Herewith, some things you may have missed this weekend:
New York Times columnist Gretchen Morgenson writes in Saturday’s paper that the inspector general for the Troubled Asset Relief Program (TARP) takes the U.S. Federal Reserve to task for its bailout of American International Group (AIG). The report states the Fed failed to demand concessions from AIG’s trading partners, rescuing AIG’s counterparts form massive losses had AIG gone bankrupt.
CNBC reports investment funds specializing in distressed debt, including Fortress Investment Group (FIG) are buying up mortgages and flipping them to agencies such as Ginnie Mae and making a profit when homeowners refinance the loans. CNBC raises the ethical question of FIG and others pimping off homeowners’ desparation at the expense of the Federal Housing Authority and the national deficit.
Talking up the speculation of a bidding war between Hershey (HSY) and Kraft Foods (KFT) for Cadbury PLC (CBY), the Financial Times yesterday cites sources close to Cadbury as saying the firm is amenable to a bid from Hershey. �These are people who know each other. I don�t think anyone doubts the logic of it,” the FT quotes the source. Bloomberg notes this morning that Switzerland’s Nestle SA (NSRGY) is rumored to be interested in making a bid. Cadbury shares are up $1.32, or 2.5%, at $54.12.
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