March 7, 2008

Daily Bankruptcy News

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Law:

Jenner & Block Strips Equity Status From 10 Partners
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NY Firm Facing Lean Times Hires Bankruptcy Rainmaker
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Law Firms Opening Up to the Idea of Attorney Re-Entry
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Yet Another Biglaw Email Screw-up
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Reed Smith's L.A. Hiring Spree Raises Profits
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Bitter Boston Breakup Battle Between Donovan & LeClair Firms
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Debevoise Sees 20%-Plus Rise in 2007 Revenue & Partner Profit
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Filing Shines Light on Expert-Witness Payments
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The Legend of Richard Scruggs: More Myth Than Fact?
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Prosecutor Says Detective Bragged of Wiretapping
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Qualcomm Team Can Defend Selves Despite Attorney-Client Privilege
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Foreclosure Legal Work: A Shoddy, Assembly-Line Practice?
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Firms Undercut Fees to Grab Slice of Dubai Pie
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Miller Canfield law firm relocates
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Introducing: The Secret Lives of Lawyers Series!
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Smaller E-Discovery Costs for Small Biz
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8-Year-Old Passes Law School Entrance Test; Authorities to Investigate
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Private Equity Firm First to Openly Target Legal Services in U.K.
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U.S. News Law School Rankings Leaked?
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Law Firm Marketing: R.I.P.?
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US Firm Sees Profits Plunge Across the Pond
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Brazilian Thong Photos & Chuck Norris
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Fired U.S. attorney says colleague told him politics was behind his ouster
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3 Lawyers' New Gigs: Headmistress, Concrete Worker, Rap Artist
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Firm in dismal marketing effort
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Cameras In The Courtroom Bill Approved By Senate Panel":
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Visa advisers enjoy litigation boom as $18bn IPO looms
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Economy:

US Household Worth Fell for First Time Since 2002
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U.S. Payrolls Shrink Dramatically
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Fed's Fisher - Past Rapid Cuts May Not Mean More
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Weekly Jobless Claims Tumble 24,000
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OECD decreases 2008 GDP growth forecast to below 2%
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Cleveland Fed's Pianalto calls economy 'highly vulnerable' to credit crunch
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Goldman CEO: We're in the sixth inning of the credit crisis
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Dollar Declines to Three-Year Low Against Yen Before US Jobs
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Credit Woes, Inflation to Dominate G10 Cbank Talks
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Autos:

GM Idles Missouri Plant
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Axle strike may shut 13 more GM plants
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GM board restores Wagoner's $2.2M salary
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Chrysler fears violence at Ill. plant
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Delphi attorney says investors may be 'shorting' securities
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Delphi Claims Backer Is Betting on Collapse
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Holley Can Use Rest of $60M Ch 11 Loan
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Flex-N-Gate wins Blackhawk
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Fraud:

Ex-Doral Financial Treasurer Charged With Fraud
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Municipalities:

Alabama county official says bankruptcy an option
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Alabama County Won't Pledge $184 Million for Swaps
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Jefferson County commissioner reassures employees
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Inflexibility leading cities to insolvency
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Horse Racing:

NYRA seeks more time to control Chapter 11 case
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Celebs:

US band creator pleads guilty in $300 mln fraud
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Remorse lacking from Lou Pearlman in court
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Where are Pearlman's missing millions?
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Secured Creditors:

Administrative Priority Granted To Secured Claim
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Cash Collateral:

Take This Cash & Shove It
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Hedge Funds:

Hedge funds stem exits as credit lines tighten
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Bear Stearns M&A Chairman Friedman to Join Hedge Fund
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Sphinx Says Refco Fraud Cost It $263 Million
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Predatory Lending:

Payday Lending Reform Passes In Va.
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Banking:

Fed Moves to Aid Liquidity
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Regulators Push the Banks
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Breaking the Rules and Admitting It
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Oil/Gas:

PRB Energy Fles for Protection Under Chapter 11 of Federal Bankruptcy Code
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Real Estate:

US Mortgage Foreclosures Rise as Owners `Give Up'
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Warren: One in Ten
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Mortgage Defaults Reach a New High
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How to Stop the Mortgage Crisis
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Homeowner equity dipping below 50 percent, lowest on record
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Americans' home equity lowest since 1945
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About 6% of US mortgages delinquent
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In California, a Generational Tale of Real Estate Boom and Bankruptcy
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Mortgage Exec Hearing
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Citigroup and Merrill bosses face grilling over pay
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Countrywide and the "left-wing anti-business press"
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Fannie, Freddie Shares Fall
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As Foreclosures Rise, Investors Pull Back
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Pending home sales below market forecast
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Pending Sales of US Existing Homes Unchanged
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Thornburg plummets on bankruptcy worry, defaults
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Moody's downgrades Thornburg Mortgage
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JPM, Citadel Tag Teaming Thornburg Mortgage?
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Is Annaly Really Immune?
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Any way out of mortgage crisis?
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Mortgage rates down on weak economy
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Four Indicted In Houston In Multi-Million Dollar Mortgage Fraud
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Wickes Gets Offer on Store Leases
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NY: Borough's state senators tackle subprime woes
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Defective Mortgage Calculators May Play Role in Mortgage Foreclosures
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Citigroup to overhaul troubled US mortgage business
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Mom, Pups Abandoned After Foreclosure
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How the French invented subprime in 1719
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Problems Mount for Carlyle
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Va. House Panel Endorses Foreclosure Prevention Bill
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Md. foreclosures rising fast, mortgage group says
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Fortis Q4 profit halves on subprime, hints at deal
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More foreclosed homes and other properties are being sold through auction sites
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Osceola files for Ch. 11
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Retailing:

US retail sales mixed, lower-priced stores up
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Gap's same-store sales fall 6%
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JC Penney plunges on disappointing Feb. same-store sales
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Trans World's slide continues - Movie and music retailer, hit by steep declines in sales, is working on several retooling strategies
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Gift card fiasco
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The Sharper Image to Resume Redemption of Gift Cards for Full Value, Sort Of
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Wall Street:

Wall Street hit by surprise decline in jobs
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Bankruptcy fears roil markets amid margin calls
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Futures Crumple on Jobs Report
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Shares of Merrill Lynch plummet
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Financials Flay US Stocks
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US Stocks Drop After Thornburg, Carlyle Get Default Notices
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U.S. Stocks Drop to 18-Month Low
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Asia Stocks, Futures Fall
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Wall Street Chill Sweeps Across Pacific
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Futures Stall; Payrolls in Focus
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Health Care:

United States: Health Care Institutions Headed For And In Chapter 11
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New Parkway Hospital Emerges From Bankruptcy
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Hackensack University Medical Center prevails
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Nursing home firm finances called shaky
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Hospitals won't get to bill for errors
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Exec defends his limited understanding of National Century
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Apparel:

Pacific Marketing has stalking horse
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Aviation:

Northwest, machinists reach pact over bankruptcy-related claim
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Pension insurer wants in on Delta-Northwest talks
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Alitalia Deal Jeopardized By Politics, Dwindling Cash
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Derivatives:

Markit, dealers mull new auto ABS derivatives index
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Insider Compensation:

Execs were paid hundreds of millions as crisis burned
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House Report Says Countrywide's Mozilo Resisted Pay Cuts
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Option repricing making a comeback
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Puiblishing:

Ziff CEO: We've 'transformed' the business
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Software:

SCO Incentive Bonuses Motion Continued to April 2
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New Bankruptcy Opinions
(No new opinions today) 

Bankruptcy Court Web/Pacer Site Directory

Chapter 7, 12 & 13 Private Trustee Locator
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Recent Ch. 11 Filings
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Bankruptcy Jobs:

(1), (2), (3), (4), (5), (6), (7), (8), (9), (10), (11)
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Moody's global default rate rises to 1.3% in February
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Publishing:

Billionaire Brand Joins the 2008 Bankruptcy Bonanza
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Ziff Davis taps Joele Frank for Chapter 11 filing work
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Academia:

The Changing Nature of Chapter 11
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Bonds:

Ambac In A Downtrend
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Ambac capital plan comes up short
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Bond insurer crisis: A golden goose egg
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Carlyle Capital Suspended; Lenders Force Asset Sales
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Merrill Modifies Notes To Retain Cheap Funding
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Wilbur Ross buys $1 bln of U.S. municipal bonds
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Commodities Brokers:

MF Global's Dooley Lost House Before Bad Bet on Wheat
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Credit Cards:

The Next Crisis: Credit Card Debt?
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Art:

Davis Charges Salander "Stole and Converted" $30 Million Worth of Art
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Art's Economic Indicator
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Theme Parks:

Six Flags Mall avoids foreclosure
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Layoffs:

Facility Closures and Layoffs (March 2-8)
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Finance:

Aversion to Risk Deepens Credit Woes
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Skiing:

Snag In Powder Ridge Deal After Dramatic Bankruptcy Hearing
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Auto Racing:

Champ Car Series files for Chapter 11 bankruptcy
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Pensions:

Workers step up raids on 401(k)s
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Corporate Reform:

Fidelity: Trading Order Flow for Tickets, Cigars, Dwarf Tossing
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Observers await result of Nacchio appeal
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Steep decline in white collar referrals
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Mining:

Asarco's parent gets an examiner
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Furniture:

Collezione can tap cash pile
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UK:

New figures say more face bankruptcy
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Northern Rock investors in dark on payout
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Companies face bigger pensions risk levy
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Marks & Spencer to Fund Pension Plan With Property Transaction
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30-somethings face tough future
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Bankrupt judge steps down
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Credit crunch blamed for fall in permanent posts
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CBI attacks rush to legislate after Northern Rock debacle
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SRA launches mortgage fraud investigations of 60 lawyers
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The next wave of sub-prime losses is about to hit
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Italy:

Parmalat Summary Judgement In Citi Case Starts Mar 28
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Parmalat reports increase in net profits on restructuring and settlements
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Australia:

Turning failure into a milestone
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Mexico:

Mexico's Currency Falls the Most in 20 Months as Stocks Tumble
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Canada:

Canadian Stocks Fall as Bank of Montreal Drops Most Since 1983
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EU:

Trichet reiterates excessive currency moves undesirable for growth
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ECB downplays chance of early rate cuts
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Russia:

Volgotanker Follows YUKOS
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Japan:

Japan's Bank Keeps Rate Unchanged
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Small firms, the bedrock of Japanese industrial might, face hard times
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