Pisani: Greece Is Up

‘Pisani: Greece Is Up (!) for 5th Day’,’S&P futures popped about 5 points as nonfarm payrolls came in slightly better than expected (loss of 36,000 jobs vs. loss of 68,000 expected). Greece is up for the fifth out of the last six days, despite protests in the streets. Premier Wen Jiabao of China pledged to crack down on property speculation. [Read the full article]

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Medallion Financial Corp. (Nasdaq: TAXI – News), a specialty finance company with a leading position servicing the taxicab industry and other niche markets, announced that earnings, or net increase in net assets resulting from operations was a loss of $5,759,000 or $0.33 per diluted common share in the 2009 fourth quarter, compared to income of $2,832,000 or $0.16 per diluted common share in the 2008 fourth quarter. The fourth quarter loss was primarily the result of establishing valuation allowances of $9,342,000 for the Company investments in special purpose acquisition corporations (SPAC), which have ceased operations. Excluding these reserves, earnings would have been $3,583,000 or $0.20 per diluted common share for the 2009 fourth quarter, an increase of 27%. [Read the full article]

Payday lender Dollar Financial Corp. said Thursday afternoon that it has agreed to settle a class-action lawsuit in British Columbia for $24.75 million Canadian dollars. In the lawsuit, the plaintiffs claimed that the business model used by Dollar’s Canadian subsidiary, National Money Mart Co., resulted in the collection of fees in excess of the statutory limit for payday loans made since 1997. In addition, Dollar it received court approval of the previously announced settlement of its comparable Ontario class-action litigation. "Our agreement to settle the British Columbia litigation, coupled with the court’s approval of our Ontario settlement, accelerates our progress in putting behind us the legal challenges to our payday loan product, all of which relate to periods of time before the 2009 adoption in British Columbia and Ontario of payday loan industry regulations,” Dollar Chairman and CEO Jeff Weiss said. [Read the full article]

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