Tag Archive | "time"

DoubleClick challenger OpenX raises $20M from SAP

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openx-teamOpenX, an online advertising company whose customers include deals service Groupon and news site Business Insider, just announced that it has raised $20 million in a fourth round of funding.

The Los Angeles-based company bills itself as an open source alternative to ad serving products like Google-owned DoubleClick. In February, it launched its latest product, OpenX Enterprise, which includes both an ad server and an ad exchange. At the time, chief revenue officer Jason Fairchild described OpenX Enterprise as the company’s first product to really beat the competition on technology, not just price, for example by giving advertisers a more holistic view of their ad inventory.

OpenX says that revenue has grown nearly 600 percent in the past year, and it notes that it’s growing internationally thanks to partnerships with Dentsu-cci in Japan and Orange-France Telecom in Europe.

The company has now raised more than $50 million. The new round was led by SAP Ventures. Other new investors include AOL Ventures, Mitsui & Co. Global Investment, and the Sumitomo Corporation’s investment vehicle Presidio Ventures. Past investors Accel Partners and Index Ventures also participated.

In a press release, chief executive Tim Cadogan said:

Having new investors representing one of the world’s largest enterprise companies (SAP), one of the world’s largest internet pure-plays (AOL) and two of the most important global Asian trading firms (Mitsui and Sumitomo) all coming together to invest in the global technology platform company we are creating is — we believe — a compelling and powerful mix.

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Article courtesy of VentureBeat » deals

Opening Bell: 05.31.11

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2nd banker in hotel sex bust (NYP)
Mahmoud Abdel-Salam Omar — the 74-year-old former chairman of Egypt’s Bank of Alexandria — allegedly groped and “gyrated” against the maid in Room 1027 at The Pierre hotel on Fifth Avenue, a law-enforcement source told The Post. He was wearing a bathrobe at the time, but it was not clear what, if anything, he had on under it.

Greek Aid Package To Be Decided By June (Bloomberg)
Inspectors from the EU, the International Monetary Fund and the European Central Bank are set to wrap up a review of Greece’s progress in meeting the terms of last year’s 110 billion-euro ($158 billion) bailout in coming days. The EU will then formulate its plan for further aid to Greece, which remains shut out of financial markets a year after the rescue package.
“We are waiting for their final judgment,” Juncker, who is also Luxembourg’s prime minister, said yesterday in Paris after meeting with French President Nicolas Sarkozy. “Their position will partly determine our position, so it’s too early. We will try to solve the Greek problem by the end of June.”

Japan recovery takes hold, but debt downgrade looms (Reuters)
Japan’s economy offered more signs of recovery from the deadly March earthquake on Tuesday, but Moody’s ratings agency warned both growth and government action may fall short of what is necessary to bring Tokyo’s ballooning debt back under control.

Goldman Sachs names ex-Sen. Gregg to advisory post (Businessweek)
Goldman Sachs Group Inc. said Friday that it has hired former U.S. Senator Judd Gregg as an international adviser.

Libya’s Goldman Dalliance Ends in Losses, Acrimony (WSJ)
In early 2008, Libya’s sovereign-wealth fund controlled by Col. Moammar Gadhafi gave $1.3 billion to Goldman Sachs Group to sink into a currency bet and other complicated trades. The investments lost 98% of their value, internal Goldman documents show…In an effort to make up for the losses, Goldman offered Libya the chance to become one of its biggest shareholders, according to documents and people familiar with the matter.

Lagarde has G8 backing (Reuters)
G8 leaders all back French Finance Minister Christine Lagarde’s bid to run the IMF, Foreign Minister Alain Juppe said Sunday, as she attacked a call to investigate her role in a 2008 legal case that may harm her chances.

Wall Street ‘mispriced’ LinkedIn’s IPO (FT)
Peter Thiel, an early Facebook investor and co-founder of PayPal, said banks did not understand the full potential of the latest internet companies and warned that the next Silicon Valley darlings would negotiate hard when their turn comes to go public. “Whenever a stock price goes up as much as it does with LinkedIn, you assume the IPO was mispriced and the bankers screwed up,” said Mr Thiel, an investor in LinkedIn since its launch. “There continues to be a certain antipathy by Wall Street banks toward Silicon Valley companies where they don’t quite believe it’s real.”

At I.M.F., a Strict Ethics Code Doesn’t Apply to Top Officials (NYT)
At the International Monetary Fund, there is one set of ethics guidelines for the rank-and-file staff and another for the 24 elite executive directors who oversee the powerful organization. Over the last four years, the fund has tightened internal systems for catching ethical misconduct among its 2,400 staff members, establishing a telephone hot line for complaints like harassment; publishing details of complaints in an annual report; and empowering an ethics adviser to pursue allegations, which last year led to at least one dismissal. But the fund’s board members remain largely above these controls. The ethics adviser, for example, is not able to investigate any of them.

Strauss-Kahn assembles crisis team to fight back (Reuters)
Faced with a legal and media onslaught, Dominique Strauss-Kahn is pulling together a crack team of investigators, former spies and media advisers to fight back against charges he sexually assaulted a hotel chambermaid.

‘Bad-tipper’ Strauss-Kahn has food, patio furniture delivered; turns away balloons (NYP)
“They never tip,” said a sweaty Danny Cotto after dropping off a box from Espresso Coffee at around 6 p.m. at the luxe TriBeCa town house…He took in a six-bag grocery order that included healthy fare like boneless, skinless chicken breast, Lean Cuisine meals and Crystal Light.

DSK using man-power to clean up (NYP)
Dominique Strauss-Kahn has hired an all-male cleaning staff to do his dirty work at his TriBeCa townhouse, where he’s awaiting trial for allegedly forcing himself on a hotel maid.

Concerns mount over rising buy-out debt levels (FT)
Joseph Schull, European head of US private equity group Warburg Pincus, warned that his industry should not repeat mistakes made during its heyday in 2006 and 2007, when some companies were bought with excessive loan packages…Howard Marks, chairman of Oaktree Capital Management, a US private equity group investing in distressed assets, wrote in a note to clients last week: “In most regards the capital markets – and investors’ tolerance of risk – are retracing their steps back in the direction of the bubble-ish pre-crisis years.”

A FrontPoint Founder Tries Again With a New Firm (DealBook)
After Mr. Duff helped to orchestrate the sale of FrontPoint to Morgan Stanley in 2006, he struck out on his own, starting Duff Capital Advisors…With the markets in disarray, clients never materialized and Duff Capital shut down in May 2009…Now, Mr. Duff, a former top executive at Morgan Stanley, is trying again. His new firm, Massif Partners — which like FrontPoint has a name that refers to his passion for mountain climbing — is building off the blueprint of Duff Capital and focusing on pensions.

Russia’s Central Bank Signals Interest-Rate Pause After Surprise Increase (Bloomberg)
Bank Rossii, the central bank, yesterday raised its overnight deposit rate to 3.5 percent from 3.25 percent, surprising 11 of 20 economists in a Bloomberg survey. It left the refinancing and overnight repurchase rates unchanged after a quarter-point increase in April, saying in a statement that borrowing costs may be at the level necessary to tackle inflation and promote growth “for the nearest months.”

For Insurers, Bad—but Not Bad Enough (WSJ)
The deadly outbreak of tornadoes across the U.S. since late April is expected to cost the insurance industry more than $5 billion, according to disaster-modeling firm Eqecat. That puts weather-related losses in the U.S. so far this year in the range of $13 billion to $15 billion, three to four times a typical year. Add in catastrophes like the earthquakes in New Zealand and Japan, and disaster-related losses for the industry are estimated to be upward of $50 billion this year…”I think things are now bad enough to be good enough,” says Meyer Shields, an analyst at Stifel Nicolaus. Bad enough, that is, that the industry will be forced to start raising premiums later this year or early next. That would immediately benefit major insurance brokers such as Aon Corp. and Marsh & McLennan Cos. Indeed, their shares are up more than 10% this year, roughly double the broader market.

Analyst: Chipotle expands test of chorizo (NRN)
Chipotle Mexican Grill has expanded a test of a new chorizo sausage that, if rolled out, would be the chain’s first new meat option in years, a securities analyst said Friday.

Hackers Disrupt PBS Web Site and Post a Fake Report About a Rap Artist (NYT)
The PBS Web site briefly carried a fake article claiming that the famed rapper Tupac Shakur was alive and living in New Zealand after a group of hackers took over the organization’s computer systems on Saturday night.

Article courtesy of Dealbreaker

Microsoft: Positive Prospects For Win ‘Next’/ ’8′, Says Citi

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Amidst rumors that Microsoft (MSFT) is making progress on the next version of its Windows operating system, which may be “Windows 8,” but which is being referred to at the moment as “Windows Next,” and which is expected to make changes to accommodate tablet computers, Citigroup’s Walter Pritchard this morning offers some thoughts on what to expect and what it means to Microsoft.

He sees a beta version by September 15th, he’s not sure if the software will have sufficient “eye candy,” and he thinks that it’s not too late for WIndows to become number two in tablet software behind Apple’s (AAPL) iOS.

Regarding the time frame, Pritchard bases his analysis on what seems to be publicly available commentary from the company, as well as his knowledge of Microsoft’s historical pattern of software releases:

Microsoft has announced “that the next version of Windows will support a new kind of hardware, system-on-a-Chip (SoC) architectures, that will power the next generation of devices” at CES 2011. […] We believe the product shown on stage employed working code and suggest to us that the Microsoft is farther along in the Windows “Next” development process than many expect. The company has repeatedly stated that “24-36 months” between releases is the appropriate timeframe to consider for the launch of the next Windows operating system. With Windows 7 having been released in October 2009, a strict mapping of the “24-36 month” timeline would suggest a release as early as October 2011 and as late as October 2012 release.

What’s more, Microsoft still has lots of “goodwillamong developers, so those coders may fall in line. The appeal for Microsoft’s enterprise customers would be stronger than for the consumer market, he thinks.

From a financial perspective, tablet prices are not so much the concern for Microsoft: “Are tablets a good business? Yes, but it all comes down to unit shipments. We don’t believe ASPs are the most important question.”

Pritchard is not sure the next Windows “will be a raving success,” as he puts it, but the stock is so cheap, the expectations so low, it’s worth a bet in his mind: he reiterates a Buy rating and a $35 price target.

Microsoft shares today are up 18 cents, or 0.7%, at $24.85.

Article courtesy of Tech Trader Daily

Amazon: Bajarin Sees 7″, 10″ Tablets Targeting Android Also-Rans

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Creative Strategies tech analyst Tim Bajarin, a longtime Silicon Valley observer, writes in PC Magazine today that we’ll be hearing a lot more in coming weeks about two tablet computers coming this year from Amazon.com (AMZN), a 7-inch and 10-inch model, perhaps priced at $349 and $449, respectively. 

Bajarin thinks the tablet is aimed more at existing tablets based on Google’s (GOOG) “Android” operating system than at Apple’s (AAPL) iPad. The iPad has the apps and the content to survive, but the existing Android tablets lack that, and so providing the “ecosystem” for Android is where Amazon can have a competitive edge, he opines. 

Now, I have to laugh a little bit, because when I talked with Tim about Apple producing a tablet computer in August of 2009, he told me he thought the “speculation” at the time was suspect, and he basically pooh-pooh’d the idea. (“Apple’s Got That Glow Again,” August 3rd, 2009.) But I actually think Tim simply knew more than he was willing to talk about at the time (perhaps under pain of excommunication from all things Apple), so I’m actually inclined to think he’s plugged in and knows what he’s talking about. We’ll see. 

Article courtesy of Tech Trader Daily

Opening Bell: 05.20.11

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Goldman Braces for Federal Subpoenas (WSJ)
Goldman Sachs executives expect to receive subpoenas soon from U.S. prosecutors seeking more information about the securities firm’s mortgage-related business, according to people familiar with the situation. Officials at the New York company believe the Justice Department will demand certain documents and other information, possibly within days, these people said.

FrontPoint Partners to Close Funds After Redemption Requests (Bloomberg)
FrontPoint Partners LLC will close some of its hedge funds after clients asked to withdraw money amid charges a manager benefited from an illegal stock tip. “We have received capital redemption requests from some of our clients,” Steve Bruce, a spokesman for Greenwich, Connecticut-based FrontPoint said in a statement today. The firm “will be winding down select strategies.” FrontPoint oversaw $7 billion at the start of November before Chip Skowron, a co-portfolio manager of its health-care funds, was tied to claims by prosecutors that the firm got advance notice on drug-trial results. U.S. officials are pursuing a crackdown on insider-trading at hedge funds, with more than 40 people pleading guilty or facing criminal charges or civil lawsuits for benefiting from non-public information.

Flood of Fees Flows Into Bank Coffers (WSJ)
Fees from IPOs already total $1 billion this year, double the level of last year, and are on pace to hit $2.5 billion, said Richard Peterson, an analyst at Standard & Poor’s Corp. Except for 2006, it would be the biggest year for IPOs in the U.S. since the tech boom ended in 2000.

At I.M.F., Men on Prowl and Women on Guard (NYT)
The laws of the United States do not apply inside its walls, and until earlier this month the I.M.F.’s own rules contained an unusual provision that some experts and former officials say has encouraged managers to pursue the women who work for them: “Intimate personal relationships between supervisors and subordinates do not, in themselves, constitute harassment.” “It’s sort of like ‘Pirates of the Caribbean’; the rules are more like guidelines,” said Carmen M. Reinhart, a prominent female economist who served as the I.M.F.’s deputy director for research from 2001 to 2003. “That sets the stage, I think, for more risk-taking.”

Long-Ago Affair Might Damage Turkish Candidate’s Chances to Lead I.M.F. (NYT)
But, [Kemal] Dervis, it turns out, has a secret that could disqualify him from being considered for the job. Years ago, while a senior executive at the World Bank, he had an affair with a female subordinate who now works at the I.M.F., according to a person with direct knowledge of the affair.

Contrarian Investor Shuns Hot Idea for Bigger Picture (DealBook)
Mr. Thiel is shunning the most popular Internet start-ups because they are not “taking civilization to the next level.” Instead, he’s placing bets in health care, biotechnology and artificial intelligence companies — areas most of his peers have shied away from…According to Mr. Thiel, not enough energy is spent tackling big, challenging problems, like space exploration. Instead, many people are chasing incremental progress and short-term gains.

Fed Sells Out Latest AIG Bond Offering (WSJ)
The Federal Reserve Bank of New York on Thursday sold all 29 subprime mortgage bonds on offer in its latest sale from a portfolio of securities acquired from American International Group. The securities, held in a legal entity called Maiden Lane II, sold for what the Fed had estimated their fair current value to be, $878.6 million. The debt was part of a clutch of so-called toxic bonds the central bank acquired when it rescued the failing insurer in 2008.

Citigroup Adds Wolfe to Lead Venture Capital in Tech, Media (Bloomberg)
Wolfe is taking a newly created position at the New York- based bank after working at Union Square Advisors LLC, where he managed venture capital and private equity sponsor coverage, according to a memo to Citigroup employees obtained by Bloomberg News. Citigroup added Union Square co-founder Ethan Topper in April to head global technology banking.

Bank of Japan Refrains From Adding Stimulus (Bloomberg)
The Bank of Japan’s policy board unanimously voted to maintain monetary policy even after a report yesterday showed the country slipped into a recession following a record earthquake. Governor Masaaki Shirakawa and his eight colleagues decided to maintain a 30-trillion yen ($370 billion) credit program and a 10-trillion yen asset-purchase fund that represent the bank’s main policy tools.

Bundesbank Says German Economy to Weaken (Bloomberg)
“Growth is likely to ease somewhat in the foreseeable future,” the Frankfurt-based Bundesbank said in its monthly bulletin published today. The economy’s 1.5 percent growth rate in the first quarter from the previous three months “considerably overstates the underlying economic momentum. Output growth was clearly lifted during the reporting period by backloading and catching-up effects.”

Senate Democrats won’t release their spending plan (WaPo)
Senate Democrats decided Thursday not to release their spending plan to counter the budget blueprint approved last month by House Republicans, saying they will wait to see whether talks at the White House produce a compromise plan for reining in the national debt.

Tepco chief quits after $15 billion loss on nuclear crisis (Reuters)
Tokyo Electric Power Co reported a net loss of $15 billion on Friday to account for the disaster at its Fukushima nuclear power plant, marking Japan’s biggest non-financial loss, and it warned its future was uncertain.

Liberty Media Bids for Barnes & Noble (WSJ)
John Malone’s Liberty Media Corp. made an offer Thursday to acquire Barnes & Noble Inc. for $1.02 billion, a dramatic turn for the nation’s largest bookstore chain—which put itself up for sale last summer but struggled to find a buyer as the outlook for traditional booksellers soured. The proposed deal represents a 20% premium over Barnes & Noble’s share price in 4 p.m. New York Stock Exchange trading Thursday.

Ex-Teammate: I saw Lance Armstrong use EPO (CBS 60 Minutes)
A former teammate of perhaps the world’s greatest cyclist, Lance Armstrong, says he used banned performance-enhancing substances with Armstrong to cheat in pro races, including the Tour de France, the sport’s ultimate event…[Tyler] Hamilton says Armstrong used EPO, a drug that boosted endurance by increasing the amount of red blood cells in his body, to win the 1999 Tour de France, the race he won an astonishing seven times. “I saw [EPO] in his refrigerator…I saw him inject it more than one time like we all did, like I did many, many times.”

Harold Camping: The Man Behind ‘Judgment Day,’ May 21, 2011 (HuffPo)
He made a similar prediction in the 1990s but later said he didn’t look close enough at the Book of Jeremiah. This time around, he’s absolutely certain.

Article courtesy of Dealbreaker

Dominique Strauss-Kahn Was A Big Fan Of This- ;)

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If you’ve been keeping up with the Dominque Strauss-Kahn story, you may recently have hit your disgust overload (and if you haven’t, take a gander at Ben Stein’s analysis). The IMF chief, currently bunking at Riker’s and said to be on suicide watch, was been accused of sexually assaulting a hotel maid over the weekend; while DSK is of course innocent until proven guilty, the fact that many women have come out of the woodwork to speak not very highly of his character, and, more so, that his defense quickly changed from having lunch with his daughter and not being in the hotel at the time of the allegations to being there but the encounter being “consensual” does not look good. And if, as some conspiracy theorists believe, DSK did not do anything wrong but was set up, that would be pretty vile, too. This morning, however, one thing did emerge that could prove to be a small but bright light in an otherwise very dark story. Naturally, we speak of the case against emoticons.

According to the Times:

Mr. Strauss-Kahn is known to carry two BlackBerrys with him — one encrypted and the other not — to stay in constant touch. Those on the receiving end say his messages often come adorned with two smiley faces.

In the event he is found guilty, those of us who are violently anti-emoticon can be content to have this conclusive evidence tying the use of the skin-crawling symbols to sick fucks and/or criminal activity. QED.

Atop I.M.F., Contradiction and Energy [NYT via Daily Intel]

Article courtesy of Dealbreaker

This Is How The Head Of The IMF Conducts Interviews, According To Another Alleged Victim

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This is an account from Tristane Banon, who earlier this week said she intends to file a complaint against Dominique Strauss-Kahn.

In the clip the blonde Miss Banon, 22 at the time of the incident, tells a group of well-known journalists and actors she had requested a chat with Mr Strauss-Kahn for a book of interviews with leading French figures about the “biggest mistake you ever made”. She arrived at a studio with little more than a bed in it. She said he had insisted on holding her hand during the interview, then her arm and then made advances to her. There was no independent confirmation of her allegations.

“It ended really badly. We ended up fighting. It finished really violently,” the clip shows her saying. “We fought on the floor. It wasn’t a case of a couple of slaps. I kicked him, he unhooked my bra, he tried to open my jeans,” she said. The politician acted, she said, like a “chimpanzee on heat”. “I said the word ‘rape’ to scare him but it didn’t seem to scare him much, which suggests he was used to it,” she said.

[Telegraph via BI]

Article courtesy of Dealbreaker

HP: JP Morgan Cuts To Neutral; That Makes 11

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These go to 11: The downgrade party continues on Hewlett-Packard (HPQ), with JP Morgan’s Mark Moskowitz overnight cutting his rating on the shares to Neutral from Overweight, and cutting his price target to $42 from $55. That follows the ten downgrades I reported yesterday.

Yesterday’s cut in outlook is likely not the last for the company, he argues, given that the problems in the services business were unforeseen.

We believe investors had been expecting continued weakness in consumer PCs and potential supply chain disruptions due to the Japan disasters, but the elongating services overhaul and the second guidance reset in a row stand to depress investor sentiment in the near to mid term, weighing on the P/E multiple.

Moskowitz also thinks management has some explaining to do:

Beyond the new CEO transition, we think that investors are disappointed with three dynamics of unfriendly shareholder activity. First, there were the relatively expensive acquisition prices for ArcSight and 3PAR last summer. Second, there is the September 28 analyst meeting and its message of F2011 guidance being a “lay-up.” Third, there is the series of two-consecutive resets to numbers (Feb. 22 and May 17), when the company appeared resolute and adamant on February 22 that the revised outlook at the time was very conservative.

HP shares today are down 82 cents, or 2%, at $36.09.

Article courtesy of Tech Trader Daily

Dell: Targets, Estimates Up, But Can They Maintain Margins?

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Shares of Dell (DELL) are up 67 cents, or 4%, at $16.57 this morning, following better-than-expected fiscal Q1 results last night and a reaffirmation of its year outlook.

(I would note that Hewlett-Packard (HPQ) shares continue to trade down this morning, following a raft of downgrades yesterday. The stock is currently off 67 cents, almost 2%, at $36.24.)

No upgrades so far this morning, that I can see, but estimates and price targets are going up all around, but there is still a substantial caution about whether Dell can maintain its operating profit margin, given that it was margin that allowed the company to beat earnings last night even as it missed revenue estimates:

Kevin Hunt, Auriga: Reiterates a Buy rating, and a $25 price target. Hunt raised his full-year EPS estimate to $1.86 from $1.65, leaving essentially unchanged his EPS estimate of $64.7 billion. The question is margin, he suggests, and what to believe: “Dell increased its full year operating income guidance to a range of 12-18% y/y growth from a prior view of 6-12%. While that is impressive growth, it is far short of the 74% y/y growth just posted by Dell in the first quarter, and implies a significant deceleration in margins as the year progresses, with negative profit growth later in the year, at a time when revenue is being guided upward.” Probably just being conservative, says Hunt, but it’s also possible PC pricing gets more “aggressive” this year, or component pricing rises. “So some caution does appear prudent.”

Brian Marshall, Gleacher & Co.: Reiterates a Neutral rating, while raising his price target to $16 from $15, though he’s not convinced Dell can maintain its operating margin improvement. “Management’s FY12 operating income guidance is for growth of 12-18% Y/Y. This implies an operating margin outlook of 7.0% at the midpoint of guidance (i.e., a material decline over the next three quarters) […] There must be a decelerating operating margin trajectory (i.e., a 220bp decline from the most recent quarter).” Marshall raised his year EPS estimate to $1.74 from $1.65 previously, on revenue of $63.5 billion, up slightly.

Shaw Wu, Sterne Agee: Reiterates a Neutral rating and a $15 price target, while raising his fiscal year ESP estimate to $2 from a prior $1.70. However, his concerns are not allayed: “we remain concerned with the company’s longer-term fundamental position and believe the company needs to take more aggressive steps to reinvent itself. In our view, the company faces formidable competitors AAPL, HPQ, Acer, Toshiba, and Lenovo in its core PC business, and HPQ, IBM, CSCO, and ORCL in the enterprise business.”

Richard Kugele, Needham & Co.: Reiterates a Hold rating, while raising his year estimate for EPS to $1.88, leaving his revenue more or less unchanged at $64.9 billion. “We believe that to warrant further appreciation in the stock, the street would need to: 1) suspend its negative view on tablets, 2) assume a near-term recovery in the consumer PC market, and 3) believe Dell will be able to maintain or expand margins even in the pending less favorable component environment (all of which we see as unlikely at this time).”

Keith Bachman, BMO Capital Markets: Reiterates a Market Perform rating, while raising his price target to $19 from $18. “Given weak stock price performance by HPQ, and strong stock performance by IBM (IBM), we believe that investors will consider and indeed put some new money to work in Dell,” writes Bachmn, though he’s not convinced there’s enough upside to raise his rating on the shares.

Article courtesy of Tech Trader Daily

Strauss-Kahn To Cool His Heels For A While, Attorney Confident They’ll Beat This Thing

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Dominique Strauss-Kahn, who’s been in a bit of hot water since Saturday, when he allegedly sexually assaulted a maid at his hotel, is being held without bail. DSK’s lawyer, Benjamin Brafman, had requested his client be granted permission to post $1 million, but the judge sided with the prosecution, based on the accused’s “resources, the lack of an extradition treaty between the United States and France and the defendant’s history.” Brafman, who has defended Michael Jackson, P. Diddy, Jay-Z, and Plaxico Burress, may however have some news that could turn that frown, left, upside down, as he’s claiming DSK has an airtight alibi.

France’s RMC radio said the lawyers had pieced together Strauss-Kahn’s movements and found that he left the hotel at midday, after paying his bill and handing in his key, then went to eat with his daughter and took a taxi to the airport. The schedule meant he had already left the hotel at the time the maid alleged he chased her down a corridor, forced her into a room and assaulted her, RMC reported on its website, adding that the lawyers had material evidence and witnesses.

In related news, a spokesman for the NYPD has clarified: “We said initially that [the attacks] was around 1PM, but in fact it was closer to noon.”

Strauss-Kahn Lawyers See Alibi in Sex Case [Reuters]
Judge Denies Bail to I.M.F. Chief in Sexual Assault Case [NYT]
Dominique Strauss-Kahn Has Alibi, French Media Report [Forbes]

Article courtesy of Dealbreaker