Today in Globe Business
Boston broker Robert M. Jaffe was a key source of fresh investor cash for Bernard L. Madoff, federal regulators alleged yesterday, steering $1 billion in client funds to the man who was conducting the biggest fraud in Wall Street history, and earning $150 million for himself in return.
The Securities and Exchange Commission yesterday in a civil suit charged Jaffe, 65, and the Madoff-controlled brokerage he worked for, Cohmad Securities Corp., with fraud for “knowingly or recklessly’’ participating in Madoff’s Ponzi scheme.
For two decades, the SEC alleged, Jaffe and members of the Cohn family, which ran Cohmad, delivered a large portion of the money Madoff collected, peddled the Madoff mystique, and covered their tracks - leaving few records of the ties between the firms, on Madoff’s orders.
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Stephanie Wallace, visiting from New Jersey with friends, was looking forward to a day of shopping and eating on Boston’s famed Newbury Street. But yesterday, it rained. And rained. By 1 p.m., the group was soaked and ready to call it a day.
“I just want to go back to the hotel room and sleep,’’ said Wallace, 19. “If it doesn’t [let up], goodbye, Newbury.’’
It’s summertime, and the living is soggy. Yesterday was the 14th day of precipitation this month, and the near-constant drizzle has taken a toll on everybody. From Faneuil Hall to Downtown Crossing to Newbury Street, restaurant and store owners, already pummeled by the economic slowdown, gazed at sheets of relentless rain and said the lousy weather is just the latest sucker punch.
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Syms says Basement belongs downtown
Syms Corp. chief executive Marcy Syms yesterday said she is committed to bringing back Filene’s Basement to Downtown Crossing, but needs time to study whether the famed automatic markdown policy will remain at the clothing chain’s flagship store.
Syms, in one of her first interviews since her company bought the bankrupt Filene’s Basement last week, said it must consider all options in the search for a downtown site. The legendary location at Washington Street has been closed since 2007 and developers of the site have been unable to secure financing to move forward.
Syms said she plans to meet with Boston Mayor Thomas M. Menino within the next few weeks to talk about the future of Filene’s Basement and has already received an e-mail from a developer to explore another spot downtown. She declined to provide details.
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Once again, WFXT-TV (Fox 25) is looking to be a spoiler in the lucrative news ratings game, by shifting its 5 p.m. newscast to the hotly contested 6 p.m. hour on Sept. 14.
Fox 25’s new newscast, to be anchored by Mark Ockerbloom and Maria Stephanos, is likely to have a strong impact on local viewing habits during the coveted time slot, media observers say. By moving the newscast, WFXT is making room for a new talk show hosted by Dr. Mehmet Oz, Oprah Winfrey’s regular health expert, which will air weekdays at 5 p.m., beginning Sept. 14. Oz’s show, predicted to do well because it is part of Winfrey’s daytime brand, is expected to help win ratings for the newscast at 6, media observers say, by building an audience that may not bother to switch to a more established 6 p.m. newscast.
Strong lead-in programs can boost ratings, the numbers by which TV stations set prices for the ads they sell. A significant loss or gain of viewers during any newscast can affect a station’s bottom line. Although Fox 25 is not expected to lead the ratings at 6 p.m., nearly every viewer it attracts will be switching from a competing newscast on another station.
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Citing ad slump, Boston magazine cuts key staffers
Boston magazine, the 40-year-old glossy monthly about city life and events, laid off six people yesterday, including editor James Burnett and creative director Patrick Mitchell, and announced it is implementing a one-week unpaid furlough for remaining employees.
Others laid off included food editor Amy Traverso and online editor Paul Flannery. Features editor Jolyon Helterman also resigned yesterday. In all, the magazine now has 41 employees.
A slump in advertising and an organizational restructuring spurred the layoffs and cutbacks at the magazine, according to a prepared statement. This year, the magazine dropped its rate base, the circulation numbers a publication guarantees to its advertisers, from 110,000 copies to 100,000.
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