Santander to form Uruguay’s biggest private bank

MONTEVIDEO, Dec 23 (Reuters) – The Uruguayan affiliate of
Spain’s largest bank, Santander , said on Tuesday it
had received government approval to incorporate ABN AMRO’s
assets to form the largest private bank in Uruguay.

UPDATE 3-Cerberus to suspend withdrawals from fund-source

NEW YORK, Dec 23 (Reuters) – Cerberus Capital Management
plans to pay 20 percent of year-end withdrawals in
cash and suspend the remaining withdrawals for investors in its
Cerberus Partners fund, a source briefed on the matter said on

UPDATE 1-Blackstone to liquidate two hedge funds

NEW YORK, Dec 23 (Reuters) – Blackstone Group LP
said on Tuesday it plans to liquidate two hedge funds as a lack
of outside investing amid tight credit markets will prevent
them from getting big enough to be meaningful to the company.

UPDATE 1-Knight Capital sees $50 mln gain from Direct Edge deal

Dec 23 (Reuters) – Knight Capital Group Inc said
it sold about 0.9 million of its 2.8 million Direct Edge
Holdings LLC units and its interest in ISE Stock Exchange to
the International Securities Exchange for $47.5 million.

US CREDIT-GM bondholders fret government loan not enough

NEW YORK, Dec 23 (Reuters) – General Motors Corp’s
bonds are facing continuing weakness, even after the automaker
obtained a government loan, as investors fret that the money
will not be enough for GM to overcome slumping car demand and
avoid bankruptcy.

Madoff’s Non-Trading Strategy and the Noels’ Sad Christmas Tale

Each day brings more eye-opening revelations in the Bernie Madoff scandal. Here’s a rundown of the latest: Madoff actually made very few trades in recent years and presumably kept most of the fund’s assets in Treasuries, the WSJ reports. (This explains wh

Recession means hunger at holidays for many

KANSAS CITY, Missouri (Reuters) – A sign outside the Shawnee Community Center states a clear goal: “A World Without Hunger.” But inside, that goal is getting harder to reach.

Biden says deal near on stimulus plan

WASHINGTON (Reuters) – The incoming Obama administration is nearing agreement with congressional Democrats on a huge emergency spending bill intended to jolt the weak U.S. economy and create 3 million jobs over two years, Vice President-elect Joe Biden said on Tuesday.