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Choppy stocks: Dow is down about 30 points, but there's little direction to begin the week.
Greece update: They're working on a new interim government that will allow the rescue package to move forward and avoid bankruptcy, at least for now. From AP:
The eurozone ministers will not discuss unfreezing Greece's bailout loans that had been kept on hold while the country sorted its political turmoil, according to a European official, who spoke on condition of anonymity. Paying out those loans will depend on the Greelk government approving the rescue package agreed on Oct. 27, the official said. "Things are headed in the right direction. Today, the national unity seems to be forming in Greece, which is a positive development," said French Foreign Minister Alain Juppe. "But what's important is that the bailout plan for Greece gets ratified."
What about Italy?: That's the new worry - and an Italian default could be a much scarier deal than a Greek default. Prime Minister Silvio Berlusconi continues to lose support, but he's refusing to step down. From the NYT:
Mr. Berlusconi's ability to steer Italy, Europe's third largest economy, has been called into question by a prolonged deadlock in Parliament over the scope of sweeping changes encompassing everything from pensions to privatizations. Lawmakers from his Peoples of Liberty party have begun to openly criticize Mr. Berlusconi, a censure that would have been unthinkable until a few months ago.
NBA talks looking bleak: The owners have given the players until Wednesday to accept a 50-50 revenue split proposal (along with new restrictions on free agency and team payrolls), but it's very doubtful the players will accept. After that, the revenue offer will drop to 47 percent. (NYT)
New Nook from Barnes & Noble: The struggling bookstore chain is introducing the $249 Nook tablet that it hopes will compete with Amazon's $199 Kindle Fire. Company says its device is worth the extra $50 because it has more memory and a faster processor. (All Things Digital)
Disney, YouTube deal: The Mouse House's Interactive Media unit will spend $10 million to $15 million on original video series that will be distributed via a co-branded channel on Disney.com and YouTube. (NYT)
Steve Jobs film at Landmark: This is based on a 70-minute interview with the late Apple CEO that was conducted in 1995. Less than 10 minutes of the interview was used in a PBS documentary. The film will premiere at the Regent in Westwood. (LAT)
Time Warner bids for reality producer: The media giant made an unsolicited offer of $1.4 billion for Endemol NV, creator of "Deal or No Deal" and "Wipeout," the LAT is reporting. Endemol has been in financial trouble.
Departures at O'Melveny: L.A.'s oldest law firm has lost more than 30 partners since January, and revenue is falling. From the Business Journal:
Former partners and industry consultants who work with O'Melveny, many of whom would not speak for attribution, said the firm has stumbled in transitioning from its roots as an L.A.-centric, litigation-heavy firm to a more international, transactional firm centered on New York. They say a divide has opened up between West Coast attorneys who frequent the courtroom and East Coast attorneys who handle mergers, corporate finance and other transactions - stemming from O'Melveny's 2002 acquisition of high-powered New York law firm O'Sullivan.
De Niro to play Madoff: The HBO film will be based on the book, "Truth and Consequences: Life Inside the Madoff Family" by Laurie Sandell. (THR)
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.