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
U.S. drug giant Merck is shuttering its coronavirus vaccine development “after early trial data showed [its pair of vaccines] failed to generate immune responses comparable to natural infection or existing vaccines.” ...more
New U.S. unemployment claims rose last week according to data released on Thursday, the latest sign that America’s recovery from the pandemic-induced recession is slowing—a “particularly worrisome” trend as cold-state...more
The Fed sought to reassure markets for the foreseeable future on Wednesday by announcing that it plans to hold rates at their near-zero mark until into 2023 as it tries to “coax the economy back to full strength after the...more
The announcement itself isn’t a shock, but given the potential players, it’s headline-worthy anyway: the DOJ announced yesterday that it’s officially opening an antitrust probe into Big Tech companies and “whether they had...more
Financial institutions M&A sector trends: payments — H1 2019 and outlook for H2 2019 - CURRENT MARKET - Consistent, very high activity levels. WE ARE SEEING - Demand from keen investors: - Trade...more
OPEC nations met yesterday and agreed to continue their production cutting goals into 2020 in an effort to, according to the experts, “prop[] up prices while demand for oil is weakening”....more
Massive pharma news to start the day, with AbbVie announcing that it’s reached a deal to buy Allergan for roughly $63 billion. The tie-up is seen as giving AbbVie a “dominant position in the $8 billion-plus market for Botox...more
Opioid manufacturer Insys Therapeutics, which just last week agreed to pay $225 million to “settle a federal investigation into the marketing practices for its powerful fentanyl painkiller,” has filed for bankruptcy...more
Amazingly, April’s gone and it’s Jobs Report Friday again. Here’s what to look for in the numbers – Bloomberg and NYTimes and WSJ...more
Elon Musk and the SEC have reached an agreement to revise their earlier agreement to settle the latest round of issues caused by Musk’s Twitter habit. Under its terms, a Tesla securities attorney must now “preapprove any of...more
Warner Bros. studio division chief—part of AT&T’s recently acquired media empire—has “stepped down after accusations surfaced that he had pushed for a woman with whom he had a sexual relationship to be considered for roles in...more
Fascinating weekend feature from the Journal exploring how Sears Roebuck went from the dominant force in American retailing to the bankrupt shell of a company that it is now—all within a period of just 40 years....more
The Federal Reserve released the minutes from its consequential January meeting yesterday, giving us (and Wall Street) the skinny on its new policy course that shifted from gradual regular rate hikes to a wait-and-see...more
I wish I had some better news for you heading into Christmas, but Wall Street was not in the holiday spirit, with all major indices diving another 2% or so on Thursday....more
PM May will live to fight another day after surviving Wednesday’s no-confidence vote. But her prospects of getting the controversial Brexit plan through the UK parliament are still poor, at best....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
Hiding somewhat in the shadows during the rise of virtual currencies over the past year or two has been blockchain, the ledger technology that undergirds bitcoin and other cryptos, and its potential application beyond digital...more
The author who literally wrote the book on the Enron is warning that the next financial crisis is lurking underground—aka, fracking has “turned the energy world upside down,” and it’s pulled in a bunch of Wall Street along...more
Yesterday, federal officials unveiled an ongoing EEOC investigation into whether Uber “discriminated against women in hiring and pay” that began last August. The news extends Uber’s streak of investigations and brutal PR well...more
A couple of big-time SCOTUS opinions released yesterday will leave their mark on the financial world— First, the High Court found that internet retailers can be “required to collect sales taxes in states where they have no...more
New York’s Department of Financial Services has reached an agreement with Deutsche Bank that will see the German firm pay $205 million as part of a settlement to resolve state banking law violations over its Forex operations....more
The High Court has a daunting lineup of decisions yet to issue this year, but it’s checking one off the list with yesterday’s 5-4 holding upholding the right of companies to use arbitration clauses in employment contracts “to...more
Not an ideal report on the state of affairs for Zelle, the big banks’ payment-platform answer to Venmo. The Times reports that the “same features that make Zelle so useful for customers, its speed and ubiquity, have made it...more
A day of massive lows (opening bell) and impressive rallies (with the dow up 230 by the end of the day) marked a wild Wednesday on Wall Street....more
Just days after profiled Walmart’s efforts to keep pace with Amazon in the grocery biz, a whistleblower and former WM director of business development is accusing Walmart of issuing “misleading e-commerce results” and...more