TPM News

Former Goldman Sachs director Rajat Gupta is going to surrender to the FBI tomorrow to face criminal charges, a person familiar with the investigation told Reuters. He had been listed as an unindicted co-conspirator in the trial of Raj Rajaratnam earlier this year.

The Wall Street Journal has more:

The details of the charges, which were sealed, couldn't immediately be determined. But prosecutors and the Securities and Exchange Commission have said in filings and in court that Mr. Gupta gave Mr. Rajaratnam details he had learned at Goldman board meetings in 2008 about a $5 billion investment in the bank by Warren Buffett's Berkshire Hathaway Inc. and about Goldman's first ever quarterly loss as a public company.

According to evidence presented at Mr. Rajaratnam's trial, Mr. Gupta called him within minutes of learning confidential details at Goldman board meetings. Mr. Gupta also allegedly leaked information about P&G's corporate earnings.

Big blue made history today by appointing its first female CEO in its over 100 years of existence.

Virginia Rometty, 54, formerly IBM's head of global sales and a board member at American International Group (AIG), will take over the reigns of IBM on January 1, 2012, when current IBM CEO and chairman Samuel J. Palmisano, 60, steps down after nine years of being in control of the company. He'll remain on as chairman of IBM's board, which voted to elect Rometty to the post.

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No, it's not Solyndra that's in trouble this time.

The board of America's largest solar panel company, First Solar, shocked investors and industry analysts alike by announcing on Tuesday that it had fired CEO Robert Gillette and asked former CEO and company founder Mike Ahearn to replace him in an interim spot until a new permanent leader could be found. Shares of First Solar, which had already declined 63 percent throughout the past year, nosedived, falling over 25 percent in the hours following the announcement.

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Democratic San Francisco Mayor Edwin M. Lee, appointed after former Mayor Gavin Newsom resigned to become Lieutenant Governor of California, originally pledged not to run in this November's mayoral election. But in August he reversed his decision -- and now we know why: He's simply too legit to quit.

At least, so say musicians and MC Hammer, along with San Francisco Giants pitcher Brian Wilson and others, in a new web video.

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The birther website World Net Daily might have gotten the publishing rights to Jack Abramoff's forthcoming memoir, but Tucker Carlson's Daily Caller gets to host the book party.

Invites are out for a Nov. 15 event at Carlson's D.C. home, where they'll toast Abramoff's new book: Capitol Punishment: The Hard Truth About Washington Corruption From America's Most Notorious Lobbyist, which drops Nov. 1.

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Talk about your unforced errors.

Former Mass Gov. Mitt Romney stopped by a phone bank staffed by Republican faithful today to cheer on their efforts trying to stop the repeal of SB 5. The bill curtails collective bargaining rights. Supporters say the law is necessary to contain the state budget, and is set to face a referendum vote on November 8th. The bill was passed by the Republican Legislature, signed by the Republican Governor, and has the support of many conservative groups who are on the ground in Ohio trying to stave off the repeal vote.

So when Romney showed up to rally the pro-SB 5 political operation, it was a bit of a shock to conservatives who have been working to stop repeal when he said the following, picked up by CNN:

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At the request of the Senate Finance Committee, the Congressional Budget Office has produced a report analyzing trends in the distribution of household income from 1979 until 2007 -- just before the economy fell off a cliff.

The results will be familiar to economists and policy wonks, but they're eye-popping. These charts and graphs tell a story of a massive income growth in the Reagan and post-Reagan years, and particularly during the George W. Bush administration -- but only for the famous 1 percenters.

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