WaMu ‘Golden Parachutes’ Contested (WSJ)
Seven years after Washington Mutual Inc. collapsed in the biggest U.S. bank failure, two of its former top executives are still looking for their “golden parachutes.” Former Chief Operating Officer Stephen Rotella and David Schneider, former president of the home-loans unit, are among a group of about 70 former employees who say they are entitled to “golden parachute” payments, or compensation usually guaranteed to employees when a company is sold. The liquidating trust created in 2012 to chase down and distribute the company’s remaining assets is seeking a ruling in U.S. District Court in Washington prohibiting such payments. The court may rule as soon as this week. According to filings, the employees argue the payments should have been triggered by the seizure and subsequent sale of WaMu’s banking assets to J.P. Morgan Chase & Co. in September 2008. WaMu’s liquidating trust counters that the demands shouldn’t be met and that the claims are blocking $64 million from being distributed to creditors.
Greece’s Tsipras Warns Bell May Toll for Europe (Bloomberg)
“The lack of an agreement so far is not due to the supposed intransigent, uncompromising and incomprehensible Greek stance,” Tsipras said in the article published on Sunday. “It is due to the insistence of certain institutional actors on submitting absurd proposals and displaying a total indifference to the recent democratic choice of the Greek people.”
Bitcoin struggles for legitimacy (NYP)
The problem? A simple lack of rules and regulations, according to a small but high-profile cadre of New York City-based bitcoiners. But a high-profile group of investors are hoping to change that. Most famous among New York’s bitcoin evangelists are Tyler and Cameron Winklevoss. They’re preparing to launch an FDIC-insured exchange called Gemini, which they have likened to a Nasdaq for bitcoin. “We believe that this will be the year of infrastructure for bitcoin,” Tyler Winklevoss told The Post.
Florida Man Slashes Tires After Woman Takes His Bingo Seat: Cops (AP)
A Florida man reacted poorly to a woman sitting in his preferred bingo seat, so he'll now have to stand in front of a judge. Fred Smith, 82, was arrested for criminal mischief on Monday after he allegedly used an ice pick to slash the tires of a van belonging to 88-year-old Ethel Britt, the Associated Press reports. The alleged tire slashing occurred at the Lake Ashton Retirement Community Club House in Lake Wales, Florida. Police said Smith was angry when he saw Britt sitting in his favorite seat, so he stormed out of the game and punctured two of the tires on Britt's van, WFTV reports.
Intel Agrees to Buy Altera for $16.7 Billion (Dealbook)
The deal comes after the two American companies held talks earlier this year. Further discussions had been delayed, however, when Altera rejected an earlier offer by Intel, people briefed on the talks have said. Under the terms of the transaction, Intel would pay $54 a share in cash for Altera.
Citigroup Likely to Close Banamex USA (WSJ)
Citigroup Inc. is expected to shut down Banamex USA, a California unit that specializes in moving money across the southern U.S. border and has been battered by accusations of weak money-laundering controls, according to people familiar with the matter. The bank has floated the idea with regulators as part of discussions to settle probes related to Banamex USA’s anti-money-laundering controls, the people said. A wind-down of the unit, which would include returning deposits to customers, could take a year or more.
Carnegie Mellon Reels After Uber Lures Away Researchers (WSJ)
Uber envisions autonomous cars that could someday replace its tens of thousands of contract drivers. With virtually no in-house capability, the San Francisco company went to the one place with enough talent to build a team instantly: Carnegie Mellon’s National Robotics Engineering Center, or NREC. Flush with cash after raising more than $5 billion from investors, Uber offered some scientists bonuses of hundreds of thousands of dollars and a doubling of salaries to staff the company’s new tech center in Pittsburgh, according to one researcher at NREC. Uber declined to comment on that.
Meet the Central Bankers Who Fight With Tomatoes and Owls (Bloomberg)
The agricultural project in Pangalengan, in the hills south of the provincial capital of Bandung, is one of many led by Bank Indonesia’s 18 offices, from corn fields in Medan to seaweed farms in Lombok and cattle ranches in Kupang. In each case, central bankers like Hadi head to the fields, out to sea or to ranches to directly address the supply side of the inflation equation.
Drunken Minnesota man falls from hot tub, impales leg on fence post (UPI)
A Minnesota man in his 20s impaled his thigh on a metal fence post after falling from a second-story hot tub, according to police. The incident occurred at about 11 p.m. Saturday in Golden Valley, Minn. The unidentified man was sitting on the edge of a hot tub on the upper level of a home when he fell to the lower level and landed on a wrought iron fence post, police say. The post impaled his thigh, and a witness says the man used a ladder to support his weight until three responding officers held him up as firefighters cut off a corresponding portion of fence. Sgt. Dave Born of the Golden Valley Police Department told WCCO this occurred "while the victim was in a lot of pain, and bleeding." Born said the man was lucky the post did not impale his groin area or femoral artery, which is located in the upper thigh. Emergency crews took the man to North Memorial Medical Center with non-life threatening injuries. Police say alcohol was a factor in the incident.