AT&T’s chief is weighing in the DOJ’s call to sell CNN in order to make its deal with Time Warner go through, and, as Randall sees it, “selling CNN makes no sense”....more
11/10/2017
/ Alibaba ,
Antitrust Provisions ,
Apple ,
AT&T ,
Bernie Madoff ,
Cable Television Providers ,
CNN ,
Corporate Culture ,
Corporate Governance ,
Department of Justice (DOJ) ,
E-Commerce ,
Equifax ,
Financial Markets ,
Hackers ,
Initial Coin Offering (ICOs) ,
Initial Public Offering (IPO) ,
Insurance Industry ,
Internet Retailers ,
Investment Firms ,
Ponzi Scheme ,
Qualcomm ,
Ridesharing ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Sharing Economy ,
Snapchat ,
Social Media ,
Stock Prices ,
Telecommunications ,
Time Warner ,
Token Sales ,
Traditional News ,
Uber ,
Victim Compensation Fund
Deutsche Borse CEO Carsten Kengeter announced yesterday that he’ll step down in the wake of insider-trading allegations related to the exchange’s now-defunct merger with the London Stock Exchange Group....more
10/27/2017
/ Aetna ,
Amazon Marketplace ,
Automotive Industry ,
Banking Sector ,
CEOs ,
CVS ,
Department of Justice (DOJ) ,
Deutsche Bank ,
Enforcement Actions ,
EU ,
European Central Bank ,
Financial Crisis ,
Financial Institutions ,
Financial Markets ,
General Electric ,
Health Insurance ,
Insider Trading ,
London Stock Exchange ,
Nissan ,
Pharmacies ,
RBS ,
Resignation ,
RMBS ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Trains
A federal jury in Brooklyn has found former HSBC Holdings exec Mark Johnson guilty on 9 counts of front-running that grew out of the DOJ’s investigation into forex manipulation at HSBC....more
10/24/2017
/ Agricultural Land ,
Agricultural Sector ,
Amazon Marketplace ,
Arbitration ,
Auto Parts ,
Automotive Industry ,
BMW ,
Chipotle Grill ,
Class Action ,
Class Action Arbitration Waivers ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
DaimlerChrysler ,
Department of Justice (DOJ) ,
Dodd-Frank ,
EU ,
Farms ,
Financial Institutions ,
Financial Markets ,
Financial Services Industry ,
Forex ,
General Electric ,
Germany ,
Goldman Sachs ,
HSBC ,
Market Manipulation ,
Price-Fixing ,
Trading Platforms ,
U.S. Treasury ,
Volkswagen
Goldman’s deal-making advising is sputtering a bit these days, so Lloyd and the gang are working on generating some of those deals themselves through a new Innovations Lab internal venture....more
10/12/2017
/ Banking Sector ,
Barclays ,
Caterpillar ,
Class Action ,
Computer Virus Protection ,
Department of Justice (DOJ) ,
Derivatives ,
Federal Reserve ,
Financial Markets ,
FIRREA ,
Goldman Sachs ,
Inflation Adjustments ,
JPMorgan Chase ,
Lloyds Banking Group ,
Malware ,
RMBS ,
Securities Fraud ,
Shareholder Litigation
Uber’s got more than a spot of bother on its hands in London after this morning’s announcement that the company’s largest market in Europe won’t renew the ride-hailing service’s license to operate in the city (citing “a lack...more
9/22/2017
/ AIG ,
Banks ,
Bonds ,
China ,
Corporate Social Responsibility ,
Credit Ratings ,
Data Breach ,
Department of Justice (DOJ) ,
EDGAR ,
EU ,
Federal Reserve ,
Financial Markets ,
FSOC ,
Global Market ,
Google ,
Grocery Stores ,
Hackers ,
HTC America ,
Moody's ,
Payment Systems ,
Public Safety ,
S&P ,
Securities and Exchange Commission (SEC) ,
Sharing Economy ,
SIFIs ,
Smartphones ,
Technology Sector ,
Uber ,
UK
Dealbook’s Street Scene column suggests that Wells Fargo would do well to forget about perceptions and start getting down to the hard business of fixing the “appalling behavior” that’s behind the ugly series of scandals that...more
9/6/2017
/ Artificial Intelligence ,
Automation Systems ,
Children's Toys ,
Department of Justice (DOJ) ,
Financial Markets ,
Initial Public Offering (IPO) ,
Insider Trading ,
LEGO ,
Morgan Stanley ,
Robots ,
Roku ,
Russia ,
Securities Violations ,
Tier 2 Offerings ,
Video Games
As the scandal grows, WF’s newish CEO, Timothy Sloan, faces the unfortunate reality of being a company man (30-years at Wells) when the foundations of that company are cracking....more
9/1/2017
/ Bank Accounts ,
Bank of New York (BNY) Mellon ,
Banking Sector ,
Class Action ,
Class Certification ,
Consumer Financial Protection Bureau (CFPB) ,
Cross-Selling ,
Department of Justice (DOJ) ,
Deutsche Bank ,
Economic Development ,
Financial Fraud ,
Hurricane Harvey ,
Job Creation ,
Libor ,
Market Manipulation ,
Oil & Gas ,
Richard Cordray ,
RMBS ,
Unemployment Benefits ,
Wage and Hour ,
Wells Fargo ,
White-Collar Exemptions
Drugmaker Gilead has kickstarted a largely quiet period for big pharma deals with the announcement that it’s acquiring Kite for about $11.9 billion. Kite Pharma’s best known for its emerging cancer treatments that focus on...more
8/29/2017
/ Amazon Marketplace ,
Banking Regulators ,
Banking Sector ,
Class Action ,
Department of Justice (DOJ) ,
Federal Jurisdiction ,
Financial Markets ,
Forex ,
Grocery Stores ,
Pharmaceutical Industry ,
Retail Market ,
SCOTUS ,
Securities Violations ,
SLUSA ,
Whole Foods
Along with this week’s news that Amazon and Whole Foods are putting the finishing touches on their deal and have the government’s stamp of approval came word that as of Monday, the first official day of Amazon control, the...more
8/25/2017
/ Amazon Marketplace ,
Banking Sector ,
Brick-and-Mortar Stores ,
Department of Justice (DOJ) ,
FinTech ,
Grocery Stores ,
Inflation Adjustments ,
Internet Retailers ,
Janet Yellen ,
Libor ,
Market Manipulation ,
Mortgages ,
Oil & Gas ,
Online Marketplace Lending ,
Retail Market ,
SoftBank ,
US Bank ,
Wells Fargo ,
Whole Foods
With politics swirling around in the background, the AT&T/Time Warner mega-merger is still up in the air, with DOJ antitrust officials still working away (8 months after the deal was announced) to determine whether...more
7/10/2017
/ Antitrust Provisions ,
AT&T ,
Banks ,
Berkshire Hathaway ,
Biometric Information ,
Conflicts of Interest ,
Department of Justice (DOJ) ,
Employee Benefits ,
Fiduciary Rule ,
Financial Institutions ,
FinTech ,
Investment Adviser ,
Martin Shkreli ,
Retirement Plan ,
Smartphones ,
Time Warner Cable ,
UK ,
UK Brexit
The DOL went to bat for its controversial fiduciary rule in a 5th Circuit briefing this week, but it agreed to drop a prohibition on class-action waivers that was further ruffling feathers....more
7/6/2017
/ Arbitration ,
Bonds ,
Class Action ,
Class Action Arbitration Waivers ,
Common Stock ,
Department of Justice (DOJ) ,
Financial Crisis ,
Financial Institutions ,
Fraud ,
Mortgages ,
Swaps
Uber CEO Travis Kalanick’s indefinite leave of absence just got a whole lot more definite with news late yesterday that, bowing to pressure from shareholders, Kalanick has resigned from his post altogether....more
6/21/2017
/ China ,
Cross-Selling ,
Department of Justice (DOJ) ,
Energy Sector ,
Exxon Mobil ,
Financial Fraud ,
Foreign Listed Stock Index ,
Fraud ,
Oil & Gas ,
OPEC ,
REIT ,
Securities Fraud ,
Sharing Economy ,
Uber ,
Wells Fargo
Because we haven’t spilled enough ink on GE this week, Dealbook’s Common Sense column asks if GE’s decline (at least from a stock performance perspective) wasn’t so much Jeff Immelt’s doing as it was Jack Welch’s....more
6/16/2017
/ Amazon Marketplace ,
Anbang ,
Bitcoin ,
Capital Requirements ,
CFTC ,
Department of Justice (DOJ) ,
Disgorgement ,
Dow Chemical ,
DuPont ,
Financial Industry Regulatory Authority (FINRA) ,
FinTech ,
General Electric ,
Kokesh v SEC ,
Money Laundering ,
Securities and Exchange Commission (SEC) ,
Virtual Currency
Wells Fargo’s board not only issued a massive report on its fake account scandal yesterday. It also announced that the bank would claw back an additional $75 million from former CEO John Stumpf and former head of community...more
4/11/2017
/ Activist Hedge Funds ,
Automotive Industry ,
Bank Accounts ,
Banking Sector ,
Barclays ,
Citibank ,
Code of Conduct ,
Consumer Financial Products ,
Corporate Culture ,
Cross-Selling ,
Department of Justice (DOJ) ,
Federal Reserve ,
Insider Trading ,
Janet Yellen ,
Regulatory Oversight ,
RMBS ,
Tesla ,
Toshiba ,
UK ,
Wells Fargo ,
Whistleblowers ,
Whole Foods
Uber’s board is sticking with the devil it knows. And that means that CEO Travis Kalanick’s safe where he is, despite a few pretty awful months for the ride-hailing company and promises to change the company culture....more
3/22/2017
/ Bank of New York (BNY) Mellon ,
Banking Sector ,
Commerzbank ,
Debt Market ,
Department of Justice (DOJ) ,
Distressed Debt ,
Financial Markets ,
Insider Information ,
Price-Fixing ,
RMBS ,
Sharing Economy ,
Shipping Cargo ,
Student Loans ,
Subpoenas ,
Takeover Bids ,
Uber
FinCEN is extending its campaign to press title insurance companies to reveal the real buyers behind shell companies that pay cash for high-end real estate deals in select cities around the country....more
2/24/2017
/ Anti-Money Laundering ,
Beneficial Owner ,
Big Data ,
BSA/AML ,
Capital One ,
Cash Transactions ,
China ,
Department of Justice (DOJ) ,
Driverless Cars ,
Financial Institutions ,
Financial Markets ,
FinCEN ,
Google ,
Intellectual Property Protection ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Money Laundering ,
Patents ,
Real Estate Investments ,
Securities and Exchange Commission (SEC) ,
Shell Corporations ,
Stock Markets ,
Technology ,
Technology Sector ,
Title Insurance ,
Trump Administration ,
Uber
Judge John Bates of the US District Court for DC has blocked a proposed $37 billion mega-health-care-merger between Aetna and Humana, one of 2 major deals before the courts opposed by the Obama-era DOJ over antitrust...more
1/24/2017
/ Aetna ,
Antitrust Provisions ,
Automotive Industry ,
Automotive Loans ,
Citigroup ,
Consumer Financial Protection Bureau (CFPB) ,
Data Breach ,
Department of Justice (DOJ) ,
EU ,
Financial Institutions ,
FinTech ,
Ford Motor ,
Healthcare ,
Humana ,
Investment Banks ,
Loans ,
Member State ,
Mergers ,
Money Market Funds ,
Mortgage Servicers ,
Mortgages ,
Online Marketplace Lending ,
Referendums ,
Search Engines ,
Securities and Exchange Commission (SEC) ,
Technology ,
Telecommunications ,
UK ,
UK Brexit ,
Verizon ,
Yahoo!
Deutsche Bank and the DOJ have put the finishing touches on the deal to resolve the investigation into DB’s role in its sale of toxic RMBS. The bank will fork over $7.2 billion in total, including a $3.1 billion civil penalty...more
1/18/2017
/ Anti-Competitive ,
Banks ,
Department of Justice (DOJ) ,
Deutsche Bank ,
Enforcement Actions ,
EU ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Markets ,
FinTech ,
Fintech Charter ,
Member State ,
OCC ,
Online Marketplace Lending ,
Qualcomm ,
Referendums ,
Retail Market ,
Retailers ,
RMBS ,
Sears ,
Securities Fraud ,
Technology ,
UK ,
UK Brexit ,
US Bank ,
Wireless Technology
Ratings Agency Moody’s Corp. has agreed to pay roughly $864 million to resolve federal and state claims that it gave juiced ratings to risky MBS in the run-up to the financial crisis. Half of the total will end up in DOJ...more
1/17/2017
/ 401k ,
Automotive Industry ,
Bitcoin ,
Bribery ,
Compensation & Benefits ,
Consumer Financial Products ,
Corruption ,
Department of Justice (DOJ) ,
Digital Currency ,
Employee Benefits ,
EU ,
Fiduciary Rule ,
Financial Institutions ,
Financial Markets ,
High Frequency Trading ,
Individual Retirement Account (IRA) ,
Investment Management ,
Mergers ,
Moody's ,
Rating Agencies ,
Retirement Plan ,
RMBS ,
Rolls-Royce ,
Samsung ,
Technology ,
UK ,
UK Brexit ,
Virtual Currency ,
White Collar Crimes
The emissions cheating scandal that recently cost VW $4.3 billion and a mess of criminal indictments isn’t, it seems, confined to the Germans. We heard months ago about a similar probe into Mitsubishi, and yesterday we...more
1/13/2017
/ Amazon Marketplace ,
Automotive Industry ,
Broker-Dealer ,
Carbon Emissions ,
Citigroup ,
Criminal Investigations ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Department of Labor (DOL) ,
Environmental Protection Agency (EPA) ,
Environmental Violations ,
Exchange-Traded Products ,
Federal Reserve ,
Fiat ,
Fiduciary Rule ,
Financial Institutions ,
Financial Markets ,
Forex ,
Interest Rate Adjustments ,
Job Creation ,
Market Manipulation ,
Mitsubishi ,
Money Market Funds ,
Mutual Funds ,
National Emissions Standards ,
No-Action Letters ,
Retail Market ,
Robots ,
Sales Commissions ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Software ,
Volkswagen ,
White Collar Crimes
Some early signs of the focus of SoftBank’s “hugely ambitious” $100 billion investment fund are beginning to emerge, and at first blush, it appears a majority of the cash will land in private and public markets rather than...more
1/11/2017
/ Automotive Industry ,
Banks ,
Carbon Emissions ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Financial Institutions ,
Foreign Currency ,
Forex ,
Investment Funds ,
Market Manipulation ,
National Emissions Standards ,
Solar Energy ,
Solar Panels ,
Startups ,
Valeant ,
Volkswagen ,
Wells Fargo ,
White Collar Crimes
The December 22 announcement that Deutsche Bank had settled with the DOJ over long-standing RMBS-related claims and investigations for a reported $7.2 billion prompted this Times long-read that traced the Icarus-like rise and...more
1/3/2017
/ 401k ,
Credit Suisse ,
Department of Justice (DOJ) ,
Department of Labor (DOL) ,
Deutsche Bank ,
Disney ,
Employee Benefits ,
Fiduciary Duty ,
Fiduciary Rule ,
Financial Institutions ,
General Electric ,
Interest Rate Adjustments ,
Internet Streaming ,
Investment Management ,
Netflix ,
Pharmaceutical Industry ,
Retirement Plan ,
RMBS ,
Securities and Exchange Commission (SEC) ,
Valeant
Streetwise traces Italy’s Banca Monte dei Paschi’s big-time current troubles to a meeting nearly a decade ago and the ill-fated deal reached there that’s led to the downfall of 3 (and probably 4) of the world’s biggest and...more
12/13/2016
/ Bank Accounts ,
Banks ,
Cross-Selling ,
Cyber Attacks ,
Cybersecurity ,
Department of Justice (DOJ) ,
Financial Institutions ,
Financial Markets ,
Fraud ,
Healthcare Fraud ,
Investment ,
Italy ,
Pharmaceutical Industry ,
Prudential Insurance ,
RICO ,
Startups ,
Wells Fargo ,
White Collar Crimes
The IRS isn’t waiting around for virtual currency to gain wider acceptance. No, it’s more than happy to go after Bitcoin users who have sought to use the virtual currency as a means of evading taxes....more
11/21/2016
/ Acquisitions ,
Anthem Blue Cross ,
Best Buy ,
Bitcoin ,
CIGNA ,
Department of Justice (DOJ) ,
Digital Currency ,
Energy Sector ,
Executive Compensation ,
Fannie Mae ,
Financial Institutions ,
Freddie Mac ,
Internet Retailers ,
IRS ,
Microsoft ,
OCC ,
Retailers ,
Royal Bank of Scotland ,
Saudi Arabia ,
Tax Evasion ,
Technology ,
Virtual Currency ,
Wells Fargo
Wells Fargo is well past the rain, the pouring, and even the flooding. So why not possible liability for its RMBS practices? As part of an SEC disclosure, the bank acknowledge that it’s “in discussion” with the RMBS Working...more
11/4/2016
/ Banks ,
Brokers ,
Credit Suisse ,
Department of Justice (DOJ) ,
Financial Crisis ,
Financial Institutions ,
Generic Drugs ,
Investment Management ,
Pharmaceutical Industry ,
RMBS ,
Securities ,
Securities and Exchange Commission (SEC) ,
Wells Fargo