DealBook P.M. Edition - June 9, 2016: Top Story: Tighter on Remittances Put Squeeze on Go-Betweens
Thursday, June 9, 2016
Tighter Rules on Remittances Put Squeeze on Go-BetweensBanks are
refusing to do business with money transmitters, closing or freezing
accounts over concerns about money laundering and regulatory scrutiny.
comply with all the regulations. We have to follow the rules," said the
owner of a storefront money-transfer business in Atlantic City. "But
they don't want to deal with us."
James B. Stewart: How Keeping Up Appearances Ruined a Former Dallas BankerS.E.C. and
criminal complaints paint Thomas C. Davis, considered a pillar of the
business community, as a man in "desperate" financial straits.
Steven Davidoff Solomon: Viacom Has Few Options for Fighting National AmusementsThere is legal
precedent to support National Amusements' decision to amend the bylaws
of Viacom to prevent the sale of the Paramount movie studio.
Dauman Says Viacom's Effort to Buy Stake in Paramount Is Being DelayedAt an investor
conference, Phillippe Dauman, Viacom's chief, alluded to recent troubles
involving the 93-year-old mogul Sumner Redstone.
Breakingviews: Cracks Appear in Merger of Williams and Energy Transfer EquitySlumping oil
prices have spurred questions about the deal, and Williams now says it
expects to cut its dividend if the sale goes through.
Another View: Taking a Hard Look at a Campaign Critical of a Fiduciary RuleA U.S. Chamber
of Commerce webpage cites small-business owners supposedly opposed to
the new regulation. But the report isn't all it's said to be.
Welcome to Larry Page's Secret Flying-Car Factories"What appears
in the next 5 to 10 years will be incredible," said Mark Moore, an
aeronautical engineer who's spent his career designing advanced aircraft
Saudi Aramco IPO: The Biggest Fee Event in Wall Street HistoryThe prospect of
a deal that could generate $1 billion in fees has senior bankers
scrambling to Aramco's headquarters in the coastal city of Dhahran.
Before leaving the compound, which is patrolled by police officers
carrying M-16s, one banker said he was photographed extensively by
Aramco's public-relations team.
What You're Not Hearing About George Soros Today"Attempting to
analyze a shop like Soros through the lens of a 13G that gets filed 45
days after the end of the quarter is like trying to count the shells on
the sea floor from the deck of an ocean liner," wrote Joshua M. Brown.
Shkreli's Story Might Make It to BroadwayA group of
musical theater writers started raising money for a new satirical
musical about the alleged Ponzi schemer, called, "Martin Shkreli's Game:
How Bill Murray Joined the Wu-Tang Clan."
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