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This fiscal year, aided by sales of 13 million rereleased Beatles albums, EMI's record division is expected to make $312 million, with the publishing sector bringing in an additional $218 million. That will cover Terra Firma's interest bill of about $350 million. But it's not enough to keep Citigroup happy - the bank had agreed to lend the venture-capital firm $4.2 billion only if EMI could hit certain performance targets. As EMI's accounts dolefully note, there is a "significant shortfall" between the profit likely to be generated in 2010 and the target previously agreed upon...
Hands, now living as a tax exile on the island of Guernsey in the English Channel, needs to inject about $200 million into the business by the summer; otherwise, Citigroup gets the keys. His allies say he can raise the money from third-party investors, but that is only enough to keep EMI out of the bank's hands for 12 more months. What Hands really needs is a deal with Citigroup to slash EMI's debts. But like any good band in crisis, Hands and his onetime partners at Citigroup have fallen out. (See the top 10 albums...
...hired by Lazard to be a vice chairman of its U.S. investment bank. Lazard paid its employees an average of $505,000 in 2009, slightly more than Goldman Sachs. Young, most likely, got considerably more. Thain, for his new job, will be getting an annual salary of $6 million, of which $500,000 will be in cash and the rest in restricted stock...
October 2009: Toyota recalls 3.8 million vehicles on the grounds that floor mats can trap the pedals. Despite reportedly suspecting problems with pedal design following the Lexus crash, the NHTSA denies the petition made in April; in its report, the administration says "the only defect trend" is the floor-mat problem, and since Toyota already issued a recall, the "contentions that any further investigation is necessary are unsupported...
...Toyota recalls approximately 2.3 million more vehicles because of sticking pedals...