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Ally Chief Executive Officer Michael A. Carpenter
Melissa Golden/Bloomberg
Ally Chief Executive Officer Michael A. Carpenter said, “The action by ResCap will enable Ally to achieve a permanent solution to its legacy mortgage risks and put the issues behind us.”
[...] Continue Reading…
Article source: http://www.bloomberg.com/news/2012-05-14/ally-s-residential-capital-files-for-bankruptcy-protection-1-.html
NEW YORK–(BUSINESS WIRE)–
Residential Capital LLC, known as ResCap, a subsidiary of Ally Financial
Inc. and one of the country’s largest mortgage originators and
servicers, today announced that its Board of Directors voted to file for
Chapter 11 protection along with fifty (50) of its subsidiaries.
ResCap’s mortgage origination, servicing and other business activities,
conducted through its subsidiaries, including GMAC Mortgage, will
continue to operate as the Chapter 11 proceeds.
ResCap, like others in the mortgage industry, has faced continuing
industry challenges, rising litigation costs and claims, and regulatory
uncertainty. This Chapter 11 process is designed to:
Permit ResCap to continue as a going concern during the reorganization
process, and to continue to provide uninterrupted, high quality
service to its mortgage customers and business partners;
Permit ResCap to continue to originate new mortgage loans, service its
more than 2.4 million consumer mortgage loans, and offer loan
modifications that allow homeowners to stay in their homes;
Permit the ResCap business, post-reorganization and under new
ownership, to continue to play an important role in preserving home
ownership, providing necessary financing for home ownership, and
contributing to bringing increasing stability to the U.S. mortgage
markets;
Provide ResCap with the opportunity to maximize value for its
stakeholders;
Permit ResCap to address legacy litigation and other liabilities in a
manner that is fair to creditors; and
Preserve the existing jobs of ResCap’s employees, and contribute to
the creation of additional [...] Continue Reading…
Article source: http://finance.yahoo.com/news/rescap-board-directors-approves-chapter-110000305.html
By David Benoit and Brett Philbin
UBS has hired a new top banker in its real-estate, leisure and lodging investment banking unit, according to an internal memo.
Reuters
Peter Baccile will join the Swiss giant from J.P. Morgan where he spent the past 25 years building a rolodex of clients that include Simon Properties, MGM and Wynn.
This follows several big hires by UBS including grabbing from Bank of America Andrea Orcel and Jim Forbes. It also follows the hiring of a managing director, Simon Leopold, in the real-estate group from KBW.
Though UBS hasn’t been without departures in the Wall Street revolving door, with Alex Wilmot-Sitwell leaving for BofA; internet analysts Brian Fitzgerald and Brian Pitz leaving for Jefferies; and Roland Phillips leaving for Centerview Partners.
Here’s the memo from UBS’ Simon Warshaw and Matthew Grounds, the joint global heads of investment banking.
***
Building on our strengths in Real Estate Investment Banking
We are very pleased to announce that Peter Baccile will be joining our firm as joint Global Head of Real Estate, Leisure and Lodging within IBD (“RELL”), working in partnership with Jackson Hsieh. Upon joining UBS in mid-June, Peter will report to Matthew Grounds and Simon Warshaw.
The global co-head model for the RELL group was the vision of Jackson Hsieh, in his effort to provide additional banking coverage in the Americas and abroad. Together, he and Peter will work to significantly grow our firm’s RELL market share, a business where we already enjoy a strong global franchise, with Ken Cohen running CMBS and Fergus Horrobin covering EMEA and APAC RELL.
Peter is widely recognized as a leader on Wall Street in real estate investment banking, with clients such as Starwood Capital, Simon Properties, Vornado, EQR, SL Green, MGM, Wynn and Colony Capital.
He joined J.P. Morgan in 1986, was named head of real estate MA in 1995, and managed their domestic real estate, lodging and gaming business from 1997 until his departure in March 1998. In April 1998, he joined Chase Manhattan to become global head of real estate where he was given responsibility for real estate IB, building a real estate equity investment platform, and shared responsibility for the CMBS business. Peter retained his role as global head of real estate through the acquisition of JPMorgan by Chase Manhattan in 2000 and was additionally given joint responsibility for the J.P. Morgan Chase general industrials business in 2007. Upon the acquisition of Bear, Stearns, Peter was promoted to Vice Chairman and became responsible for many of the firm’s largest clients.
Please join us in welcoming Peter to UBS.
Article source: http://blogs.wsj.com/deals/2012/05/10/ubs-hires-j-p-morgan-real-estate-banker/?mod=WSJBlog
A floor of a Midtown Manhattan office building has become a gallery for artwork by middle- and high-school students from 40 New York City schools.
The exhibition, called “Goals and Dreams,” opened Wednesday night and features 129 paintings, drawings, sculptures and photos. The artwork lines the hallways, lobby and cafe walls of the 22nd floor of 31 West 52nd Street, where an investment banking firm, Centerview Partners, has offices.
Bageot Dia, 16, is in 11th grade at Jonathan Levin High School for Media and Communications in the Bronx. He was speechless when he saw his photo of a couple kissing in a park, framed and hung.
“No words,” he said. “It’s just amazing to see it up here of all places. I wouldn’t think this would go so far. I’m really happy.”
An abstract black-and-white photograph that Tasfia Tabassum, an eighth grader at M.S. 51 William Alexander in Brooklyn, took of her bedroom was also selected for the show.
“Having this opportunity really means a lot to me,” she said.
At the opening, Bageot, Tasfia and the other student-artists were given $100 gift certificates for the stores Pearl Paint and BH Photo.
“Goals and Dreams” was organized by the arts education nonprofit organization ArtsConnection.
“It’s about recognizing the students for their talent and it’s giving them back something that will allow them to continue to do their work,” said Steve Tennen, who has been ArtsConnection’s executive director for 26 years. “And it’s getting them into a corporate setting that they may never have seen before.”
Although the Centerview Partners office is closed to the public, student work can be viewed online.
Article source: http://www.nytimes.com/schoolbook/2012/05/03/a-special-private-midtown-gallery-for-student-artwork/?partner=rss&emc=rss
A floor of a Midtown Manhattan office building has become a gallery for artwork by middle- and high-school students from 40 New York City schools.
The exhibition, called “Goals and Dreams,” opened Wednesday night and features 129 paintings, drawings, sculptures and photos. The artwork lines the hallways, lobby and cafe walls of the 22nd floor of 31 West 52nd Street, where an investment banking firm, Centerview Partners, has offices.
Bageot Dia, 16, is in 11th grade at Jonathan Levin High School for Media and Communications in the Bronx. He was speechless when he saw his photo of a couple kissing in a park, framed and hung.
“No words,” he said. “It’s just amazing to see it up here of all places. I wouldn’t think this would go so far. I’m really happy.”
An abstract black-and-white photograph that Tasfia Tabassum, an eighth grader at M.S. 51 William Alexander in Brooklyn, took of her bedroom was also selected for the show.
“Having this opportunity really means a lot to me,” she said.
At the opening, Bageot, Tasfia and the other student-artists were given $100 gift certificates for the stores Pearl Paint and BH Photo.
“Goals and Dreams” was organized by the arts education nonprofit organization ArtsConnection.
“It’s about recognizing the students for their talent and it’s giving them back something that will allow them to continue to do their work,” said Steve Tennen, who has been ArtsConnection’s executive director for 26 years. “And it’s getting them into a corporate setting that they may never have seen before.”
Although the Centerview Partners office is closed to the public, student work can be viewed online.
Article source: http://www.nytimes.com/schoolbook/2012/05/03/a-special-private-midtown-gallery-for-student-artwork/?partner=rss&emc=rss
A floor of a Midtown Manhattan office building has become a gallery for artwork by middle- and high-school students from 40 New York City schools.
The exhibition, called “Goals and Dreams,” opened Wednesday night and features 129 paintings, drawings, sculptures and photos. The artwork lines the hallways, lobby and cafe walls of the 22nd floor of 31 West 52nd Street, where an investment banking firm, Centerview Partners, has offices.
Bageot Dia, 16, is in 11th grade at Jonathan Levin High School for Media and Communications in the Bronx. He was speechless when he saw his photo of a couple kissing in a park, framed and hung.
“No words,” he said. “It’s just amazing to see it up here of all places. I wouldn’t think this would go so far. I’m really happy.”
An abstract black-and-white photograph that Tasfia Tabassum, an eighth grader at M.S. 51 William Alexander in Brooklyn, took of her bedroom was also selected for the show.
“Having this opportunity really means a lot to me,” she said.
At the opening, Bageot, Tasfia and the other student-artists were given $100 gift certificates for the stores Pearl Paint and BH Photo.
“Goals and Dreams” was organized by the arts education nonprofit organization ArtsConnection.
“It’s about recognizing the students for their talent and it’s giving them back something that will allow them to continue to do their work,” said Steve Tennen, who has been ArtsConnection’s executive director for 26 years. “And it’s getting them into a corporate setting that they may never have seen before.”
Although the Centerview Partners office is closed to the public, student work can be viewed online.
Article source: http://www.nytimes.com/schoolbook/2012/05/03/a-special-private-midtown-gallery-for-student-artwork/
The public education system these days is rife with ways that private enterprises can make money.
Under the federal No Child Left Behind law, student testing has increased, creating opportunities for test-making companies. New technology has opened the door to online educational services, causing an explosion of virtual classrooms.
And federally mandated tutoring services for under-performing students has proven to be a cash cow for tutoring companies — so much so that with news that tutoring services would be limited to only the poorest students in New York City earlier this year, companies rushed to defend themselves in what appeared to be an organized response to a SchoolBook query (see query below, and add your views).
On Tuesday, the United States attorney’s office in Manhattan announced the indictment of one of the largest and most well-known private tutoring companies, Princeton Review, for falsifying records and accepting millions of dollars in reimbursements for testing services it never provided to New York City schoolchildren, The New York Times reports.
In the suit, which was brought against the company and a former supervisor, Ana Azocar, the government said the company submitted false claims between 2006 and 2010 for reimbursement for providing tutoring services under a federally financed program. “The company and certain of its employees forged student signatures, falsified sign-in sheets and provided false certifications in order to deceitfully profit from a well-meaning program,” the United States attorney in Manhattan, Preet Bharara, said in a statement.
According to a news release by Mr. Bharara’s office:
From 2006 to 2010, Princeton Review’s daily student attendance forms and invoices were replete with falsifications such as:
Entries were changed to indicate that students were present after the students were initially marked as absent. In some of these instances, the students’ signatures were obvious forgeries because the students’ own names were misspelled. On one attendance form, a student named Dontae was signed in as “Donate.”
Students were signed in as present on days when their parents later confirmed they were absent. For example, one student was in Mexico on a family vacation on four days when the student’s purported signature appears on daily student attendance forms. Another student was signed in as present on three days when in fact a note from the student’s doctor shows that the student was home from school recuperating from surgery.
Princeton Review was paid for tutoring students on days when records from the NYC DOE show that the students were absent from school or school was closed. For example, Princeton Review billed the NYC DOE for tutoring 74 students at MS 399 in the Bronx on New Year’s Day in 2008, when there were no SES classes due to the holiday.
In its account of the indictment, Gotham Schools publishes the full news release, as well as the company’s response:
A spokesperson for Princeton Review did not deny the allegations but said that the alleged improprieties are part of [...] Continue Reading…
Article source: http://www.nytimes.com/schoolbook/2012/05/02/princeton-review-charged-with-falsifying-billing-for-tutors/?partner=rss&emc=rss
The public education system these days is rife with ways that private enterprises can make money.
Under the federal No Child Left Behind law, student testing has increased, creating opportunities for test-making companies. New technology has opened the door to online educational services, causing an explosion of virtual classrooms.
And federally mandated tutoring services for under-performing students has proven to be a cash cow for tutoring companies — so much so that with news that tutoring services would be limited to only the poorest students in New York City earlier this year, companies rushed to defend themselves in what appeared to be an organized response to a SchoolBook query (see query below, and add your views).
On Tuesday, the United States attorney’s office in Manhattan announced the indictment of one of the largest and most well-known private tutoring companies, Princeton Review, for falsifying records and accepting millions of dollars in reimbursements for testing services it never provided to New York City schoolchildren, The New York Times reports.
In the suit, which was brought against the company and a former supervisor, Ana Azocar, the government said the company submitted false claims between 2006 and 2010 for reimbursement for providing tutoring services under a federally financed program. “The company and certain of its employees forged student signatures, falsified sign-in sheets and provided false certifications in order to deceitfully profit from a well-meaning program,” the United States attorney in Manhattan, Preet Bharara, said in a statement.
According to a news release by Mr. Bharara’s office:
From 2006 to 2010, Princeton Review’s daily student attendance forms and invoices were replete with falsifications such as:
Entries were changed to indicate that students were present after the students were initially marked as absent. In some of these instances, the students’ signatures were obvious forgeries because the students’ own names were misspelled. On one attendance form, a student named Dontae was signed in as “Donate.”
Students were signed in as present on days when their parents later confirmed they were absent. For example, one student was in Mexico on a family vacation on four days when the student’s purported signature appears on daily student attendance forms. Another student was signed in as present on three days when in fact a note from the student’s doctor shows that the student was home from school recuperating from surgery.
Princeton Review was paid for tutoring students on days when records from the NYC DOE show that the students were absent from school or school was closed. For example, Princeton Review billed the NYC DOE for tutoring 74 students at MS 399 in the Bronx on New Year’s Day in 2008, when there were no SES classes due to the holiday.
In its account of the indictment, Gotham Schools publishes the full news release, as well as the company’s response:
A spokesperson for Princeton Review did not deny the allegations but said that the alleged improprieties are part of [...] Continue Reading…
Article source: http://www.nytimes.com/schoolbook/2012/05/02/princeton-review-charged-with-falsifying-billing-for-tutors/?partner=rss&emc=rss
The public education system these days is rife with ways that private enterprises can make money.
Under the federal No Child Left Behind law, student testing has increased, creating opportunities for test-making companies. New technology has opened the door to online educational services, causing an explosion of virtual classrooms.
And federally mandated tutoring services for under-performing students has proven to be a cash cow for tutoring companies — so much so that with news that tutoring services would be limited to only the poorest students in New York City earlier this year, companies rushed to defend themselves in what appeared to be an organized response to a SchoolBook query (see query below, and add your views).
On Tuesday, the United States attorney’s office in Manhattan announced the indictment of one of the largest and most well-known private tutoring companies, Princeton Review, for falsifying records and accepting millions of dollars in reimbursements for testing services it never provided to New York City schoolchildren, The New York Times reports.
In the suit, which was brought against the company and a former supervisor, Ana Azocar, the government said the company submitted false claims between 2006 and 2010 for reimbursement for providing tutoring services under a federally financed program. “The company and certain of its employees forged student signatures, falsified sign-in sheets and provided false certifications in order to deceitfully profit from a well-meaning program,” the United States attorney in Manhattan, Preet Bharara, said in a statement.
According to a news release by Mr. Bharara’s office:
From 2006 to 2010, Princeton Review’s daily student attendance forms and invoices were replete with falsifications such as:
Entries were changed to indicate that students were present after the students were initially marked as absent. In some of these instances, the students’ signatures were obvious forgeries because the students’ own names were misspelled. On one attendance form, a student named Dontae was signed in as “Donate.”
Students were signed in as present on days when their parents later confirmed they were absent. For example, one student was in Mexico on a family vacation on four days when the student’s purported signature appears on daily student attendance forms. Another student was signed in as present on three days when in fact a note from the student’s doctor shows that the student was home from school recuperating from surgery.
Princeton Review was paid for tutoring students on days when records from the NYC DOE show that the students were absent from school or school was closed. For example, Princeton Review billed the NYC DOE for tutoring 74 students at MS 399 in the Bronx on New Year’s Day in 2008, when there were no SES classes due to the holiday.
In its account of the indictment, Gotham Schools publishes the full news release, as well as the company’s response:
A spokesperson for Princeton Review did not deny the allegations but said that the alleged improprieties are part of [...] Continue Reading…
Article source: http://www.nytimes.com/schoolbook/2012/05/02/princeton-review-charged-with-falsifying-billing-for-tutors/
The public education system these days is rife with ways that private enterprises can make money.
Under the federal No Child Left Behind law, student testing has increased, creating opportunities for test-making companies. New technology has opened the door to online educational services, causing an explosion of virtual classrooms.
And federally mandated tutoring services for under-performing students has proven to be a cash cow for tutoring companies — so much so that with news that tutoring services would be limited to only the poorest students in New York City earlier this year, companies rushed to defend themselves in what appeared to be an organized response to a SchoolBook query (see query below, and add your views).
On Tuesday, the United States attorney’s office in Manhattan announced the indictment of one of the largest and most well-known private tutoring companies, Princeton Review, for falsifying records and accepting millions of dollars in reimbursements for testing services it never provided to New York City schoolchildren, The New York Times reports.
In the suit, which was brought against the company and a former supervisor, Ana Azocar, the government said the company submitted false claims between 2006 and 2010 for reimbursement for providing tutoring services under a federally financed program. “The company and certain of its employees forged student signatures, falsified sign-in sheets and provided false certifications in order to deceitfully profit from a well-meaning program,” the United States attorney in Manhattan, Preet Bharara, said in a statement.
According to a news release by Mr. Bharara’s office:
From 2006 to 2010, Princeton Review’s daily student attendance forms and invoices were replete with falsifications such as:
Entries were changed to indicate that students were present after the students were initially marked as absent. In some of these instances, the students’ signatures were obvious forgeries because the students’ own names were misspelled. On one attendance form, a student named Dontae was signed in as “Donate.”
Students were signed in as present on days when their parents later confirmed they were absent. For example, one student was in Mexico on a family vacation on four days when the student’s purported signature appears on daily student attendance forms. Another student was signed in as present on three days when in fact a note from the student’s doctor shows that the student was home from school recuperating from surgery.
Princeton Review was paid for tutoring students on days when records from the NYC DOE show that the students were absent from school or school was closed. For example, Princeton Review billed the NYC DOE for tutoring 74 students at MS 399 in the Bronx on New Year’s Day in 2008, when there were no SES classes due to the holiday.
In its account of the indictment, Gotham Schools publishes the full news release, as well as the company’s response:
A spokesperson for Princeton Review did not deny the allegations but said that the alleged improprieties are part of [...] Continue Reading…
Article source: http://www.nytimes.com/schoolbook/2012/05/02/princeton-review-charged-with-falsifying-billing-for-tutors/
