negotiations

brianmoynihanbofa2It’s a great day in Moynihan Land. Read more »

  • 21 Oct 2014 at 3:06 PM
  • Banks

De Blasio To Dimon: F*ck You And F*ck Your Tax Breaks

jamie-dimon (2)JPMorgan Chase’s cap-in-hand routine isn’t flying with the Big Apple chief. Read more »

  • 17 Oct 2014 at 3:54 PM

All JP Morgan Wants Is One Billion Dollars

Screen Shot 2014-10-17 at 3.52.13 PMFact: JP Morgan is interested in moving its headquarters from 270 Park Avenue to a yet-to-be constructed “corporate campus” on the west side of Manhattan. Fact: Real estate developers like the idea of this place, which would cost approximately $6.5 billion to build. Rub: JP Morgan needs the city to entice it to head West, and not that you can put a price on these things but $1 billion would probably be enough to get Jamie and Co. to put their hard hats on. Read more »

To be fair, the Justice Department hasn’t actually thrown out that figure, but it did scoff at Brian Moynhian’s offer of $13 billion, so. Read more »

Donald Sterling told a judge his fight to block the $2 billion sale of the Los Angeles Clippers to former Microsoft Corp. Chief Executive Officer Steve Ballmer is about economics, not ego. “You think I’m doing this for ego?” Sterling asked a lawyer for his wife, Shelly Sterling, during one of many testy exchanges on the second day of a trial to determine whether she had sole authority to sell the National Basketball Association team after having her husband declared incapacitated. Sterling, 80, said he was negotiating a new cable-television contract with 21st Century Fox Inc. and that television providers’ demand for content would continue to drive up the value of sports franchises. The Clippers’ success on the court this year also has created interest from several radio stations to carry the games, he testified. “My wife can’t run anything,” Sterling told a state probate judge in Los Angeles who is deciding the case without a jury. “Of course I believe the team is worth more.” [Bloomberg]

According to Dealbook, the government wants 8+. As previously discussed, Martoma and his lawyers do not want a sentence even approaching that length of time, and have so far put forth the argument that it should be a lot fewer years because the ex-trader employee was only responsible for $49 million out of the $276 million SAC Capital made based on inside information about Elan and Wyeth. Read more »

So, that’s something. Read more »

France’s finance minister said on Sunday that talks between BNP Paribas (BNPP.PA) and U.S. authorities over a potential fine for the bank for breaching U.S. sanctions had progressed towards a “more equitable” level. U.S. authorities – five of them in all, including the New York financial regulator – are investigating whether BNP evaded U.S. sanctions against Iran and other countries between 2002 and 2009…”What is being criticized by the U.S. authorities is the violation of a strictly American law. The same acts committed in France in euros would not have been reprehensible,” [Michel] Sapin said. “That said, it is the American law, it should have been respected.” [Reuters, related]