Late last week, Botox-maker Allergan Inc sued Valeant Pharmaceuticals and Pershing Square, alleging the latter two had engaged in insider trading when Pershing bought $1 billion worth of Allergan shares ahead of a takeover offer by the hedge fund and Valeant. On the suggestion of wrongdoing, Valeant called with charges “baseless,” while Ackman stated in a press release that “This is a shameless attempt by Allergan to delay the shareholders’ fundamental right to call a special meeting and vote their shares. Allergan is threatened by our progress toward calling the special meeting. This scorched-earth approach is further evidence of the board’s and management’s further entrenchment.”
Not entirely convinced? Dealbook‘s Andrew Ross Sorkin, who in his column today says WAIT JUST A SECOND, PEOPLE. Read more »
Time was, Andrew Ross Sorkin looked up to the CEOs of Wall Street and the titans of the business world. Respected the names they’d made for themselves. Admired the things they’d built with their own two hands. In them, he saw father figures, in him, they saw a son. In each other, they found someone to play catch with in the backyard.
But no son stays at the father’s foot, staring adoringly upward, forever. And, in his adolescence as adopted son-reporter, ARS cast a more skeptical eye at his father figures. He rebelled a bit. And in the last year or so, he found himself questioning how much of what these men said was genuine, and how much was lip service. He tried to shake the feeling that, for example, Jamie Dimon was simply telling the public what he wanted to hear when the JP Morgan chief apologized for WhaleGate, but it was an epic struggle. Was John Mack telling the truth when he said he was sorry for what happened to shareholders? Did Nasdaq chief executive Robert Greifeld really believe he “owed the industry an apology” over the whole Facebook debacle? Was Bob Diamond truly the most “sorry, disappointed, and angry” about the revelations that Barclays had engaged in Libor rigging, or was he just sorry it cost him his job? Instead of an apology, did he really wanted to issue a simple “HMD” and be done with it? Sorkin was starting to suspect with sadness that it was the latter. Read more »
Labaton Sucharow is a law firm whose business consists of getting disgruntled financial industry employees to sue their employees for various bits of naughtiness, and taking a cut of whatever money those disgruntled employees can get from a lawsuit or settlement. One of their clever marketing techniques is to hire a survey firm to identify financial services employees willing to talk shit about their employers on the internet,1 because those employees are a promising source of money for Labaton Sucharow. In fact only about a quarter of those employees actually have anything negative to report, and presumably not all of that is lawsuit-worthy, but marketing is hard and you shouldn’t expect a particularly high hit rate. The trick is to just get a lot of at-bats and something will eventually pan out.
Also the PR is amazing? Here is an Andrew Ross Sorkin column titled “On Wall St., a Culture of Greed Won’t Let Go” that sort of takes this survey as a fact about the world rather than a marketing document, so is all like “oh you and your greed, Wall Street!” Read more »
Or Becky Quick? Or Andrew Ross Sorkin? Joe Kernen? Jim Cramer? Because you think it would be a pleasant way to start the morning or, alternatively, a horrifying way sure to get you out of bed without delay? Now you can! Read more »
It’s often been said, in profiles, conversations, and the like, that Andrew Ross Sorkin is the hardest working man in America, juggling several jobs at any given time. Up until now, the ones we knew about were 1) Dealbook editor 2) Squawk Box host and 3) author. Today we’ve learned of yet another title he holds: (self-described) Human Garbage Disposal. “If food is in front of me, I have to eat it,” Sorkin told Grub Street, while taking part in its “New York Diet” series, an accounting of one person’s food intake over a given week. From March 2 to March 7 we get to see ARS’s appetite in action, destroying everything in its wake. Yogurt (Fage peach), his children’s chicken nuggets, Chinese food, coffee ice-cream, tomato soup, mushroom soup, peanut butter brownies, turkey sandwiches, margaritas, Red Bull, oysters, Muscle Milk, pretzels, steak, salmon, Chirpin’ Chicken, sweet-potato fries– no one gets a free pass. It’s actually quite mesmerizing and more than a little impressive. And that’s just what he consumes for sustenance. Here’s what he goes weak in the knees over: Read more »