Puerto Rico Has Another Debt Worry on Horizon (Dealbook)
The general obligation payment due to bondholders on Sept. 1 is for a mere $5 million, an amount so small that even if the redemption fund is empty at that point, Puerto Rico could still produce the cash right out of general revenue. It would presumably want to do so because of the constitutional requirement. But a much bigger payment on the general obligation bonds, about $370 million, comes due on Jan. 1. If Puerto Rico misses that one, “it would be an earthquake for the markets,” said Matt Fabian, a partner at Municipal Market Analytics, a financial research firm.
How Jeb Bush Spent His Years on Wall Street (WSJ)
For more than seven years, nearly the length of his two gubernatorial terms, Mr. Bush, a candidate for the Republican presidential nomination, spent as much as half of his working hours advising Lehman and later Barclays, which bought the collapsed investment bank’s U.S. business. He wasn’t an employee of the firms, said people familiar with the matter, but was paid to attend meetings, dinners and conferences where he spoke to clients and bank executives on such subjects as health care, education, immigration and energy—matters he has started taking up this year with voters. Mr. Bush earned about $1.3 million a year at Lehman and some $2 million from Barclays, his campaign said.
George Soros Hands $2 Billion to His Top Money Man Bessent (Bloomberg)
Bessent, 52, is forming Key Square Group with a $2 billion investment from Soros, according to a memo sent to employees of Soros Fund Management. That will make his firm one of the largest hedge-fund start-ups ever, even before he begins raising money from other investors.
Driving instructor charged after offering woman passing grade for racy sex act (WJLA)
On July 9, Perry was administering a road test to a woman who came to the MVA's Gaithersburg branch to obtain her driver's license. After completing the course, Perry told the woman he could not pass her because she failed to fully brake at a stop sign. According to charging documents filed in Montgomery County District Court, Perry told the woman he would happily alter her test score if she serviced him.
SEC Set to Approve CEO Pay-Gap Disclosure Rule (WSJ)
The SEC is slated to vote on a final version of the rule at a meeting Wednesday. The measure is expected to leave corporations and their trade groups disappointed by allowing companies to exclude only 5% of their overseas workers from the pay-ratio calculation, The Wall Street Journal reported last week.
Neiman Marcus sets $100M IPO target (NYP)
Neiman was owned by private equity firms TPG Capital and Warburg Pincus, which had explored an IPO in 2013. They instead sold it to Canadian Pension Plan Investment Board and Ares Management among others.
Crédit Agricole in ‘Advanced’ Talks on U.S. Sanctions Settlement (Dealbook)
If a settlement occurs, Crédit Agricole would be the latest European bank to reach a deal with the American authorities in a long-running investigation into whether lenders allowed prohibited individuals and countries to gain access to the American financial system.
Meth lab remnants found inside Iowa Taco Bell (UPI)
Police did not say Tuesday whether it appeared meth had been cooked inside the Taco Bell.