Your daily dose of financial news The Brief – 5.3.16

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Craig Steven Wright—the Australian who claims to be famed Bitcoin mastermind Satoshi Nakamoto—is not exactly being welcomed with open (and unquestioning) arms – NYTimes

Stocks came booming back yesterday after a tough end to April – WSJ

The 1st Circuit has resurrected the Federal Home Loan Bank of Boston’s $5.9 billion action against Moody’s over allegedly inflated ratings for toxic mortgage-backed securities and remanded to the D. Mass. court to determine whether the case should be transferred to NY – Law360

Breakingviews sizes up the failed Halliburton/Baker Hughes deal and finds elements of a Greek tragedy (hubris, my friends.  Hubris.) – NYTimes

Though it has some new tools at its disposal, the Treasury Department has thus far remained quiet in the face of China and other countries’ efforts at currency manipulation – Law360

Monday’s Streetwise looked at the dangers of financial engineering, with Valeant and SunEdison as unfortunate poster children of the problem with satisfying shareholders at the expense of building a viable company – WSJ

Andrew Ross Sorkin discovered this weekend, at one of the beating hearts of capitalism (the Berkshire Hathaway Annual Meeting), a perhaps surprising focus on—gasp—fairness in the system – NYTimes

SDNY Judge Naomi Buchwald has thrown out several claims against foreign banks facing Libor-rigging charges in MDL before her. Judge Buchwald agreed with the banks that the court lacks personal jurisdiction over the banks on the amended claims at issue – Law360

Recent New Yorker and Fortune articles have put some hard questions to the SEC about its post-crisis stomach for taking on “the tough cases against a well-funded opponent . . . at least when the evidence of wrongdoing was not overwhelming” – NYTimes

As the Journal puts it, “ROIC [return on invested capital] is all the rage.” Here’s what’s up with the term and why its powerful enough to placate even activist investors – WSJ

Spain appears to be staring a lost generation squarely in the face, with jobless numbers that “almost look like misprints” – NYTimes

So, in the end, Leicester City pulled it off, beating 5000-1 preseason odds and taking the championship of the English Premier League. Why, with chances like that, you might as well try to establish your very own holiday.  Oh wait . . . – 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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