It looks like Nelson Peltz might have won the biggest proxy battle in history after a recount (BI)
A little over a month ago, it seemed billionaire investor Nelson Peltz had been foiled in the biggest proxy battle in history. Now, after a recount, it looks like Peltz may have won his bid to claim a seat on the board of the $236 billion giant Procter & Gamble after all.
Wilbur Ross Sued Over Fees By Firm’s Former Executives (WSJ)
Commerce Secretary Wilbur L. Ross and the firm he founded were sued by three of his former colleagues who say WL Ross & Co. pocketed management fees from the general partnerships that handled its private-equity investments. The lawsuit, filed Wednesday in New York State court, claims WL Ross covertly took management fees from general partner entities that the investment firm was only allowed to charge to passive, outside investors.
Wall St. bankers secretly used chat rooms to rig Treasury bond trades: suit (NYP)
The new accusations, leveled by several pension funds and wealthy individual investors, are contained in an expanded class-action suit originally filed in July 2015 — and include an unusual twist: Some of the evidence came from confidential informants and one of the banks sued in the earlier action. That bank is now cooperating with the plaintiffs in the massive civil action, and is providing an in-depth look into how Wall Street allegedly conspired to rig Treasury bond trades.
The Reclusive Financier Moving From Weapons to German Banking (BBG)
Stephen Feinberg, the reclusive American financier, is probably best known for his connection to President Donald Trump, his firm’s brief ownership of Chrysler, its investments in distressed debt, and its involvement in weapons, from pistols to military aircraft. Add this surprise to Feinberg’s portfolio: Feinberg’s Cerberus Capital Management announced Wednesday it had taken a 3 percent stake in Deutsche Bank AG, Germany’s biggest bank. Five months ago, it bought 5 percent of Commerzbank AG, the country’s second-biggest lender.
Leonardo da Vinci painting sells for $450m at auction, smashing records (Guardian)
The sale places Salvator Mundi as the highest-priced work sold privately or at auction, including Pablo Picasso’s 1955 Women of Algiers (Version O), sold for $179.4m, and Amedeo Modigliani’s 1917-18 Reclining Nude, sold for $170.4m. Record private sales are believed to include $250m for a painting by Paul Cézanne and $300m for a Paul Gauguin.
Did US Banks Try to Manipulate the Dodd-Frank Debate by Delaying Mortgage Foreclosures? (Pro Market)
We found that mortgage-servicing banks did indeed delay the start of foreclosures on delinquent loans if those loans were located in the electoral districts of House Financial Services Committee members. Importantly, there was no difference in delinquency rates in committee districts so this differential delay cannot be attributed to servicers’ capacity constraints under a large volume of delinquent loans.
NFL Accuses Cowboys Owner Jerry Jones of Damaging the League (WSJ)
The NFL accused Dallas Cowboys owner Jerry Jones of trying to sabotage its contract negotiations with commissioner Roger Goodell, calling his conduct “detrimental to the league’s best interests.” That language, included in a letter sent to Jones’s attorney on Wednesday and reviewed by The Wall Street Journal, escalates a growing conflict between the league and one of its most powerful owners. The letter says Jones’s “antics, whatever their motivation, are damaging the League.”
The Low Volatility Puzzle: Is This Time Different? (Liberty Street Blog)
What’s perhaps most striking about the preceding chart is the different behavior of long-dated risk premia in recent years versus the pre-crisis period in the mid-2000s. As the plot indicates, volatility risk premia were compressed across the curve in the period leading up to the financial crisis, consistent with the complacency story. In contrast, there is currently a larger wedge between short-dated and long-dated risk premia, suggesting that investors may understand that volatility may increase again in the future.
Detroit police officers fight each other in undercover op gone wrong (Fox 2 Detroit)
Sources say it started when two special ops officers from the 12th Precinct were operating a "push off." That's when two undercover officers pretend to be dope dealers, waiting for eager customers to approach, and then arrest potential buyers and seize their vehicles. But this time, instead of customers, special ops officers from the 11th Precinct showed up. Not realizing they were fellow officers, they ordered the other undercover officers to the ground. But instead of fighting crime, officers from both precincts began fighting with each other.