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Kleiner Perkins' Pao charges sex harassment, discrimination
22 May 2012 at 3:15pm
Ellen Pao, an investment partner at Kleiner Perkins Caufield & Byers LLC, is suing her employer, the well-known Menlo Park, Calif.-based venture capital firm.
Pao's portfolio companies include formerly Portland-based Jive Software Inc., which moved to the Bay Area in 2010 and went public last year.
Pao alleges she is a victim of sexual harassment by Ajit Nazre, a former Kleiner Perkins investment partner who is no longer with the firm. Others named in the suit: John Doerr, Ray Lane, Bing Gordon,...
BB&T tops in N.C. for small business lending
by Lee Weisbecker
22 May 2012 at 2:56pm
Winston-Salem-based BB&T was the state?s most active SBA small business lender from October through April.
BB&T Corporation (NYSE: BBT) made 63 loans valued at $10.8 million. Wells Fargo & Co. (NYSE: WFC) was second with 56 loans valued at $20 million.
The SBA?s Charlotte office says Southern Bank & Trust was third on its active lender list, having made 21 loans valued at $2.3 million.
VantageSouth Bank, which is based in Burlington but owned by a Raleigh group, moved into the fourth spot....
Bank of America ?comfortable? with its investments
by Hunter Riley
22 May 2012 at 2:51pm
Brian Moynihan, Bank of America Corp.?s CEO, said at an investor conference Monday he feels ?very comfortable? with Bank of America?s corporate investment portfolio, according to a report from Reuters.
The investment portfolio is weighted mostly with mortgage bonds that are government-guaranteed and U.S. Treasury bonds. The company buys protection similar to insurance on some of its large loans to big companies, but it doesn?t make broader hedging bets on the corporate level, Moynihan...
Wells Fargo plans Dallas mortgage assistance workshop
by Lance Murray
22 May 2012 at 2:28pm
Wells Fargo & Co. will host a free Home Preservation Workshop from 9 a.m. to 7 p.m. Thursday at the Hyatt Regency Dallas, 300 Reunion Blvd.
The event is for customers of Wells Fargo Home Mortgage, Wells Fargo Financial, and Wells Fargo Home Equity customers who are facing financial hardships.
Wells Fargo (NYSE: WFC) said it has has invited more than 6,000 North Texas mortgage customers to the workshop and that walk-ins are welcome.
?Although less than 2 percent of owner-occupied loans in our...
Dow edges downward Tuesday
by Patty Tascarella
22 May 2012 at 2:27pm
Wall Street slipped in the final half hour of trading Tuesday, surrendering modest gains that kept financial markets aloft much of the day. The Dow Jones Industrial Average finished at 12,502.81, down 1.67 points, or 0.01 percent. Nasdaq lost 8.13 points to end Tuesday at 2,839.08, down 0.29 percent.
A sampling of Pittsburgh companies had mixed results:
Wesco International Inc. (NYSE:WCC), up 2.48 percent to $60.23Universal Stainless & Alloy Products Inc. (Nasdaq:USAP), down 2.41 percent to...
Motel 6 sells for $1.9B to Blackstone
by Steven R. Thompson
22 May 2012 at 2:12pm
Blackstone Group LP bought the Motel 6 and Studio 6 hotel brands for $1.9 billion, Accor said early Tuesday.
Paris-based hotel company Accor North America sold the U.S. economy division, which includes 1,102 hotels under the Motel 6 and Studio 6 brands in the United States and Canada.
There are at least a dozen Motel 6 locations in the Sacramento region.
The transaction is scheduled to be completed in October. Blackstone plans to upgrade the Motel 6 properties and expand the franchise base, according...
Brownback signs tax bill
22 May 2012 at 2:06pm
Kansas Gov. Sam Brownback on Tuesday signed a bill that includes big tax cuts.
The bill advanced to Brownback despite a last-ditch effort by lawmakers to reach an alternative that would mitigate the estimated $3.7 billion in deficits the changes are expected to mean during a five-year period.
The new law will cut state income tax rates for Kansans by between 14 percent and 24 percent, as well as do away with state income taxes for more than 191,000 small business owners, according to a release...
U.S. Bank taps Fiserv platform for iPad
by Rich Kirchen
22 May 2012 at 2:00pm
U.S. Bank launched a mobile-banking-and-payments application Tuesday for the iPad that is built on the Mobiliti and payments platform from Fiserv Inc.
Using the iPad app, customers of Minneapolis-based U.S. Bank customers can check their account balances and activity, complete account-to-account transfers, view and pay bills, send and receive person-to-person payments and remotely deposit checks simply by snapping a picture, Brookfield-based Fiserv (NASDAQ: FISV) said Tuesday.
?This is a significant...
Stephens Inc. hires former Morgan Keegan retail analyst John Lawrence
by Cole Epley
22 May 2012 at 1:58pm
Stephens Inc. has hired another former Morgan Keegan & Co. Inc. analyst in its Memphis office, bolstering the Little Rock, Ark.-based investment banking firm?s consumer research division and marking the departure of yet another Morgan Keegan veteran.
John R. Lawrence joins Stephens as a managing director and senior analyst in its specialty retail research practice. That division now comprises seven analysts covering more than 100 companies. Prior to joining Stephens, Lawrence spent 15 years at...
Tennessee makes $4M investments from INCITE fund
by Brian Reisinger
22 May 2012 at 1:49pm
The state of Tennessee?s INCITE fund has fueled more than $4 million in private investment in ventures including health care, business services and the sports world.
In an announcement, The Tennessee Technology Development Corp., which is administering the fund for the state, announced $4.4 million in private investment following $1.9 million from the government fund. INCITE is a nearly $30 million pot of federal money the administration of Gov. Bill Haslam, a Republican, developed as part of...
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