Chicago Business News for December 01, 2008
Cubs bidders cut to 3
(Reuters) — At least three groups submitted offers to Tribune Co on Monday, in the latest round of bidding for the Chicago Cubs baseball team, two sources familiar with the process said on Monday.
Groups led by Tom Ricketts, chief executive of Chicago investment bank Incapital LLC and the son…
State shortchanged hurt workers for 30 years: Greg Hinz Blog
(Crain's) — Oops!
The state unit that handles compensation claims for injured workers has concluded that Illinois short-changed at least some beneficiaries and their heirs, and that it did so for as long as a stunning 30 years.
Neither the Workers' Compensation Commission nor anyone…
CME volume down 29% in Nov.
(AP) — Shares of CME Group Inc. fell Monday as the broader market tumbled on concern about the economy and as an analyst reported that the exchange operator's November trading volume fell 28.7 percent.
CME shares fell $28.22, or 13 percent, to $183.73 in afternoon trading.
Elsewhere, the…
Durbin asks President Bush to commute Ryan's sentence
(AP) — U.S. Sen. Dick Durbin has asked the president to commute former Gov. George Ryan's corruption sentence.
Durbin on Monday released a letter he sent asking President George W. Bush to "consider commuting the sentence of George Ryan to time served."
Ryan has served one year of a 6½-yea…
Condell settles fraud charges for $36M
(Crain’s) — Condell Medical Center announced Monday that it will pay $36 million to head off a federal lawsuit related to contracts between the Libertyville hospital and physicians.
The U.S. attorney’s office in Chicago said in a statement that the 283-bed hospital avoided the suit…
Recession began Dec. '07, economic group says
(AP) — The U.S. economy has been in a recession since December 2007, the National Bureau of Economic Research said Monday.
The NBER — a private, nonprofit research organization — said its group of academic economists who determine business cycles met and decided that the U.S. recession…
Retailers' wish list: strong online holiday sales
(Crain’s) — Now comes online retailers’ turn to try to get consumers into the holiday buying spirit: It’s Cyber Monday, considered the unofficial kickoff to the online shopping season.
Online stores have ramped up their own fat discounts and other promotions to attract holiday shoppers…
Walgreen completes McKesson purchase
(AP) — Drugstore operator Walgreen Co. said Monday it has completed its acquisition of the specialty pharmacy business of drug distributor McKesson Corp.
The deal includes McKesson's Pittsburgh-based specialty pharmacy and IVPCARE, a Frisco, Texas-based pharmacy focused on reproductive health…
Sprayregen returning to Kirkland
(Crain’s) — It's back to the future for James Sprayregen.
The name-brand bankruptcy attorney, who left Kirkland & Ellis LLP in mid-2006 for investment bank Goldman Sachs Group Inc., is returning to Kirkland later this month, just as the economic downturn is poised to spur bankruptcy filings…
UAL selling $200M in new stock
(Crain’s) — United Airlines intends to sell up to $200 million in new stock through J. P. Morgan Securities Inc. and Morgan Stanley & Co., the company said in a filing Monday with the Securities and Exchange Commission.
The Chicago-based airline didn't say when it intends to sell the stock…
Dow drops 680; reverses last week's gains
(AP) — Investors uneasy about the holiday shopping season gave back most of Wall Street's recent gains Monday, sending the Dow Jones industrial average down nearly 700 points.
The Dow shed 679.95 points, or nearly 8 percent, on Monday to close at 8,149.09.
Local blue chips were all down…
Obama adds Clinton, Gates to cabinet
(AP) — President-elect Barack Obama has chosen his former chief rival for the Democratic nomination to be his secretary of state. At a news conference Monday in Chicago, Obama announced that he's chosen Sen. Hillary Rodham Clinton to lead the State Department.
GREG HINZ BLOGIt was and is a…
Sumner Redstone sells stake in Midway Games
(Reuters) — Sumner Redstone has sold his stake in video game company Midway Games Inc., according to a filing on Monday, as the media mogul tries to bolster the finances of his theater chain company, National Amusements Inc.
Redstone, National Amusements and another related company, Sumco Inc…
Chicago's Stake in Detroit
The collapse of a Detroit automaker would send shock waves through Chicago, from South Side manufacturers to northwest suburban dealerships to downtown TV studios.
As General Motors Corp., Ford Motor Co. and Chrysler LLC seek a multibillion-dollar lifeline from the federal government, many…
Tune in daily to WBBM-AM to hear Assistant Managing Editor Ann Dwyer on the "Noon Business Hour."
Today's Features
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Chicago Business Today - Dec. 1
Game over for Sumner Redstone and Midway Games. General Growth gets a loan extension, but not for long. Pressure builds on another local homebuilder. Plus: Cyber Monday…
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