plus 4, Internet Explorer - Seattle Post Intelligencer

Internet Explorer - Seattle Post Intelligencer
As Goldman Thrives, Some Say an Ethos Has Faded - CNBC
Southern Michigan Bancorp, Inc. Declares Cash Dividend - Stockhouse
Pioneer Investments Announces Additions to the U.S. Retail Sales Team - PR Inside
Wall Street Opens Higher on Economic Reports - New York Times

Internet Explorer - Seattle Post Intelligencer

Posted: 16 Dec 2009 07:39 AM PST

A company that won a $565 million patent-case judgment before settling with Microsoft in 2007 has filed suit against 22 more companies, alleging they also violated the same patent.

Eolas Technologies holds patents on technology that allows Web sites browsers to include embedded media and applications. In its complaint (PDF) filed Tuesday, Eolas named as offenders Adobe, Amazon, Apple, Argosy Publishing, Blockbuster, CDW, Citigroup, eBay, Frito-Lay, Go Daddy, Google (including YouTube), J.C. Penney, JPMorgan Chase, New Frontier Media – shall I keep going? – Office Depot, Perot Systems, Playboy Enterprises, Rent-a-Center, Staples, Sun Microsystems, Texas Instruments and Yahoo.

Most likely, they have the deepest pockets among companies on a much longer list.

"We developed these technologies over 15 years ago and demonstrated them widely, years before the marketplace had heard of interactive applications embedded in Web pages tapping into powerful remote resources," Eolas Chairman Michael Doyle said in a statement sent to seattlepi.com. "Profiting from someone else's innovation without payment is fundamentally unfair. All we want is what's fair."

The Tyler, Texas-based company is seeking permanent injunctions, triple damages and attorney fees.

Eolas, a spin-off of the University of California, won its high-profile case against Microsoft in 2004, securing a $565 million judgment before Microsoft appealed. The case bounced around the appeal process before the companies settled in 2007 for a confidential amount of money.

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As Goldman Thrives, Some Say an Ethos Has Faded - CNBC

Posted: 16 Dec 2009 07:32 AM PST

Just over a week ago, on the evening of Dec. 7, Lloyd C. Blankfein hosted a reunion of one of the most elite clubs in American finance: former partners of Goldman Sachs, the Wall Street giant he has led, with remarkable and controversial success, since 2006.

The gathering, held at the venerable New York Athletic Club, both celebrated Goldman's past and looked toward its future. What, Mr. Blankfein was asked, did he want his legacy to be?

Mr. Blankfein replied that like his predecessors, he hoped to position Goldman Sachs [GS Loading... () ] to capitalize on whatever opportunities might arise during his tenure. As bland as that might sound, few on or off Wall Street have seized opportunities in these troubled economic times as skillfully as Mr. Blankfein.

But as President Obama prods the financial industry to do more to help ordinary Americans — he chided "fat cat bankers" on Sunday for increasing their pay — some current and former Goldman executives say Mr. Blankfein has built a money machine that, while it still values its customers, culture and reputation, puts profits above all.

Interviews with nearly 20 current and former Goldman partners paint a portrait of a bank driven by hard-charging traders like Mr. Blankfein, who wager vast sums in world markets in hopes of quick profits. Discreet bankers who give advice to corporate clients and help them raise capital — once a major source of earnings for Goldman — have been eclipsed, these people said.

Mr. Blankfein has surrounded himself with a tight circle of executives drawn from Goldman's trading operation. Many of these executives, like Mr. Blankfein, cut their teeth in the commodities division, J. Aron & Company. Gary D. Cohn, Goldman's president, as well as the heads of the bank's asset management division, are J. Aron alumni. So is the head of human resources.

With the traders ascendant, Goldman's bankers are being urged to generate bigger profits. In what former partners called a significant shift, Goldman now uses "profiles" to track how much money its bankers are bringing in.

Granted, money is what makes Wall Street run, and Goldman Sachs is no exception.

"I don't buy the argument that the old Goldman was more principled and less greedy," said Arthur Levitt, a Goldman adviser and former chairman of the Securities and Exchange Commission.

But even Goldman concedes it is changing with the times. "This business is all about serving clients, and if you don't evolve, you die," said Lucas van Praag, a Goldman spokesman.

After first guiding Goldman through the near collapse of the nation's financial system and then deftly extricating his bank from a federal bailout, Mr. Blankfein is now presiding over one of the richest periods in the bank's 140-year history. Mr. Blankfein has accelerated a decade-long decline of Goldman's old partnership ethos, which was built around the principle that its bankers and traders can do well — indeed, very well — while putting their customers first, former partners said.

Some Goldman alumni worry that Mr. Blankfein is jeopardizing the culture of success that defined the bank for much of its modern history. They wonder if Goldman will become, as one former partner put it, "just like every other bank on Wall Street" — that is, focused on short-term profits rather than long-term gains.

Publicly, Mr. Blankfein espouses the Goldman Sachs way. But privately, current and former partners say that he has fundamentally changed the way Goldman views its customers and the broader marketplace. The changes began when Goldman went public in the late 1990s, but have accelerated under Mr. Blankfein, they say.

None of these people were willing to speak out publicly about Goldman, which, for most of them, has been the source of sizable fortunes.

Bowing to pressure from shareholders and the public to rein in runaway pay on Wall Street, Goldman announced last week that its top executives, including Mr. Blankfein, would forgo cash bonuses this year. Instead, the executives will be paid in the form of special stock — an arrangement that, while eliminating big paydays this year, nonetheless may turn out to be enormously lucrative if Goldman's share prices rises in the future.

Even so, many Goldman employees are stunned by the public resentment directed at the bank in general and Mr. Blankfein in particular, who, after first steadfastly defending Goldman's profits and pay, recently offered a vague apology for "mistakes" that led to the financial crisis.

"Would John Weinberg ever be in this situation?" asked one former partner, referring to the legendary senior partner who ran Goldman for many years. "No way. He would have thought about the firm over 50, 100 years, not what people will get paid this year."

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Southern Michigan Bancorp, Inc. Declares Cash Dividend - Stockhouse

Posted: 16 Dec 2009 06:49 AM PST

COLDWATER, Mich., Dec 16, 2009 /PRNewswire-FirstCall via COMTEX News Network/ --

Southern Michigan Bancorp, Inc. (OTC Bulletin Board: SOMC) declared a quarterly dividend of $0.05 per share on the outstanding shares of the corporation's stock. The dividend is payable on January 15, 2010 to shareholders of record January 4, 2010.

(Logo: http://www.newscom.com/cgi-bin/prnh/20070619/CLTU100LOGO)

Southern Michigan Bancorp, Inc. is a bank holding company headquartered in Coldwater, Michigan. Its subsidiary bank, Southern Michigan Bank & Trust, has 18 branches within Branch, Calhoun, Cass, Hillsdale and St. Joseph Counties and provides a broad range of consumer, business and wealth management services throughout the region. For more information, please visit the Southern Michigan Bank & Trust website, www.smb-t.com.

SOURCE Southern Michigan Bancorp, Inc.

http://www.smb-t.com

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Pioneer Investments Announces Additions to the U.S. Retail Sales Team - PR Inside

Posted: 16 Dec 2009 07:32 AM PST

2009-12-16 16:31:20 -

Pioneer Investments today announced seven additions to its U.S. sales team, continuing the expansion of its sales force aimed at supporting the firm's largest retail clients.

"These new additions will help us to expand our efforts to provide investment solutions to larger clients, including broker-dealer wealth management platforms, independent financial advisory firms, defined-contribution providers, banks, and insurance firms," said Joseph Kringdon,

Executive Vice President and Head of U.S. Retail Distribution.
"We have developed strong sales momentum this year across a range of distribution channels, and the expansion of our sales team with experienced and talented professionals is aimed at continuing that momentum," Kringdon added.

Bill C. Taylor, Senior Vice President and Head of Business Development and Investment Only and Retirement Group, added that the new additions are part of an effort to strengthen the sales organization's focus on the DCIO platform market, develop new business with large clients, and provide a high level of client service. "This is the fastest-growing area of our business and holds great potential going forward, so it's important for us to be much more pro-active in this marketplace with more staff resources and support," Taylor said. Pioneer now has a 12-person team dedicated to the DCIO platform marketplace.

The additions include.

Christopher G. Laucks, CFP ® . Chris has been promoted to Senior Vice President, Director of Sales, Investment Only and Retirement Group. Before accepting this position, Chris served as Vice President, Director of Retirement and Annuity Markets. He will be responsible for national sales for the DCIO platform marketplace.

Chris has more than 20 years of industry experience and joined Pioneer in 2002 from Allmerica Financial, where he was Vice President of Channel Management for Strategic Alliances. Previously, he also served as a Branch Manager at Raymond James Financial, and also held management positions at State Street Bank and Fidelity Investments. He has a B.A.

and an M.B.A. from Boston College.

Kimberly Gannis. Kimberly has been named Vice President, Business Development Officer in the Investment Only and Retirement Group.

Kimberly joins Pioneer from American Century Investments, where she was Vice President, National Accounts. Her responsibilities included overseeing key client accounts as well as working on new business growth. Prior to American Century Investments, Kimberly was Managing Director at PNC Bank with her primary focus on the middle market retirement business. Kimberly has a B.S. degree from the University of Pittsburgh.

Mary Powers. Mary has been named Vice President, Business Development Officer for the Business Development Group, Advisory Channel. Mary has over 24 years of experience in the financial services industry. She joins Pioneer after 19 years with John Hancock, where she held numerous positions, most recently National Account Manager for John Hancock Financial Services. She graduated from Arizona State University with a B.S. in Finance and received an M.B.A. from Northeastern University.

Jason C. Xanthakis. Jason has joined Pioneer as Portfolio Consultant in the Wealth Management team. He previously worked for Ameriprise Financial as a Senior Research Analyst specializing in platform placement. Prior to Ameriprise, Jason was a research analyst at Fidelity Employer Services Company analyzing mutual funds for 401(k) clients. He has a Bachelor's in Economics from the University of Piraeus in Greece.

Kimberly Boucher. Kimberly has been promoted to Key Account Manager in the Wealth Management Channel. She joined Pioneer in 2005 and was previously a Regional Sales Specialist. Prior to joining Pioneer, she was a Financial Advisor and Advisor Coach at American Express Financial Advisors. She has a B.A. from Clark University.

Brandi Kinsman. Brandi has been promoted to Key Account Manager in the Business Development Group. Brandi was previously a Product Manager covering retirement and annuity products. She joined Pioneer in 2005 after working as Senior Product Marketing Specialist, Annuities, at Sun Life Financial. She has a B.A. and M.B.A. from Boston College.

John Mueller. John Mueller has been promoted to National Investment Only and Retirement Sales Specialist after having served as a Regional Sales Specialist. His new position focuses on sales of investment products through the Investment Only and Retirement Group.

Prior to joining Pioneer, John was a Regional Marketing Associate with Putnam Investments. He has a B.A. from Boston College.

About Pioneer Investments

Pioneer Investments is the trade name for Pioneer Global Asset Management S.p.A. and its subsidiaries, a global investment firm with offices in 31 countries and approximately $260 billion in assets under management as of November 30, 2009, of which approximately $58 billion was managed in the U.S. Founded in 1928, its flagship mutual fund, Pioneer Fund, is the third-oldest mutual fund in the U.S. Pioneer Investment Management USA Inc. is the North American operating subsidiary of Pioneer Global Asset Management S.p.A., which is a wholly-owned subsidiary of UniCredit S.p.A. Pioneer Investment Management, Inc. is the firm's U.S. investment advisory subsidiary, and Pioneer Funds Distributor, Inc. is the firm's U.S. distribution subsidiary.

Pioneer InvestmentsGeoff Smith, 617-422-4727 geoff.smith@pioneerinvestments.com : mailto:geoff.smith@pioneerinvestments.com

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Wall Street Opens Higher on Economic Reports - New York Times

Posted: 16 Dec 2009 06:56 AM PST

Stocks opened higher Wednesday on Wall Street after the government said consumer prices rose in November, led by higher energy costs.

A separate government report on housing showed construction rebounded last month, with all areas of the country showing strength.

The data will probably be discussed by Federal Reserve policy makers who finish a two-day meeting on interest-rate policy Wednesday afternoon. Investors expect the Fed to hold rates steady even as the economy is showing signs of recovery.

The Labor Department said the Consumer Price Index, the government's most closely watched inflation barometer, rose 0.4 percent in November, up from a 0.3 percent increase in October. The increase mostly reflected more expensive energy costs.

The Commerce Department said construction of new homes and apartments rose 8.9 percent in November to a seasonally adjusted annual rate of 574,000 units. While the increase was slightly lower than economists had expected, the gain represents strength in all areas of the country.

At 10:30 a.m., the Dow Jones industrial average was up 34.77 points, a gain of 0.34 percent. The broader Standard & Poor's 500-stock index was 0.5 percent higher, and the technology-heavy Nasdaq composite was up 0.48 percent.

Shares in Europe mostly rose Wednesday on a report that finance regulators will give lenders a decade or more to meet stricter capital rules.

In afternoon trading in Europe, the FTSE 100 in London was up 0.3 percent. The DAX in Frankfurt was up 1.4 percent, while the CAC-40 in Paris was 0.9 percent higher.

Bank shares rose in Germany and France in particular, after the Nikkei financial daily reported that global banking regulators plan to delay new capital adequacy requirements for at least 10 years. The proposed requirements were regarded as particularly onerous for Japanese banks but Japan's Financial Services Agency said there was no agreement in place.

On the DAX, Commerzbank and Deutsche Bank were the biggest risers of the day, while on the CAC-40 BNP Paribas and Société Générale were prominent gainers.

However, the stock was kept in check ahead of what could potentially be a crucial statement from the Federal Reserve at the conclusion of its last rate-setting meeting of the year.

There are mounting expectations that the accompanying statement will be slightly more hawkish than before following a string of better than expected economic data, particularly related to jobs.

"Markets seem to be in limbo ahead of the Fed's announcement on rates later today," said Anthony Grech, market analyst at IG Index.

"Today seems as though it might set the tone for the final weeks of 2009 — the Fed's announcement will be received in the context of a global economy that appears to be recovering, with traders well aware that low rates and cash lifelines cannot last forever," Mr. Grech added.

Meanwhile, bond prices were mixed. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.59 percent from 3.60 percent late Tuesday. The yield on the three-month T-bill, considered one of the safest investments, rose to 0.05 percent from 0.03 percent.

The dollar mostly fell against other major currencies, while gold prices rose.

Earlier, most markets in Asia fell, taking their lead from Wall Street Tuesday where investors fretted over the prospect of higher interest rates after a measure of United States inflation rose.

Hong Kong's Hang Seng shed 202.18, or 0.9 percent, to 21,611.74 and South Korea's Kospi fell 0.1 percent, to 1,664.24. China's Shanghai index slipped 0.6 percent as new share sales absorbed cash and sated buying appetite.

Japan's Nikkei 225 stock average bucked the trend as its financial sector was aided by the report in the Nikkei financial daily. It closed 93.93 points, or 0.9 percent, higher at 10,177.41 — its best finish since Oct. 27.

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