The Weirdest News of the Weekend: Hooters Claims Rival Restaurant Stole ‘Trade Secrets'

HuffPo writes that Hooters, the restaurant chain famous for its scantily clad Hooters Girls, sued the partner of an upstart rival in Georgia federal court this week, accusing the company developing Twin Peaks restaurants and a former Hooters executive of stealing trade secrets in their bid to take on the “delightfully tacky yet unrefined” restaurant chain.

In their lawsuit, Hooters claims that Joseph Hummel, former Hooters vice president, jumped ship to help develop the similarly themed Twin Peaks restaurants (motto: “Eats, Drinks, Scenic Views”) in July and took “sensitive business information” with him. The alleged trade secrets apparently involve more than just skimpy waitress outfits. According to the suit, in the weeks leading up to his departure to Twin Peaks development partner La Cima Restaurants, Hummel downloaded and emailed to his private account a “substantial volume” of Hooters documents, including plans related to management, recruitment, distribution and sales.

Although Hooters has more than 400 locations throughout the country, the two so-called breastaurant companies could soon have a rivalry in Georgia and other parts of the Southeast. According to the lawsuit, Hummel’s departure coincided with a number of other high-ranking defections from Hooters to La Cima, including former Hooters CEO Coby Brooks. Hummel is now chief operating officer at La Cima, which, like Hooters, is based in Atlanta….

Read more at http://www.huffingtonpost.com/2011/09/30/hooters-lawsuit_n_988972.html

What Hard Landing? China’s Manufacturing Index Rises to Four-Month High on Exports

The rest of the developed world is verging on recession or something approaching it. Yet aA Chinese manufacturing index advanced for a second month in September, as a measure of new export orders rebounded to the highest level since May, according to BusinessWeek.

The Purchasing Managers’ Index was at 51.2, compared with 50.9 in August, the China Federation of Logistics and Purchasing said in a statement yesterday. The median estimate in a Bloomberg News survey of 13 economists was for a reading of 51.1. A level above 50 indicates expansion.

September’s manufacturing reading, the highest in four months, suggests the world’s second-largest economy is weathering Premier Wen Jiabao’s campaign against inflation that has included higher interest rates, lending curbs and home- purchase limits. Room for further tightening may be limited by a heightened risk of recession in the U.S. and euro-area economies and the impact of that on Chinese exports.

The manufacturing index compiled by the logistics federation and National Bureau of Statistics is based on a survey of purchasing managers in more than 820 companies in 20 industries. It hasn’t fallen below 50 since February 2009. In contrast, a separate manufacturing index released Sept. 30 by HSBC Holdings Plc and Markit Economics indicated a third straight month of contraction. The reading of 49.9 was unchanged from August and higher than the preliminary figure of 49.4...

Find out more at http://www.businessweek.com/news/2011-10-01/china-s-manufacturing-index-rises-to-four-month-high-on-exports.html

B Of A Protests: Dozens Arrested At Company's Boston Offices

Police have arrested two dozen protesters for trespassing during a demonstration against Bank of America's foreclosure practices at the banking giant's offices in downtown Boston.

"They wanted to be arrested, and we obliged," Boston police Commissioner Edward F. Davis told the newspaper.

Organizers say about 3,000 people joined the protest. Bank of America spokesman T.J. Crawford dismissed the demonstration as a publicity stunt.

There was no mention of Bank of America's planned debit card fees, which recently have generated headlines and frustrated customers nationwide….

http://www.huffingtonpost.com/2011/10/01/bank-of-america-protests_n_990100.html

Morgan Stanley Cruised for a Bruising

Shares of Morgan Stanley sank 10% on Friday as the New York company continued fending off rumors about its exposure to troubled debt in Europe, according to the Wall St Journal,

The slump ended a month of harrowing volatility for investors in Morgan Stanley. Of the six largest U.S. banks, Morgan Stanley shares moved the most on 10 trading days in September, twice as many as Citigroup Inc.

The concern with Morgan Stanley stems from its small size relative to other global financial firms and its reliance on debt markets, rather than customer deposits, to fund its business.

As jitters about potential European debt defaults grow, ..

Read more at http://online.wsj.com/article/SB10001424052970203405504576603253719110960.html?mod=WSJ_article_forsub

Buffett: Tax Rich Money Shufflers to Ease Burden on American Families

Warren Buffett, the billionaire who partnered this year with President Barack Obama to push for tax increases on the wealthy, urged policymakers to target gains made by speculators with short-term investment horizons, according to those good folks at Bloomberg.

“If you give me a choice between taking $1,000 from 20 million families or hitting 50,000 people who shuffle money around all day, I’ll take it from the people who shuffle money,” Buffett told Bloomberg Television’s Betty Liu today in an interview from the floor of the New York Stock Exchange.

Buffett, 81, built a fortune of more than $35 billion by picking stocks and making takeovers as chief executive officer of Berkshire Hathaway Inc. (BRK/A) His buy-and-hold investment approach made Omaha, Nebraska-based Berkshire the biggest shareholder in companies including Coca-Cola Co., American Express Co. and Washington Post Co.

“Somebody that buys a stock-index future and sells it 10 seconds later and gets 60 percent by long-term gains -- he would have a different world to live in,” Buffett said of his push for changes to the tax code….

http://www.bloomberg.com/news/2011-09-30/buffett-says-tax-rich-money-shufflers-to-ease-families-burden.html

We May Soon Find Out What The “Unique Constellation Of Ailments Ravaging” Raj Rajaratnam’s Body Are, Specifically

According to Dealbreaker on October 13, Judge Richard Holwell will pass down a sentence for convicted insider trader, Raj Rajaratnam. If the prosecution has its way, the Galleon Group founder will go away for twenty-four years. Obviously, the defense would prefer a little less time and in August, following Raj’s brother’s unsuccessful appeal for people to send character letters to the judge asking for lenience, turned to Plan B: breaking the news that Raj is suffering from a disease the likes of which you can’t even imagine, noting in a court filing that he will die from “unique constellation of ailments ravaging his body” if given anything even approaching twenty years. This, clearly, was well-played.

Could Rajaratnam very well have a bunch of rare diseases that would be too difficult to treat in the joint? Sure. The prosecution, however, is betting that the constellation of ailments ravaging his body are less deadly than the defense would have us believe, and more along the lines of diabetes + athlete’s foot + seasonal allergies. Is his body truly being attacked by forces most doctors have never even heard of? Is his condition really too delicate to withstand a sentencing longer than 6 months and some community service? The prosecution is now saying PROVE IT. Stay tuned, sports fans. Don't touch that dial!

Find out more at http://dealbreaker.com/2011/09/we-may-soon-find-out-what-the-%E2%80%9Cunique-constellation-of-ailments-ravaging-raj-rajaratnams-body-are-specifically/

What Foreclosure Talks? California Drops A Bomb On The Banks

Move Is Serious Blow to Federal and State Effort to Reach $25 Billion Deal With Banks Over Questionable Practices, the Wall St Journal writes.

California Attorney General Kamala D. Harris pulled out of settlement negotiations with the nation's biggest banks over alleged foreclosure abuses, calling the proposed deal "inadequate for California homeowners." The decision by Ms. Harris delivers a serious blow to efforts by the Obama administration and 50 state attorneys general to forge a $25 billion settlement with the nation's largest banks over "robo-signing" and other questionable foreclosure practices.

Her actions follow the withdrawal of New York from the talks. Without the participation of California and New York in the negotiations, banks will be far less likely to agree to the multibillion dollar ...

In a letter sent Friday to Associate U.S. Attorney General Thomas Perrelli and Iowa Attorney General Tom Miller, who have been leading the negotiations, [California AG Kamala D] Harris said her decision to break off from the group was driven in part by those two key concerns. "It became clear to me that California was being asked for a broader release of claims than we can accept and to excuse conduct that has not been adequately investigated," she said.

She added that "the relief contemplated would allow too few California homeowners to stay in their homes." Ms. Harris also cited a recent "troubling surge in foreclosures," which had plummeted in the wake of the robo-signing scandal...

Find out more at
http://online.wsj.com/article/SB10001424052970204226204576603282938462192.html