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Shareholders in JPMorgan Chase & Co on Tuesday rejected a proposal calling on the company to split the roles of chairman and chief executive, a victory for incumbent Jamie Dimon.
The proposal received some 40.1 percent of votes cast in favor, the company said at the end of its annual meeting.
DEVELOPING: JPMorgan shareholders reject chairman/CEO split
This guy hasn’t had a good week.
Freddie Mac’s pick? Former E*Trade head Donald Layton: Layton, a former JPMorgan Chase exec who led a turnaround at E*Trade Financial at the peak of the financial crisis, would become the company’s third CEO in the last four years. Considered the front-runner for over a month, sources close to Layton say he plans to accept the nomination, and sees doing so as a “public service.” He’s got his work cut out for him, as the government-controlled company, along with sister company Fannie Mae, has pulled in over $170 billion in bailout money since 2008. The announcement of Layton’s hiring is expected as early as Thursday. source
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If Comcast is violating the administration’s orders, it should face significant penalties so consumers know they can count on the administration to protect it from anticompetitive conduct.Senator Al Franken • In a statement, after sending a letter to the FCC and Department of Justice, requesting an investigation of possible violations of the conditions that Comcast agreed to when the company merged with NBC last year. “When the Obama administration signed off on Comcast’s merger with NBC Universal, it laid out a set of rules to prevent Comcast from squashing its competitors,” added Franken. Comcast has denied allegations of wrongdoing, saying that its On Demand service is subject to cable rules, but not internet regulations. source (via • follow)
» Things are looking up though, according to a new report from the Wall Street Journal. Analysts point to a recent uptick in ratings, now that Oprah is appearing on the network more frequently, as a sign that the network may not be dead in the water. The network is also set to receive millions of dollars in new revenue from cable operators. So, do you think it’ll last?
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» So what’s Facebook total value post-debut? Some analysts says the company could debut valued as high as $86 billion, though that would certainly require its shares to surge in its first day. The final pricing won’t come until after the company’s planned “roadshow” with bank representatives. Representatives of both parties will tour the country to gauge national interest in the offering, before determining the final opening price.The company will be represented by “FB” ticker, and is expected to begin trading on May 17 or May 18.
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» The ruling follows a probe by the U.S. Department of Labor, during which investigators determined that Wal-Mart unfairly exempted approximately 3,700 employees from receiving overtime. All of the employees come from two departments, with 1,700 set to receive an average of $290 a piece, and the remaining 2,000 or so receiving approximately $2,300 a piece.
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We jest. Today, Starbucks announced that Gates joined the company’s board, and will serve on its nominating and corporate governance committee. Gates was appointed Secretary of Defense by George W. Bush in 2006, and retired in 2011 after just under three years with the Obama Administration. Prior to joining the Starbucks board, Gates was acting as chancellor for the College of William & Mary, his alma mater. (SFB illustration) source
![reuters:
Amazon is working hard to limit the amount of states requiring the collection of sales tax on online purchases. The company recently struck a deal with the state of Texas in which the state agreed to delay the collection of sales tax. [REUTERS]
Anyone feel like Amazon should nip this problem in the bud for good?](http://25.media.tumblr.com/tumblr_m3ar76pZ5k1qmaoalo1_500.jpg)
Amazon is working hard to limit the amount of states requiring the collection of sales tax on online purchases. The company recently struck a deal with the state of Texas in which the state agreed to delay the collection of sales tax. [REUTERS]
Anyone feel like Amazon should nip this problem in the bud for good?
» It’s been over 30 years since the company posted a loss, and the first such occurrence since the company began releasing earnings statements in 1981. Last year’s forty-percent price drop for the 3DS cost the company millions; however, Nintendo believes the portable gaming-system will become profitable again during 2012. It should also be noted that, prior to 2011, the Wii essentially acted as Nintendo’s license to print money. The ultra-popular gaming device has earned the company close to a billion dollars, annually, since its release in 2006. Now, all eyes are focused on the Wii U, the spiritual successor to the Wii, which is scheduled to launch later this year with an all-new touchscreen controller.
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