Your daily dose of financial news The Brief – 6.1.16

Robins Kaplan LLP

All of us are entitled to a change of heart. But when you’re one of the world’s most famous activist investors and the change involves a decent-sized stake in a drug maker (Allergan) that just 5 months ago was mixed up with a target of your serious criticism (that would be the ill-fated Pfizer/Allergan deal), people are sure to take notice – NYTimes and WSJ and Bloomberg

The Journal continues its bank week with its feature on Fed governor Daniel Tarullo, a figure known alternately as the “Wizard of Oz” for his behind-the-scenes influence and—at least according to the headline—the “most powerful man in banking” – WSJ

Also part of the series—the good and bad of life as a community bank in the modern era of banking – WSJ

French retailer Darty’s board has unanimously recommended that shareholders accept the recent takeover offer from fellow companie Groupe Fnac – NYTimes

Anbang appears to be playing another game of will-it-or-won’t-it in its bid for Fidelity & Guaranty Life – NYTimes

Saudi Arabia’s reportedly considering bond sales of more than $15 billion in its “first foray into international capital markets.”  It would be following on the heels of other states in the region, including Qatar, who last week attracted $23 billion in orders for a $9 billion bond sale – Bloomberg

Yes, Valeant’s former CEO J. Michael Pearson was rather unceremoniously shown the door just days after major stakeholder William Ackman had expressed confidence in him. But lest you waste any feels on JMP, know that he and 9 million cool ones will be heading into forced retirement in each other’s company – NYTimes

Streetwise on a messy May in the markets – WSJ

Dealbook’s White Collar Watch breaks down the recent 2d Circuit decision throwing out the Hustle fraud jury verdict (and accompanying $1.27 billion civil penalty) against Bank of America, paying particular attention to the quirks of the law that meant that “it did not lie when it sold the bad mortgages, only that it breached the agreement in a way that fell short of being a fraud” – NYTimes

Breakingviews gives us an investor take on the Great Plains/Westar deal: GP may well be overpaying – NYTimes

It’s a brave new world for former ATK host Christopher Kimball.  No word yet on whether the bow tie’s coming with him – NYTimes

The phrase “Neanderthal Stonehenge” may be kicking around the web these days (and may be a bit of a stretch). Here’s the scoop – HuffPo

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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