Goldman Sachs Draws Up Deeper Cuts | Goldman Sachs, bracing for what could be one of its worst quarters since it went public 12 years ago, is preparing to expand its cost-cutting initiative by hundreds of millions of dollars, a move that could result in additional jobs being eliminated.

This summer, Goldman said it would cut $1.2 billion in costs from its operations by mid-2012 and eliminate roughly 1,000 jobs, about 3 percent of its work force. But as the market turmoil has weighed on trading and other businesses in recent weeks, Goldman has been revising its plans, potentially raising the cuts by as much as $250 million, to $1.45 billion, according to people briefed on the matter who were not authorized to speak publicly.

DealBook »

Ayn Rand Alive and Well in Ray Dalio? | Ayn Rand is still alive, at least according to MarketWatch. The “Atlas Shrugged” author is currently embodied in the vision of a Forbes 400 billionaire and hedge fund manager, Ray Dalio, who, MarketWatch says, “could easily be cast as Howard Roark, the ultimate individualist” of Ms. Rand’s “The Fountainhead.”
MARKETWATCH

Independent Trader (or Prankster) Lights Up BBC | Alessio Rastani, a man identified as an “independent trader,” appeared on a BBC News program on Monday, declaring that millions of people were about to lose everything. He also proclaimed, “Goldman Sachs rules the world.”

Twitter was abuzz on Tuesday with evidence that Mr. Rastani was actually a member of the Yes Men, a political protest group, and that his BBC appearance was a hoax. Video on the Internet appears to show Mr. Rastani posing as a Dow Chemical spokesman in an earlier news appearance.
THE JOURNAL | YOUTUBE

Anheuser-Busch InBev May Have Its Eye on SABMiller | Anheuser-Busch InBev, the world’s largest brewer, may have its sights set on the second largest, SABMiller, for what would be an $80 billion plus merger that would result in a company that brews a third of the world’s beer, bankers and analysts have told Reuters.
REUTERS

Chelsea Clinton Joins Board of Diller’s IAC | Chelsea Clinton got her first directorship at IAC/InterActiveCorp, the Internet media company controlled by Barry Diller.

She will earn $50,000 a year as an IAC board member, and receive $250,000 worth of IAC shares that vest in equal installments over three years.
DealBook »

Pilots Appeal to Court to Stall Airline Merger | United Airlines pilots have moved to stall a deal with Continental Airlines, filing a suit in district court in which they say the merger is moving too swiftly, Reuters reports.
REUTERS

VW Gets Go Ahead to Buy Truck Maker | Volkswagen has won permission from European regulators to continue with its proposed takeover of the German truck manufacturer MAN, The Financial Times reports.
FINANCIAL TIMES

New Bidder Throws Hat Into Transatlantic Ring | Now, another twist in the Transatlantic Holdings takeover saga. The company, a former unit of the American International Group, said on Monday that it was in talks with a new undisclosed party, suggesting the nearly four-month-long bidding war for the firm was not near a close.
REUTERS

Itochu Joint Venture to Invest Further in Philippine Oil | The Itochu Corporation’s joint venture with Philippine company Isla Petroleum and Energy is to purchase Royal Dutch Shell’s liquified petroleum gas unit in the Philippines for about $131 million, the Japanese trading house announced on Tuesday.
REUTERS

Wall Street Ties Bring Peril for Democratic Lawmaker | A former Goldman Sachs banker, Jim Himes understands the world of high finance better than most of his Congressional peers, but his background has recently gone from asset to liability.
DealBook »

UBS Has No Plans to Sell U.S. Brokerage | UBS Wealth Management Americas will not go on the block, according to the bank’s chairman, Kaspar Villiger, and its interim chief, Sergio Ermotti.

The bank’s two top executives tried on Monday to allay the fears of brokers and advisers when, in an internal memo, they wrote: “Again: this business is not for sale.”
REUTERS

UBS’s ‘Meteorite Strike’ | In an in-depth special report, Reuters examines the current UBS scandal and aims to decipher how an alleged rogue trader lost the bank more than $2 billion. In a bit of gallows humor, one European banker channeled his inner Britney Spears, telling Reuters, “Oops, we did it again.”
REUTERS

Basel Looks Set to Force New Capital Rules | Bank lobbying is set to fall on deaf ears at the Basel Committee, which is gathering in Switzerland on Tuesday, where it will likely stick with rules requiring certain capital levels for the world’s largest financial institutions, The Wall Street Journal reports.
WALL STREET JOURNAL

In Court, JPMorgan Tries the Playboy Precedent | JPMorgan Chase is looking to a ruling in the Anna Nicole Smith inheritance case as the basis of its argument to move Lehman Brothers’ $8.6 billion suit against the bank to a federal court, Reuters reports.
REUTERS

Asset Sales Won’t Be Easy for French Banks | BNP Paribas and Société Générale may find their plans to increase capital by selling assets hindered by the sorry state of the world economy, as getting a good price for businesses becomes increasingly difficult, The Wall Street Journal writes.
WALL STREET JOURNAL

Blackstone Has Been Busy | The Blackstone Group is the world’s most active buyout group, with transactions this year totaling $20.3 billion, Bloomberg News writes, citing a list compiled by the news service of 2011’s busiest private equity firms.
BLOOMBERG NEWS

Carlyle Acquires ITRS | The Carlyle Group has acquired ITRS, a financial monitoring company, for an undisclosed sum. Carlyle intends to expand ITRS with equity from its Carlyle Europe Technology Partners II fund, HedgeCo.net reported on Monday.
HEDGECO.NET

Intercell May Sell Stake to Private Equity Firm | Intercell may sell a stake in its biotechnology business to a private equity firm, Bloomberg News reports, citing the company’s chief executive, Thomas Lingelbach.

Mr. Lingelbach said his company was in exploratory talks but had yet to determine the size of the stake it might sell.
BLOOMBERG NEWS

AXA Reportedly Buying $500 Million in Mizuho Funds | The private equity arm of AXA of France will acquire $500 million worth of buyout fund investments from the Mizuho Financial Group of Japan, Bloomberg News reported, citing people with knowledge of the talks.
BLOOMBERG NEWS

As Bank Funding Dries Up, Shipping Firms Look Elsewhere | As European banks switch off their taps, the shipping industry will need to seek financing from the private equity and bond sectors, executives told Reuters on Tuesday.

Philip Clausius, chief executive of First Ship Lease Trust Management, told Reuters, “The way forward is funding diversification as the old days of going to your house bank and getting the funding that suits you are over.”
REUTERS

Merkin Funds in the Clear, Judge Finds | Civil lawsuits against three hedge funds run by Ezra Merkin, which accused the funds of facilitating Bernard L. Madoff’s huge Ponzi scheme, were thrown out by a district court judge in Manhattan on Friday, Reuters reports.
REUTERS

Sell Gold? Never! | Hedge funds are likely to remain bullish on gold, Reuters reports, despite a recent sell-off.
REUTERS

Hedge Funds Mellow With Age | A recent study from the hedge fund analysis company PerTrac found that smaller and younger funds have lately outperformed their larger and older counterparts. Opalesque breaks down the report.
OPALESQUE

SecondMarket, an Exchange Without the Volatility | SecondMarket is a fast-growing private stock market for start-ups that allows investors to cash in without an initial public offering, letting them sidestep anemic public markets.

Barry Silbert, the market’s chief executive, is going meta on Tuesday by listing shares of SecondMarket on SecondMarket itself, Andrew Ross Sorkin writes in his DealBook column.

DealBook Column »

Chinese I.P.O. Market Suffering, Too | Investors who hoped that Chinese markets would provide relief from hard times in America are thinking twice, as Chinese companies, like their Western counterparts, have had to stall, cancel or reduce the size of proposed I.P.O.’s, The Wall Street Journal reports.
WALL STREET JOURNAL

Citic I.P.O. Investors: We Got This | Citic Securities is well covered at the bottom range of its upcoming Hong Kong stock offering, Reuters reports, citing two people close to the deal.

Citic, the biggest publicly traded brokerage in China, has commitments from investors that would cover the $2 billion deal four times over at its lower end, these people said.
REUTERS

ArcelorMittal Halts Black Economic Empowerment Deal | Plans for a so-called black economic empowerment deal by ArcelorMittal South Africa have been canceled in the face of shareholder criticism.

Had the deal materialized, it would have seen 26 percent of ArcelorMittal South Africa’s shares sold to black investors for around $1.1 billion.
REUTERS

Quark I.P.O. Not Charmed | For the second time in four years, Quark Pharmaceuticals has canceled plans for an initial public offering, Dow Jones Venturewire reports. The company may now raise private funding.
DOW JONES

Nerds vs. Deal Makers | As New York claws at Silicon Valley for technology start-up dominance, the Y-Combinator founder, Paul Graham, is not so sure New York will ever truly match its West Coast rival.

“Hubs tend to stay hubs,” Mr. Graham said at a Manhattan event on Monday. “The Valley is a magnet for nerdy visionaries. New York is for rapacious deal makers.”
BITS

Fitness App Does Another Rep | Endomondo, a workout-tracking application, has attracted $2.3 million in a second round of funding provided by Seed Capital, VentureBeat reports.
VENTUREBEAT

Austin Social Media Start-Up Raises $12 Million | Spredfast, a start-up that provides clients with social media management support, has secured $12 million from InterWest Partners and Austin Ventures, The American-Statesman reported Monday.
AMERICAN-STATESMAN

Freddie’s Bank of America Settlement Said to Be Flawed | An oversight report by the Federal Housing Finance Agency has found that methodology used by Freddie Mac in its $1.35 billion settlement over a dispute with Bank of America was faulty.
NEW YORK TIMES

Deloitte Sued for $7.6 Billion in Florida | Deloitte & Touche was hit with two lawsuits on Monday seeking a total of $7.6 billion in damages over the accounting company’s alleged failure to uncover fraud at a mortgage company, Taylor, Bean & Whitaker.
ASSOCIATED PRESS

Michael Lewis Makes Sovereign Debt Fun | The new book by Michael Lewis, “Boomerang,” is about topics like European sovereign debt, the International Monetary Fund and the European Central Bank.

But don’t let that put you off. The book is a “small but sparkling prism” that makes its subjects “not only comprehensible but also fascinating,” writes Michiko Kakutani of The New York Times in her review of the latest effort from the author of “Liar’s Poker” and “Moneyball.”
NEW YORK TIMES

Martha Stewart Back on Living Omnimedia Board | Now that her five-year ban on serving on the board of a public company has reached its end, Martha Stewart is to rejoin the board of Martha Stewart Living Omnimedia, The Associated Press reports. The ban had been imposed as part of Ms. Stewart’s court settlement over insider-trading charges.
NEW YORK TIMES