David Keating News
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The U.S. Supreme Court will consider a Republican challenge to federal limits on the total amount of money individuals can give to candidates, political parties and political committees every two years.
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Mall owners including Simon Property Group Inc. and General Growth Properties Inc., the biggest in the U.S., are signaling they’re moving on from struggling retail centers as the economic rebound drives them to focus on the best-performing markets.
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Sean Noble, a former congressional aide, had an account ready when the U.S. Supreme Court ruled in 2010 that corporations could join wealthy donors and spend freely in federal elections. In less than a year, he had $62 million at his disposal.
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The U.S. Supreme Court refused to relax the disclosure requirements for groups that spend money to influence federal elections, as the justices turned away an appeal from anti-tax and libertarian activists.
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Investor Bill Ackman sold some of his holdings in General Growth Properties Inc. to the company’s largest shareholder as part of an agreement that ends his quest for the mall owner to put itself up for sale.
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Blackstone Group LP , the world’s largest buyout firm, agreed to invest $500 million in General Growth Properties Inc. as part of its restructuring plan as the U.S. Securities and Exchange Commission opened a formal insider- trading probe of some of the mall owner’s officials.
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Brookfield Asset Management Inc. is keeping a tight grip on its stake in General Growth Properties Inc. in a bet the second-largest U.S. mall owner is better off as an independent company that will jump in value.
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“The U.S. economy remains almost comatose....The current slump already ranks as the longest period of sustained weakness since the Great Depression....Once- in-a-lifetime dislocations...will take years to work out. Among them: the job drought, the debt hangover, the defense-industry contraction, the (banking) collapse, the real estate depression, the health-care cost explosion and the runaway federal deficit.”
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Bill Ackman’s Pershing Square Capital Management LP, the second-largest investor in General Growth Properties Inc., urged the mall owner to enter negotiations for a takeover by rival Simon Property Group Inc.
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Simon Property Group Inc.’s bid to invest in General Growth Properties Inc. would give the largest U.S. mall owner too much control over its biggest competitor, said fund manager Bruce Berkowitz, who’s backing a rival plan.
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