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U.S. Securities and Exchange Commission investigators have concluded their probe of possible financial fraud at Lehman Brothers Holdings Inc. and determined that they will probably not recommend any enforcement action against the firm or its former executives, according to an excerpt of an internal agency memo. The agency has been grappling with the case for more than three years amid questions from lawmakers and investors as to whether Lehman misrepresented its financial health before filing the biggest bankruptcy in U.S. history in September 2008. Under a heading reading “Activity in the Last Four Weeks,” the undated document reads, “The staff has concluded its investigation and determined that charges will likely not be recommended.” SEC officials didn’t dispute the authenticity of the memo or its contents. ... Continue reading →

Buffett Says Free News Is Unsustainable, May Buy More Papers By Zachary Tracer - 2012-05-24T16:15:45Z Enlarge image Buffett Says Free News Is Unsustainable, May Buy More Pape Warren Buffett, Chairman and CEO of Berkshire Hathaway, in Omaha, Neb., on Nov. 14, 2011. Warren Buffett, Chairman and CEO of Berkshire Hathaway, in Omaha, Neb., on Nov. 14, 2011. Photographer: Nati Harnik/AP Photo Warren Buffett, whose Berkshire Hathaway Inc. (BRK/A) struck a deal this month to acquire 63 newspapers, said he may buy more publications as the industry rethinks whether to offer free content on the Internet. “This is an unsustainable model and certain of our papers are already making progress in moving to something that makes more sense,” Buffett wrote in a letter to editors and ... Continue reading →

by Steve Myers Published May 24, 2012 9:41 am Updated May 24, 2012 12:02 pm MediaWire memo | The Times-Picayune Times-Picayune publisher Ashton Phelps Jr. has confirmed that the newspaper will cease daily publication, moving to three days a week in the fall: Wednesday, Friday and Sunday. He also confirmed staff cuts, though he didn’t say how large they will be. The New York Times’ David Carr reported Wednesday night that the paper likely would cease daily publication and that the two managing editors would leave. This would make New Orleans the largest U.S. city without a daily newspaper. The Times-Picayune, with a circulation of about 155,000 on Sundays and 134,000 weekdays, would be the largest paper in the U.S. to shift to non-daily publication. ... Continue reading →

Theirs was the human story behind the “restructuring” that makes Bain’s takeovers so lucrative. At the campaign stop, the workers handed out leaflets depicting Romney as the “Grim Reaper” of jobs and as “Gordon Gekko”. In a ropey economy where job security topped the list of election issues, Romney’s background at Bain cost him dear. The elected office he had prized for so long slipped away.This isn’t a scene from the campaign trail today, by the way. It is a scene from Massachusetts, 1994, when the man from Bain went from running neck-and-neck in the fight for Ted Kennedy’s Senate seat to losing against the Liberal Lion by almost 20 percentage points, after the Ampad workers showed up.It could be a scene that is repeated ... Continue reading →