negotiations

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 »

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]

For the past number of weeks, we’ve heard about how the U.S. wants BNP Paribas to plead guilty to violating U.S. sanctions against certain countries like Iran, and pay upwards of $10 billion to show they really mean it. We’ve also heard about how a lot of people in France– like its President, for one– are none too pleased about the idea of such a high fine, and are working hard (though mostly in vain) to get the number down. And while $10 billion does sound like a lot of money, a new report reveals that 1. It could’ve been a lot worse and 2. At this time, BNP might not wanna press its luck. Read more »

  • 02 Apr 2014 at 5:19 PM

JP Morgan Fugutive Open To Dropping Fugitive Status

A lawyer for a former JPMorgan Chase & Co trader accused of helping to hide trading losses tied to a $6.2 billion financial scandal said on Wednesday his client was open to leaving France to voluntarily face U.S. criminal charges. Julien Grout, the former trader, is accused of participating in a conspiracy to hide losses within JPMorgan’s Chief Investment Office in London by marking positions in a credit derivatives portfolio at inflated prices. He and another one-time trader at the bank, Javier Martin-Artajo, are considered fugitives by the U.S. government for not coming to the United States to face trial over charges stemming from the so-called London Whale scandal. But at a hearing in federal court in New York, Marc Weinstein, a lawyer for Grout, told U.S. District Judge George Daniels that talks were under way with prosecutors about a bail package that would enable Grout, a French citizen, to come to the United States. [Reuters]

Yes, he said that he’ll stay ’til this thing gets done but FYI, he’s already booked a one-way ticket out of this dump and it’s nonrefundable, so if you think he’s gonna just stand by while you people fumble around and fuck everything up, thereby prolonging his stay in this asylum one day longer, think again! Read more »