US financial regulators dropped some much-anticipated rules yesterday that aim to restrict how “big financial institutions can pay their top executives.” In particular, the rules would make banker wait “at least four years to receive portions of their bonuses and force banks to find ways to claw back bonuses from bankers if their behavior leads to big financial losses.” The new provisions are open for public comment until July – NYTimes and WSJ and Law360
The bidding madness these days isn’t exclusively an American hotel chain phenomenon (hey Starwood). A “frantic bidding war” for Darty—the French electronics and appliance retailer—broke out yesterday as Steinhoff Int’l and Group Fnac both “sweetened offers” for the company, sending Darty shares soaring by the end of the European trading day – NYTimes
Kind of love this take by Bloomberg – Herbalife is surviving the years-long Ackman-led destruction campaign in large part due to soccer. That’s right. Soccer – Bloomberg
So yeah, Microsoft’s back. But maybe not in Q1. Its shares and earnings (along with Google parent co. Alphabet’s) were down, missing analysts’ expectations – WSJ
In a move surprising no regular reader, Sun Edison officially filed for Chapter 11 bankruptcy in the SDNY yesterday – NYTimes and WSJ
VW has reached a deal in principle with the US government and groups of vehicle owners over the emissions scandal that rocked the German automotive giant. Though details are still very much un-ironed out, it appears that VW has agreed to fix or buy back nearly 500,000 diesel cars in the US that were equipped with the illegal emissions software—a move that alone (without additional anticipated fines) could cost VW $7 billion – NYTimes and WSJ
Senator Warren is none too pleased with the SEC for allowing hedge fund billionaire Steven Cohen “back in the hedge fund game just months after [he] settled allegations that he failed to supervise a convicted insider trader” – Bloomberg and Law360
Dealbook’s “Another View” considers how last month’s D. Massachusetts decision finding two private equity funds “jointly liable for the pension fund debt of one of the companies they acquired” could have major ramifications for the investing world. If it’s upheld on appeal, that is – NYTimes
This seems as good a tribute as any. So long, Purple One. And thanks – MotherJones
Have a good weekend.