Top Five Corporate Scandals of 2018: Episode V-Nissan and Carlos Ghosn
UK regulators are probing ties between disgraced financier Jeffrey Epstein and Barclays CEO Jes Staley. The bank’s board is so far standing 100% with Staley, who has expressed “regret” over his relationship with Epstein....more
A recap of Carlos Ghosn’s big media moment on Wednesday, which was short on the escape details everyone wanted to hear and long on accusations against other execs at Nissan and Japan’s justice system....more
Dean Foods, the largest milk company in the U.S., has filed for bankruptcy protection, a “fresh setback to a U.S. dairy industry struggling against declining U.S. milk consumption and rising competition.” Industry experts...more
Yesterday, the SEC announced settled fraud charges under Rule 10b-5 against Nissan, its former CEO Carlos Ghosn, and Gregory Kelly, a former director, related to the failure to disclose over $140 million to be paid to Ghosn...more
Prorogate this, Boris. In an “unprecedented” ruling, the UK’s supreme court deemed the Prime Minister’s Brexit-driven suspension of Parliament “unlawful, void and of no effect” this morning and called on the body to reconvene...more
Paul Singer’s Elliott Management hedge fund revealed a $3.2 billion stake in AT&T and, along with it, a healthy-skepticism of the company’s 2018 purchase of Time Warner and general calls to divest as part of a 24-page letter...more
Facebook and the FTC have agreed to terms on a settlement addressing the social network’s privacy violations in recent years. Along with the previously reported $5 billion fine, the deal will require Facebook to “add new...more
Ford announced major cuts to its European workforce yesterday, announcing that it would reduce its overall headcount there by 1/5 (or about 12,000 workers), roughly half of whom are salaried employees. Ford first revealed the...more
On July 1, 2015, the SEC issued proposed rules implementing Section 954 of the Dodd-Frank Act, which would obligate national securities exchanges to adopt listing standards that require listed companies to adopt and disclose...more
Carlos Ghosn, the onetime “savior” of Nissan, faced another indignity while again behind bars in Japan—the automaker officially removed the former chair from the board altogether....more
Not shockingly, the White House’s recent insistence on keeping tariffs in place on China (to ensure deal compliance) is proving to be a major stumbling block in negotiations on a grand trade deal between the US and China....more
Nissan’s Carlos Ghosn problems now extend to the United States, where the Securities and Exchange Commission has opened a probe into the accuracy of the company’s financial disclosures and internal controls....more
As expected, Theresa May’s Brexit deal was roundly defeated in Parliament yesterday by an overwhelming 230-vote margin, the biggest House of Commons loss for a PM “in recent British history.” Following the vote, Labour Party...more
The US and China have resumed trade talks in an effort to cool down an increasingly heated trade war between the economic powerhouses....more
Three weeks after his initial arrest, Japanese prosecutors have officially indicted former Nissan Chair Carlos Ghosn for understating his income by $43 million....more
The G-20 summit in Buenos Aires wrapped this weekend with the nations agreeing to a joint statement that “affirms the importance of the multilateral trading system” while giving ground to both the US and China over language...more
Nissan Board Chair Carlos Ghosn is on the verge of being ousted at the Japanese automaker after an internal investigation found that he had “underreported his compensation to the financial authorities for several years.”...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
We learned yesterday of the effect that broken mergers are having on some hedge funds. Now comes news that, like many other institutional investors, large US insurance companies are yanking huge sums of money out of their...more