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i believe that any good lawyer should be able to figure out and understand patent law judge mayer says adding that it 's the responsibility of highly paid lawyers who argue before the court to make us understand complex patent litigation |
yet some lawyers point to eli lilly & co. vs. <unk> inc. the patent infringement case the supreme court this month agreed to review as an example of poor legal <unk> by judges who lack patent litigation experience |
judge mayer was not on the <unk> panel |
in the lilly case the appeals court broadly <unk> a federal statute to grant <unk> a medical device manufacturer an exemption to <unk> a patent under certain circumstances |
if the supreme court holds in <unk> 's favor the decision will have billion-dollar consequences for the manufacturers of medical devices color and food <unk> and all other <unk> products that required food & drug administration approval |
<unk> <unk> a lawyer and director of government relations for the industrial <unk> association contends that a judge <unk> in patent law and the concerns of <unk> industries would have ruled otherwise |
and judge <unk> a former patent lawyer wrote in her dissent when the court denied a motion for a <unk> of the case by the full court the panel 's judicial legislation has affected an important <unk> industry without regard to the consequences for research and innovation or the public interest |
says ms. <unk> the judgment confirms our concern that the absence of patent lawyers on the court could prove troublesome |
friday october N N |
the key u.s. and foreign annual interest rates below are a guide to general levels but do n't always represent actual transactions |
prime rate N N N |
the base rate on corporate loans at large u.s. money center commercial banks |
federal funds N N N high N N N low N N N near closing bid N N N offered |
reserves traded among commercial banks for overnight use in amounts of $ N million or more |
source fulton prebon u.s.a inc |
discount rate N N |
the charge on loans to depository institutions by the new york federal reserve bank |
call money N N N to N N |
the charge on loans to brokers on stock exchange collateral |
commercial paper placed directly by general motors acceptance corp. N N N to N days N N N to N days N N N to N days N N N to N days N N N to N days N N N to N days N N N to N days |
commercial paper high-grade unsecured notes sold through dealers by major corporations in multiples of $ N N N N days N N N days N N N days |
certificates of deposit N N one month N N two months N N three months N N six months N N one year |
average of top rates paid by major new york banks on primary new issues of negotiable c.d.s usually on amounts of $ N million and more |
the minimum unit is $ N |
typical rates in the secondary market N N one month N N three months N N six months |
bankers acceptances N N N days N N N days N N N days N N N days N N N days N N N days |
negotiable bank-backed business credit instruments typically financing an import order |
london late eurodollars N N N to N N N one month N N N to N N N two months N N N to N N N three months N N N to N N N four months N N N to N N N five months N N N to N N N six months |
london interbank offered rates libor N N N one month N N N three months N N N six months N N N one year |
the average of interbank offered rates for dollar deposits in the london market based on quotations at five major banks |
foreign prime rates canada N N germany N N japan N N switzerland N N britain N N |
these rate indications are n't directly comparable lending practices vary widely by location |
treasury bills results of the monday october N N auction of short-term u.s. government bills sold at a discount from face value in units of $ N to $ N million N N N weeks N N N weeks |
federal home loan mortgage corp freddie mac |
posted yields on 30-year mortgage commitments for delivery within N days |
N N standard conventional fixed-rate mortgages N N N N rate capped one-year adjustable rate mortgages |
source telerate systems inc |
federal national mortgage association fannie mae |
posted yields on N year mortgage commitments for delivery within N days priced at par N N standard conventional fixed-rate mortgages N N N rate capped one-year adjustable rate mortgages |
source telerate systems inc |
merrill lynch ready assets trust N N |
annualized average rate of return after expenses for the past N days not a forecast of future returns |
the financial accounting standards <unk> coming rule on disclosure involving financial instruments will be effective for financial statements with fiscal years ending after june N N |
the date was misstated in friday 's edition |
kidder peabody & co. is trying to struggle back |
only a few months ago the <unk> securities firm seemed to be on the verge of a <unk> racked by internal <unk> and <unk> |
its relationship with parent general electric co. had been <unk> since a big kidder insider-trading scandal two years ago |
chief executives and presidents had come and gone |
now the firm says it 's at a turning point |
by the end of this year <unk> chairman <unk> cathcart the former chairman of illinois tool works who was <unk> as a <unk> man when ge brought him in to clean up kidder in N <unk> to his lake forest ill. home possibly to build a shopping mall on some land he owns |
i 've done what i came to do at kidder he says |
and that means <unk> michael carpenter president and chief executive since january will for the first time take complete control of kidder and try to make good on some <unk> plans |
mr. carpenter says he will return kidder to <unk> as a great investment bank |
wall street is <unk> skeptical |
through the first nine months of the year kidder ranks a distant <unk> among underwriters of u.s. stocks and bonds with a N N market share up slightly from N N in the year-earlier period according to securities data co |
it 's quite a fall from the early 1980s when kidder still was counted as an investment-banking powerhouse |
gary s. <unk> president of the <unk> group an executive search firm said i 'd like to see kidder succeed |
but they have to attract good senior bankers who can bring in the business from day one |
in N kidder <unk> out a $ N million profit mainly because of severe cost cutting |
its <unk> brokerage operation reported an estimated $ N million loss last year although kidder expects it to turn a profit this year |
in fact kidder is a minor player in just about every business it does except computer-driven program trading in that controversial business only morgan stanley & co. rivals kidder |
but even that niche is under attack as several wall street firms pulled back from program trading last week under pressure from big investors |
mr. carpenter a former <unk> executive who has a love for task forces says he has done a complete <unk> of kidder in recent months |
there have been a dizzying parade of studies of the firm 's operations |
more than N new managing directors and senior vice presidents have been hired since january |
the firm 's brokerage force has been trimmed and its <unk> staff increased to a record N people |
mr. carpenter says that when he assumes full control kidder will finally tap the resources of ge |
one of ge 's goals when it bought N N of kidder in N was to take advantage of <unk> between kidder and general electric capital corp. ge 's <unk> unit which has $ N billion in assets |
the leveraged buy-out group of ge capital now reports to mr. carpenter |
so far instead of <unk> up ge capital staffers and kidder investment bankers have <unk> |
yet says mr. carpenter we 've really started to exploit the <unk> between ge capital and kidder peabody |
the units have worked on N investment banking deals this year he says though not all of them have <unk> out |
we 've had a good relationship with ge which is the first time you could say that <unk> let me withdraw that |
it 's been a steadily improving relationship says mr. carpenter |
still without many actual deals to show off kidder is left to stress that it finally has a team in place and that everyone works harder |
a month ago the firm started serving dinner at about N each night about N to N of the N people in the investment banking operation have consistently been around that late |
we are working significantly longer and harder than has been the case in the past says scott c. <unk> kidder 's head of investment banking since june |
everywhere kidder <unk> the always working theme |
a new in-house magazine kidder world which will focus on the firm 's <unk> strategy says mr. carpenter <unk> that on <unk> mr. <unk> often gets <unk> ideas while flying his <unk> <unk> <unk> on the way to <unk> |
the firm 's new head of mergers and acquisitions under mr. <unk> <unk> <unk> talks of the opportunity to rebuild a franchise at kidder |
the kidder name is one of only six or seven that every ceo recognizes as a viable alternative when considering a merger deal he says |
now according to a kidder world story about mr. <unk> all the firm has to do is position ourselves more in the deal flow |
with investment banking as kidder 's lead business where do kidder 's <unk> brokerage network and its N brokers fit in |
mr. carpenter this month sold off kidder 's eight brokerage offices in florida and puerto rico to merrill lynch & co. <unk> speculation that kidder is getting out of the brokerage business entirely |
mr. carpenter denies the speculation |
to answer the brokerage question kidder in typical fashion completed a <unk> study |
the result kidder will focus on rich individual investors and small companies much closer to the <unk> of goldman sachs & co. than a <unk> firm like merrill lynch or shearson lehman hutton inc |
mr. carpenter notes that these types of investors also are sophisticated enough not to complain about kidder 's aggressive use of program trading |
as part of the upscale push kidder is putting brokers through a <unk> training course turning them into investment <unk> with knowledge of corporate finance |
they will get new and improved tools to sell particularly to the affluent investor says brokerage chief charles v. <unk> |
<unk> the brokers will then be able to <unk> leads on corporate finance opportunities to kidder 's investment bankers possibly easing the longstanding tension between the two camps |
however skeptics caution that this kind of <unk> between brokers and investment bankers looks great on paper but does n't always happen |
kidder competitors are n't <unk> hostile to the firm as many are to a tough competitor like drexel burnham lambert inc. that does n't have kidder 's long history |
however competitors say that kidder 's hiring binge involving <unk> staffers some with <unk> contract guarantees could <unk> unless there are results |
the <unk> mr. cathcart says he has no worries about kidder 's future |
mr. cathcart who will return to the <unk> <unk> co. board of directors in addition to his personal ventures is credited with bringing some basic <unk> and planning discipline to traditionally <unk> kidder |
he also improved the firm 's compliance procedures for trading |
mr. cathcart says he has had a lot of fun at kidder adding the crack about his being a <unk> man never bothered him |
it was an absolutely <unk> line and one i used many times he says |
smiling broadly when he talks about mr. carpenter mr. cathcart says the new kidder chief is going to be recognized shortly as one of the real leaders in the investment-banking business |
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