Financial Daily Dose 6.6.2019 | Top Story: FiatChrysler Withdraws Offer to Merge With Renault

Robins Kaplan LLP

Robins Kaplan LLP

Well, that was short lived.  FiatChrysler broke news late yesterday that it’s withdrawing its offer to merge with France’s Renault, mere weeks after the companies bowled over the auto world with the proposal. Fiat blamed the French government for taking too long to support the deal, though it appears Nissan also played a role in the deal’s demise – WSJ and Bloomberg and NYTimes

The news came on the heels of (though’s likely unrelated to) allegations from a top US FiatChrysler exec who accused the company of cutting his pay “in retaliation for cooperating with a federal investigation in the U.S. into its sales –reporting practices” – MarketWatch and Law360

Boeing, in desperate need of good news these days, is finding itself in the middle of just the opposite, as the ongoing US trade war with China now appears to threaten a $30 billion deal with Chinese airlines to purchase roughly 100 of Boeing’s wide-body jetliners – Bloomberg

No shocker here. This week’s news that the FTC and DOJ are eyeing Big Tech has only heightened the expected lobbying fervor on behalf of the tech titans in D.C.—a town where the big 4 spent a combined $55 million on lobbying last year alone, double from the year before – NYTimes

The SEC did, in fact, adopt new rules yesterday for Wall Street brokers offering customers investment advice, but despite its consumer-friendly name (that was Regulation Best Interest, remember?), consumer advocates say the new rules are not only toothless but give a dangerously “false sense of security” – NYTimes and Law360

Despite high-level talks continuing this week and blowback from the Republican Senate, the White House appears primed to deliver on its promise of across-the-board 5% tariffs on all Mexican imports beginning on Monday – Bloomberg and NYTimes

Last week’s dive on Wall Street wasn’t enough, apparently, to alter generally positive vibes emanating from the Fed’s recent Beige Book economic survey, which found that US economic activity improved (though modestly) from the last survey period – Bloomberg and MarketWatch

Ex-Chicago Mayor and Clinton administration Chief of Staff Rahm Emanuel revealed this week that he’ll be opening a Chicago outpost for boutique investment bank Centerview Partners LLC as part of his next act – WSJ

Treasury Department official Heath Tarbert received overwhelming Senate support and has been confirmed as new head of the US Commodity Futures Trading Commission. He’ll succeed outgoing chair Christopher Giancarlo next month – Law360

VW’s trying hard to pivot away from its long-running emissions cheating scandal, and it’s turning to a new ad campaign to help it along the way. Does it really have any standing to plant a flag in the EV front? You be the [early] judge – NYTimes

Four serious suggestions for a better commute? I think we can all make time for that – NYTimes

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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