DealBook P.M. Edition - June 8, 2016: Top Story: Question of Lawyers' Conflict of Interest Arises in Tax-Evasion Case
Wednesday, June 8, 2016
Question of Lawyers' Conflict of Interest Arises in Tax-Evasion CaseProsecutors
raised the prospect of a potential conflict of interest for two lawyers
representing Morris Zukerman. who was accused of avoiding $45 million in
Jim Dwyer: Subprime Loans Helped Save Bank, but Many Borrowers Faced 18% InterestHoward P.
Milstein runs Emigrant Savings Bank, which is accused of illegal lending
practices that were marketed to minority homeowners.
New York Financial Watchdog Nominee Signals Business-Friendly Tack"I believe in
compromise to get things done for the benefit of everyone," Maria Vullo,
acting superintendent of the New York State Department of Financial
Services, said during a confirmation hearing before the New York State
Senate Banks Committee.
Commerzbank Considers Hoarding Billions to Avoid E.C.B. ChargesSuch a move by a
bank part-owned by the German government would represent one of the
most substantial protests yet against the E.C.B.'s ultra-low rates.
We've Hit Peak Human and an Algorithm Wants Your Job. Now What?On Wall Street,
the still-essential business of banking will go on - but maybe without
as many suits. "We have 20,000 manual interventions on trades every
day," said Michael Rogers, president of State Street. "There's a huge
opportunity to digitize that and move it forward electronically."
Yale Finds Itself on Both Sides of Employee's Fight for a HomeA 63-year-old
Yale custodian has fallen behind on his mortgage payments after two
job-related injuries and is facing foreclosure by a servicing company in
which Yale's endowment is an indirect investor. "Yale helped me buy my
house, and now they're investing in the company that's trying to take my
house from me," said Frank Douglass. "I just don't get it."
The CFA Exam's Toughest Question: What's the Payoff?About 73
percent of job postings that specified compensation and included a
reference to the CFA designation offered a salary below $100,000,
according to research by recruiting company Phaidon International.
Consumer Watchdog Bars the DoorThe federal
agency is using Cold War-era tactic to deny some requests made through
the Freedom of Information Act. A "Glomar response" is named after the
Glomar Explorer, a Cold War-era ship used by intelligence officials to
retrieve sunken Soviet submarines.
Consumer confidence expected to remain high.On Friday, at 10 a.m.,
the University of Michigan will release its preliminary estimate of
consumer sentiment in June. After a series of tepid readings, consumer
confidence rebounded in May to a healthy level of 94.7, and economists
expect a similar number for June. The stock market's advance lately has
probably strengthened the outlook of many Americans, and the real estate
market also continues to be healthy, further bolstering sentiment. One
wild card - the surprisingly weak jobs report last Friday - could shift
expectations among consumers down. Nelson D. Schwartz