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Jun 11, 2016

DealBook P.M. Edition - June 8, 2016: Top Story: Question of Lawyers' Conflict of Interest Arises in Tax-Evasion Case

Wednesday, June 8, 2016
TOP STORY
Morris E. Zukerman, a former banker and oil investor, is accused of failing to pay $45 million in taxes.
Question of Lawyers' Conflict of Interest Arises in Tax-Evasion Case Prosecutors raised the prospect of a potential conflict of interest for two lawyers representing Morris Zukerman. who was accused of avoiding $45 million in taxes.

  • NYT »
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    DEALBOOK HIGHLIGHTS
    Guy Hands, founder of Terra Firma Capital Partners, in February. His firm is is suing Citigroup in London.
    Guy Hands Testifies He Did Not Make Up Claims Against Citigroup Mr. Hands said in court that he personally lost 200 million euros, or about $227 million, on a deal to buy the music label EMI in 2007.
    Darren Topp, chief executive of the British retailer BHS.
    Breakingviews: Calculating the Human Factor in Deals The increasing anxiety over job losses stemming from mergers cannot be brushed off.
    Jim Dwyer: Subprime Loans Helped Save Bank, but Many Borrowers Faced 18% Interest Howard P. Milstein runs Emigrant Savings Bank, which is accused of illegal lending practices that were marketed to minority homeowners.
    Buzz Tracker
    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. Charges Such 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 Home A 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 Door The 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.
    LOOKING AHEAD
    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

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