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The end of the Wall Street boom years, the fateful night Rupert Murdoch decided to inadvertently cover up the phone-hacking scandal and an unflinching look at the worst year in three decades for PIMCO.Plus, AshleyMadison.com struggles with the business of cheating and Jay-Z outfits the VIP lounges for the Nets new stadium.
A Reuters profile of PIMCO's Bill Gross after his worst year in three decades. There could be more bad news to come:
'More troubling, U.S. regulators are now considering whether PIMCO should be deemed a 'systemically important financial institution' - that is, too big to fail, and thus subject to tighter regulatory oversight. The concern: The juggernaut manages so much money for pension funds that it could hammer the economy if it ever went under. The firm has doubled in size to $1.36 trillion in assets since the collapse of Lehman Brothers in 2008.'
What happened the night when Rupert Murdoch decided how News Corp would manage the phone hacking scandal
In Bloomberg Businessweek, an account of what happened the night when Rupert Murdoch decided how News Corp would manage the phone hacking scandal. For over five years, News Corp editors and management had managed to shut down similar investigations, and Murdoch decided this probably wouldn't be any different.
'If Rupert Murdoch had chosen a different path at that dinner in London, the company might have dodged the worst consequences of the Milly Dowler revelations. It's rarely the crimes of subordinates that threaten executives; it's the coverups that reach the highest ranks of an organisation. James would still have suffered in the short term for heading News International at a time when it was obscuring the extent of phone hacking, but he could have avoided the embarrassment of making firm claims before a parliamentary committee that were eventually contradicted by e-mail evidence.'
According to the Wall Street Journal, the part owner of the Nets is doing everything -- from picking the flatware in the VIP lounges to designing the new uniforms -- to make the revamped team a success.
'For the Nets, who are struggling in New Jersey this season, it might not be the worst strategy to take the spotlight off the games for a while. In Brooklyn, Jay-Z will have a starring role--even if he spends much of his time behind closed doors, ensconced in his private suite, sipping from a glass of Champagne.'
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