Some previously planned elements of the event have been scaled back in Boston because of financial constraints. A parade of tall ships into the harbor has been scrapped, as have two fireworks displays.
WASHINGTON — Documents unearthed by congressional investigators reveal disagreements among senior Federal Reserve officials about how to handle Bank of America Corp.’s acquisition of Merrill Lynch, fueling concern on Capitol Hill over giving the central bank even more power to regulate the financial system.
BikeNow’s product is an automated bicycle-share program for the Boston area, which it positions as a Zipcar Inc.-style service for bikes. Users would swipe a card at a solar-powered station and ride off on one of the company’s bikes. The company says it was formed in response to a city of Boston request for proposals for bike-sharing programs and is modeled on Paris’ Velib bike-share program. The startup plans to roll out 1,500 bikes at 150 locations, translating to 9,000 rides a day. BikeNow plans to generate revenue through subscriptions, helmet sales, rental fees, sponsorships and advertising on bikes and stations.
It’s not just smaller venues that are enjoying the business. Sales remain strong at the Comedy Connection — which moved from Faneuil Hall to the 1,100-seat Wilbur Theatre last July — according to marketing director Andrew Mather.
(Fortune Magazine) — These are tempting times for real estate bargain hunters. Whether it’s the tony house down the street with an asking price that keeps dropping or office space at a deep discount, if you have the means, there are deals to be had. Individual investors snapping up foreclosed houses have helped boost home-sale figures sharply in recent months (although prices have remained depressed). And now some real estate investment trusts are raising money to fund acquisitions of distressed commercial properties.
When President Barack Obama this week unveiled his proposal for the most sweeping overhaul of U.S. financial regulations since the 1930s, he proposed the central bank oversee not just banks but “other large firms that pose a risk to the entire economy in the event of failure.”
President Obama’s plan to overhaul the nation’s financial regulatory system received support yesterday from key Massachusetts congressional members who said changes are long overdue.
Eric J. Shelton / APSaab automobiles are seen on the lot of Herb Chambers Saab of Boston on Tuesday. Saab Automobile, General Motors Corp.’s struggling Swedish unit known for its family cars, was rescued Tuesday by a consortium led by Koenigsegg Automotive AB, a tiny company that produces only a dozen custom-made super cars a year.
Logue, the chief executive of State Street Corp., a financial services giant in Boston that handles investments around the world, said he first started to worry in 2007, while traveling abroad on business. He feared that markets were becoming so complex and intertwined that the next hedge fund meltdown or foreign currency crisis could threaten the financial system, and ultimately State Street.
Meanwhile, the United States attorney’s office for the Southern District of New York, along with the Federal Bureau of Investigation, also unsealed charges against Mr. Weitzman. They include fraud, lying to investors and converting money for his own use. Some of the charges carry maximum penalties of 20 years in prison and a $5 million fine.