Loeb Joins Ackman in United Technologies as CEO Weighs Breakup [Bloomberg]
The maker of jet engines and elevators is the latest target for Dan Loeb’s Third Point, a hedge fund that has called for dramatic changes at other industrial companies. Bill Ackman’s Pershing Square has also taken a position in United Technologies, Bloomberg News reported last month.
Hayes said recently that the stock was undervalued and that he was aware of rumors that United Technologies had been a target of activists. While the decision to consider a split wasn’t driven by outside investors, he said he’s open to ideas to boost the share price.
S&P 500 Bounces Off Technical Level, Again [WSJ]
After a downdraft on Friday, the S&P 500 closed just about three points above its 200-day moving average. On an intraday basis, the index got within a point. Monday’s rebound once again puts breathing room between the index and the average, reducing concerns that the index could cross below that level….
“That we bounced off the 200-day moving average twice is encouraging,” said Jack Ablin, founding partner and chief investment officer at Cresset Wealth Advisors, which has not reduced stock exposure during the recent market selloff. “Investors still believe there’s value in this market and they’re willing to buy when it gets around that level.”
Deutsche Bank Chairman Holds Talks With CEO Candidates [Bloomberg]
Deutsche Bank AG Chairman Paul Achleitner has had talks with a number of potential successors to Chief Executive Officer John Cryan as part of plans to replace the manager should a better candidate emerge, according to people with knowledge of the matter.
Women at Credit Suisse paid 29% less than men [FT]
The Swiss bank said on Tuesday that women are paid 28.9 per cent less than men on an hourly median basis in the year to April 2017, or 39.2 per cent less on a mean basis.
The discrepancy is even starker when it comes to bonus pay. Bonuses received by men are 56 per cent more than those paid to woman on a median basis and 70.2 per cent more on a mean basis….
“Our gender pay gap, like that of many other financial services firms, reflects the imbalance in the number of men in senior and higher paid roles compared to the number of women.”
Uber Ordered to Take Its Self-Driving Cars Off Arizona Roads [NYT]
“The incident that took place on March 18 is an unquestionable failure to comply with this expectation,” Gov. Doug Ducey of Arizona wrote in a letter sent to Dara Khosrowshahi, Uber’s chief executive. “Arizona must take action now.”
Mr. Ducey said he was troubled by a video released from the Tempe Police Department that seemed to show that neither the Uber safety driver nor the autonomous vehicle detected the presence of a pedestrian in the road in the moments before the crash.
New York Fed Weighs a Wall Street Overseer, and Left Spies an Opening [NYT]
Mr. Williams’s possible appointment — which isn’t yet final and could still change — drew swift criticism from a variety of Democratic lawmakers, progressive groups and left-leaning economists. They raised concerns about his record as a banking regulator and as a policymaker, and also criticized the search process for a lack of transparency….
In a statement Monday, Senator Elizabeth Warren, Democrat of Massachusetts, said Mr. Williams’s record in San Francisco “raises several questions, including about his fitness to supervise Wall Street banks.” She said the Fed’s Board of Governors, which must approve appointments, shouldn’t do so for Mr. Williams unless he testifies before the Senate Banking Committee, which has no formal role in the selection process.
10 Years Later: What Has and Hasn’t Changed [WSJ]
The financial crisis and the massive federal response reshaped the world we live in. Though the economy is in one of its longest expansions and stock indexes have hit new highs, many people across the political spectrum complain that the recovery is uneven and the markets' gains aren't fairly distributed. The Wall Street Journal takes a look at some of the most eventful aspects of the response and how we got to where we are today.
Trust Betrayed: Wives of White-Collar Criminals Tell Their Stories [NYT]
Ms. Lawler, 60, is the founder of the White-Collar Wives Club, a blog she started in 2013, three years after her husband of 26 years was sentenced to 24 months in jail for embezzling $2.5 million dollars from a health care company in Massachusetts. In 2014, she took it a step further and created the White-Collar Wives Project, which includes the blog and a private online support group called “The Secret Lives of White-Collar Wives,” with about 70 members from around the world. Her mission was twofold: To raise awareness of the stigma and financial ruin facing the families of white-collar criminals, and to help guide women through their trauma and legal morass….
“These guys are master manipulators,” said Ms. Lawler. “It’s so hard for people to understand. When you’re living a modest lifestyle and the paycheck gets larger and larger, you don’t question it. A lot of women sign things unknowingly or have their signature forged. A lot don’t want to know. You shut down the logical part of your brain that says, ‘this is impossible.’ You don’t want it to be true.”
‘Billions’ Is Back and Still Spotlighting NYC’s Hottest Restaurants [Eater NY]
Known in the food world as a low-key excellent restaurant arbitrator, Showtime show Billions premiered its third season on Sunday night and highlighted three well-regarded New York City restaurants. Wo Hop, Veselka, and Del Posto all made the cut this go-round….
All three restaurants featured are food lover destinations: Wo Hop is known as a late night Chinatown must, and longtime East Village Ukrainian diner Veselka is an NYC essential. (This isn’t Veselka’s first turn in the limelight; it also has an upcoming cameo in Ocean’s 8.) The show has gone to Mario Batali restaurants before — Babbo was in a prior season — and the Del Posto scene was shot last fall. Since then, the Chelsea fine dining Italian restaurant took a reputation hit when allegations of Batali’s rampant sexual misconduct surfaced.
Man chasing baseball gets stuck between walls for three hours [UPI]
Michael Anthony Maggiacomo, who was rescued Friday from between the exterior walls of a Walgreens and Heald College's parking structure near Ala Moana in Honolulu, said he was bouncing a baseball on top of the Heald College Plaza when it got away from him.
"This is like the sixth ball, so I think 'Okay, I got to go down and get these,'" Maggiacomo, who is known to locals as "Baseball Mike," told KHON-TV.