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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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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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Treasury: 4.5M hires qualify for new tax break
Law Firm 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
Law Firm 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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