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Jun 20, 2016

DealBook P.M. Edition - June 20, 2016: Uncertainty over Brexit Vote Damps I.P.O.s in London

 
Monday, June 20, 2016
TOP STORY
Wall St. Rises as Fears of a 'Brexit' Ease Bank stocks were rising as the price of Treasury notes dropped. Machinery and industrial stocks also rose.

Breakingviews: Brexit Vote Spurs Concerns Over Market Liquidity Some banks and stock exchanges have warned clients that trading conditions could be difficult and volatile.
Henrik Poulsen, center, the chief executive of the Danish company Dong Energy, presses a button to begin trading of the company's initial public offering, Europe's biggest so far this year.
Uncertainty Over Brexit Vote Damps I.P.O.s in London Investors have been reluctant to invest in new listings, and several companies have delayed announcing their intention to file until after the vote on Thursday.
  • NYT » | Breakingviews: Brexit Vote Spurs Concerns Over Market Liquidity | The Interpreter: What Is 'Brexit'? A Look at the Debate and Its Wider Meaning
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    DEALBOOK HIGHLIGHTS
    Eliot Spitzer, the New York State attorney general, sued Marsh & McLennan Companies in 2004, accusing the company of of bid-rigging and price-fixing.
    Peter J. Henning: Message to Workers Under Scrutiny: Cooperate or Get Fired A recent court decision makes it clear that a company under government investigation can fire uncooperative employees with little fear of reprisal.
    Paul Singer, founder of the hedge fund Elliott Management.
    Elliott and Private Equity Firm to Buy Dell's Software Unit The buyers are getting a mix of software makers that Dell acquired over the years, including SonicWall and Quest Software.
    Buzz Tracker
    Credit Suisse C.E.O. Said to Tell Staff Shorts Wrong on Capital Tidjane Thiam said hedge funds are wrong to assume that the Swiss lender will have to raise additional capital after the shares touched a fresh all-time low last week, according to two people with knowledge of the matter.
    Philippe Dauman's Last Stand The embattled Viacom C.E.O. defends his record: "In fact I have suffered, along with shareholders, because I have a lot of shares myself. In reality, I have lost far more than the $54 million in this period. That's not inappropriate. I will be rewarded if and when the stock recovers."
    Wall Street Donors Seek to Block Warren as Vice President Pick "First of all, they don't particularly like each other," said one prominent hedge fund manager who has raised millions for Hillary Clinton and Bill Clinton before her.
    Q. & A. With Trump's Man on Wall Street "My role, I don't want to overstate it, but I see it as someone who can connect the candidate into what I would call non-traditional donors," said Anthony Scaramucci.
    Too-Tough Capital Rules May Stifle U.S. Lending, Says Fed's Kashkari "More capital has downsides that need further exploration," he said. "In particular, higher capital could raise the cost of lending and potentially reduce economic activity."
    LOOKING AHEAD
    Janet Yellen to testify on monetary policy before Congress. On Tuesday and Wednesday, the Federal Reserve's chairwoman, Janet L. Yellen, will be presenting her semiannual testimony on monetary policy to Congress. She will appear before the Senate Banking Committee on Tuesday, followed by the House Financial Services Committee on Wednesday.

    The Fed left rates unchanged when officials met last week. But Ms. Yellen's testimony will be closely watched for any sign of when the Fed will decide to tighten monetary policy. Although Wall Street seems to think the next move may come in September, analysts will be looking for any hint on whether July remains an option, as well as any thoughts on the looming vote in Britain. Nelson D. Schwartz

    For the latest updates, go to NYTimes.com/DealBook
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