Death-Spiral Financier Sason Raises $50 Million for Media Deals (Bloomberg)
Six years ago, Sason was living in his parents’ house on Long Island, doing clerical work for a debt-collection law firm and dreaming of becoming a pop star. Then a family friend showed him a trick that seems to have earned him millions in the stock market. He won’t say exactly what he does or how much he’s made, but regulatory filings by dozens of companies show that Magna has invested more than $200 million since 2012. Sason, who has full sleeves of tattoos he covers with tailored three-piece suits, calls himself a self-taught value investor. He has about 30 employees in trading, venture capital, music, and film. “I’m not going to give away the details of how we do what we do,” he says in a January interview at his 16th-floor office in Manhattan’s financial district. “We create businesses, and we invest.”
Activist says Wells Fargo to face tough shareholder resolutions (Reuters)
An activist investor said on Wednesday it is "inevitable" that Wells Fargo & Co (WFC.N) will face critical shareholder resolutions after the bank agreed to a $190 million settlement with regulators over fake consumer accounts. Tim Smith, who leads shareholder engagement efforts at Walden Asset Management in Boston, said his firm is talking with investors including state pension funds and labor groups about submitting resolutions for the bank's springtime shareholder meeting that may call for things like clawing back executive pay or requiring the company to report on its governance procedures.
Wells Fargo is 'too big to regulate, manage,' says trade group CEO (CNBC)
"This is the dictionary definition of too big to manage and too big to regulate, isn't it? That's what too big to manage and too big to regulate looks like," Camden Fine, president and CEO of Independent Community Bankers of America said Wednesday on CNBC's "Power Lunch." The ICBA is a trade group that represents thousands of community banks. The number of employees involved indicates this was a systemic issue and not just overambitious staffers, Fine said.
U.K. Regulator Wants Ex-Barclays Executive Banned from Top Financial Jobs (WSJ)
Back in 2012 the Securities and Exchange Commission ordered Barclays to fix regulatory failings at its U.S. wealth unit. The FCA said Mr. Tinney hired a consultancy to look at how “tone at the top” influenced Barclays Wealth America. Upon receiving the highly critical report Mr. Tinney ensured that no-one else could read it, didn’t put it on a computer and told the consultancy that it didn’t need to circulate a copy. Instead he discussed the report’s findings with his boss and made plans to address some of the failings outlined in a workshop, the FCA said.
Tom Brady Has Never Eaten a Strawberry in His Entire Life (NYM)
Tom Brady has learned that he doesn’t love strawberries or coffee by never having tried either at all, a commitment no mortal man could ever conceive of pulling off. “I’ve never eaten a strawberry in my life. I have no desire to do that.” Never? “Absolutely not.”
SEC Preparing to Finalize Transparency Rules for Dark Pools (WSJ)
U.S. market regulators plan to finalize a rule proposal in the coming months that would require dark pools to disclose how they treat customers, a step that follows years of regulatory scrutiny of the opaque trading platforms. The Security and Exchange Commission’s 2015 proposal would require that dark pools, many of which are owned by large banks or broker-dealers, disclose their rules of operation, including whether they grant preferential treatment to any particular traders.
There’s a $300 Billion Exodus From Money Markets Ahead (Bloomberg)
With a seismic overhaul of the $2.6 trillion money-market industry weeks away from kicking in, money managers are bracing for a last-minute exodus of as much as $300 billion from funds in regulators’ cross hairs. Prime funds, which seek higher yields by buying securities like commercial paper, are at the center of the upheaval. Their assets have already plunged by almost $700 billion since the start of 2015, to $789 billion, Investment Company Institute data show. The outflow has rippled across financial markets, shattering demand for banks’ and other companies’ short-term debt and raising their funding costs.
Grindr’s Chinese Owner Pays $1 Billion in Reported Divorce Pact (Bloomberg)
Zhou Yahui, the Chinese billionaire who earlier this year bought a controlling stake in the gay dating app Grindr, is transferring shares worth $1.1 billion from his online gaming company to his wife in what is being billed one of China’s costliest divorce settlements ever. Zhou, the chairman of Beijing Kunlun Tech Co., is giving about 278 million shares of the company to Li Qiong, according to a Sept. 12 filing to the Shenzhen stock exchange. He will hold a 34.5 percent stake in Kunlun following the settlement, while Li’s stake will be 26.4 percent.
White Sox set Guinness record with 1,122 dogs attending game (UPI)
The Chicago White Sox earned a Guinness World Record for canine attendance when 1,122 dogs showed up for the annual "Bark at the Park" event. The team said a Guinness adjudicator on hand during Tuesday night's game against the Cleveland Indians confirmed the 1,122 dogs sitting in the outfield seats at U.S. Cellular Field met the qualifications to set the record for "most dogs attending a sporting event." The team said a minimum 1,000 dogs were needed for the record and the canines had to remain in their seats for a period of 10 consecutive minutes, which the adjudicator began at the top of the third inning.