Obama to nominate 3 Federal Reserve governors
Issue date: 5/5/10 Section: Business
The White House announced that President Obama plans to nominate three new governors to the Federal Reserve.
Obama will nominate San Francisco Federal Reserve Bank President Janet Yellen to serve as vice chairman of the central bank.
The two vacancies on the seven-member board would be filled by Sarah Raskin, the Maryland Commissioner of Financial Regulation, and Peter Diamond, a professor at the Massachusetts Institute of Technology.
The members of the Fed board of governors and select Fed presidents from around the country set monetary policy, including interest rates, as part of the Federal Open Market Committee. All three will need to be confirmed by the Senate
HP to buy Palm for $1.2 billion
Hewlett-Packard announced that it would buy struggling smart phone maker Palm for $1.2 billion.
HP which is known more for its computers, notebooks and printers than its smart phones -- will buy Palm or $5.70 a share in cash, a 23% premium over Palm's closing price of $4.64.
After hours, shares of Palm soared 28%, while shares of HP fell less than 1%.
Palm was the subject of takeover rumors for months, as the company has struggled to sell its Pre and Pixi smart phones. Sales disappointed, even after the Pre and its smaller sister, the Pixi, came to No. 1 mobile carrier Verizon Wireless.
In February, Palm Chief Executive Jon Rubinstein said that 2010 sales would be "well below" its forecasts, and investors responded by cutting the stock's value by half in less than a month.
Compiled by LaToya Pickett•
Obama will nominate San Francisco Federal Reserve Bank President Janet Yellen to serve as vice chairman of the central bank.
The two vacancies on the seven-member board would be filled by Sarah Raskin, the Maryland Commissioner of Financial Regulation, and Peter Diamond, a professor at the Massachusetts Institute of Technology.
The members of the Fed board of governors and select Fed presidents from around the country set monetary policy, including interest rates, as part of the Federal Open Market Committee. All three will need to be confirmed by the Senate
HP to buy Palm for $1.2 billion
Hewlett-Packard announced that it would buy struggling smart phone maker Palm for $1.2 billion.
HP which is known more for its computers, notebooks and printers than its smart phones -- will buy Palm or $5.70 a share in cash, a 23% premium over Palm's closing price of $4.64.
After hours, shares of Palm soared 28%, while shares of HP fell less than 1%.
Palm was the subject of takeover rumors for months, as the company has struggled to sell its Pre and Pixi smart phones. Sales disappointed, even after the Pre and its smaller sister, the Pixi, came to No. 1 mobile carrier Verizon Wireless.
In February, Palm Chief Executive Jon Rubinstein said that 2010 sales would be "well below" its forecasts, and investors responded by cutting the stock's value by half in less than a month.
Compiled by LaToya Pickett•
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