A Better 2012 for BigLaw (With Big Asterisks)
In the world of compliance and ethics, the Citigroup internal control debacle serves as a glaring reminder of the critical importance of robust, well-designed, functioning and effective internal controls. The U.K. Financial...more
This week’s Update features stories detailing several new booking platforms and Choice’s new direct billing product. Enjoy....more
In March 2022, the Securities and Exchange Commission (SEC) proposed sweeping new rules to regulate the disclosures and liabilities associated special purpose acquisition companies (SPACs). The proposing release is available...more
•New York AG Letitia James led a coalition of 18 AGs in calling on several of the nation’s largest banks to eliminate overdraft and overdraft-related fees. •In letters to the CEOs of Bank of America, JPMorgan Chase, U.S....more
The SEC is reportedly probing whether recent stock sales by Tesla’s CEO Elon Musk and his brother Kimbal “violated insider-trading rules.” News of the investigation came less than a week after Tesla accused the Commission of...more
Saule Omarova, the White House’s pick to helm the OCC, has withdrawing from consideration for the post, saying it was “no longer tenable” for her to seek the position following withering attacks from the banking industry and...more
In yet another chapter in the tortured saga of the fallout from the failed 2007 leveraged buyout ("LBO") of media giant The Tribune Co. ("Tribune") in a transaction orchestrated by real-estate mogul Sam Zell, the U.S. Court...more
Companies with ESG policies – including financing parties investing in renewable energy projects – should assess the impact of Texas Senate Bill 19 on their government contracting opportunities, and should expect and prepare...more
More details on that massive ransomware hack that hit Colonial Pipeline over the weekend. The FBI has confirmed that hacking group DarkSide was responsible and that it’s “looking for any ties the group might have to...more
In a much-anticipated [well, for some of us central bank nerds, at least] to the Economic Club of NY, Fed Chair Powell on Wednesday acknowledged that pent-up consumer demand unlocked by a big government stimulus package could...more
Compliance Today (January 2021) - Just a few months before Jane Fraser takes over as chief executive officer—the first woman to run a major Wall Street bank —Citigroup agreed to pay $400 million to settle an Office of the...more
The WTO—already on shaky ground with the White House—did little to endear itself on Tuesday with a decision giving the EU “permission to impose tariffs on $4 billion worth of American products annually in retaliation for...more
Investment Bank Fined $400 Million For Failing to Remediate Deficiencies in its Risk Management Systems - On October 7, the Federal Reserve Board and Office of the Comptroller of the Currency issued a consent order...more
Federal regulators—including the Federal Reserve and the OCC—have fined Citigroup $400 million over “longstanding” failures in the areas of risk management, data governance, and internal controls. In addition to the fine, the...more
Federal authorities are prepping to “reprimand Citigroup Inc. for failing to improve its risk-management systems—an expansive set of technology and procedures designed to detect problematic transactions, risky trades and...more
Citigroup has chosen it President, Jane Fraser, to replace CEO Michael Corbat when he retires in February 2021. Fraser will become “the first woman to lead a major financial institution in the United States.” She’s been with...more
Unlike much of the world, the U.S. has not turned the corner on the coronavirus outbreak. But you wouldn’t know it by looking at the markets. On Tuesday, the S&P 500 topped out at its highest level ever, “capping a remarkable...more
Another day, another major U.S. restriction on Chinese tech. The Commerce Department is out with new rules “curbing Huawei Technologies Co.’s access to foreign-made chips.” The measures would “prohibit non-U.S. companies from...more
The latest quarterly reporting shows that America’s biggest banks—among them, JPMorgan, Citigroup, and Wells Fargo—are taking self-imposed hits now in anticipation of a “wave of loan losses” later. Those three are...more
Industry Expert Insights - We reached out to a well-known expert in Mexico in the energy and legal industries to get his thoughts on the current energy climate. Juan Serra is a partner in the Mexico City office of...more
Firms permitting the creation and operation of custodial accounts related to Uniform Transfers to Minors Act (UTMA) or Uniform Gifts to Minors Act (UGMA) transactions must take special notice of Financial Industry Regulatory...more
It’s all coming up Elon these days for Tesla and its stock. “Positive developments” from the electric carmaker’s battery suppliers helped goose shares even higher, ending the day at $780/share—a nearly 20% gain since Friday....more
The merger craze keeps on keeping on, with news that Ebay’s selling secondary ticket marketplace StubHub to Viagogo, a smaller rival with a strong presence in Europe helmed by StubHub’s co-founder Eric Baker, for more than $4...more
What is it with big firms and fingerprints? You may recall back in October 2017, J.P. Morgan entered into an AWC with FINRA in which it agreed to pay a $1.25 million fine for the following, as described in FINRA’s press...more
Financial giant Capital One, the fifth-largest credit card issuer in the U.S., announced on Monday that a hacker illegally accessed “the personal information of approximately 106 million card customers and applicants, one of...more