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Goldman profit slides on SEC charge, revenue drops
Law Firm 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.
/p |
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NY man gets 19 years to life in wife's poisoning
Court News |
2010/07/20 08:51
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| A New York man who admitted killing his wife by lacing her coffee with cyanide has been sentenced to 19 years to life in prison.pDavid Steeves of Center Moriches pleaded guilty in June to second-degree murder in the death of 41-year-old Maureen Steeves./ppAn autopsy found the woman was killed by potassium cyanide poisoning. Prosecutors say her husband had laced her coffee with the lethal substance./ppDefense attorney Craig McElwee said the 45-year-old Steeves bought the cyanide to kill himself but chickened out and gave it to his wife instead./ppSteeves pleaded guilty after prosecutors assured him that his sons would not be in court for the sentencing. The boys, ages 17 and 15, wrote letters to the judge, saying their father deserved no mercy./p |
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Judicial Vacancies Slow the Wheels of Justice
Legal Line News |
2010/07/12 10:06
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| pAs the Senate prepares to vote on whether Elena Kagan should fill the vacancy on the U.S. Supreme Court, there remain a substantial number of other vacancies in the nation’s lower federal courts that urgently need filling. /ppCurrently, there are about 100 vacancies in the lower federal courts. The American Bar Association says the lack of judges is affecting the efficiency and fairness of the justice system. /ppABA President Carolyn B. Lamm said, “Our courts are already terribly strained at the federal level because of the caseload and the workload, and when you’re a hundred justices down…that’s a big gap.nbsp; We have speedy trial rules that require them to put criminal cases first.nbsp; As a result, all of the civil proceedings are put off and there is a real gap in terms of a significant delay as a result of the vacancies. It is edging toward a crisis not to have a full bench.” /ppEven if all the vacancies were filled, said Lamm, a significant number of new judgeships would still be necessary to handle caseload growth.nbsp; In fact, the Judicial Conference of the United States is recommending 67 new permanent and temporary judgeships.nbsp; /ppBeyond the existing 100 vacancies, more than 20 additional judges have announced that they will retire in the next several months. Since the start of the 111th Congress, President Obama has made 78 nominations to fill the empty seats, and the Senate has confirmed 36 of the nominees. nbsp; /ppLamm noted that most nominees have moved through the Senate with little dissent and little delay. /ppWhen they finally are scheduled for a vote by the Senate, Lamm commented, “None of them have in fact engendered huge debate on the floor of the Senate….nbsp; No one has seen a pattern of inappropriate people being nominated; it is simply very slow and it really needs a full bipartisan effort to move these nominations. And quite frankly, it is becoming urgent,” said Lamm. /p |
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Chicago's tough new gun ordinance goes into effect
Law Firm 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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