The Bush administration plans to review the government’sregulatory system for financial institutions with the goal of making changes to better reflect modern markets. Treasury Secretary Henry Paulson said the review will examine the system for all companies that provide financial services. The blueprint for recommended changes will be released early next year, he said.
Guitar Center Inc. (GTRC), the largest U.S. musical instrument retailer, said Wednesday its board had accepted a $1.9 billion cash buyout offer from a private equity firm. The deal with affiliates of Bain Capital Partners LLC came amid speculation that a buyout was in the works. Guitar Center had hired investment bank Goldman Sachs & Co. (GS) to auction the company.