Valeant Said to Have Planned Philidor Expansion Before Shutdown (Bloomberg)
Philidor was on the brink of becoming a larger part of Valeant’s operations as the drugmaker planned to widen the pharmacy’s role beyond dermatology to other lines of medications, the people said. Those plans were squelched after reports about tactics Philidor allegedly used to sell Valeant medicines, including altering doctors’ prescriptions to gain more insurance reimbursements. Valeant -- whose stock has fallen more than 40 percent since questions first emerged about Philidor’s business practices -- said on Oct. 30 that it would cut ties with the pharmacy and that Philidor would shut down.
Ackman's Pershing Square Extends Losses to 19% as Valeant Dives (Bloomberg)
Pershing Square Holdings, the publicly traded security of Bill Ackman’s activist hedge fund, extended annual losses last month to 19 percent as investments in Valeant Pharmaceuticals International Inc. and Platform Specialty Products Corp. tumbled.
Icahn nods at Valeant interest, pushes for cash repatriation law (Reuters)
Billionaire investor Carl Icahn made a cryptic reference suggesting he has an interest in embattled drug maker Valeant on Tuesday, and said he was speaking to U.S. politicians about a corporate cash repatriation law that would deter so-called tax inversion deals. "I’m not in Valeant, well, I don’t want to say I’m not completely in it but I’m not going to tell you where I am with it," Icahn said, when asked about the company at the New York Times DealBook conference. He did not explain further.
Commodities Trader Michael Coscia Found Guilty in Spoofing Trial (Bloomberg)
Michael Coscia’s trial was the first use of an anti-spoofing law after the 2010 Dodd-Frank Act made it illegal to manipulate prices by placing orders without intending to trade on them. That law, which also provided an easier standard of proof to try cases, was put to test in Chicago federal court amid stepped-up civil enforcement by the Commodity Futures Trading Commission.
Iowa Man Eats Toilet Paper Trying To Avoid Drunk Driving Arrest (HP)
Police in Iowa City, Iowa, said Ross McDonald took drastic steps to avoid arrest on a drunken driving charge Sunday morning. He allegedly swallowed toilet paper before taking a Breathalyzer test. McDonald, 39, was pulled over around 3 a.m. after officers noticed he was driving the wrong way on the road, according to TurnTo10.com. Officers said McDonald seemed “extremely confused” and could not tell officers “what bar he was coming from.” He maintained that he only consumed two drinks. McDonald's eyes were bloodshot, his speech slurry and his balance unsteady, according to a police report obtained by The Smoking Gun. Officers noted his choice of Halloween costume as well: A trench coat and "piece of cloth that looked like a penis.”
Credit Suisse Shows How Banks Couldn't Lose in Pre-Crisis Bonds (Bloomberg)
The Swiss bank’s asset-management unit is requesting a London court determine the amount of interest owed on its holdings of a class of securities that were designed to pay out even after the underlying loans defaulted. These notes, known as Class X, are also part of deals originated before the crisis by banks including Bank of America Corp., Barclays Plc, Citigroup Inc., Deutsche Bank AG, Morgan Stanley and Royal Bank of Scotland Plc, according to data compiled by Bloomberg.
A BlackRock Bet on African Gold Loses Luster (WSJ)
Falling gold prices have battered a gold miner named Banro Corp., as have operational setbacks. It has faced sometimes-violent unrest around its mines in the Democratic Republic of Congo and questions about payments it made to entities controlled by a government official. Local residents blame it for several deaths.
Goldman Sachs among banks probed for ‘Treasury rigging’ (NYP)
The Wall Street powerhouse acknowledged Tuesday it is under investigation for possible manipulation of the $13 trillion US Treasurys market, adding to a laundry list of federal and state probes. The disclosure, made in a regulatory filing, marks the first time that any one of the 22 primary dealer banks has confirmed the Treasury probe, first reported by The Post. While the filing doesn’t specify which government agencies are investigating the bank, Goldman revealed that “when-issued” trading of securities — promising to sell securities once they’re available — is also being looked at by regulators.
Now You Can Finally Get Bernie Sanders-Themed Undies (AP)
NECN reports that the underwear, which features the message "Feel the Bern," is available for men and women and costs $15 plus shipping and handling. The three workers with KSE Partners, a strategic communications and government affairs firm, say they created Bernie's Briefs as a fun side business. The Vermont senator has said recently on late-night TV and talk shows that he prefers briefs over boxers.