Episode 183 -- Review of the Deutsche Bank FCPA and Spoofing Fraud Case
Compliance into the Weeds: Deutsche Bank Fined Over Epstein Accounts
Daily Compliance News: March 3, 2020, the Devil’s Advocate edition
JPMorgan Chase has elevated two execs, Jennifer Piepszak and Marianne Lake, to top spots as joint heads of the firm’s “sprawling” consumer and community banking division ...more
Consulting standard-bearer McKinsey & Co. will pay $573 million to resolve state investigations and allegations related to its role “in helping ‘turbocharge’ opioid sales, a rare instance of it being held publicly accountable...more
In a week that’s already seen plenty of C-suite shakeups, we’ve learned that Ginni Rometty is stepping down from her role as CEO at IBM. The company’s cloud computing chief, Arvind Krishna, will take over for her, though...more
Jobs Report Friday again. Here’s what we’re watching, including the possibility of scary low numbers thanks to the only-recently-resolved GM strike....more
Federal regulators moved this week to “ease oversight of Wall Street firms by scaling back two major mechanisms that were imposed to scrutinize big financial companies in the wake of the financial crisis.” ...more
Federal prosecutors filed criminal charges yesterday against two former Goldman Sachs investment bankers for their alleged role in the Malaysian 1MDB scandal....more
Fair Isaac Corp., creator of the “widely used FICO credit score,” unveiled plans to “roll out a new scoring system in early 2019 that factors in how consumers manage the cash in their checking, savings and money-market...more
In order to comply with European antitrust rulings against it earlier this year, Google announced that for the first time it will begin charging telephone handset manufacturers to install Gmail, Google Maps, and other popular...more
Honda is joining forces with General Motors in an effort to win the race to develop self-driving cars through a $750 million stake in GM’s Cruise Holdings autonomous vehicle unit. The Japanese carmaker plans to contribute a...more
Though he was apparently ready to go with his “verbal agreement with the Saudis” defense, Elon Musk capitulated to pressure “from his lawyers and investors of Tesla” and agreed to resolve all SEC allegations of wrongdoing,...more
Elon Musk had some explaining to do in light of his “funding secured” tweet on August 7 in the context of taking Tesla private, and he’s gone to the corporate blog to do so, arguing that his meetings with representatives of...more
The world’s keeping a wary eye on Turkey’s economic well-being, especially given the precipitous drop in the value of the country’s currency (which has pushed up prices for consumers and corporations) and President Erdogan’s...more
Deutsche Bank—in keeping with its post-Cryan plans to shrink its US footprint—has been considering plans “in recent weeks to eliminate close to 10,000 jobs.” [It’s now looking like 7,000.] ...more
It was a busy Thursday in the big pharma world, with drugmaker Shire rejecting a $60 billion takeover offer from Japan’s Takeda, while US rival Allergan disclosed that it was considering a bid of its own for Shire....more
A look at the big-time Wells Fargo/Fed settlement of last Friday night, which saw the Fed blasting the bank’s board for oversight failures, forcing Wells to replace a full fourth of its 16-member Board, and instituting a rare...more
In naming Gregory Abel and Ajit Jain vice chairs, Berkshire Hathaway took another big step this week in laying out LAWB (Life After Warren Buffet)....more
As we’ve been expecting, the DOJ announced yesterday that it was suing to block AT&T’s $84.5 billion bid for Time Warner over antitrust concerns....more
Deutsche Borse CEO Carsten Kengeter announced yesterday that he’ll step down in the wake of insider-trading allegations related to the exchange’s now-defunct merger with the London Stock Exchange Group....more
A roundup on Richard Thaler, the U Chicago professor named Monday as the winner of this year’s Nobel Prize in economics for his groundbreaking work in behavioral economics (and the consistently irrational human nature)....more
So much for the quiet off-ramping for SoFi’s Mike Cagney. The fintech company’s board announced on Friday that Cagney is out immediately as CEO, not at the end of the year as Cagney had announced earlier in the week....more
The DOJ is dismissing charges against former JPMorgan employees allegedly mixed up in the London Whale trading scandal that cost JPM more than $6 billion....more
Italy’s Alitalia has filed for bankruptcy yet again, the third filing in less than a decade, and it’s home country looks far less likely to bail out the troubled carrier this time around....more
It’s been far from a smooth ride for Uber over the past few weeks. And Friday’s revelation that the ride-sharing company’s been using a tool called “Greyball” to mine and use app data to “deceive the authorities in markets...more
Japan’s SoftBank hasn’t been shy about bold moves, but its most recent one—the decision to buy American PE giant Fortress Investment Group—is an especially big one. The deal is seen as bolstering SoftBank’s recently announced...more
Bayer’s making good on its rumored interest in Monsanto in a deal that could be valued at more than $42 billion and would bring together two of the world’s biggest suppliers of crop seeds and pesticides...more