Bess Levin

Posts by Bess Levin

The Securities and Exchange Commission said Monday that it expects to pay more than $30 million in an award under its whistleblower program, more than double the agency’s previous high for a payout under the plan. The SEC didn’t name the whistleblower in question, but the regulator did say that it will be the fourth award given to an informant living in a foreign country. “This award of more than $30 million shows the international breadth of our whistleblower program as we effectively utilize valuable tips from anyone, anywhere to bring wrongdoers to justice,” Sean McKessy, chief of the SEC’s whistleblower office, said in a news release. “Whistleblowers from all over the world should feel similarly incentivized to come forward with credible information about potential violations of the U.S. securities laws.” [WSJ]

If there are people out there who don’t enjoy being broken down emotionally by their coworkers as a means of ultimately emerging stronger, he hasn’t heard of them. Well, okay, he’s heard of some but they quickly adjust to the Bridgwater way of doing things after a short 18 months. Read more »

Did UBS help clients evade taxes for years and years? Yes, it’s a Swiss bank and that’s what Swiss banks do (did?). Is that any reason for France to go all extortionist on its ass? UBS says no. As an aside, a spokesperson from UBS has suggestion that certain French attorneys ought to go back to law school. Read more »

  • 22 Sep 2014 at 12:52 PM

Bond Lovers Should Run And Hide: Julian Robertson

Julian Robertson, the billionaire founder of Tiger Management LLC, said there’s a bubble in bonds that will end “in a very bad way.” “Bonds are at ridiculous levels,” Robertson said today at the Bloomberg Markets Most Influential Summit in New York. “It’s a worldwide phenomenon that governments are buying bonds to keep their countries moving along economically.” [Bloomberg]

One employee, who spoke on the condition of anonymity because he was not authorized to speak for the company, said that employees at the campus were generally calm. “It’s not too different from normal,” said the person, who has worked for seven years for Alibaba and is a senior information technology engineer. “It’s not as important as the outside world has made it, and we are super busy, like always,” he said, adding that light rain in Hangzhou was dampening the mood as well. Another employee in the company’s branding department, Zhao Xiuzhi, said the mood was generally happy, but not overly ecstatic. “Today we feel quite happy,” she said. “Everyone is wearing the same T-shirt, which gives a feeling of having accomplished something together.” She added: “Plus, tomorrow’s a Saturday, so I feel relaxed.” [Dealbook]

Over the last several years, Bank of America has paid something like $827 billion in fines and settlements, including $16.65 billion just last month. So while another billion here or there would represent but a drop in the bucket, you can sort of understand why Moynihan et al would be done, emotionally, cutting these checks and why they would try and get out of whatever penalties they can, however thin the arguments for doing so (“Just put us out of our misery already”) may be. Unfortunately, today is apparently not Moynihan’s day and tomorrow’s not looking very good either. Read more »

  • 19 Sep 2014 at 12:43 PM

Call The (Alibaba) Close (UPDATE)

UPDATE: And the winner is “Oracle PR” with a guess of $93.82. Get in touch to claim your prize!

Standard Price is Right rules, closest without going over. Guesses in by 3:50PM. Winner gets his/her choice of a Dealbreaker banker bag or DVD of Forrest Gump, which is apparently Jack Ma’s favorite movie. Read more »

Abigail Thernstrom has been watching Blankfein’s rise to the upper echelons of Wall Street from her office Cambridge, waiting patiently for the day a reporter would finally give her an opening to reveal he owes her 30,000 words on the law. Read more »