ordinance was widely criticized by gun rights advocates, who have said the city is simply trying to make it as difficult as it can for people to own guns and putting up unconstitutional roadblocks in their way. They promised lawsuits and last week, even before the ordinance went into effect, at least two lawsuits were filed challenging the constitutionality of the ordinance./p |
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Treasury: 4.5M hires qualify for new tax break
Headline Legal News |
2010/07/12 10:05
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| pBusinesses have added 4.5 million workers under a new program that provides tax breaks for hiring unemployed workers, the Treasury Department said Monday./ppIt is unclear, however, how many of those workers would have been added without the tax break./ppPresident Barack Obama signed a law in March that exempts businesses hiring people who have been unemployed for at least 60 days from paying the 6.2 percent Social Security payroll tax through December. Employers get an additional $1,000 credit if new workers stay on the job a full year./ppTreasury released a report Monday estimating that from February to May, businesses added 4.5 million workers who qualify for the tax breaks. Those businesses are projected to save $8.5 billion in taxes./p |
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Kagan's writings suggest her view on judge's role
Headline Legal News |
2010/05/24 09:04
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| Elena Kagan, a Supreme Court nominee without judicial experience, has suggested in writings and speeches over a quarter-century that when judges make decisions, they must take account of their values and experience and consider politics and policy, rather than act as robotic umpires.pNot since 1972 has a president picked someone for the high court who hasn't been a judge. So what the 50-year-old Kagan has said about judging might be the best indicator of the kind of justice she would be./ppRepublicans have said that because Kagan hasn't left a trail of judicial opinions, they will pore over her records as a Clinton White House aide and academic for any clues. Her speeches and papers from her time as dean of the Harvard Law School and, before that as a law professor and graduate student, are certain to get close attention at her confirmation hearing in late June./ppHer words stand in contrast to the more technical view of judging voiced by Chief Justice John Roberts at his confirmation hearing five years ago. Roberts said he considered himself an umpire merely calling balls and strikes./ppKagan apparently has never directly addressed Roberts' comments. Republicans have held his description of the job as a model of judicial restraint and used it to criticize President Barack Obama for what they call his support of judicial activism — judges imposing their own views on the law./p |
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Jury convicts man in NJ schoolyard triple slayings
Headline Legal News |
2010/05/24 05:03
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pThe first defendant to be tried for a triple murder in a schoolyard that shocked New Jersey's largest city into action has been convicted on all counts./ppA jury returned the verdict Monday in state Superior Court in Newark against Rodolfo Godinez (goh-DEE'-nez). He was among six men and boys charged with the August 2007 slayings. The jury deliberated for nearly four hours and found him guilty on all 17 counts./ppThe victims' family members, including several parents, wept quietly as the verdict was read./ppThe three victims each suffered a gunshot wound to the back of the head. A fourth victim survived and testified against Godinez./ppGodinez's attorney had argued his client was at the scene but didn't take part in the attacks. Godinez could face life in prison at sentencing.
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Kagan Sided With Investors in Two Notable Securities Cases
Headline Legal News |
2010/05/10 09:25
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pThe federal government has opposed business interests in two closely watched securities cases during Elena Kagan's time as solicitor general, although her brief tenure has overlapped with just a handful of notable business cases. /ppMs. Kagan has a light record on business issues outside of her 14 months of service as solicitor general, a role in which she represented the government at the high court. She hasn't served as a judge and her professional career has largely been devoted to government service and academia. /ppWith Ms. Kagan as solicitor general, the Obama administration has taken a friendlier approach to investor lawsuits. Ms. Kagan's office filed a legal brief supporting investors in a case that examined when shareholders could sue mutual-fund managers for allegedly charging excessive fees. Ms. Kagan argued that a lower-court ruling in the case did not provide enough of a check on potentially excessive fees. /ppIn another case, Ms. Kagan's office argued that shareholders of Merck amp; Co. Inc. didn't wait too long to file lawsuits alleging the drug maker misrepresented the safety of painkiller drug Vioxx. /ppThe Supreme Court, which decided both cases this spring, unanimously agreed with Ms. Kagan's position each time.
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