December 18, 2008

The Daily Bankruptcy News

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Law:

Mark Pomerantz is a Busy Man
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1/3 of Lawyers Expect Their Employers to Resort to Layoffs in 2009
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Dreier LLP Files For Bankruptcy ; Millions in Unpaid Bills
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Dreier Bankruptcy Judge Sets Hearing on Trustee
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Dreier LLP, RIP
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One Am Law 100 Partner Tapped for Obama Cabinet, Another on Short List
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Nonequity Partners May Be Most at Risk in Belt-Tightening Firms
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10 Ways to Recession-Proof Your Practice
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Bonus Watch: Wachtell Bonuses Go Below 100 Percent
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Bonus Watch: O'Melveny Makes It Rain, Baby (At least outside New York. For 1950+ hours.)
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Bonus Watch: Gibson Dunn Quickly Distinguishes Itself From Latham
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Nationwide Layoff Watch: Gunderson Dettmer Says 'Hello and Goodbye'
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$500,000 Won't Save Thacher Proffitt & Wood, But It Can't Hurt
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The BigLaw Chill: Leading Firm Freezes Associate Pay - Will Others Follow?
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NY Law School Races to Court, Sues Merkin Over Madoff Investments
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Law School Raises $600K as Lawyers Ante Up to Name Walkways, Classrooms
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Treasury Hires Thacher To Help Out With TARP
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Does Latham Salary Freeze Signal Start of a Legal Ice Age?
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Top NJ Court Voids ‘Super Lawyer’ Advertising Ban
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Dechert Disputes Ex-Associate’s Claims of Bias and Job Interview Lies
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Blank Rome Sues Rapper for Unpaid Fees
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Justice Kennedy Rejects 2 More Challenges to Obama Citizenship
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BigLaw Partner Sets World Record By Running 105th Marathon in a Year
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Pls Hndle Thx: Party On, Wayne
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Judges:

9th Circuit Panel Reviews Judge's Role in Murder-for-Hire Trial
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Judge's daughter sues driver she ran into during crash
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Quirky Judge’s Contested Will Benefits Humane Society
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Wall Street:

World markets gain ahead of Japan rate decision
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World Stocks Mixed as Economic Concerns Persist
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Wall Street Ends Lower a Day After Rate Cut
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On Wall Street, Bonuses, Not Profits, Were Real
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Morgan Stanley Pay Expense Drops 26%; Some Bonuses Cut by Half
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Morgan Stanley posts loss, but books are stronger
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Morgan Stanley Bought Back Its Own Debt to Avoid `Bad Signal'
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Fraud:

House Arrest for Madoff in $7 Million Apartment; Park Avenue Instead of Jail
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Smirking $50bn swindler Madoff returns to his $7m home
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3rd Parties Will Pay for Alleged $50B Madoff Fraud, Experts Predict
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How Could Wealthy Investors Be So Blind?
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Keeping Ponzi Out Of Your Portfolio
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K&L Gates says look at Bayou fraud for instructive guidance, Madoff investors seen returning fictitious profits from redemptions
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How Will the Trustee in the Madoff Case Return Investors Their Money?
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Hey Ponzi: What’s your exit strategy, exactly?
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Connecticut Town Loses Big in Wake of Madoff's Alleged Ponzi Scheme
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How about a bailout for Madoff's victims?
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How Sharper Than A Serpent's Tooth, Act II
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Madoff-Scarred Hedge Fund Shuts Web Site
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Madoff investors race to the courthouse
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Congress Plans to Investigate Madoff Scheme; Mukasey Recuses Himself From Justice Probe
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UBP confirms $700 million exposure in Madoff case
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SEC investigators discovered Madoff violations in 2006
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Was the SEC Too Friendly With Bernie Madoff?
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The Markopolos File
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S.E.C. Knew Him as Foe and Friend
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Madoff and Getting Metaphysical About Funds of Funds
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Madoff Scandal Shaking Real Estate Industry
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Palm Beach Pawnshop's Business Up Thanks to Madoff
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Scope of Alleged Fraud Is Still Being Assessed
(WSJ: separate paid subscription required)

Madoff’s Wife Said to Be Probed Over Helping Keep Ponzi Records
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Madoff mess slays trust
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Madoff Probes Widen, Multiply
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Bernie Madoff: The Ripple Effects
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US justice chief quits Madoff probe
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Hedge Funds:

Madoff bad omen for fund of hedge funds industry
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Hedging Hedge Funds
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Retailing:

Macy’s Jumps Most Since 1992 After Amending Credit Agreement
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Circuit City plans to break 154 additional leases
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Circuit City auction canceled for lack of interest
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General's Lenders Threaten to Circumvent Citi
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Rite Aid 3Q loss nearly triples on store closures
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Food/Drink:

Banks give Tyson Foods greater financial flexibility
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Johnny Rockets franchisee lands in bankruptcy court
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Billiards:

Connelly Billiards files for Ch. 11 bankruptcy
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Distressed Investing:

Mazuma plans distressed fund to exploit 2009 opportunities
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Tax:

Former Attorney, Two Others Convicted of KPMG Tax Shelter Charges
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Obama Urged To End Private Debt Collection Program
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Hotels:

Economic slump intrudes on hotel market
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Personal Finance:

Financial Woes Often Result In Divorce
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Economy:

Federal spending soars 25% -- before bailout
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Jobs, Benefits: Grim Outlook
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A To-Do List for Obama's New Deal
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AAA sees holiday travel decline
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FDIC details economic decline in Ga.
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Lagging indicators? Public beat economists in calling the recession
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The Fight to Survive, Writ Small - Bankers returning to rules like requiring 20 percent down payments are making it difficult for many small businesses
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Geithner is spelled Paulson
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Crisis Resists Central-Bank Moves
(WSJ: separate paid subscription required)

The Year of the Grinch
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GA jobless rate hits 7.5 percent
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Real Estate:

Hundreds of NY properties in danger of failure
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CalPers losing 103% on its housing bets
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Charlie Brown Christmas Is a Classic, But Maybe Not on Housing
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Borrowers Rushing to Refinance Loans as Rates Drop
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The IRS: Your New Refinancing Pal
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SunCrest deal collapses; Draper retrenches
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Lennar 4Q loss narrows on smaller charges
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Autos:

Paulson Takes the Lead in Auto Rescue Talks
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GM puts Volt engine plant on hold to conserve cash
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GM Vows to Deliver Volt, Bailout or Not
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Automakers Move to Pare Costs
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Chrysler Shuts For A Month
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Why Cerberus Won’t Put More Money Into Chrysler
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Ford Weighs the Costs of Going It Alone
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GM, Chrysler reopen merger talks
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GM denies merger talks
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White House still "gathering information"
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Awaiting bailouts, Chrysler, Ford halt output
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Court Frees On-ramp for Auto Bankruptcies
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Auto dealerships waiting for good news
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GMAC Debt Swap May Get 75% Participation, Lawyer Says
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Day of Reckoning for GMAC
(WSJ: separate paid subscription required)

Bailing Out the Big Three
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Automaker bankruptcy would 'kill Michigan'
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Auto suppliers down and feeling left out
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Precision Parts will seek Chapter 11 bankruptcy
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Bennett Autoplex shutting down Minneapolis dealership
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Michigan dealerships watch, wait as carmakers idle
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Car outlook gloomy for 2009, Euro truck sales fall
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Now Honda Is Feeling the Pain, Too
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UK government says it's considering auto bailout
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Feds, Ontario to give $3.5B in aid to automakers
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Insurance:

Brooke Founder Declares Bankruptcy Trying to Save Companies
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Insurer Applies ‘Pollution’ Exclusion in Fire Deaths from Smoke Inhalation
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Identity Theft:

To Catch an Identity Thief
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Telecoms:

Motorola to freeze salaries, pensions
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Cell phone-only homes increase to 18 percent
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Celebs:

Elle Macpherson's sister Mimi files for bankruptcy
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Sovereign Debt:

Lawsuits Against Ecuador Face Obstacles
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Credit Cards:

Credit Card Customers Might Soon See Relief
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Credit cards gone wild: Shocking rate hikes
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Tourism:

Tourism Worst Since 9/11
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Lehman:

Barclays Capital says Lehman staff told of job cuts
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PNBGC Seeks to Block Neuberger Sale
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Resolving Lehman's $138B mystery loan
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RVs:

Winnebago Posts Fiscal 1Q Loss as RV Sales Swoon
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Municipalities:

States Squeeze Cities, Spreading Pain
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More California Towns Face Bankruptcy
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Health Care:

Moody's downgrades 18 hospital bond ratings in two months
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Grassley Targets Nonprofit Hospitals
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Why the U.S. Spends So Much on Health Care
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Housewares:

Newell Rubbermaid In a Defensive Crouch
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Accounting:

KPMG International revenues leap 14.5%
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Small accounting firm enmeshed in Madoff scandal
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First legal action against accountants in Madoff case
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Accountant called 'the most powerful person in Hollywood' dies
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Transport:

FedEx 2Q profit rises 3 percent; plans salary cuts
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Television:

Equity Media Accuses Lenders of Destroying Value of Company
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Secured Claims:

Lender Entitled to Grid as Well as Default Interest as Part of Allowed Secured Claim Where Debtor Provided Inaccurate Financial Information
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Reclamation Rights Not Extinguished When Goods Are Sold to Satisfy DIP Lender's Claims
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New Bankruptcy Opinions
(2 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)
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Mass Torts:

Supreme Court Accepts New Bankruptcy case - asbestos
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Standing:

Eighth Circuit Reaffirms Legitimacy of Derivative Standing
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Newspapers:

Hoffa Says Tribune Workers Should Come First in Bankruptcy Court
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Washington News Bureaus Are Shrinking
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IFA chairman's firm to sit out on Tribune bankruptcy
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Printing:

Quebecor World says Pierre Karl Peladeau, three others have quit board
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Layoffs:

Western Digital to Cut 2,500 Jobs
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Aetna Cuts 1,000 Jobs
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Surviving the Holidays Jobless
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Sharing the Job Hunt With Your Spouse
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Trying a New Field — With Mixed Results
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Up to 42% of U.S. Jobs Potentially Offshoreable
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Private Equity:

A Requiem for Private Equity
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Aviation:

Go! punctuates a bad airline business idea
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US Air Employee to Execs: ‘We have nothing to give anymore.’
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British Airways and Qantas End Merger Talks
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Italian police raid Alitalia offices
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Argentine Senate approves Aerolineas expropriation
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Argentina renationalises airline
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Bankruptcy Reform:

New law makes the crisis worse
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Shipping:

Atlas Shipping files for bankruptcy
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Finance:

Credit Vertigo Bigger Problem Than Funds to Lend
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Corporate Reform:

Regulator Schapiro to Run SEC for Obama
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Turmoil likely ahead for Obama's SEC choice
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Oil/Gas:

Oil, ignoring record OPEC cut, hovers near $40
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OPEC Gets Burned
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Distressed Investing:

The Warren Buffett Way: $1 Billion in Three Months, No Effort
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Elder Debt:

Seniors Seek State Help to Weather Recession
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Bankruptcy Crimes:

Woman charged with filing fraudulent bankruptcy petitions in alleged foreclosure scheme
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Banking:

FDIC to Pay Texas Financier $10M to Settle Legal Defense Claim
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FDIC Saying "Nyet" To New Charters?
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Citi's new M&A adviser? Uncle Sam, apparently
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French bank cancels shareholders meeting to vote on stake buy
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Pink slips on Wall Street - There are some surprises in BofA's layoffs, Kenneth Klee finds
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Bank Of America Swaps Spirit Fingers For Mozilo Bux
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UK:

Woolies demise not the end of High St collapse misery
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Future bleak for Woolworths
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Former boss attacks Deloittes over Woolies
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Savills Warns About 2008 Profit
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Economic stress takes its toll in family home
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EU:

Carrefour Slides After Retailer Reduces Forecasts
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Russia:

Missed Mortgage Payments Up 6-Fold
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Mexico:

Mexico industry contracts in October; recession eyed
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Germany:

German business confidence falls further in Dec.
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Hong Kong:

Hong Kong Unemployment Rate Climbs to 1-Year High on Recession
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Philippines:

Listed companies’ incomes down 20% on slowdown fears, inflation
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Iceland:

Landsbanki Employees Protest in Luxembourg
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Latvia:

Latvian bank Parex sees creditor talks next week
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Norway:

Norway's December unemployment hits 2 percent
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