A few months back, Janet Yellen suggested that more Americans do their patriotic duty and quit their jobs, the better to demonstrate confidence in their ability to find another one because they economy is doing oh-so well. As in previous times of national crisis, her countrymen are listening to such exhortations. Read more »
Justice Department Tells FX-Rigging Banks To Show It Where The Bodies Are, God Damn It (But Enjoy Thanksgiving Break First)By Bess Levin
There’s no rush. Read more »
Ed. note: This is a new weekly column by Elie Mystal, Managing Editor of Above the Law Redline, wrapping up the week that was in law and finance. Elie is not a practicing attorney, and anything he says that you listen to can and will be used against you.
Issue #1: The $4.3 billion chat room.
The big news this week is that six firms will pay $4.3 billion to a suite of international regulators in the first set of punishments from rigging the foreign exchange market. Of course, it’s not at all clear that what Forex fixers did was that big of a deal. The Financial Conduct Authority in the U.K. says that “[t]he traders put their own interest ahead of their customers, they manipulated the market — or attempted to manipulate the market — and abused the trust of the public.” That’s lawyer-speak for “that’s not fair.” The fines amount to a $4.3 billion “unsportsmanlike conduct” penalty.
Carl Icahn’s a pretty good judge of character. Of men, as they said in his day. Sure, there was that one time, with that Ackman guy, but even that turned out alright in the end.
Now, Carl Icahn’s a pretty busy guy. He’s also, as we may have mentioned once or twice before, 78 years old. No matter: It would be criminal for him to deny his gift for finding the right man for the job to the companies of the world, or at least the companies of his portfolio. And so he does not. And while some may have some trepidation about going to work for a company in which Icahn owns even a single share, those who take the leap assure you he’s a grandfatherly teddy bear. Read more »
The compensation committee keeps the minutes of its meetings private, but considering that Gross far surpassed any expectations parent company Allianz might’ve set in the aforementioned areas, it seems obvious crows1 and alienation figured significantly in his 2013 pay. Read more »
So what if his dream of forcing Allergan to settle for Valeant is very much on the rocks? If the Pershing Square chief has proven nothing else, it is that he will make money no matter what happens during this calendar year. Let Allergan take Actavis’ $60+ billion—Bill Ackman gets 10% of it. And then he can sell the company that his old buddy told him to invest in to Valeant. Read more »
Sure, his boss just received quite the beating at the hands of the voters, in no small part because people still think the economy sucks (at least they did until after Election Day, anyway). The Treasury Secretary knows better: He’s done a hell of a job fixing the U.S. economy and, with it, the world economy. But you know what? He’s pretty goddamned sick of doing it all by himself, and he doesn’t care if Angela Merkel and Shinzo Abe and François Hollande know it. Read more »