And just like that, Uber’s ride-hailing war in China is over (for now, at least). Uber has agreed to sell Uber China to rival Didi Chuxing [though maintaining a 20% stake in the new company], creating a new company worth an...more
8/1/2016
/ 401k ,
Acquisitions ,
Activist Investors ,
Bank of New York (BNY) Mellon ,
Bonds ,
China ,
EU ,
Financial Institutions ,
Financial Markets ,
Golden Leash Arrangements ,
Hersheys ,
Nasdaq ,
Shareholders ,
Sharing Economy ,
Startups ,
Stocks ,
Stress Tests ,
Uber ,
Unilever ,
Verizon ,
Yahoo!
A federal judge in Idaho has dismissed a $24 billion lawsuit against Credit Suisse alleging that the bank and real estate adviser Cushman & Wakefield ran a “predatory loan-to-own scheme that . . . loaded four luxury ski and...more
7/29/2016
/ Amazon ,
Banks ,
Bitcoin ,
Credit Suisse ,
Cryptocurrency ,
Derivatives ,
E-Commerce ,
EU ,
Financial Institutions ,
General Electric ,
Google ,
Industry Examinations ,
Olympics ,
Oracle ,
Predatory Lending ,
Quarterly Report ,
Real Estate Market ,
Regulatory Oversight ,
Terrorism Funding ,
UK ,
UK Brexit
A pair of whistleblowers is seeking discovery-related sanctions against Wells Fargo for allegedly concealing “crucial evidence” for their False Claims Act claims over fees added to government-backed mortgages....more
7/28/2016
/ Banking Sector ,
Department of Justice (DOJ) ,
Deutsche Bank ,
EU ,
Facebook ,
False Claims Act (FCA) ,
Financial Crimes ,
FOMC ,
Fraud ,
Lloyds Banking Group ,
Member State ,
Mortgages ,
Profits ,
Referendums ,
RMBS ,
UK Brexit ,
Wells Fargo ,
Whistleblowers
Private equity bigwig Lynn Tilton has reportedly hired appellate superstar Paul Clement (after Gibson Dunn got the boot) to represent her in her “bid to revive her challenge to the [SEC’s] in-house court at the Second...more
7/26/2016
/ Administrative Proceedings ,
Alibaba ,
Amazon Marketplace ,
Banking Sector ,
Bitcoin ,
Digital Currency ,
Drones ,
EU ,
Going-Private Transactions ,
Goldman Sachs ,
Libor ,
Member State ,
Private Equity ,
Redbox ,
Referendums ,
Securities and Exchange Commission (SEC) ,
Startups ,
Takeover Bids ,
UK ,
UK Brexit ,
Unmanned Aircraft Systems ,
Verizon ,
Virtual Currency ,
Yahoo!
EU financial watchdog ESMA has fined rating agency Fitch Ratings Ltd. $1.5 million for reportedly violating the EU’s rules for rating agencies relating to the 12-hour requirement, internal controls, and unauthorized...more
7/22/2016
/ Aetna ,
Anthem Blue Cross ,
Bitcoin ,
CIGNA ,
Elon Musk ,
EU ,
European Central Bank ,
European Securities and Markets Authority (ESMA) ,
Facebook ,
Federal Trade Commission (FTC) ,
Financial Crisis ,
Fitch ,
Housing Market ,
Humana ,
Interest Rates ,
Mergers ,
Ponzi Scheme ,
Rating Agencies ,
Virtual Currency
We’ve heard about VW’s $15 billion settlement to resolve US claims by owners and regulators, but a spate of recent state AG-led actions shows that the fallout from the emissions cheating scandal is far from over. NY, MA, and...more
7/20/2016
/ Aetna ,
Anthem Blue Cross ,
Antitrust Violations ,
Automotive Industry ,
Bayer ,
Bitcoin ,
Carbon Emissions ,
CIGNA ,
Department of Justice (DOJ) ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Global Economy ,
HSBC ,
Humana ,
Member State ,
Mergers ,
Money Laundering ,
Monsanto ,
National Emissions Standards ,
Referendums ,
Takeover Bids ,
UK ,
UK Brexit ,
Unilever ,
Virtual Currency ,
Volkswagen ,
White Collar Crimes
The German bund broke new ground yesterday by going negative—the first 10-year debt offering in the Eurozone to do so—and still going like gangbusters. Germany sold $5.3 billion in the bonds....more
7/14/2016
/ Bank of England ,
Bonds ,
China ,
Cyber Attacks ,
Data Breach ,
EU ,
FDIC ,
Financial Institutions ,
Financial Markets ,
Foreign Currency ,
Germany ,
Hackers ,
Hersheys ,
Member State ,
Referendums ,
Securities and Exchange Commission (SEC) ,
UK ,
UK Brexit
The SEC’s opened an investigation into Elon Musk’s Tesla Motors over whether the electric automaker breached securities laws by failing to disclose to investors the fatal crash involving one of its cars in self-driving mode...more
7/12/2016
/ Automotive Industry ,
Bonds ,
David Cameron ,
Driverless Cars ,
Elon Musk ,
EU ,
Financial Institutions ,
Financial Markets ,
Global Economy ,
Hersheys ,
Initial Public Offering (IPO) ,
Japan ,
Lending ,
Mobile Apps ,
Money Market Funds ,
OCC ,
Risk Assessment ,
S&P ,
Technology Sector ,
Tesla ,
UK ,
UK Brexit
A putative class action filed last week is accusing 25 prominent banks—including Deutsche Bank, Goldman Sachs, and Barclays—of “conspiring to rig the market for securities” sold by the US Treasury in their roles as primary...more
7/11/2016
/ Administrative Proceedings ,
Aetna ,
Amazon Marketplace ,
Anthem Blue Cross ,
Banks ,
Barclays ,
Bitcoin ,
CIGNA ,
Class Action ,
Deutsche Bank ,
Economic Development ,
Enforcement Actions ,
EU ,
Financial Institutions ,
Goldman Sachs ,
Humana ,
Job Creation ,
Libor ,
Market Manipulation ,
Merger Agreements ,
Nintendo ,
Pension Funds ,
Putative Class Actions ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Serious Fraud Office (SFO) ,
Theranos ,
U.S. Treasury ,
UK ,
UK Brexit ,
Virtual Currency
Disgraced Wall Street scion Andrew Casperson has pleaded guilty to federal wire and security fraud charges related to his Ponzi-like scheme in which he bilked nearly $40 million from friends and a private foundation....more
7/7/2016
/ Acquisition Agreements ,
Bank of New York (BNY) Mellon ,
Breach of Contract ,
Cyber Incident Reporting ,
Cybersecurity ,
EU ,
Fiduciary Duty ,
Financial Institutions ,
Food Manufacturers ,
Member State ,
Organic ,
Ponzi Scheme ,
Referendums ,
RMBS ,
Securities Fraud ,
Sovereign Debt ,
UK ,
UK Brexit ,
Wire Fraud
How often are we going to be hearing about Brexit aftershocks? I’d expect you better get used to it. Today’s edition: two other real estate funds (these run by Aviva ad M&G) have joined Standard Life in freezing withdrawals...more
7/6/2016
/ Acquisition Agreements ,
Administrative Proceedings ,
Anti-Competitive ,
Bonds ,
Class Action ,
Deutsche Bank ,
EU ,
Financial Institutions ,
Financial Markets ,
Hersheys ,
Hostess ,
Interchange Fees ,
Interest Rates ,
Investment ,
Investment Funds ,
MasterCard ,
Member State ,
Merger Agreements ,
Miami ,
Real Estate Market ,
Referendums ,
Securities and Exchange Commission (SEC) ,
UK ,
UK Brexit
Even with US markets shrugging off the Brexit [maybe?] by the end of last week, the effects of the split are FAR from over. One recent ripple: Standard Life Investments UK Real Estate mutual fund—which invests in high-end...more
7/5/2016
/ Banking Sector ,
Banks ,
Barclays ,
EU ,
Financial Markets ,
Libor ,
Loans ,
Member State ,
Mutual Funds ,
Private Equity Firms ,
Referendums ,
Securities and Exchange Commission (SEC) ,
Swiss Banks ,
Transparency ,
UBS ,
UK ,
UK Brexit ,
Withdrawal
Yesterday, Hershey rejected Kraft spinoff Mondelez’s $23 billion takeover offer, but the dealmaking efforts may not be over. The success of any increased offer lies in the hands of the Hershey Trust Company, a charitable...more
7/1/2016
/ Apple ,
Bank of England ,
Banking Sector ,
Cable Television Providers ,
EU ,
Food Manufacturers ,
Foreclosure ,
Hersheys ,
Homeowners ,
HUD ,
Interest Rates ,
Kraft ,
Member State ,
Mergers ,
Mortgages ,
Music Streaming ,
Private Equity ,
Puerto Rico ,
Real Estate Market ,
Referendums ,
Takeover Bids ,
Technology Sector ,
UK ,
UK Brexit
US banks made a strong showing in part 2 of the latest round of the Fed’s stress tests. Only Morgan Stanley didn’t pass unconditionally (concerns over the company’s “internal controls and processes” tripped it up), while the...more
6/30/2016
/ Banking Sector ,
Banks ,
Bitcoin ,
Cable Operators ,
Deutsche Bank ,
Entertainment Industry ,
ETFs ,
EU ,
Film Industry ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Markets ,
General Electric ,
Google ,
Initial Public Offering (IPO) ,
Internal Controls ,
Member State ,
Merger Agreements ,
Morgan Stanley ,
Referendums ,
Sale of Assets ,
Securities and Exchange Commission (SEC) ,
SIFIs ,
Stocks ,
Stress Tests ,
UK ,
UK Brexit
Big financial firm stress test results are out from the Fed later today, and though all banks proved up to the task of reserving enough capital (as reported last Friday), the economic downturn simulation that’s part of round...more
6/29/2016
/ AirBnB ,
Banking Sector ,
Barclays ,
Business Plans ,
Commercial Bankruptcy ,
Cyber Attacks ,
Cybersecurity ,
EU ,
Financial Institutions ,
Financial Markets ,
Investment Adviser ,
Libor ,
Member State ,
Real Estate Market ,
Referendums ,
Securities and Exchange Commission (SEC) ,
Stock Markets ,
Stress Tests ,
UK ,
UK Brexit
Continuing Brexit coverage: With the pound in freefall and markets going haywire, leaders on both sides of the Brexit debate in the UK signaled today that Britain hopes to stay in the EU marketplace, while some in Parliament...more
6/28/2016
/ Automotive Industry ,
Banking Sector ,
Carbon Emissions ,
Dodd-Frank ,
Dow Jones ,
Energy Sector ,
EU ,
Financial Institutions ,
Member State ,
Merger Agreements ,
Mineral Extraction ,
Oil & Gas ,
Referendums ,
Reporting Requirements ,
Resource Extraction ,
Securities and Exchange Commission (SEC) ,
Trade Agreements ,
UK ,
UK Brexit ,
Volkswagen
The leadership void at the top in the UK isn’t helping matters at all, as resignations among both major parties reign supreme in the aftermath of the Leave vote....more
6/27/2016
/ Anbang ,
Bonds ,
Countrywide ,
Department of Justice (DOJ) ,
EU ,
Financial Crisis ,
Financial Institutions ,
Financial Markets ,
FinTech ,
Foreign Markets ,
IMF ,
Member State ,
Mortgage Fraud ,
Referendums ,
UK ,
UK Brexit
It was House day for Chair Yellen on the Hill, and if you guessed that in this election year her final appearance before this Congress was more about her questioners scoring political points than it was anything related to...more
6/23/2016
/ Artificial Intelligence ,
Bank of America ,
Banks ,
Citibank ,
Elon Musk ,
EU ,
Financial Institutions ,
Financial Markets ,
Initial Public Offering (IPO) ,
Member State ,
Nordstrom Inc. ,
RMBS ,
Securities and Exchange Commission (SEC) ,
Settlement Agreements ,
Software Developers ,
Startups ,
Uber ,
UK ,
UK Brexit
Elon Musk is curing what ails SolarCity by having his Tesla motors company buy it—a move he’s called “obvious” [though others disagree] but which will leave him personally exposed to margin calls if the stock price for the...more
6/22/2016
/ Barclays ,
Blockchain ,
Elon Musk ,
Enforcement Actions ,
EU ,
FHLB ,
Financial Institutions ,
Financial Markets ,
Hedge Funds ,
Insider Trading ,
Interest Rates ,
Merrill Lynch ,
RMBS ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Structured Financial Products ,
Tesla ,
UK ,
UK Brexit ,
Visium
We reported last week on the additional $2 billion that Uber took in through the leveraged loan market. Andrew Ross Sorkin gives us an interesting reason for why Uber’s still got its hat in hand ($15 billion cash in hand and...more
6/21/2016
/ Bank of America ,
Banks ,
Bitcoin ,
Carbon Emissions ,
Citibank ,
Digital Currency ,
Ether ,
EU ,
Financial Institutions ,
Financial Markets ,
Initial Public Offering (IPO) ,
Leveraged Loans ,
Liquidity ,
Stress Tests ,
Uber ,
UK ,
UK Brexit ,
Volkswagen
Here’s a sign of the times, or at least, the changing tenor of banking in America. After years of exclusivity that saw it refusing customers with less than $10 million on hand, Goldman Sachs is opening itself up to common...more
6/20/2016
/ Banks ,
CFTC ,
Commodity Futures Contracts ,
Countrywide ,
Cryptocurrency ,
Digital Currency ,
EU ,
Financial Institutions ,
Financial Markets ,
FinTech ,
GDP ,
Goldman Sachs ,
Hackers ,
Insider Trading ,
Junk Bonds ,
Member State ,
Mortgage Lenders ,
Securities and Exchange Commission (SEC) ,
Startups ,
Stock Exchange ,
Swaps ,
UK ,
UK Brexit
Dealbook’s Strategies feature reviews the Fed’s latest non-move and suggests that the current bind in which the Fed finds itself is—at least in part—a problem of its own making....more
6/17/2016
/ Banks ,
Class Action ,
Decriminalization of Marijuana ,
EU ,
Financial Institutions ,
HSBC ,
Marijuana ,
Member State ,
Merger Agreements ,
MetLife ,
Microsoft ,
Revlon ,
Securities Fraud ,
Shareholder Litigation ,
SIFIs ,
UK ,
UK Brexit
The big story of week so far came just a few minutes after the Brief went to [digital] print yesterday, so apologies for the second hand news: Microsoft has agreed to acquire LinkedIn for a staggering $26.2 billion in a move...more
6/14/2016
/ Acquisition Agreements ,
ETFs ,
EU ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Markets ,
Hong Kong Stock Exchange ,
Job Creation ,
LinkedIn ,
McDonalds ,
Microsoft ,
Mutual Funds ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
UK ,
UK Brexit ,
Unemployment
Despite Tribune Publishing’s (wait, wait, is that tronc now?) best efforts to play defense, Gannett is not backing down from its unsolicited offer to acquire the publisher...more
6/8/2016
/ Blockchain ,
Buyouts ,
Countrywide ,
Department of Justice (DOJ) ,
Deutsche Bank ,
Dodd-Frank ,
EU ,
Financial Crisis ,
Financial Institutions ,
Financial Markets ,
Government Bonds ,
Libor ,
Publishers ,
REIT ,
Twitter
The Consumer Financial Protection Bureau is releasing a rule today that will ban consumer financial services providers from “prohibiting customers, through contracts with mandatory arbitration clauses, from filing or joining...more
5/5/2016
/ Arbitration ,
Class Action ,
Class Action Arbitration Waivers ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Suisse ,
EU ,
Euro ,
Foreign Currency ,
Merger Agreements ,
Oil & Gas ,
Publishers ,
Securitization Vehicles