SEC Wins Battle Against Landmark Insider-Trading Ruling, For Now (Bloomberg)
The U.S. Securities and Exchange Commission was allowed to pursue a lawsuit against two former brokers who sought to upend how the regulator battles insider trading. But the victory may be short-lived. A federal judge said SEC lawsuits don’t require the tougher evidence rules laid out for criminal cases in a December appeals court decision. He added that it was a tough call, and agreed to delay the civil trial of the two men until the U.S. Supreme Court decides whether to address the matter.
Tom Hayes Seeks to Appeal 14-Year Jail Term and Libor Conviction (Bloomberg)
Hayes submitted an application requesting permission to appeal to a London court on Sept. 1, a court clerk said by phone Monday. A judge will review Hayes’s case and decide whether he can pursue an appeal, a decision that can often take months, the clerk said. Hayes was convicted in August for conspiring to manipulate the London interbank offered rate, after a London jury returned unanimous guilty verdicts on all eight charges. He was the first person to be jailed for rigging the interest-rate benchmark used to value more than $350 trillion of loans and securities -- with 11 others awaiting trial in October and January.
Many of the Companies That Went Public in the Past Year Are Trading Below Their Offering Price (Bloomberg)
Of the 35 companies that went public with a valuation larger than $1 billion and started trading in the past year, 40 percent of them have now fallen below their IPO price. Leading the declines are Fairmount Santrol Holdings Inc., On Deck Capital Inc. and TerraForm Global Inc.
ECB Review of Greek Banks Under Way, Could Be Done End-October (Bloomberg)
European Central Bank President Mario Draghi told euro-area finance ministers that a review of Greek banks is under way, according to Jeroen Dijsselbloem, the Dutch representative and leader of the group. As a result, the bank review is on track to finish up by the end of October and, if needed, banks could access some recapitalization funds from Greece’s bailout relatively quickly, said European Stability Mechanism chief Klaus Regling.
Indian man quits his job to train for selfie record (UPI)
Bhanu Prakash, 24, recently quit his full time job as a research assistant at a hospital to become a record-breaking selfie taker. Prakash said he was inspired by the achievements of Dwayne "The Rock" Johnson, who took 105 selfies in three minutes in May. The current world record holder is American football player Patrick Peterson, who managed to take 1,449 selfies in one hour. Prakash also negates claims that selfies are "just a girl thing." He further claims his personal record is currently 1,700 but seeks to raise the number to 1,800. Prakash also says he is keeping up with hand and wrist exercises, essential to being able to hold a phone for so long.
Bank of America Vote Brings Out Broader Complaints (WSJ)
With the Sept. 22 vote about a week away, several large shareholders have pressed for changes to the bank’s board beyond the question of whether Mr. Moynihan should continue to serve in both roles. Some investors would like the longest-tenured directors on the board to leave. Others would rather see more financial experts or new blood on the board’s governance committee, which led the controversial decision last year to combine the CEO and chairman roles under Mr. Moynihan despite a 2009 shareholder vote to separate those positions.
Deutsche Bank to close almost all Russian operations: sources (Reuters)
Deutsche Bank has decided to close its Russian operations, apart from transaction banking services, two financial sources told Reuters on Monday. Such a move would make Russia the first casualty of a sweeping plan to shrink the group's global footprint to a regional one. The bank has announced its intention to exit certain countries but not yet said which.
Pitfalls for the Unwary Borrower Out on the Frontiers of Banking (Dealbook)
“Silicon Valley is coming,” the chief executive of JPMorgan Chase, Jamie Dimon, wrote in an annual letter to the bank’s shareholders, warning of the competitive threat these lenders pose to traditional banks. The loans win plaudits from consumer groups and regulators for their low costs and straightforward terms. The companies say that they are providing affordable credit to families and small businesses and that losses on the loans are low. But some of these upstart companies are exhibiting their own troubling traits, according to interviews with borrowers, legal aid lawyers and consumer advocates. Marketed as a way to improve people’s credit scores, the loans are instead worsening some people’s financial troubles. And when these people run into trouble, borrowers and their lawyers said, some of the new lenders are unwilling to modify their loan terms.
Man Urinates On Passengers During Jet Blue Flight: Police (AP)
27-year-old Jeff Rubin was arrested early Friday after JetBlue Flight 47 arrived at Portland International Airport. A police report says passengers and airline employees told officers Rubin had been sleeping for most of the flight. About 30 minutes before landing, he stood up and began urinating through the crack between the seats in front of him — onto the passengers sitting there. The report says he lost his balance and fell backward, spraying urine on passengers, seats and luggage. Rubin spent about five hours in jail. He faces charges of criminal mischief and offensive littering. Rubin did not immediately respond to a message seeking comment.