Briefly: Investment firm wants controlling stake in Barnes & Noble

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Posted: Saturday, February 22, 2014 12:00 am

NEW YORK — Investment firm G Asset has offered to buy 51 percent of the Barnes & Noble bookstore chain for about $672 million.

The New York firm says its offer is for $22 per share, 31 percent above the stock’s closing price Thursday. Barnes & Noble has about 60 million shares outstanding.

G Asset wants to spin off the Nook business into its own venture, separate from Barnes & Noble’s retail stores and college bookstores.

New York-based Barnes & Noble said Friday only that it has received the offer. — AP

Credit Suisse admits breaking securities law

Credit Suisse Group AG will pay $196 million to settle charges that it violated federal securities law by providing cross-border financial services for U.S. clients without registering with regulators.

The U.S. Securities and Exchange Commission say the Swiss bank provided these services to thousands of U.S. clients over a seven-year period. Regulators say the bank began to curb this practice in 2008 after a civil and criminal investigation into similar conduct by Swiss-based UBS.

Credit Suisse agreed to the payment and acknowledged wrongdoing to settle the SEC’s charges, the agency said. — AP

Payments by Fannie Mae exceed bailout amount

WASHINGTON — Fannie Mae posted its eighth straight profitable quarter in the final three months of last year and will send the federal government $7.2 billion, pushing its total dividend payments above the cost of the 2008 bailout for the first time, the company said Friday.

The mortgage giant posted $6.5 billion in profit in the fourth quarter of 2013 and a record $84 billion for the year. The dividend payment will bring the total amount Fannie Mae has paid to the Treasury Department to $121.1 billion. That will more than fully offset the $116.1 billion in government aid it received since 2008. — The Los Angeles Times

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