Time Warner Chief Executive Richard Parsons has hired Goldman Sachs and Bear Stearns Cos. in his battle with dissident shareholder Carl Icahn. The investment banks will help Parsons respond to a report scheduled for release today by Icahn and Lazard Ltd.
House Majority Leader John Boehner, R-Ohio, supports more disclosure with regard to members of Congress and lobbyists, but does not see a need for a ban on privately funded travel or "earmark" provisions.
IntercontinentalExchange, parent of London-based ICE Futures, has issued a statement criticizing MBF Clearing Corp. for bringing a lawsuit in which MBF accused ICE of monopolizing the market for electronically traded Brent crude oil futures contracts. MBF is a clearing broker and member of the New York Mercantile Exchange, which is locked in a feud with ICE Futures over a new West Texas Intermediate crude oil contract.
Prudential Financial said it would restate its consolidated statements of cash flows for 2004 and part of 2005 because of an accounting mistake. The insurance and financial services company said the changes would not alter earnings per share or operating income.
Richard Fisher, president of the Dallas Federal Reserve, said U.S. fourth-quarter growth could be revised higher. "As long as the Federal Reserve does its job of holding inflation at bay, and as long as our political leaders resist protectionism and other forms of interference with creative destruction, we will remain a productive economic machine," Fisher said in a speech to the Institute of Economic Affairs.