• Bill Barr A Real Stickler For The Rules When It Comes To Weed Workers Filing For Bankruptcy Link
    dealbreaker Fri 29 May 2020 17:19

    As far as Attorney General Bill Barr is concerned, the illegality of lying to the FBI and insider-trading are somewhat open questions. The illegality of marijuana, on the other hand, is open-and-shut, especially if the law against it can be used in the way preferred by his boss, which is to say cruelly and in desperate times, such as bankruptcy court, facing a woman who took a job at a pot-growing company to feed her family.

  • Badly-Timed Bonus Watch ‘19 Link
    dealbreaker Fri 29 May 2020 16:24

    The CEO of SoftBank’s ailing Vision Fund, Rajeev Misra, is to be paid 1.61 billion Japanese yen ($15 million) this year, according to a notice SoftBank sent to its shareholders on Friday that was cited by multiple reports out of Japan.

    The total package is 113% more than Misra received in the last fiscal year, when he took home around $7 million.

  • Opening Bell: 5.29.20 Link
    dealbreaker Fri 29 May 2020 13:48

    Consumer Spending Fell a Record 13.6% in April [WSJ]The April decline was the steepest for records tracing back to 1959. Weak April spending adds to the evidence that the U.S. economy is in for a long, slow recovery….“I definitely decided that big purchase was not going to happen until I have some revenue,” [Tracy Miller] said…. “I’m just trying to stay afloat and not spend a lot,” she said.

    Peet’s Coffee IPO Raises $2.5 Billion [Bloomberg]The coffee giant, carved out of the Reimann family’s investment firm JAB Holding Co., raised 2.3 billion euros ($2.5 billion) in an IPO that took just 10 days, condensing what’s usually a four-week process and attracting investor orders that exceeded the number of shares offered by multiple times.Coffee consumption has remained resilient during the pandemic, moving from offices and cafes into people’s homes, according to JDE Peet’s, which bills itself as the world’s largest pure-play coffee group…. JDE Peet’s climbed 13% to 35.50 euros...

  • Cameron Winklevoss Savages Old Case Against Bitcoin With Even Older Joke Link
    dealbreaker Thu 28 May 2020 19:13

    “Cryptocurrencies including bitcoin are not an asset class,” Goldman Sachs’ Investment Strategy Group wrote in the opening of one slide…. “We believe that a security whose appreciation is primarily dependent on whether someone else is willing to pay a higher price for it is not a suitable investment for our clients,” the group wrote.

    “We also believe that while hedge funds may find trading cryptocurrencies appealing because of their high volatility, that allure does not constitute a viable investment rationale.”

  • Man Breaks Into Wells Fargo Branch To Use Microwave, Leaves With Portfolio Of Unauthorized Accounts, Insurance Products Link
    dealbreaker Thu 28 May 2020 18:48

    At around 3:30 a.m., San Diego police were dispatched to the Wells Fargo bank branch on 346 Euclid Ave. after a burglar alarm had gone off.

    Responding officers arrived to find a broken window near the bank’s drive-thru.

    The alarm company told police that surveillance cameras inside the branch captured a man inside a break room and using the microwave….

    As officers took him outside and arrested him, the man told 10News’ Breaking News Tracker that he entered the bank just so he can microwave his Hot Pockets.

    When asked if the Hot Pockets were worth it, the man responded, "Hell yeah it was worth it."

  • Bill Ackman Has Outgrown His Hero Link
    dealbreaker Thu 28 May 2020 16:13

    The public and private funds at Pershing Square Capital Management have gained between 22% and 27% this year, handily beating both the Standard & Poor’s 500 index and the average hedge fund which are each off 7% since January, Ackman said…. Positions in Berkshire Hathaway, Blackstone Group and Park Hotels & Resorts were liquidated because the cash could be used more efficiently elsewhere, he said.

  • Opening Bell: 5.28.20 Link
    dealbreaker Thu 28 May 2020 14:17

    China’s Cash Cow—How Hong Kong Bankrolls the Mainland [WSJ]A U.S. decision that Hong Kong’s autonomy has been curtailed raises questions about how Washington will treat the city in the future, and about its standing as a global financial hub…. Hong Kong remains a key financial gateway between mainland China, which maintains strict capital controls, and the wider world. For example, much of the foreign direct investment flowing into and out of China is routed through Hong Kong.

    Extradition of Huawei Executive Clears a Major Legal Hurdle in Canada [NYT]Chinese state media this week signaled there could be a backlash if the ruling did not go in Ms. Meng’s favor. Global Times, a state-owned tabloid with a nationalist bent, warned of “resentment” in China should the judge make a decision that “panders to the Trump administration….”In her decision, Heather Holmes, associate chief justice of the British Columbia Supreme Court, found that prosecutors had cleared a fundamental...

  • SEC Busily Issuing Slaps On The Wrist Link
    dealbreaker Wed 27 May 2020 18:51

    By some measures (well, one, anyway), it looks like the Securities and Exchange Commission is really getting tough on financial crime while under quarantine. And the increase in whistleblower awards would seem to point in that direction. But a look under the hood shows that the impressive total haul was pretty much a volume play. And for all of its hyperactivity, the SEC doesn’t seem to be extracting a particularly punishing levy from those it has now gotten around to dealing with.

    For instance, the allegations against private equity firm Ares Management look pretty damning. The firm invested nine figures in a company and got a board seat out of it. Said board member, as such board members are wont to do, kept Ares in the loop about what was going on at the company, and after one such head’s up, Ares bought up another million shares. It seems, to this lawyer’s eye, anyway, like a colorable case of insider trading. But the SEC thought otherwise, instead seeing a case of...

  • Bill Barr Has Figured Out How He’s Gonna Sweep Richard Burr’s Insider Trading Under The Rug Link
    dealbreaker Wed 27 May 2020 18:06

    Prosecutors are now examining whether the wide latitude granted to lawmakers under the speech and debate clause of the U.S. Constitution would limit their ability to win any insider-trading trial against Mr. Burr, the people said…. Since the information Mr. Burr might have allegedly used relates directly to legislative work and closed-door Senate briefings, his actions could fall under the constitutional protection, experts said, and could limit prosecutors’ ability to bring any case….

    In 2012, President Obama signed the Stop Trading on Congressional Knowledge Act to outlaw members of Congress and other government staff from engaging in insider trading based on information learned through their jobs, but few such cases have since been brought.

    That legislation doesn’t override the constitutional protections, so any case is likely to result in litigation that could eventually go to the Supreme Court.

  • Opening Bell: 5.27.20 Link
    dealbreaker Wed 27 May 2020 13:01
  • Lucky Hedge Fund Manager (Probably) Begins Palm Beach Life In (Very) Lucky Hedge Fund Manager’s Old Place Link
    dealbreaker Wed 27 May 2020 12:21

    “You’re not going to find many Palm Beach penthouses like this particular one with its immense size, expansive outdoor terrace, sweeping ocean-to-Intracoastal views, and soaring ceiling heights. Delighted for my client,” Forest said….

    Penthouse 4 has 7,794 square feet of living space inside and on its balconies, which are broader than others in Bellaria, records show. Accessed via a private elevator, the penthouse is in the northernmost of Bellaria’s two buildings, each with five residential floors. The condo slices through the building and has terraces on the east and west sides that capture wide views of the ocean, the Intracoastal Waterway and the city of Lake Worth, according to its sales listing.

    The apartment has 14-foot ceilings throughout, with the exception of a 17-foot vaulted ceiling in the combined living-and-dining area.

  • Company Pulling Out All The Stops To Piss Off Chris Hohn Link
    dealbreaker Tue 26 May 2020 19:05

    German payments firm Wirecard postponed the publication of final 2019 results for a third time late on Monday, citing delays in finalising audit procedures…. Originally, Wirecard had planned to publish on April 8, but it repeatedly postponed that as investigations into alleged accounting irregularities, which the company has denied, dragged on….

    In a bid to assuage investors, Wirecard had hired KPMG to conduct an independent audit but the accounting firm said it had insufficient information to disprove the allegations

  • Turns Out Forging An Investor’s Signature Is More Than Just ‘Bad Judgment’ Link
    dealbreaker Tue 26 May 2020 18:20

    Forgery is always bad judgment, although that is among the very nicest things you can say about it. “Illegal” is another, harsher and frankly more accurate one. Nor is that epithet applicable only to the forgery, sayeth the authorities.

  • You Guys Aren’t Gonna Believe This, But Argentina Defaulted On Its Debt Link
    dealbreaker Tue 26 May 2020 16:00

    And these, as you may have heard, are not the best of circumstances, and so once again Argentine creditors look on with ill-earned surprise as the eventuality essentially demanded by their actions once again leaves them holding unredeemable coupons and bonds whose face values have become a dark, grim joke.

  • Opening Bell: 5.26.20 Link
    dealbreaker Tue 26 May 2020 13:10

    C.D.C. Warns of ‘Aggressive’ Rats Searching for Food During Shutdowns [NYT]“The rats are not becoming aggressive toward people, but toward each other,” Bobby Corrigan, an urban rodentologist who has both a master’s degree and Ph.D. in rodent pest management, said on Sunday. “They’re simply turning on each other.”/Dr. Corrigan said there are certain colonies of rats in New York that have depended on restaurants’ nightly trash for hundreds of generations, coming out of the sewers and alleys to ravage the bags left on the streets. With the shutdown, all of that went away, leaving rats hungry and desperate./In New Orleans, hordes of rats took over the streets after people emptied out. Hundreds of thousands of rats in Chicago have started boldly searching for food, traveling farther and during the daytime. Some have even moved into car engines.

  • Bill Ackman Would Like To Sell Elon Musk A New Tesla HQ, Possibly A Time Share Link
    dealbreaker Fri 22 May 2020 19:22
  • Goldman Sachs’ Mortgage Relief Involves Relieving You Of Your Mortgage By Relieving You Of Your House Link
    dealbreaker Fri 22 May 2020 19:17

    Like every other bank on earth, Goldman Sachs had to settle allegations that it helped create the last global financial crisis by wrapping up the mortgage equivalent of literal excrement in gold and getting them proclaimed triple-A before selling them on to investors. Of course, the top-line numbers in those settlements was a fantasy, and so it was with Goldman’s $5.1 billion deal with the Justice Department. Rather than simply having the bank fork over that money, the DoJ let it and the others pay for a portion of their sins by providing “consumer relief.” In Goldman’s case, that meant spending $1.8 billion on distressed mortgages and offering the following relief:

  • Opening Bell: 5.22.20 Link
    dealbreaker Fri 22 May 2020 18:47
  • Nassim Taleb, Cliff Asness Exchange Unpleasantries On Twitter Link
    dealbreaker Fri 22 May 2020 17:47
  • Dalio Schools Partnership Doomed By Radical Lack Of Transparency, Two Slimy Weasels Link
    dealbreaker Fri 22 May 2020 13:26

    In her Tuesday email to the partnership’s board and other officials, Schmitt-Carey said her troubles began when “[a]fter serving as President and CEO of the Partnership for Connecticut for 30 days, on May 4th at 8:30 am, I was asked to be on a call with Erik Clemons, Barbara Dalio, and Andrew Ferguson.”

    Schmitt-Carey’s email continued: "During this call, I was was ambushed with a set of false and defamatory accusations (read by Andrew Ferguson) and then told to voluntarily resign by 12:00 noon that day or the allegations would become ‘much more public.’

  • On Second Thought Dan Loeb Needs No Help Link
    dealbreaker Thu 21 May 2020 23:26

    Billionaire investor Daniel Loeb is taking back the reins as sole chief investment officer at his hedge fund Third Point LLC, less than one year after he appointed long-time colleague Munib Islam to be his co-chief investment officer, according to a letter the firm sent its investors…. Islam, 46, will retire from New York-based Third Point but will continue to advise it in a consulting capacity until the end of the year.

  • Local Hedge Fund Manager Demands Economy Reopen, But Definitely Not For Selfish Reasons Link
    dealbreaker Thu 21 May 2020 20:01

    We protect the vulnerable population and then allow and even encourage the rest of the population to get back to normal life. With proper coordination, I can envision popular recording artists hosting virus relief concerts where young and healthy people go and hopefully get the virus and then the antibodies which allow them to donate blood to be used as a treatment or a prophylactic. Some of these people may even benefit as they are new to learn they have some compromise in their immune system. Citizens that don’t feel comfortable reengaging in the economy are free to wear masks and gloves to the grocery store and continue to shelter in place. Widespread testing should be available soon, so we know if it’s safe to visit our friends and family. But in plan B, those citizens that are comfortable go back to life as we know it with no restrictions. Individuals protect themselves and their families if they are worried. Businesses and institutions protect their employees including...

  • Wells Fargo Not The Only Bank Ripping Off Poorer Drivers Link
    dealbreaker Thu 21 May 2020 19:51

    Santander Consumer USA Holdings Inc said on Tuesday it had agreed to make changes to its underwriting practices as part of a $550 million settlement with 33 states and the District of Columbia over subprime auto loans…. California said Santander approved loans it expected would default at rates of greater than 70% and alleged “Santander’s aggressive pursuit of market share led it to underestimate the risk associated with loans by turning a blind eye to dealer abuse….”

    In 2017, Santander agreed to pay $25.9 million to resolve investigations by the attorneys general in Massachusetts and Delaware over sub-prime auto loans.

  • Masa Son’s Unicorns Were Actually Lemmings Link
    dealbreaker Thu 21 May 2020 19:46

    SoftBank posted an operating loss of 1.36 trillion yen, or $12.7 billion, in the fiscal year that ended March 31, its first annual loss in 15 years. It reported a profit of $19.6 billion the previous year. Its net income loss was $894 million.

  • Banks, Brokers Celebrate 10th Anniversary Of Flash Crash By Suing The SEC Link
    dealbreaker Thu 21 May 2020 19:41

    For one, it took the SEC a ridiculously long time to approve the necessary governance changes to make the CAT possible. Then, it took a ridiculously long time for the SEC to approve a final plan for the CAT, and a ridiculously long time for the exchanges and other organizations overseeing the CAT to pick someone to run. Then, those expected to pay for it realized how much it would cost, a predictably freaked out.

    At last, however, ten long years later, the CAT is finally ready to start consolidating audit trails. There is one wee problem, however: While the SEC has been keeping itself busy lately, it also remains at its core fundamentally lazy. And also leaky as hell, cybersecurity-wise. This quite frankly makes the American Securities Association, whose members are expected to send the personal information on every man, woman, child and corporation trading stocks to the CAT, a little nervous. And also more than a little litigious.

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