Your Daily Dose of Financial News

Robins Kaplan LLP

Wall Street apparently views a divided Congress as a good thing (think less chance of tighter regulation), and it celebrated by pushing the Dow up 500 points and jumping back into tech stocks – NYTimes and WSJ and Bloomberg and MarketWatch and Law360

For those keeping track at home, 10 years.  That’s the amount of time Wall Street has deemed appropriate post-2008 crisis to once again resurrect the ghost of junk bond CDOs past. Though the offerings have technically been back for several years now, they’ve tripled in popularity in 2018 and account for a “small but fast-growing corner of the securitization market” – WSJ

Checking in on Canada’s foray into legalized cannabis three weeks on, and, well, the demand is good.  Supply, on the other hand, has left much to be desired – NYTimes

Meanwhile, here in the U.S., some Wednesday news led to a jump in cannabis-related stocks – Bloomberg

The Fed’s Open Market Committee kicks of two days of meeting today in D.C. It’s expected to keep rates steady for now but is expected to lay some groundwork for another rate hike in December – Bloomberg and WSJ

German prosecutors have raided BlackRock’s Munich offices as part of “a long running criminal tax-fraud investigation that has already embroiled several other financial firms.” The probe is focused on cum/ex transactions, or “trades executed during the handful of days before and after scheduled dividend-payment dates” – WSJ

The Times fills us in on a giant, gaping void in the workplace—cybersecurity jobs, which will see an estimated 3.5 million available but unfilled by 2021—and the strategies various companies are employing to meet the need –NYTimes

Tesla, in a search for stability, has named board member Robyn Denholm as the company’s Chairwoman. Denholm succeeds Elon Musk, who will remain the company’s CEO, as part of Tesla’s deal with the SEC  – NYTimes and WSJ and Bloomberg

Remember all the drama from consumer protection advocates about the FCC’s rollback of 2015 net neutrality standards?  Yeah, well, here’s Exhibit A for why it was justified –Bloomberg

New York’s climate-change securities fraud lawsuit against ExxonMobil is off to something of a rocky start, with Manhattan state judge Barry Ostrager scolding the AG’s office for “gamesmanship and judge-shopping” after it sought his recusal for holding Exxon stock – Law360

The OCC has opened yet another front on Wells Fargo’s multiyear ordeal with state and federal authorities, this time focused on Wells’ technology operations, including “software vulnerability, cybersecurity concerns and risk-management inconsistencies.”  The OCC raised tech-focused issues with the bank back in 2014, and its failure to address those Matters Requiring Attention is another piece of the inquiry – WSJ

Citibank has reached a $38 million deal with the SEC to resolve charges that it “received American shares of foreign companies, or American Depositary Receipts, without owning the underlying securities” between 2011 and 2016, a practice that allegedly led to “inappropriate short trading and dividend arbitrage” – Law360

The cilantro of travel-destinations in Europe?  Who can pass up that selling point.  Let’s take a spin through Bucharest, shall we? – 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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