This Week in FCPA-Episode 80, The Last Jedi Edition
Bill on Bankruptcy: Supreme Court Cases Will Have Wide Impact
Wayward Financial Institutions Facing Increasingly Stricter Punishment
Grassley: HSBC Should Face Criminal Charges
Volatility’s the name of the game these days on Wall Street. So what was down on Monday was up (a bit, at least) yesterday, although the basics of the situation haven’t improved at all....more
AT&T announced yesterday that it’s resolved an ongoing battle with activist Paul Singer and his Elliott Management by agreeing to keep CEO Randall Stephenson on the job through “at least 2020,” with the chair and CEO roles to...more
Talks between General Motors and the striking UAW broke down yesterday, threatening the progress the two sides “appeared to make in recent days,” a troubling sign as the strike heads into its 4th week....more
HSBC chief John Flint is out just 18 months after he assumed the role as head of the London-based bank, likely due to clashes with Board Chair Mark Tucker and the lender’s focus on expanding in China. HSBC also announced it...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
Ford announced yesterday that it plans to cut “thousands of jobs across Europe” as the automaker tries to cut costs while dealing with more stringent emissions rules and decreasing demand. The company didn’t say officially...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
The US government is officially greenlighting fintech, with both the OCC and the Treasury Department issuing statements yesterday in support of the “emerging corner of the financial sector.” For the OCC, that means welcoming...more
Markets proved that last Friday’s 600-point Dow drop wasn’t an isolated incident, as all major US indices were down nearly 4% (at least) in a nasty Monday of trading....more
NYSE owner Intercontinental Exchange is looking to do the as-yet inconceivable: bring some order to cryptocurrencies. The plan, announced yesterday, is to launch a data feed that pull info from cryptocurrency exchanges around...more
The Dow closed above 26k yesterday for the first time on what some are dubbing the FOMO rally or the “melt-up” market....more
The latest on the economic woes on Venezuela, including the status of the country’s bonds and the foreign investors that they’ve attracted (and who are now selling)....more
A federal jury in Brooklyn has found former HSBC Holdings exec Mark Johnson guilty on 9 counts of front-running that grew out of the DOJ’s investigation into forex manipulation at HSBC....more
HSBC’s making good on its plans to shift to a focus on Asia by naming John Flint—who spent his first 14 years at the bank in Asia—as its new CEO. Flint will take over from Stuart Gulliver in February....more
The Peltz/P&G drama continues, with the company suggesting that Trian has lost its bid for a Board seat and the fund arguing that it disagrees with the company’s counting of the ballots....more
The Depository Trust & Clearing Corporation—the company that “serves as the back end for much Wall Street trading”—has announced a big step forward in the embrace of blockchain technology to track and report transactions. IBM...more
China’s expected to announce Q3 economic growth of 6.7 percent this week—a number envied by any other country in the world but the sign of major slowdown there. Dealbook looks at what, exactly, a less-gangbusters Chinese...more
Like a hot new underground nightclub [I presume. Not exactly my scene], Marcus—Goldman Sachs’ new online lending platform aimed at the consumer banking segment—requires a password. Goldman’s reportedly sending out the...more
William Ackman’s multi-year effort to expose Herbalife as a Ponzi scheme (and make good on his massive short of its stock) saw something of a moral victory last week, with the FTC imposing big-time sanctions ($200 million in...more
Day 1 of Dr. Yellen’s trip to the Hill is done, and the official tone is “cautious,” with Yellen predicting continued economic growth and eventual additional rate hikes but expressing concerns about international threats to...more