Posted by: Bruce Einhorn on May 01
Supreme Court Justice David Souter will retire at the end of the court’s current term, sources say. Souter, 69, is the only one of the nine justices not to hire clerks for the new session and he said last year he was eager to retire to his home in New Hampshire if Obama won the presidency. One of the court’s more liberal justices, Souter had no comment on the reports, a court spokesperson said.
Still, with Democratic sources saying an announcement is imminent, speculation is now building on whom Obama will appoint to replace Souter. Many people see Obama appointing another woman to join Ruth Bader Ginsburg, currently the only female justice. Among the names being mentioned are federal Judge Sonia Sotomayor and solicitor general Elena Kagan.
Now that Chrysler has done what was once unthinkable and filed for Chapter 11, everyone from President Obama to the automaker’s own public relations department has tried to assure car owners and would-be buyers that the company is going to continue operating and that its warranties are safe. But the question for consumers is, should I buy a Chrysler now? And how about one of those Fiats I hear are coming to America? Consumers can be spooked by the idea of buying from a bankrupt company; many equate bankruptcy with “closing the doors.”
In the wake of Berkshire Hathaway’s worst-ever year, Warren Buffett is likely to get a grilling from 25,000 investors gathering for the company’s annual meeting in Omaha this weekend. Buffett is reportedly preparing for tough questions from investors upset about investments in stocks like Goldman Sachs and General Electric that have slumped badly.
Source: Financial Times
The Federal Reserve, which had planned to release the results of stress tests for 19 of the biggest U.S. banks, will postpone announcing the results, government and industry officials say. The Fed may wait till the end of next week to disclose the results, amid concern poor grades could cause the share prices of weaker banks to collapse.
Switzerland petitioned a U.S. court on Thursday to resist calls from the IRS for tax information about American clients of UBS. The Swiss government said the U.S. demand was a violation of its sovereignty and international law.
Motorola on Thursday announced its handset division lost $509 million in the first quarter of 2009, compared to a $418 million loss a year earlier. The news is the latest blow to company, which now has just 6% of the world’s market for cell phones.
Source: New York Times
Twentieth Century Fox’s “X-Men Origins: Wolverines” is likely to pull in $100 million in box office receipts this weekend, making it the latest in a string of Hollywood hits. The industry is on track for a record year. Despite the faltering economy and competition from DVD sales, attendance at movie theaters is up over 15% this year.
Source: Wall Street Journal
In a possible harbinger of the Obama administration’s plans for immigration reform, the U.S. government is reversing a Bush administration policy targeting illegal workers. On Thursday, the Department of Homeland Security came out with guidelines instructing agents to focus more on employers of illegal workers and investigate whether the employers are involved in smuggling or visa fraud.
Source: Los Angeles Times
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