Veteran’s Day in the US means Singles Day in China, the world’s biggest shopping day and a major test for Alibaba to keep growing on the day it helped invent....more
11/11/2016
/ Acquisitions ,
Alibaba ,
China ,
Cybersecurity ,
Dodd-Frank ,
Fiduciary Duty ,
Fiduciary Rule ,
Financial Institutions ,
JPMorgan Chase ,
Mergers ,
Merrill Lynch ,
Presidential Elections ,
Presidential Nominations ,
Retirement Plan ,
Sales Commissions ,
Trump Administration ,
Verizon ,
Wells Fargo ,
Yahoo!
China’s expected to announce Q3 economic growth of 6.7 percent this week—a number envied by any other country in the world but the sign of major slowdown there. Dealbook looks at what, exactly, a less-gangbusters Chinese...more
10/19/2016
/ Acquisitions ,
Banks ,
BlackRock ,
China ,
Data Breach ,
Deutsche Bank ,
Federal Reserve ,
Financial Institutions ,
Financial Markets ,
Global Economy ,
Goldman Sachs ,
Hackers ,
HSBC ,
Inflation Adjustments ,
Junk Bonds ,
Loans ,
Mergers ,
RMBS ,
Salesforce ,
Social Media ,
Twitter ,
Verizon ,
Yahoo!
Like a hot new underground nightclub [I presume. Not exactly my scene], Marcus—Goldman Sachs’ new online lending platform aimed at the consumer banking segment—requires a password. Goldman’s reportedly sending out the...more
10/14/2016
/ Acquisitions ,
Bank Accounts ,
Consumer Financial Products ,
Consumer Lenders ,
Corporate Culture ,
Cross-Selling ,
Deutsche Bank ,
Financial Institutions ,
Financial Markets ,
Fraud ,
Goldman Sachs ,
Hiring & Firing ,
HSBC ,
Inversion ,
Mergers ,
Online Marketplace Lending ,
Regulatory Oversight ,
Stocks ,
U.S. Treasury ,
Verizon ,
Wells Fargo ,
Yahoo!
Some good news for the UK after a brutal few days for the pound? It appears that the pound’s precipitous fall has acted as a sort of “giant shock absorber” against Brexit—a release valve of sorts that has meant decreased...more
10/10/2016
/ Acquisitions ,
Alibaba ,
Corporate Culture ,
Cross-Selling ,
Department of Justice (DOJ) ,
Deutsche Bank ,
Financial Adviser ,
Financial Institutions ,
Financial Markets ,
Foreign Currency ,
General Motors ,
Mergers ,
Mobile Payments ,
Mylan Pharmaceuticals ,
Online Platforms ,
Pharmaceutical Industry ,
Prescription Drugs ,
Salesforce ,
Securities and Exchange Commission (SEC) ,
Social Media ,
Twitter ,
UK ,
UK Brexit ,
Volkswagen ,
Wells Fargo ,
White Collar Crimes
It’s not quite in the 9-year AIG/Greenberg territory, but it’s been five years since the Feds started investigating former NJ Senator and Governor Jon Corzine and his role in overseeing the collapse of brokerage firm MF...more
10/7/2016
/ Acquisitions ,
CFTC ,
Deutsche Bank ,
Financial Institutions ,
Financial Markets ,
Foreign Currency ,
Initial Public Offering (IPO) ,
Insider Trading ,
Mars ,
McDonalds ,
Mergers ,
Snapchat ,
Social Media ,
UK ,
Unemployment ,
White Collar Crimes
Deutsche Bank’s penchant for dealing in risk—in the form of currency swaps, bond sales, or derivatives, among others—has left it (and its highly leveraged balance sheet) particularly vulnerable amidst last week’s news of...more
10/3/2016
/ Asset Management ,
Automotive Loans ,
Clawbacks ,
Cross-Selling ,
Department of Justice (DOJ) ,
Deutsche Bank ,
Executive Compensation ,
Financial Markets ,
Janus Capital Group ,
Mergers ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Settlement Offer ,
Stock Prices ,
Stocks ,
Tick Size ,
Wells Fargo
OPEC has reached a tentative deal among its 14 member nations to “modestly cut” their oil output toward the end of the year in an effort to shore up sagging oil prices–an announcement that immediately sent global oil prices...more
9/29/2016
/ Anheuser-Busch ,
Bank Accounts ,
Banks ,
Cross-Selling ,
Energy Sector ,
Financial Institutions ,
Fraud ,
Google ,
Interest Rate Adjustments ,
Mergers ,
Municipal Bonds ,
Oil & Gas ,
OPEC ,
Underwriting ,
Wells Fargo
The Deal Professor weighs in on Yahoo’s announcement last week of the hack of roughly 500 million of its customers’ data and the specter of the MAC (material adverse change) that Verizon may choose to invoke to dance away...more
9/26/2016
/ Acquisitions ,
Bank Accounts ,
Banking Sector ,
Cross-Selling ,
Cybersecurity ,
Data Breach ,
Distressed Debt ,
Google ,
Hackers ,
Hiring & Firing ,
Initial Public Offering (IPO) ,
Insurance Industry ,
Material Adverse Effects ,
Mergers ,
Mortgage Loan Originators ,
Mortgages ,
Putative Class Actions ,
Salesforce ,
Search Engines ,
Snapchat ,
Social Media ,
Stress Tests ,
Takeover Bids ,
Twitter ,
Verizon ,
Wells Fargo ,
Yahoo!
The hits just keep on coming for Wells Fargo, who now is facing questions about its failure to prime the market for news of its $185 million SEC settlement earlier this month. The main concern with that tack is that Wells...more
9/20/2016
/ Bank Accounts ,
Banks ,
Elon Musk ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Government Investigations ,
Mergers ,
Securities and Exchange Commission (SEC) ,
Settlement ,
Tesla ,
Unjust Enrichment ,
Wells Fargo
Gretchen Morgenson and Fair Game have had a few days to reflect on the Bayer/Monsanto deal, and with that little bit of hindsight (and a lot of history), she’s not too sure that Bayer’s stockholders are going to be thrilled...more
9/19/2016
/ Agribusiness ,
Bank Accounts ,
Banks ,
Bayer ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Deutsche Bank ,
Fees ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
High Frequency Trading ,
Job Creation ,
Mergers ,
Monsanto ,
Pharmaceutical Industry ,
Prepaid Payment Products ,
Regulatory Oversight ,
RMBS ,
Unemployment ,
Wells Fargo
The Committee on Capital Markets Regulation—a nonprofit that represents execs from many of the US’s largest banks—will release a paper today arguing that the Fed illegally sidestepped the APA by adopting “central parts of its...more
9/15/2016
/ Agribusiness ,
Algorithmic Trading ,
Bank Accounts ,
Banks ,
Bayer ,
Bonds ,
Capital Markets ,
Dark Pool ,
Electric Vehicles ,
Financial Institutions ,
General Motors ,
Mergers ,
Monsanto ,
Pharmaceutical Industry ,
Securities and Exchange Commission (SEC) ,
Stress Tests ,
Transparency ,
Wells Fargo
Following news of Starboard Value’s plan to shake things up at Perrigo, we have this take from Breakingviews, which suggests that fending off a hostile takeover (as Perrigo did from Mylan) tends to “make fertile turf for an...more
9/14/2016
/ Activist Investors ,
Bank Accounts ,
Bayer ,
Class Action ,
Fees ,
Financial Institutions ,
Foreign Currency ,
Hostile Takeover ,
Loans ,
Mergers ,
Monsanto ,
Mortgages ,
Oil & Gas ,
PNC ,
UK ,
Wells Fargo
In a closely watched and dissected speech yesterday, Federal Reserve governor Lael Brainard told the crowd gathered at the Chicago Council on Global Affairs that she favored “prudence” in raising rates despite recent signs of...more
9/13/2016
/ Agricultural Sector ,
Bank Accounts ,
Banking Sector ,
Banks ,
Financial Markets ,
Hedge Funds ,
Interest Rate Adjustments ,
Mergers ,
Pharmaceutical Industry ,
Ponzi Scheme ,
Stocks ,
Wells Fargo
Dealbook gives us the story of Airgas, where founder Peter McCausland’s reticence to sell (despite serious shareholder pressure) resulted in a $5 billion windfall rather than the all-too-often result of a later sale for...more
9/6/2016
/ 3D Printing ,
Apple ,
Barclays ,
Bayer ,
Bonds ,
EU ,
Financial Institutions ,
Financial Markets ,
Ireland ,
Job Creation ,
JPMorgan Chase ,
Mergers ,
Monsanto ,
NCUA ,
Pharmaceutical Industry ,
RMBS ,
Royal Bank of Scotland ,
Stock Prices ,
Stocks ,
Summary Judgment ,
Tax Evasion
Canada’s signaled an interest in joining the China-led Asian Infrastructure Investment Bank—often seen as China’s answer to the World Bank. The bid is controversial at home for new PM Justin Trudeau, but it reflects the...more
9/1/2016
/ Amazon Marketplace ,
Canada ,
China ,
Commerzbank ,
Deutsche Bank ,
Elon Musk ,
Financial Crisis ,
Financial Institutions ,
Financial Reporting ,
Lehman Brothers ,
Mergers ,
Puerto Rico ,
Student Loans ,
Tesla ,
UK ,
Wells Fargo
Continual rejections worked for Hershey in fending off Mondelez’s takeover bid. The Deal Professor thinks that Tronc faces considerable risks in following the same strategy with Gannett’s repeated overtures....more
8/31/2016
/ Accounting Fraud ,
Acquisitions ,
Apple ,
Banks ,
EU ,
Financial Institutions ,
Financial Markets ,
Google ,
Hersheys ,
Initial Public Offering (IPO) ,
Mergers ,
Monsanto ,
Public Offerings ,
Securities and Exchange Commission (SEC) ,
Sharing Economy ,
Stock Exchange ,
Tax Evasion ,
Theranos ,
Uber ,
Whistleblowers ,
Zika
The 2d Circuit has refused the DOJ’s motion for reconsideration of the panel’s May decision overturning a jury verdict and accompanying $1.27 billion fine against Bank of America over its “Hustle” mortgage generation program....more
8/23/2016
/ Bank of America ,
China ,
Department of Justice (DOJ) ,
Financial Institutions ,
Financial Markets ,
Japan ,
Manufacturers ,
Mergers ,
Mortgages ,
Motion for Reconsideration ,
Pfizer ,
Pharmaceutical Industry ,
Shadow Banking
A SDNY jury has found former JPMorgan banker Sean Stewart guilty of insider trading based on allegations that Stewart was leaking confidential information about health care company mergers to his dad....more
8/19/2016
/ Banks ,
Cisco ,
Confidential Information ,
Financial Institutions ,
Healthcare ,
Hedge Funds ,
Hiring & Firing ,
Insider Trading ,
JPMorgan Chase ,
Mergers ,
Online Marketplace Lending ,
Sharing Economy ,
Uber ,
UK Brexit
A day-after assessment of the Uber/Didi deal through the lens of another yet tech giant who’s failed to overcome the many obstacles of establishing a meaningful presence in China....more
8/2/2016
/ Acquisitions ,
Administrative Proceedings ,
Banking Sector ,
China ,
Cloud Computing ,
Corporate Bonds ,
Digital Currency ,
Japan ,
Mergers ,
Microsoft ,
Oracle ,
Private Equity ,
Securities and Exchange Commission (SEC) ,
Sharing Economy ,
Theranos ,
Uber
The bids are all in, and Verizon’s the big winner. Well, both “big” and “winner” are relative, especially with news of a brutal Q2 for Marissa Mayer and her crew, but nevertheless, Yahoo’s core business is now Verizon’s in...more
7/25/2016
/ Banks ,
Bribery ,
Corporate Governance ,
Elon Musk ,
Financial Institutions ,
Fraud ,
Hedge Funds ,
Hersheys ,
IMF ,
Interest Rate Adjustments ,
Mergers ,
Money Transfer ,
Takeover Bids ,
Tesla ,
Verizon ,
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
The Treasury Dept’s Office of Financial Research has found that money-market funds are increasingly entering into direct repurchase loans with large investors and insurers—another sign that “participants in short-term lending...more
7/21/2016
/ Amazon Marketplace ,
Anheuser-Busch ,
Banks ,
Beer ,
Bitcoin ,
Breweries ,
Criminal Prosecution ,
Currency Manipulation ,
Digital Currency ,
Elon Musk ,
Financial Institutions ,
Freddie Mac ,
HSBC ,
Mergers ,
Money Market Funds ,
Student Loans ,
Subprime Mortgages ,
Takeover Bids ,
UK ,
Virtual Currency ,
Wells Fargo ,
Wire Fraud
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 2d Circuit’s nixed a bid by investment fund SRM Global Master Fud LP to revive its $200 million securities fraud suit against Bear Stearns and Deloitte over alleged lies about Bear’s pre-collapse financial health. The...more
7/15/2016
/ Acquisitions ,
American Pipe & Construction Co. v. Utah ,
Banks ,
Bear Sterns ,
China ,
Citigroup ,
Economic Development ,
Financial Crisis ,
Financial Institutions ,
Financial Markets ,
Initial Public Offering (IPO) ,
Italy ,
Mergers ,
Nintendo ,
Pokemon ,
Securities Fraud ,
Technology Sector ,
Tolling ,
Yahoo!
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