Today in Globe Business
Lenders avoid redoing loans, Fed concludes
Mortgage lenders don’t try to rework most home loans held by borrowers facing foreclosure because it would probably mean losing money, a study released yesterday by the Federal Reserve Bank of Boston concludes.
The Boston Fed’s findings suggest the Obama administration’s major effort to solve the foreclosure crisis by giving the lending industry $75 billion to rewrite delinquent loans to more affordable levels is not likely to work.
One of the study’s coauthors, Boston Fed senior economist Paul S. Willen, said the government would be better off giving the money directly to struggling borrowers to help them with their payments, rather than to lenders that are averse to working out the troubled loans.
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At a time when one job posting can attract hundreds of applicants, the unemployed are doing everything they can to stand out. There’s the man who walked the streets of Manhattan wearing a sandwich board that read: “MIT Grad for Hire.’’ A Connecticut woman rented a billboard along Interstate 95 to advertise her eagerness to land a job. A Hopkinton software engineer took out an ad for himself on a classical radio station after 10 months of looking for work.
The traditional job search - sending out resumes, crowding into jam-packed career fairs - often ends up going nowhere when there are 13.7 million unemployed people nationwide and only 2.5 million jobs to fill, as is now the case according to the US Bureau of Labor Statistics. So people are advertising themselves everywhere from the back of car windows to Facebook in the hopes of catching the eye of a potential employer.
“People are just getting as creative as they possibly can,’’ said Chuck Campbell, a career coach based in Holliston.
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Bingham McCutchen discloses merger
Bingham McCutchen LLP, one of Boston’s largest corporate law firms, has announced plans to merge with McKee Nelson LLP, with the combined firm to use the Bingham McCutchen name.
The firms signed a letter of intent to merge on or before Aug. 1.
McKee Nelson, with 120 lawyers and offices in New York and Washington, D.C., will bring the total at Bingham McCutchen to roughly 1,120 lawyers worldwide.
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BOSTON CAPITAL: Room to breathe
There are all kinds of sellers of big-ticket items. Some are indifferent and others are desperate. The New York Times Co. comes across as highly motivated and a little too aggressive.
Of course, the Times Co. is trying to sell The Boston Globe along with its other New England newspaper property, the Worcester Telegram & Gazette. If you’re not interested in newspapers, there is also the company’s 17 percent interest in the Boston Red Sox, which the Times Co. has been trying to move with remarkably little success.
The process of selling the Globe was being hustled along at top speed. The company hadn’t even settled its last and most important labor negotiation, no minor detail, when it asked for initial bids by tomorrow (a union vote is scheduled July 20). Now the process is on hold and people are getting more time to prepare offers.
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Matty still rules the airwaves
MEDFORD - It was a Friday morning, and MC Hammer was late. Matt Siegel, also known as Matty in the Morning, was sharing his frustration with thousands and thousands of friends.
“This is my favorite moment in my whole career,’’ said Siegel, morning host at Boston radio station KISS 108. “Our guy MC Hammer booked for the show at 8:30 sharp, and where is he?’’
Finally, the iconic star of 1990s hip hop called in, and Siegel did some hammering of his own.
“Are you on Eastern Standard Time? Are you on Daylight Savings Time? Or are you on Hammertime?’’ he joked.
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EMC raises stakes in bidding war
EMC Corp. has jacked up its offer for Data Domain Inc. to more than $2.1 billion in its latest effort to win a bidding war against rival NetApp Inc.
EMC yesterday increased its all-cash offer for Data Domain’s 62.9 million outstanding shares by more than 10 percent, from $30 to $33.50 per share.
“Our calculus was that this was the price that would be compelling enough to convince the Data Domain board to agree to our transaction,’’ said Matthew Olton, EMC’s vice president of corporate development.
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Deadline for Globe bids is postponed
The New York Times Co. has postponed tomorrow’s deadline for prospective buyers of The Boston Globe to submit preliminary bids for the newspaper, people briefed on the sales process said. No new date has been set for the bids.
Representatives of Goldman Sachs & Co., the investment banking firm hired by the Times Co. to manage the newspaper sale, have told interested parties they will be given more time to prepare an initial offer for the Globe and its sister paper, the Worcester Telegram & Gazette, the people said. These people asked not to be identified because they weren’t authorized to discuss the process.
In a letter to potential bidders last month, Goldman Sachs requested the nonbinding bids by July 8. The letter also said buyers would be asked to assume about $59 million in pension liability for the two papers. And it suggested that approved parties would be notified about a week later about taking part in a second round of bidding.
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