Goldman Sold Valeant Stock Rather Than Let CEO Add Collateral (Bloomberg)
Mike Pearson was willing to ante up to preserve his holdings in Valeant Pharmaceuticals International Inc. (NYSE: VRX) -- but Goldman Sachs Group Inc. (NYSE: GS) wouldn’t let him. Instead, Goldman Sachs last week sold 1.3 million of Pearson’s Valeant shares that it had been holding to back a $100 million loan to the chief executive officer of the embattled drugmaker. Pearson said Tuesday that he’d wanted to put up more assets as collateral instead. “Goldman did not give me the opportunity to put any more collateral,” Pearson said on a conference call with analysts. “I wish they had, but they didn’t.”
From Default to Darling: Argentina Bets Pay Off for Hedge Funds (WSJ)
For more than a year, a handful of firms piled into Argentine investments, hoping elections to replace President Cristina Fernández de Kirchner would usher in an economic turnaround. Few investors expected a huge, immediate payoff: Just last year, the South American nation defaulted on its debt amid a legal clash with hedge funds, including Paul Singer’s $27 billion Elliott Management Corp. But on the heels of the strong showing in the Oct. 25 first-round presidential election by Buenos Aires’s business-friendly mayor, Mauricio Macri, firms such as Bienville Capital Management LLC, Brevan Howard Asset Management, Redwood Capital Management LLC and Perry Capital LLC are counting their winnings.
AB InBev Seals $108 Billion Deal for SABMiller (WSJ)
Anheuser-Busch InBev NV has formally agreed to buy SABMiller PLC for £71.4 billion ($107.7 billion), a deal that creates a brewing behemoth that will sell roughly one in three beers world-wide. As part of the deal, SABMiller will sell its 58% share in the MillerCoors LLC joint venture to its partner, Molson Coors Brewing Co., which holds the remaining stake, as well as the Miller portfolio outside the U.S. for $12 billion.
Banks said to hold $10tn of ‘risky’ trades (FT)
The repeal of part of the Dodd-Frank financial reforms has left big US banks holding $10tn of “risky” derivatives trades on their books, according to an investigation by Democrats. Senator Elizabeth Warren, a liberal Wall Street foe, said the repeal — which sparked a firestorm when it was slipped into a budget bill in December 2014 — had left federally insured banks exposed to dangerous swaps trades. The rollback of the relevant rule, which followed almost no congressional debate, sparked stinging criticism of Wall Street and cemented perceptions of the pernicious influence of bank lobbyists on Capitol Hill. The rule would have required banks to “push out” swaps trades to entities that are not insured with taxpayer funds. But on Tuesday Ms Warren cited figures from bank regulators indicating that about $10tn of those contracts remained on banks’ books, the first such estimates.
Skateboarding bulldog sets 'human tunnel' world record (UPI)
A bulldog skateboarded through the legs of 30 people in Lima, Peru, to set the world record for longest human tunnel traveled through by a dog on a skateboard...The dog traveled through the legs of 30 people without bumping into them, qualifying for the Guinness World Record.
Attorney General Tells Daily Fantasy Sports to Stop Taking Bets in New York (NYT)
“It is clear that DraftKings and FanDuel are the leaders of a massive, multibillion-dollar scheme intended to evade the law and fleece sports fans across the country,” Mr. Schneiderman said, adding, “Today we have sent a clear message: not in New York, and not on my watch.”
The anti-Silicon Valley tech IPO (CNBC)
In addition to its Australian roots, Atlassian has been private for 13 years without ever raising outside capital. And we now know, from the company's IPO prospectus filed on Monday, that the two co-founders each own a startling 38 percent of the company. Here's what's really bizarre: Atlassian spends a tiny percentage of revenue — 21 percent — on selling its stuff. In fiscal 2015, which ended in June, Atlassian generated revenue of $319.5 million and spent $68 million on sales and marketing.
Are These $50,000 Headphones the Best Ever Made? (Bloomberg)
It embodies the same spirit, packing as much technology as possible into a single box-and-cans unit. There are over 6,000 individual components, including everything from the tiniest transistors to the all-natural white Carrera marble housing. (You've read that correctly.) Materials such as gold and platinum-plated ceramic are used throughout for maximum conductivity and performance, not (just) because they sound good on a spec sheet.
Shia LaBeouf Live-Streams Himself Watching All of His Movies (Variety)
LaBeouf fans can watch the actor via digital-art website NewHive as he works his way through his entire filmography, an endeavor he’s calling #AllMyMovies. According to Collider, he’s screening them consecutively in reverse chronological order, 24 hours a day for the next three days at Angelika Film Center in New York City. New York lifestyle site Gothamist tracked down a screening schedule.