Your Daily Dose of Financial News

Robins Kaplan LLP

Today’s Muskdate is all about the SEC issuing a subpoena to Tesla as it continues its investigation into Elon’s August 7 Twitter post about the “funding secured” detail of his plans to take the company private – NYTimes and WSJ and Bloomberg and MarketWatch

US regulators and law enforcement are in the midst of “one of the largest mortgage-fraud investigations since the financial crisis.” The Journal reports that the probe is focused on “whether income from commercial properties was falsified, a move that would enable owners to get larger mortgages and take out cash or expand their business faster” – WSJ

An update on new Uber CEO Dara Khosrowshahi’s slow march—improving financials and scandals and all—toward an IPO for the ride-hailing giant – NYTimes and Bloomberg

Banks are, perhaps surprisingly, pushing back on the White House-directed proposal to ease the Volcker Rule, arguing that proposed changes “could complicate compliance and hamper trading in asset classes not currently covered by the rule” – WSJ

A prominent cryptocurrency investor has slapped AT&T with a $22 million privacy suit in California federal court over the carrier’s alleged “failure to provide adequate data security” that allowed for “the theft of millions in digital currency from his accounts” – Law360

Yesterday’s rough earnings report for Chinese internet powerhouse Tencent (the company posted its first slowdown in profit growth in more than 10 years) took a toll on its stock price and left its president, Martin Lau, pointing a finger at China’s government. Lau accused Beijing of making it “difficult for the company to get the licensing required to make money on new games” – NYTimes and WSJ

It’s far from a broad agreement (or even the early stages of one), but the US and China are at least officially talking again about trade – Bloomberg and WSJ

When Brian Krebs issues a cybersecurity warning, it’s best to listen. And that’s what banks in the US are doing after Krebs’ (and the FBI’s) warning about the potential threat of “jackpotting”—a technique that targets ATMs through malware – Bloomberg

Bank of America is seeking High Court review (and reversal) of a 9th Circuit ruling that the National Bank Act “doesn’t preempt a California state mortgage escrow interest law.” Bana claims that “incorrect” ruling creates “significant uncertainty” about the applicability of state laws to national banks – Law360

Elephants. Cancer. Zombie genes. What more do you need in a science story? – 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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