Court Strikes on Insider Trading, and Congress Lobs Back (Dealbook)
The legislative proposals go much further than just overturning the approach to tipping liability adopted by the appeals court in the Newman case. They jettison much of the law of insider trading that has developed over the last 35 years, since the Supreme Court first dealt with the issue in Chiarella v. United States. That approach focuses on breaching a duty of trust and confidence to the source of the information.
Pinterest Valued at $11 Billion After Latest Funding (WSJ)
Pinterest Inc. on Monday said it raised $367 million, giving the online site a valuation of $11 billion and making it one of the most highly valued startups by venture capitalists in the world. The latest funding more than doubles Pinterest’s previous valuation of $5 billion from less than a year ago, underscoring the premium investors are placing on the most sought-after companies.
Pot-Smoking Stockbroker Has A Steady Supplier: The Feds (LA Times)
On a recent weekday, the 62-year-old stockbroker stopped at a red light and took a drag. His exhale filled the cabin with smoke. It was his fourth joint that day. It wasn't yet lunchtime. "This car has 80,000 miles on it," Rosenfeld announced between puffs, stray ash landing softly on the battered towel he drapes over his pleated brown trousers and red tie. "I haven't gotten into one accident." Rosenfeld would smoke five or six more joints by day's end. In between, he would trade tens of thousands of dollars in stocks. Some days, the broker moves millions around, pausing occasionally to steal drags of marijuana from the smokeless vapor pen that tides him over indoors. Clients have given their blessing to his 10-joint-a-day habit...Rosenfeld gets that special treatment because he has a rare bone disorder that gives him a lot of pain. He is one of only two people in the nation still actively involved in a federal program that supplies marijuana free to patients suffering from certain diseases.
Argentina Default No Longer Foreign Affair as Refuge Endangered (Bloomberg)
U.S. District Judge Thomas Griesa said Thursday that notes governed by Argentine law and issued in restructurings should be considered foreign debt, making them subject to a ban on overseas bond payments until the country resolves a decade-long legal dispute with its disgruntled creditors. The decision is a blow to investors who had turned to the local debt after the judge’s prohibition first went into effect in June, when the nation’s failure to reach a settlement triggered its second default in 13 years.
Big Box Store Employee Discovers Meth Lab In Bathroom (AP)
A restroom at a Wal-Mart in eastern Indiana has been closed indefinitely after an employee discovered a working meth lab inside. State police say a Wal-Mart employee alerted police after seeing a man he described as suspicious enter the restroom about 11:30 p.m. Thursday with a backpack and leave without it...Delaware County Health Department inspectors closed the restroom and a nearby women's restroom until they could be "decontaminated" by a professional cleaning company.
Nasdaq president dismisses tech bubble fears (FT)
The Nasdaq Composite index briefly hit 5,000 points last week. It last reached that level 15 years ago at the pinnacle of the tech bubble, collapsing soon after to finish the year 2000 having dropped below 1,500 points. However, Adena Friedman, president of Nasdaq OMX, believes that the exchange’s main US equity index is now “fundamentally different”, and that the addition of companies outside the tech sector has helped make it a “formidable reflection” of the global economy. “I was there in 2000. It was a very, very different index then. If you look at the index today, we now have three of the five largest companies in the world,” said Ms Friedman.
Apple Plans Web TV Service in Fall (WSJ)
The technology giant is in talks with programmers to offer a slimmed-down bundle of TV networks this fall, according to people familiar with the matter. The service would have about 25 channels, anchored by broadcasters such as ABC, CBS and Fox and would be available on Apple devices such as the Apple TV, they said.
World Bitcoin Association Files for Bankruptcy in New York (Bloomberg)
The World Bitcoin Association sought bankruptcy protection in Manhattan. The organization listed less than $300,000 in liabilities in a filing Monday in U.S. Bankruptcy Court.
How Looming Recession Is Unsettling One of Russia’s Boom Cities (WSJ)
When the flashy American-style Black Bull steakhouse opened in Kaluga six years ago, it was a sign that this Russian provincial city had arrived. These days, the restaurant is preparing a new menu for a new era. Gone are the American and Australian cuts of beef now subject to a Russian ban. Gone, too, are expensive imported duck and the foie gras that once topped arugula salads. Head chef Yuri Skorinov says he will offer steaks from Uruguay, Russian duck and domestic brie fried to mask its provenance. A new economic reality is dawning in Kaluga, as it is in the nation as a whole.
Obama Plans to Use Week to Press Economic Case (Dealbook)
On Wednesday, Mr. Obama will go to Cleveland for a speech on his economic agenda, pressing his case that at a time of financial recovery, the government must do more to spread prosperity to middle-class Americans who have seen few of its benefits. The events constitute Mr. Obama’s effort to frame the budget debate to his advantage at a time when Republicans, working to create their first fiscal blueprint in nearly a decade, are struggling to present a unified front and a cohesive agenda.
Nude Motorcyclist Arrested After Video Goes Viral (Reuters)
A Pakistani motorcyclist has been arrested in the eastern city of Lahore after police caught him riding naked along a busy road, days after a video of his exploits went viral on social media. Police got word on Saturday that Shehroz Khan, 20, was riding naked once again on Lahore's Main Boulevard. They blocked the road from all sides and Khan was flagged down and arrested, police said on Monday. "We arrested Shehroz on Saturday for overspeeding, violating traffic rules and for revealing his private organs in public," police officer Zulfiqar Butt said. "He's still in police custody though all three offenses are bailable." Khan, who goes by the nickname "Rocket", had bet his friends he could pull off the nude stunt, media said. TV channels showed footage of a naked Khan doing a wheelie in the city center while scores of cheering friends followed on their bikes.