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From: DealBook [mailto:nytdirect@nytimes.com]
Sent: Monday, July 25, 2011 8:32 AM
To: ncallahan911@gmail.com
Subject: DealBook: Writing Again, Third Point's Loeb Takes Swipe at Obama


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Monday, July 25, 2011


TODAY'S TOP HEADLINES


M & A ING to Sell Latin American Insurance Unit for $3.9 Billion <>


INVESTMENT BANKING Interest High in Morgan Keegan Sale <>


PRIVATE EQUITY Buyout Exits Total $17.2 Billion in Quarter <>


HEDGE FUNDS SAC Managers Snare Facebook Shares <>


OFFERINGS A Big Week for I.P.O.'s <>


VENTURE CAPITAL Airbnb's Funding Values Company at $1.3 Billion <>


LEGAL/REGULATORY Worry Grows Over How Debt Gridlock Will Impact Markets <>


Top Story


Writing Again, Third Point's Loeb Takes Swipe at Obama <http://graphics8.nytimes.com/images/2010/12/10/business/dbpix-loeb/dbpix-loeb-thumbStandard.jpg>

Writing Again, Third Point's Loeb Takes Swipe at Obama Daniel S. Loeb, the founder of Third Point, isn't shy about speaking his mind.

So it should come as little surprise that the hedge fund's latest letter to investors, about the economic state of the world, comes out swinging.

"The budget is not the only thing in deficit today, as a paucity of leadership has left the country without a stable framework in which businesses can conduct business, investors can invest and consumers can consume without a high degree of uncertainty and fear," the letter begins.

· DEALBOOK » <http://dealbook.nytimes.com/2011/07/24/in-epistle-writing-return-third-points-loeb-takes-swipe-at-obama/?nl=business&emc=dlbka8>


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DEAL NOTES


The Week That Was, In Verse A lot happened in the world of finance this week, from bank earnings to beauty-queen convictions to the debut of the latest technology darling. Here, we run down the top DealBook stories from the week, in poetic form.

· DEALBOOK » <http://dealbook.nytimes.com/2011/07/22/the-week-that-was-in-verse-5/?nl=business&emc=dlbka21>


<http://graphics8.nytimes.com/images/2010/10/29/business/dbpix-CEOs-lloyd-blankfein3/dbpix-CEOs-lloyd-blankfein3-thumbStandard.jpg>

Lloyd in Shirt Sleeves The head of Goldman Sachs sat down with New York magazine's Jessica Pressler in a Manhattan diner to tell her why, in fact, he's still committed to the bank.

· NEW YORK MAGAZINE <http://nymag.com/news/business/lloyd-blankfein-2011-8/>


<http://dealbook.blogs.nytimes.com/category/mergers-acquisitions/?nl=business&emc=dlbka22> MERGERS & ACQUISITIONS »


ING to Sell Latin American Insurance Unit for $3.9 Billion The ING Group announced on Monday that it would sell its Latin American insurance unit to Grupo de Inversiones Suramericana for $3.9 billion, as the Dutch financial firm looks to shed assets to comply with the terms of its government bailout.

· DEALBOOK » <http://dealbook.nytimes.com/2011/07/25/ing-sells-latin-american-unit-for-3-8-billion/?nl=business&emc=dlbka22>

Hong Kong Utility Pays $11 Billion for Nuclear Plant CLP Holdings of Hong Kong said Monday that it had bought a 17 percent stake in a southern Chinese nuclear plant for 70 billion renminbi ($11 billion).

· ASSOCIATED PRESS <http://www.nytimes.com/aponline/2011/07/25/business/AP-AS-Hong-Kong-China-Nuclear-Plant.html?nl=business&emc=dlbka22>

Should Microsoft Shed Bing? The division of Microsoft that runs Bing, the world's No. 2 search engine after Google, lost $2.6 billion in the last fiscal year. Reuters Breakingviews suggests a sale of the unit, pointing to Facebook, or even Apple, as better homes for the service.

· REUTERS BREAKINGVIEWS <http://www.nytimes.com/2011/07/25/business/bing-becomes-a-costly-distraction-for-microsoft-breakingviews.html?nl=business&emc=dlbka22>

E*Trade to Explore Sale After Citadel's Criticism The online brokerage firm E*trade has agreed to hire Morgan Stanley to explore a sale of the company after its largest shareholder, Citadel, sent it a scathing letter.

· DEALBOOK » <http://dealbook.nytimes.com/2011/07/22/etrade-to-explore-sale-after-citadels-criticism/?nl=business&emc=dlbka22>

TD Ameritrade Said to Eye E*Trade The board of TD Ameritrade is planning to talk about a possible acquisition of E*Trade Financial, sources told The Wall Street Journal, as E*Trade explores a sale.

· WALL STREET JOURNAL <http://online.wsj.com/article/SB10001424053111904772304576466311275679764.html> | DEALBOOK <http://dealbook.nytimes.com/2011/07/22/etrade-to-explore-sale-after-citadels-criticism/?nl=business&emc=dlbka22>

Confronting Antitrust Issues in a Giant Merger Express Scripts' $29.1 billion planned acquisition of Medco Health Solutions is a good illustration of how parties negotiate when there is significant antitrust risk.

· DEALBOOK » <http://dealbook.nytimes.com/2011/07/22/dealing-with-antitrust-issues-in-a-giant-merger/?nl=business&emc=dlbka22>


BSkyB Investor Backs James Murdoch as Chairman <http://graphics8.nytimes.com/images/2011/03/30/business/dbpix-james-murdoch/dbpix-james-murdoch-thumbStandard.jpg>

BSkyB Investor Backs James Murdoch as Chairman Crispin Odey, one of the biggest investors in British Sky Broadcasting, supports keeping James Murdoch as chairman of the satellite broadcaster despite the phone-hacking scandal in Britain.

· DEALBOOK » <http://dealbook.nytimes.com/2011/07/24/bskyb-investor-backs-james-murdoch-as-chairman/?nl=business&emc=dlbka22>


<http://graphics8.nytimes.com/images/2011/03/27/arts/COAL/COAL-thumbStandard.jpg>

Boom in Mining Deals Deals in mining doubled in the first half from the same period last year, coming to $96.3 billion, driven by coal acquisitions.

· REUTERS <http://www.reuters.com/article/2011/07/25/us-mining-ma-idUSTRE76O12I20110725>

With Deals, Britain and India Reaffirm Ties "Britain is now making the largest foreign investment in India," British chancellor of the Exchequer, George Osborne, said Sunday in a statement that paves the way for about $1.6 billion in commercial deals between the two countries.

The announcement comes just after BP won approval for the acquisition of $7.2 billion in stakes in oil and natural gas blocks currently owned by India's Reliance Industries.

· REUTERS <http://www.nytimes.com/2011/07/25/business/global/britain-and-india-reach-1-6-billion-in-commercial-deals.html?nl=business&emc=dlbka22>

Bid Deadline for Hynix The last bids for Hynix Semiconductor are due in mid-September, one of the company's shareholders said. Korea Exchange Bank, which went from being a creditor to a shareholder of Hynix in 2001, wants out, and a $2.3 billion stake sale is now under way.

· REUTERS <http://www.reuters.com/article/2011/07/25/us-hynix-bid-idUSTRE76O0Q220110725>


<http://dealbook.blogs.nytimes.com/category/investment-banking/?nl=business&emc=dlbka23> INVESTMENT BANKING »


Interest High in Morgan Keegan Sale Blackstone, Carlyle Group and Stifel Financial are three of the big-name firms expected to make a play for Regions Financial Corp.'s $1.5 billion brokerage unit Morgan Keegan, a source familiar with the matter told Reuters.

· REUTERS <http://www.reuters.com/article/2011/07/22/us-morgankeegan-idUSTRE76L52F20110722>

Perella Weinberg Hires JPMorgan Health Care Banker Perella Weinberg Partners has hired Christopher O'Connor, a health care banker at JPMorgan Chase, to help the boutique investment bank build out its medical devices advisory practice.

· DEALBOOK » <http://dealbook.nytimes.com/2011/07/25/perella-weinberg-hires-jpmorgan-health-care-banker/?nl=business&emc=dlbka23>


<http://graphics8.nytimes.com/images/2011/01/27/business/dbpix-gary-cohn-goldman-sachs/dbpix-gary-cohn-goldman-sachs-thumbStandard.jpg>

Doubts Over Cohn's Suitability for Goldman Succession Michael Ovitz, founder of Creative Artists Agency, knows talent when he sees it, and in his view, any Goldman Sachs director who doesn't want Gary Cohn to replace Lloyd Blankfein as chief executive officer of the investment bank should have his "head examined."

But a number of Mr. Cohn's colleagues are not so sure that the lender's current No. 2 is suited for the role, citing his abrasive manner, his risk-taking, and his closeness to Mr. Blankfein as attributes that may stall his succession.

· BLOOMBERG <http://www.bloomberg.com/news/2011-07-24/succeeding-blankfein-at-goldman-may-prove-hurdle-too-high-for-no-2-cohn.html>


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Top Chinese Underwriter Expands in Hong Kong Guosen Securities, which leads the initial public offering market on the mainland, has more than doubled its staff in Hong Kong, setting itself up for a confrontation with investment banks like Goldman Sachs and Morgan Stanley.

· BLOOMBERG <http://www.bloomberg.com/news/2011-07-25/top-china-ipo-underwriter-guosen-doubles-staff-at-hong-kong-arm.html>

C.I.C.C. to Become 1st Chinese Bank to Enter Trust Sector The China International Capital Corporation is set to launch a trust company next week. It would become the first Chinese investment bank to enter the sector, which is one of the fastest expanding parts of the country's financial system.

· FINANCIAL TIMES <http://www.ft.com/intl/cms/s/0/21a6ba14-b5b8-11e0-8bed-00144feabdc0.html>


For the latest updates, go to <http://dealbook.nytimes.com> dealbook.nytimes.com »


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<http://dealbook.blogs.nytimes.com/category/private-equity/?nl=business&emc=dlbka31> PRIVATE EQUITY »


Buyout Exits Total $17.2 Billion in Quarter Private equity firms reaped $17.2 billion from initial public offerings worldwide in the second quarter, according to a report by Ernst & Young.

· ECONOMIC TIMES <http://economictimes.indiatimes.com/markets/ipos/fpos/rights-issues/pe-companies-mopped-up-172-billion-through-ipos-in-apr-jun/articleshow/9357895.cms>

Unknown Investors Buy Large Stake in Bank of Ireland Contrary to expectations, Bank of Ireland will not be taken over by the Irish government, as Ireland has sold a 1.1 billion euro ($1.6 billion) stake in the lender to unknown investors.

The Irish Times reports that the investors are a group of private equity firms, while The Sunday Business Post says that a Canadian pension fund may be involved.

· REUTERS <http://www.nytimes.com/reuters/2011/07/25/business/business-us-bankofireland-brief.html?src=busln&nl=business&emc=dlbka31> | IRISH TIMES <http://www.irishtimes.com/newspaper/breaking/2011/0725/breaking4.html?via=mr> | SUNDAY BUSINESS POST <http://www.thepost.ie/news/new-deal-set-to-keep-boi-out-of-state-control-57689.html>


<http://dealbook.blogs.nytimes.com/category/hedge-funds/?nl=business&emc=dlbka32> HEDGE FUNDS »


SAC Managers Snare Facebook Shares <http://graphics8.nytimes.com/images/2010/12/29/business/dbpix-facebook-web-site/dbpix-facebook-web-site-thumbStandard-v2.jpg>

SAC Managers Snare Facebook Shares Portfolio managers at the big hedge fund firm SAC Capital have purchased millions of Facebook shares -- and they're on the hunt for more.

· DEALBOOK » <http://dealbook.nytimes.com/2011/07/22/sac-managers-snare-facebook-shares/?nl=business&emc=dlbka32>

Judge Stops Last-Chance Loan to Dodgers A judge in Delaware has blocked the bankrupt Los Angeles Dodgers baseball team from taking a $150 million loan from the hedge fund Highbridge Principal Strategies to finance its operations.

· WALL STREET JOURNAL <http://online.wsj.com/article/SB10001424053111903554904576462373238466928.html>

Springs Capital Expands in Hong Kong The Chinese hedge fund managing about $700 million is adding trading and investment desks, as well as two research analysts in Hong Kong as it expands from its base in Beijing.

· REUTERS <http://www.reuters.com/article/2011/07/25/springscapital-hedgefund-idUSL3E7IP1LY20110725>


<http://dealbook.blogs.nytimes.com/category/ipoofferings/?nl=business&emc=dlbka33> I.P.O./OFFERINGS »


A Big Week for I.P.O.'s A total of eleven initial public offerings are set to take place in the coming days, as the American market girds itself for its busiest week since 2007.

· WALL STREET JOURNAL <http://online.wsj.com/article/SB10001424053111903461104576462303210475380.html>

Brazilian I.P.O. Results Take a Hit Brazilian companies are growing cautious over going public as market trepidation forces more and more of them to shelve initial public offering plans, the Financial Times reports.

· FINANCIAL TIMES <http://www.ft.com/intl/cms/s/0/0508c6e2-b5f7-11e0-8bed-00144feabdc0.html>


<http://graphics8.nytimes.com/images/2011/01/04/business/dbpix-companies-goldman-sachs5/dbpix-companies-goldman-sachs5-thumbStandard.jpg>

Goldman's Big Bond Issue Goldman Sachs has issued $2.75 billion worth of bonds, after releasing a disappointing second-quarter earnings report.

· BLOOMBERG <http://www.bloomberg.com/news/2011-07-22/goldman-sachs-plans-benchmark-bond-sale-as-bank-borrowing-rises.html>

Is BP Going to Make Like Conoco and Split? BP chief executive Robert Dudley could unlock $100 billion for the company's investors by splitting up his firm, JP Morgan suggests.

"On a sum-of-the-parts basis, BP is ludicrously undervalued," said Clive Beagles of JO Hambro Capital Management Group, adding that they either need to articulate a better strategy or, indeed, follow the ConocoPhillips route.

· BLOOMBERG <http://www.bloomberg.com/news/2011-07-24/bp-breakup-worth-100-billion-to-jpmorgan.html>

Carrefour's Middle East Operator Raises $1 Billion Majid Al Futtaim Holding, a Dubai-based firm that works as the French food chain Carrefour's Middle East operator, delayed its plans to sell bonds, instead refinancing debt with $1 billion worth of banks loans.

· BLOOMBERG <http://www.bloomberg.com/news/2011-07-24/dubai-s-majid-al-futtaim-raises-1-billion-loan-for-refinancing-expansion.html>


<http://dealbook.blogs.nytimes.com/category/venture-capital/?nl=business&emc=dlbka34> VENTURE CAPITAL »


Airbnb's Funding Values Company at $1.3 Billion Airbnb, a Web start-up that helps people rent spare rooms to travelers, announced it had raised $112 million in funding, bringing its total funding to $119.8 million, and valuing the company's equity at $1.3 billion, as it eyes international expansion.

· NEW YORK TIMES <http://www.nytimes.com/2011/07/25/technology/matching-travelers-with-rooms-via-the-web.html?nl=business&emc=dlbka34> | FINANCIAL TIMES <http://www.ft.com/intl/cms/s/2/57986920-b4d1-11e0-a21d-00144feabdc0.html> | PRESS RELEASE <http://www.airbnb.com/press_release/Airbnb_PressRelease_SeriesB_07252011.pdf>

Washington V.C. Venture capital firms injected $304 million into 44 companies in the Washington D.C. area in the second quarter, its best showing in four years.

· WASHINGTON POST <http://www.washingtonpost.com/business/capitalbusiness/late-stage-deals-lift-second-quarter-investments-but-third-quarter-could-bring-a-surge/2011/07/20/gIQAEp8wWI_story.html>

Inrix Raises $37 Million The traffic-information site Inrix, based in Kirkland, Washington, has raised $37 million in venture capital to grow in countries such as China.

· TECHFLASH <http://www.techflash.com/seattle/2011/07/inrix-raises-37m.html>

Personalized Greeting Card Company Acquired The personalized greeting card market is on the rise: Moonpig.com, an online retailer of the cards, has been snapped up by photo service firm Photobox for $195 million.

· FINANCIAL TIMES <http://www.ft.com/cms/s/0/1e2ab3a0-b48b-11e0-a21d-00144feabdc0.html>


<http://dealbook.blogs.nytimes.com/category/legal/?nl=business&emc=dlbka35> LEGAL/REGULATORY »


<http://graphics8.nytimes.com/images/2011/01/09/us/politics/09caucus-giffords-capitol/09caucus-giffords-capitol-thumbStandard.jpg>

Worry Grows Over How Debt Gridlock Will Impact Markets Congress and President Barack Obama are still attempting to hash out a deal over the debt limit, and already the dollar is beginning to lose ground to an index of currencies as investors worry over how long the deadlock will last.

· NEW YORK TIMES <http://www.nytimes.com/2011/07/25/business/debt-ceiling-fight-has-markets-holding-their-breath.html?nl=business&emc=dlbka35>

Foreclosure Settlement Still Hard to Come By Four months have passed since a suggestion was first put forward as to how banks might make amends for their foreclosure malpractices that saw countless Americans thrown out of their homes.

But the proposed accord has stagnated, and even though bank executives and state attorneys general met in Washington last week to try and hash out a solution, a final settlement remains elusive.

· NEW YORK TIMES <http://www.nytimes.com/2011/07/24/business/bank-settlement-in-mortgage-mess-may-hinge-on-mers.html?nl=business&emc=dlbka35>

S.E.C. Left Smarting by D.C. Court The verdict is in on an attempt by the Securities and Exchange Commission to give unions more say on corporate boards. "Unutterably mindless" - the stinging words came from the Washington D.C. Circuit Court of Appeals on Friday as it overturned the S.E.C.'s proposed rule.

· WALL STREET JOURNAL <http://online.wsj.com/article/SB10001424053111903554904576462612867406194.html>


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