Several members of healthcare hedge fund Deerfield Mgmt have been implicated in an insider-trading case over the alleged use of confidential information about gov’t financing to trade shares in affected health care companies....more
5/25/2017
/ Best Interest Contract Exemptions ,
BNP Paribas ,
Conflicts of Interest ,
Employee Retirement Income Security Act (ERISA) ,
Exploration and Production Assets ,
Fiduciary Rule ,
Financial Institutions ,
Financial Markets ,
Foreign Currency ,
Forex ,
Hedge Funds ,
Insider Trading ,
Interest Rate Adjustments ,
Investment Management ,
Market Manipulation ,
Moody's ,
Oil & Gas ,
OPEC ,
Rating Agencies ,
Retirement Plan ,
Silicon Valley ,
SoftBank
Jon Corzine’s plotting his Wall Street comeback, and he’s planning on using the unpredictable nature of the new administration to help him (and his new hedge fund) get there....more
5/19/2017
/ Bank Accounts ,
Class Action ,
Cross-Selling ,
Financial Institutions ,
Financial Markets ,
Free Trade Agreements ,
Hedge Funds ,
Insider Trading ,
Japan ,
Mercedes-Benz ,
NAFTA ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
SoftBank ,
Telecommunications ,
Tesla ,
Wells Fargo
The SEC hasn’t had much luck with its attempts so far to hold MBS traders responsible for allegedly lying to customers about MBS prices. Yet on the Monday’s charges against ex-Nomura traders suggests that the agency’s not...more
5/18/2017
/ Capital Raising ,
Corporate Governance ,
Cryptocurrency ,
Debt Market ,
Financial Institutions ,
Financial Markets ,
Global Economy ,
Initial Public Offering (IPO) ,
Japan ,
Misleading Statements ,
Ransomware ,
Securities and Exchange Commission (SEC) ,
Snapchat ,
Social Media
An EU high court opinion yesterday about a trade deal with Singapore could throw yet another stumbling block in the way of Britain’s exit of the union. Read on for more on the intricacies of the EU division of competencies....more
5/17/2017
/ Ambac Financial Group ,
Automotive Industry ,
Corporate Governance ,
Countrywide ,
Disney ,
Economic Development ,
ETFs ,
EU ,
Financial Institutions ,
Job Creation ,
Mortgages ,
Refinancing ,
RMBS ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Singapore ,
Trade Agreements ,
Trump Administration ,
UK Brexit
With oil markets again in free fall, Saudi Arabia and Russia have agreed to cut production, and industry experts expect that the rest of OPEC may soon follow suit....more
5/16/2017
/ Amazon Marketplace ,
Automotive Industry ,
Brazil ,
CMBS ,
Cybersecurity ,
Discriminatory Lending Practices ,
Exploration and Production Assets ,
Financial Institutions ,
FinTech ,
Ford Motor ,
Global Workforce ,
Goldman Sachs ,
Hackers ,
Hiring & Firing ,
Oil & Gas ,
Publishers ,
Ransomware ,
Russia ,
Saudi Arabia ,
Securities and Exchange Commission (SEC) ,
Wells Fargo
A series of cyberattacks featuring ransomware rocked the world this weekend, and the aftershocks “could linger” for a while....more
5/15/2017
/ Bitcoin ,
Cyber Attacks ,
Cybersecurity ,
Data Breach ,
Driverless Cars ,
Equity Investors ,
FASB ,
Financial Institutions ,
Hackers ,
Malware ,
OCC ,
Ransomware ,
Uber ,
Virtual Currency ,
Volcker Rule
You’ll remember Snap’s highly anticipated March IPO as a splashy affair, with a valuation in the $30+ billion range and a relatively consistent stock price. Well, reality hit hard yesterday, as Snap announced a $2.2 billion...more
5/11/2017
/ Abercrombie & Fitch ,
Activist Investors ,
Barclays ,
Bonds ,
Capital Raising ,
Elon Musk ,
Financial Institutions ,
Financial Markets ,
Hedge Funds ,
Initial Public Offering (IPO) ,
Louis Vuitton ,
Private Equity ,
Securities Violations ,
Snapchat ,
Social Media ,
Solar Energy ,
Solar Panels ,
Stock Prices ,
Telecommunications ,
Tesla ,
Valuation ,
Verizon ,
Whistleblowers ,
Whole Foods
Coach is looking to appeal to a younger generation (hint, big sales running nearly all the time would help), and it’s decided that buying is the way to go, announcing yesterday that it’s snapping up Kate Spade for $2.4...more
5/9/2017
/ Banks ,
Bonds ,
Charter Communications ,
Citigroup ,
Comcast ,
Deutsche Bank ,
Fashion Industry ,
Financial Crisis ,
Financial Institutions ,
JPMorgan Chase ,
Qui Tam ,
Rental Property ,
RMBS ,
Securities and Exchange Commission (SEC) ,
Settlement ,
South Korea ,
Telecommunications
Local-TV powerhouse Sinclair Broadcast Group isn’t all that well known outside of the Baltimore area, but it’s making a big play for the national stage as it nears a deal to buy Tribune Media—the former “Tribune empire’s...more
5/8/2017
/ Banking Sector ,
Charter Communications ,
Comcast ,
Cross-Selling ,
Derivative Suit ,
Dodd-Frank ,
EU ,
Euro ,
Financial Fraud ,
Financial Institutions ,
France ,
Individual Accountability ,
Misrepresentation ,
NRSRO ,
Omnicare ,
Presidential Elections ,
Proposed Legislation ,
Rating Agencies ,
Securities Fraud ,
Shareholder Litigation ,
Television Broadcast Stations ,
Volkswagen ,
Wells Fargo ,
Wireless Industry
We’ve mentioned Uber’s Greyball issues before in passing. But since the authorities are literally making a Federal case out of it, you should probably know more about the details if the software tool that has the...more
5/5/2017
/ Amazon Marketplace ,
Apple ,
Best Interest Contract Exemptions ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
EU ,
Fiduciary Rule ,
Financial Institutions ,
Financial Services Committee ,
Jeff Bezos ,
Job Creation ,
Manufacturers ,
Proposed Legislation ,
Sharing Economy ,
Uber ,
UK Brexit ,
Volcker Rule
The Fed wrapped up its Open Market Committee meeting yesterday without any change in interest rates but with an expression of confidence in the economy, despite Q1’s sub-1 percent growth figure (which it dubbed “transitory”)....more
5/4/2017
/ Banking Sector ,
Best Interest Contract Exemptions ,
Breach of Duty ,
Credit Suisse ,
Credit Unions ,
Department of Labor (DOL) ,
EU ,
Euro ,
Fiduciary Rule ,
Financial Institutions ,
Financial Markets ,
France ,
Interest Rate Adjustments ,
Investment Adviser ,
Mortgage Lenders ,
NCUA ,
Presidential Elections ,
Puerto Rico ,
RMBS ,
State and Local Government ,
U.S. Commerce Department
Investors’ decreasing appetite for actively managed mutual funds appears to have helped drive the major shake-up at AllianceBernstein Holding, which said so long to CEO Peter Kraus and removed nine board members in favor of 6...more
5/2/2017
/ Administrative Appointments ,
Bank of America ,
Bank of America v Miami ,
Banking Sector ,
Barclays ,
Discriminatory Lending Practices ,
Fair Housing Act (FHA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Goldman Sachs ,
Hedge Funds ,
Investment ,
Mortgage Lenders ,
Mutual Funds ,
NCUA ,
OCC ,
Predatory Lending ,
RMBS ,
SCOTUS ,
Trump Administration ,
UBS ,
Wells Fargo
We know that China’s Didi Chuxing is powerful enough to have driven Uber out of China altogether. So what happens when Didi sets its sights outside of Chinese borders? Flush with $5.5 billion in new funding, Didi is likely...more
5/1/2017
/ Amazon Marketplace ,
Bangladesh ,
Bank of America ,
Banking Sector ,
Canada ,
China ,
Cybersecurity ,
Financial Institutions ,
Forex ,
Grocery Stores ,
Housing Market ,
Interest Rate Adjustments ,
JPMorgan Chase ,
Market Manipulation ,
Mortgage Lenders ,
Mortgages ,
Retail Market ,
SWIFT ,
Uber
Now that NAFTA seems to have an at-least-momentary reprieve, let’s take a breath and take a look at the four major industries that would be affected by any big changes in the deal....more
4/28/2017
/ Amazon Marketplace ,
Barclays ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Deloitte ,
Earnings Reports ,
ETFs ,
Fannie Mae ,
Financial Institutions ,
Financial Markets ,
Google ,
Hedge Funds ,
Internet Lenders ,
Microsoft ,
NAFTA ,
Online Marketplace Lending ,
Private Equity Firms ,
Securities Violations ,
Tribal Loans ,
Uber ,
US Trade Policies ,
Whistleblowers
Mega luxury brand news yesterday, as LVMH announced a series of moves that, combined with $13.1 billion, helped it take over the 70-year-old French fashion house Christian Dior....more
4/26/2017
/ Bitcoin ,
Blockchain ,
Corporate Taxes ,
Dodd-Frank ,
Dubai ,
Financial Institutions ,
Financial Regulatory Reform ,
Google ,
Proposed Legislation ,
Regulatory Oversight ,
Student Loans ,
Tax Reform ,
Technology ,
Trump Administration ,
Virtual Currency ,
Wells Fargo
China’s infamous shadow banking industry—an $8.5 trillion marketplace that’s sprung up in reaction to the government’s “campaign against financial leverage”—is back and bigger than ever these days....more
4/19/2017
/ Banking Sector ,
China ,
Disgorgement ,
Enforcement Actions ,
Financial Institutions ,
Foreign Currency ,
Global Economy ,
Goldman Sachs ,
IMF ,
Online Banking ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Shadow Banking ,
Starbucks ,
Tax Liability ,
UK
Klaus Kleinfeld is out as CEO of Alcoa-subsidiary Arconic. Kleinfeld’s two-year tenure was marked by problems, and Kleinfeld did himself no favor with an un-Board-authorized letter that he sent to activist-investor Elliott...more
4/18/2017
/ Alibaba ,
Class Action ,
Clinical Laboratory Testing ,
Coca Cola ,
Ethics ,
Financial Institutions ,
Hedge Funds ,
Marketing ,
McDonalds ,
Money Transfer ,
Pharmaceutical Industry ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Statute of Limitations ,
Takeover Bids ,
Technology Sector ,
Theranos ,
Wendy's
Late last week, financial services company Raymond James agreed to resolve allegations of conspiring with the owner of several VT ski resorts (and others) in a Ponzi scheme targeting foreign investors through the EB-5...more
4/17/2017
/ Abbott Laboratories ,
Audits ,
EB-5 ,
Federal Reserve ,
Financial Institutions ,
Foreign Investment ,
Investment Management ,
KPMG ,
Pharmaceutical Industry ,
Ponzi Scheme ,
Private Equity ,
Securities and Exchange Commission (SEC) ,
Telecommunications
One of the interesting features accompanying the rise of automation and tech in the US workplace is the lack of any comprehensive means of tracking its pervasiveness. One panel of economists and consumer experts is...more
4/14/2017
/ Artificial Intelligence ,
Citibank ,
Earnings Reports ,
Financial Institutions ,
JPMorgan Chase ,
NASA ,
Outer Space ,
RMBS ,
Star Wars ,
Technology ,
Whole Foods
Accounting giant KPMG has terminated six employees—including the head of its US audit practice—after learning that they were given “improper warnings” ahead of planned audit inspections by the Public Company Accounting...more
One might think that Tesla shareholders would be thrilled with yesterday’s news that Elon’s car-making arm has surpassed even GM in market value. True, perhaps, but only to a point. Turns out that Tesla’s recent surge has...more
4/12/2017
/ Automotive Industry ,
Bitcoin ,
Cable Operators ,
Corporate Culture ,
Financial Institutions ,
Financial Services Industry ,
Initial Public Offering (IPO) ,
Investigations ,
Publishers ,
Resignation ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Sharing Economy ,
Takeovers ,
Technology Sector ,
Tesla ,
Uber ,
Virtual Currency
Trouble at the Federal Reserve Bank of Virginia, where president Jeffrey Lacker abruptly resigned yesterday after disclosing that he had broken Fed rules in 2012 by relaying private deliberations to a financial analyst and...more
4/5/2017
/ Antitrust Provisions ,
Best Interest Contract Exemptions ,
Blockchain ,
Commodities ,
Department of Labor (DOL) ,
Dodd-Frank ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Federal Trade Commission (FTC) ,
Fiduciary Rule ,
Financial Institutions ,
Investment Adviser ,
JPMorgan Chase ,
McDonalds ,
Regulatory Reform ,
Retirement Plan ,
Trump Administration
Navient Corp., facing CFPB allegations that it didn’t live up to its promises of helping its 12 million customers manage their loans, now has a two-faced problem after a recently filed motion to dismiss in which it argued...more
4/4/2017
/ AOL ,
Automotive Industry ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Suisse ,
Criminal Conspiracy ,
Electric Vehicles ,
Financial Institutions ,
Forfeiture ,
Initial Public Offering (IPO) ,
Navient ,
Tax Evasion ,
Technology Sector ,
Tesla ,
Voting Rights ,
Wells Fargo ,
Whistleblowers ,
White Collar Crimes ,
Yahoo!
Prepaid card company NetSpend has reached a $53 million settlement with the FTC to resolve claims that the company “deceived customers about when and whether they could access money they deposited on its reloadable debit...more
4/3/2017
/ 401k ,
Agricultural Land ,
Banking Sector ,
Bonds ,
Consumer Financial Products ,
Credit Suisse ,
Deutsche Bank ,
Employee Benefits ,
Enron ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Fraud ,
Interest Rate Adjustments ,
Marijuana ,
Merrill Lynch ,
Prepaid Payment Products ,
Retirement Plan ,
Takeover Bids
Foreclosure stats are a far cry from their heights in the aftermath of the 2008 economic crisis. But the big news in the industry is the rise of party players that were barely a blip on the scene (if around at all) 10 years...more
3/31/2017
/ Automotive Loans ,
Bonds ,
Consumer Lenders ,
Cyber Crimes ,
Encryption ,
Financial Crisis ,
Financial Institutions ,
Foreclosure ,
Insider Trading ,
Interest Rates ,
Kmart ,
Lloyds of London ,
McDonalds ,
Ransomware ,
Retirement Plan ,
RMBS ,
Sears ,
Social Networks ,
Texting ,
Wall Street ,
Wells Fargo ,
Wendy's ,
WhatsApp