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Rheinische Post Mediengruppe
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THURSDAY, SEPTEMBER 10, 2015TODAY'S TOP HEADLINES | ||||||||||||||||||||
M & A National Geographic and Fox Form a Commercial Media CompanyINVESTMENT BANKING Breakingviews: Jefferies May Be Canary in Wall Street's Shuttered MinePRIVATE EQUITY K.K.R. Takes 24.9% Stake in Hedge Fund Marshall WaceHEDGE FUNDS Top-Performing Hedge Fund Becomes Available for Japanese SaversOFFERINGS First Data Is Said to Seek $2.5 Billion in I.P.O.LEGAL/REGULATORY China's Response to Stock Plunge Rattles Traders | ||||||||||||||||||||
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BY AMIE TSANG
JUSTICE DEPARTMENT SETS SIGHTS ON WALL STREET EXECUTIVES After years of criticism that it has coddled Wall Street criminals, the Justice Department has prioritized the prosecution of individual employees and not just their companies, Matt Apuzzo and Ben Protess report in The New York Times.
The department issued new rules in a memo telling civil and criminal investigators to change their focus. The new rules also put pressure on corporations to turn over evidence against their executives. Companies will not be able to obtain credit for cooperating with the government unless they identify employees and give up evidence. Credit for cooperation can save companies billions of dollars in fines and decide whether they end up with a civil settlement or a criminal charge. "Corporations can only commit crimes through flesh-and-blood people," Sally Q. Yates, the deputy attorney general, said in an interview on Wednesday."It's only fair that the people who are responsible for committing those crimes be held accountable. The public needs to have confidence that there is one system of justice and it applies equallyregardless of whether that crime occurs on a street corner or in a boardroom." The first major policy announcement by Attorney General Loretta E. Lynch since she took office in April acknowledges that the Justice Department under President Obama has punished few executives involved in the housing crisis, the financial meltdown and corporate scandals. The Justice Department often takes aim at companies first, then turns to individuals after negotiating a corporate settlement. In many cases, the offending employees go unpunished. The rules could erase barriers to prosecuting corporate employees and inject new life into high-profile investigations. The new rules take effect immediately, but they are not likely to apply to investigations that are far along, like one into General Motors over defects. Prosecutors in New York are struggling to charge the employees over problems linked to the deaths of more than 100 people, partly because the laws governing car companies require that prosecutors show that the employees intended to break the law. The move is merely symbolic in some respects, Mr. Apuzzo and Mr. Protess note. The memo lays out guidelines, not laws, and its effect will be determined by how officials interpret it. Some of the points made merely codify policy that is already in place. It is unknown whether the rules will encourage companies to turn in their executives, but Ms. Yates said the Justice Department would not allow companies to foist the blame onto low-level officials. Even if the Justice Department's effort is successful, it would not automatically put more executives behind bars. Brandon L. Garrett, a University of Virginia law professor, analyzed the cases in which corporate employees had been charged. More than half, he said, were spared jail time.
DISRUPTING BLOOMBERG Bloomberg L.P. has become a target for competitors at a time when Wall Street is looking to cut spending on its terminals, Nathaniel Popper writes in DealBook.
Bloomberg has been a difficult target for challengers because of its wide range of offerings, from market data to trading platforms. Many traders view their Bloomberg terminal as their most powerful and important tool, and speak of the terminals with an almost emotional fondness. Symphony, a start-up created by Goldman Sachs and backed by the large banks, is introducing software that provides an alternative to the Bloomberg chat program, which many traders say is the most valuable part of the terminal. At Goldman, more than half of the people who have Bloomberg terminals use them primarily for chat and other simple functions, according to people briefed on the subject who were not authorized to speak publicly. Being backed by 14 financial firms gives Symphony an advantage that previous competitors did not have. The thinking in the industry is that if Symphony catches on, it could allow companies to cancel many Bloomberg subscriptions. Bloomberg has never been willing to sell its chat program separately from the rest of the terminal. Another start-up, Money.Net, built by a former Bloomberg executive, is challenging Bloomberg head-on and stealing customers. David G. Bullock, a former Lehman Brothers executive who runs his own financial advisory firm, signed up for Money.Net last year and cancelled his Bloomberg terminal. His banker friends have taken an interest when he mentions the service, particularly when he explains that it costs one-twentieth what Bloomberg charges for a terminal. Mr. Bullock said Bloomberg had long been the subject of complaints among his colleagues about its unwillingness to negotiate on the price of terminals. Morgan Downey, the man behind Money.Net, said he left Bloomberg tocreate a lowcost challenger after seeing how slowly Bloomberg was changing and how many of the company's clients wanted a cheaper alternative. "The market has Stockholm syndrome in thinking this should cost $25,000 a year," Mr. Downey said. "Bloomberg has big profits and a lot of waste." Mr. Downey said banks' efforts to find alternatives to Bloomberg became more active in 2013 after Bloomberg was accused of allowing its journalists to snoop on the personal details of customers. Bloomberg is not the only vulnerable service provider on Wall Street at the moment. The financial industry is cutting costs aggressively as it grapples with new regulations and changes in the markets. A Bloomberg contract, which can be upward of $100 million at larger institutions, is a tempting target. The number of Bloomberg terminals grew only 1.9 percent, to 325,000, last year. In the 10 years before the financial crisis, the number of terminals grew at an average rate of 12 percent each year, with most companies signing on for multiyear contracts. Bloomberg has fended off competition before and it has cash reservoirs to help it, but its own history shows how difficult it is to maintain its dominant market position. Bloomberg rose to prominence in the 1990s by replacing data companies like Quotron and Telerate that failed to change quickly enough to protect their market share. Hamza Khan, the 28-year-old head of commodities strategy at ING Bank in Amsterdam, said that even if Bloomberg's competitors didn't succeed, its terminals were losing their allure. "They are like Grandpa Simpson:They used to be with it, but then it changed," Mr. Khan said.
ON THE AGENDA The Bank of England will announce the outcome of its September Monetary Policy Committee meeting at 7 a.m. Jeffrey Immelt, chief executive of General Electric, is a guest on CNBC at 9 a.m.
PUERTO RICO'S 5-YEAR PLAN The governor of Puerto Rico has announced a plan to bail the island out of debt that would require at leastfive years of bruising reform if it is to succeed, Mary Williams Walsh reports in DealBook.
The governor, Alejandro García Padilla, stepped up his populist talk, trying to take the side of residents who would face losses on their Puerto Rico bonds if the plan went into effect. "We may be publicly attacked by outside interests who will want to force us to pay," Mr. García Padilla said. "They will attack us, because they'll want to see us on our knees." He tried simultaneously to show the island's creditors that they would be better off working with him than fighting his proposals. Unilateral action, he said, "will result in years of litigation and defaults, and a major humanitarian crisis. It will force us to choose between paying a creditor, a teacher, a policeman or a nurse." The plan calls for a restructuring of about $47 billion of Puerto Rico's $72 billion in total bond debt. Creditors would voluntarily accept reduced payments. It also includes an ambitious package of economic reforms designed to deliver public services, collect taxes more efficiently, stimulate business investment, create jobs, and carry out overdue maintenance on infrastructure. Virtually every element of the plan requires either concessions negotiated from creditors or legislation enacted in San Juan or Washington, suggesting a long and difficult road ahead. "There is a high probability of protracted litigation," said Ted Hampton, a vice president at Moody's Investors Service, "It is unlikely that holders of the many Puerto Rico bonds will agree to forgo, or defer, substantial sums of promised principal and interest." Puerto Rico's proposal to restructure its debt, including its general obligation bonds, is challenging decades of precedent and investor expectations of the municipal bond market, Michael Corkery explains in DealBook. General obligation debt typically carries a government's highest pledge to repay investors. In Puerto Rico, the payments are guaranteed by the island's constitution. The restructuring proposal indicates that when a local government is stretched to breaking point, no pledge is sacrosanct. The vast majority of cities and states in the United States are in stable fiscal condition and have ready access to the municipal debt market. But if the economy soured and struggling municipalities encountered budget problems, investors might reconsider lending them money in light of the way Puerto Rico has treated them.
Contact amie.tsang@nytimes.com
DEAL NOTES
Charles S. Hallac, Co-President of BlackRock, Dies at 50 Mr. Hallac, the first official employee to be hired by what in 1988 was a fledgling asset management firm, developed its computerized investment platform, Aladdin.
MERGERS & ACQUISITIONS »
National Geographic and Fox Form a Commercial Media Company The renowned National Geographic magazine will be included in the deal, though the society will retain its nonprofit status.
Sun Life to Buy Unit of U.S. insurer Assurant $975 Million Sun Life Financial of Canada said it would buy Assurant's employee benefits business for $975 million, creating the sixth-largest group benefits business in the United States.
Diageo Looks at Increasing Guinness Nigeria Stake The world's biggest distiller plans to raise its majority stake in the brewer Guinness Nigeria to 70 percent, a deal that will cost the company $208 million.
INVESTMENT BANKING »
Breakingviews: Jefferies May Be Canary in Wall Street's Shuttered Mine The firm's quarterly results could offer some insight into just how much the Volcker Rule helps or hinders investment banks in volatile markets.
Finance Heavyweights Invest in Blockchain Start-Up Visa, Nasdaq and Citi Ventures joined Capital One, Fiserv and Orange in participating in a $30 million equity financing round for Chain, a company that helps financial institutions build blockchain networks.
Former Merrill Banker Bob Wigley Hails Bitcoin Potential The former head for Europe, the Middle East and Africa called Bitcoin a potential "leading global payments system" and said he had invested in a Bitcoin payment start-up based in Britain.
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PRIVATE EQUITY »
K.K.R. Takes 24.9% Stake in Hedge Fund Marshall Wace The private equity giant has formed a long-term strategic partnership with the fund and can increase its ownership stake up to 39.9 percent.
HEDGE FUNDS »
Top-Performing Hedge Fund Becomes Available for Japanese Savers GCI Asset Management is joining hedge fund managers tapping an increasing risk appetite among Japanese retail investors who boast the world's second-largest household wealth.
Former Goldman Trading Executive to Launch Hedge FundEdward Eisler, a former top Goldman Sachs trading executive, has raised nearly $1 billion to launch a new hedge fund early next year, The Wall Street Journal reports, citing people familiar with the matter.
Performance Guaranteed or Your Money Back A pair of former Harvard University endowment executives have built the world's largest stock-focused hedge fund, promising refunds if the fund's performance falters. This year, that may be a particularly costly approach.
I.P.O./OFFERINGS »
First Data Is Said to Seek $2.5 Billion in I.P.O. First Data, a payments company with investors led by KKR, plans to seek at least $2.5 billion in what would be the biggest initial public offering in the United States this year, Bloomberg reports, citing people with knowledge of the matter.
LEGAL/REGULATORY »
China's Response to Stock Plunge Rattles Traders In addition to imposing extraordinary restrictions on the sale of stocks, the authorities have harnessed a security apparatus usually more focused on political dissent.
Lawyer for Ex-Dewey Executive Seeks to Sow Doubt on Evidence A lawyer for Stephen DiCarmine, the former executive director of the defunct law firm Dewey & LeBoeuf, said the grand larceny and fraud case against him was built on email evidence that could be misinterpreted.
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Dear friends,
We feel it in our bones.70% of us feel the greatest challenges humanity has ever faced are being faced right now, and we desperately need to come together as one people to meet them. The spectre of world war caused our great-grandparents to create the United Nations for this purpose, and it has since saved *hundreds of millions* of lives from starvation and preventable disease, and helped bring and keep peace in over 100 wars. But power-jealous nations have kept the UN weak by choosing weak leaders - mild bureaucrats who never challenge them. And they're about it do it again, affecting almost every issue we care about. With world leaders converging on New York this month, the next leader of the UN is being chosen right now, in the back-rooms of power. Let's raise a massive call for an open, professional process to choose the best leader from all 7 billion of us. Some nations are already calling for change, but powerful countries like the US and France don't believe the public cares about this. Let's show them how wrong they are with a million voices to save the UN:
https://secure.avaaz.org/en/
The current UN Secretary-General was chosen by a far-right wing American, openly wanting to kneecap the organisation! This is intolerable because the UN impacts almost every cause we care about - climate change, poverty, human rights, education, conservation and far more. That's why Avaaz has co-founded the 1 for 7 billion campaign to call for reform, and it's already making waves in the media and among diplomats. The tide is turning, with more and more countries demanding a new process, with a new intention, to choose the UN's leader. 5 countries hold most of the power at the UN - the US, UK, France, Russia and China. The UK is publicly supportive of our campaign! We may not win over Russia and China, but if the US and France join the UK, they can take a stand for reform. Presidents Obama and Hollande respond to public pressure, but they don't believe the public care about this. Let's show them how much we do, and demand a UN that can meet the challenges of our times:
https://secure.avaaz.org/en/
We feel it in our bones.70% of us feel the greatest challenges humanity has ever faced are being faced right now, and we desperately need to come together as one people to meet them. The spectre of world war caused our great-grandparents to create the United Nations for this purpose, and it has since saved *hundreds of millions* of lives from starvation and preventable disease, and helped bring and keep peace in over 100 wars. But power-jealous nations have kept the UN weak by choosing weak leaders - mild bureaucrats who never challenge them. And they're about it do it again, affecting almost every issue we care about. With world leaders converging on New York this month, the next leader of the UN is being chosen right now, in the back-rooms of power. Let's raise a massive call for an open, professional process to choose the best leader from all 7 billion of us. Some nations are already calling for change, but powerful countries like the US and France don't believe the public cares about this. Let's show them how wrong they are with a million voices to save the UN:
https://secure.avaaz.org/en/
The current UN Secretary-General was chosen by a far-right wing American, openly wanting to kneecap the organisation! This is intolerable because the UN impacts almost every cause we care about - climate change, poverty, human rights, education, conservation and far more. That's why Avaaz has co-founded the 1 for 7 billion campaign to call for reform, and it's already making waves in the media and among diplomats. The tide is turning, with more and more countries demanding a new process, with a new intention, to choose the UN's leader. 5 countries hold most of the power at the UN - the US, UK, France, Russia and China. The UK is publicly supportive of our campaign! We may not win over Russia and China, but if the US and France join the UK, they can take a stand for reform. Presidents Obama and Hollande respond to public pressure, but they don't believe the public care about this. Let's show them how much we do, and demand a UN that can meet the challenges of our times:
https://secure.avaaz.org/en/
You hear a lot of UN bashing from politicians, but the large majority of the public in most countries are highly supportive of the UN, much more so than their national governments. Our governments have played a double game with us, quietly undermining the UN from within and then publicly blaming it for the resulting failures. It's up to us not to fall for this - to demand more of our leaders - that they meet the challenges of our time wisely, and cooperatively, making the UN an effective servant and ally of people everywhere. There's no movement in the world better placed to do this than Avaaz, and that makes it our responsibility. Let's rise to it.
With hope,
Ricken, Alex, Danny, Emma and the rest of the Avaaz team
More Information:
The Race for U.N. Secretary-General Is Rigged (Foreign Policy)
http://foreignpolicy.com/2014/
The Guardian view on the next UN secretary general: let’s appoint only on talent
http://www.theguardian.com/
1 for 7 billion
http://www.1for7billion.org/
A global democracy manifesto (Open democracy)
https://www.opendemocracy.net/
With hope,
Ricken, Alex, Danny, Emma and the rest of the Avaaz team
More Information:
The Race for U.N. Secretary-General Is Rigged (Foreign Policy)
http://foreignpolicy.com/2014/
The Guardian view on the next UN secretary general: let’s appoint only on talent
http://www.theguardian.com/
1 for 7 billion
http://www.1for7billion.org/
A global democracy manifesto (Open democracy)
https://www.opendemocracy.net/
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| WEDNESDAY, SEPTEMBER 9, 2015 | ||||||||||||||||||||
TOP STORY
Puerto Rico Lays Out 5-Year Plan for Restructuring Its Debts The plan requires either concessions negotiated from creditors or legislation enacted in San Juan or Washington, suggesting a difficult road ahead.
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DEALBOOK HIGHLIGHTS
National Geographic and Fox Form a Commercial Media Company The renowned National Geographic magazine will be included in the deal, though the society will retain its nonprofit status.
In China, a Forceful Crackdown in Response to Stock Market Crisis In addition to imposing extraordinary restrictions on the sale of stocks, the authorities have harnessed a security apparatus usually more focused on political dissent.
K.K.R. Takes 24.9% Stake in Hedge Fund Marshall Wace The private equity giant has formed a long-term strategic partnership with the fund and can increase its ownership stake up to 39.9 percent.
Breakingviews: Jefferies May Be Canary in Wall Street's Shuttered Mine The firm's quarterly results could offer some insight into just how much the Volcker Rule helps or hinders investment banks in volatile markets.
BUZZ TRACKER
LOOKING AHEAD
Bank of England Rate Decision On Thursday, the Bank of England will announce its monthly decision on whether to raise a main interest rate. The Monetary Policy Committee is expected to leave the benchmark rate steady at 0.5 percent, where it has been since March 2009. After the committee's August meeting, Mark Carney, the Bank of England's governor, told reporters that the timing for the first rate increase was "drawing closer," but most experts have said they believe that the committee will not raise rates before the first half of next year. According to the minutes of the committee's August meeting, one member, Ian McCafferty, said the central bank needed to begin the process of gradually raising rates or face the possibility that it might have to increase rates "more sharply later on." - Chad Bray
Snapshot of Consumer Attitudes The preliminary Thomson Reuters/University of Michigan survey of consumer sentiment will be released Friday morning, providing an early snapshot of consumer attitudes this month. Although Wall Street does not expect much change from the final August reading of 91.9, analysts will be watching for any sign that the recent sharp stock market sell-off has made consumers more anxious. This survey has been stable this year, after a big rise in 2014 as employment rose and energy prices fell. Despite the recent market volatility, most other economic data has been relatively positive, so a big drop in consumer sentiment would catch some traders by surprise. - Nelson D. Schwartz
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QUOTATION OF THE DAY"What's happening in China is definitively spooking people. They've set themselves back a couple of years."- Dawn Fitzpatrick, chief investment officer of the hedge fund O'Connor, on a crackdown in response to the stock market. | ||||||||||||||||||||
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