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Jun 7, 2016

DealBook P.M. Edition on June 7, 2016: Top Story: French Bank Is Ordered to Pay Trader Who Almost Ruined It.

Tuesday, June 7, 2016
TOP STORY
Jérôme Kerviel in March. A French labor tribunal on Tuesday ordered Société Générale, his former employer, to pay Mr. Kerviel roughly €450,000.
French Bank Is Ordered to Pay Trader Who Almost Ruined It Jérôme Kerviel persuaded a labor tribunal that he should not have been fired for his trades, which nearly brought about the demise of Société Générale.

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    DEALBOOK HIGHLIGHTS
    Joseph C. Papa, Valeant's new chief executive, said he realized that the company's business was encountering
    Valeant Reports a 1st-Quarter Loss and Cuts Its Forecast Valeant, the pharmaceuticals company facing questions about its business and accounting practices, said it lost nearly $374 million in the quarter.
    Guy Hands, the founder of the private equity firm Terra Firma Capital Partners, outside a federal court in New York in 2010.
    Guy Hands Resumes Legal Fight With Citigroup Over EMI Deal Mr. Hands, the founder of the private equity firm Terra Firma, claims that Citigroup executives misled him before a deal for EMI in 2007.
    Arlo Devlin-Brown
    Longtime U.S. Prosecutor to Join Covington & Burling The Manhattan prosecutor, Arlo Devlin-Brown, went after Wall Street giants like SAC Capital before leading the United States attorney's public corruption unit.
    Michael Rothman, founder of SMS Assist.
    SMS Assist, a No-Glamour Start-Up, Becomes a Unicorn Its latest fund-raising round gives SMS, based in Chicago, a valuation of $1 billion, a company spokesman said.
    Gregory Cohen, an activist investor, is the founder of Rambleside Holdings.
    Activist Investors Have a New Favorite Target: REITs Once a relatively quiet backwater, real estate investment trusts are increasingly being shaken up by investors seeking to squeeze out value.
    E-Trade offices in San Francisco.
    E-Trade to Introduce Robo-Advisory Service The new service is primarily a "set it and forget it" approach that uses exchange-traded funds and automatic portfolio updating.
    Breakingviews: Tribune Publishing Vote Hands Board a Rebuke More than 40 percent of shareholders withheld votes for Tribune's slate of directors, virtually unheard of when proxy advisers support the candidates.
    Buzz Tracker
    Video: Hensarling on Dismantling Dodd-Frank "We believe that we need a banking system that has a federal safety net that has a whole lot more capital and a whole lot less federal control," the Republican chairman of the House Financial Services Committee said.
    The Alchemist Who Turned Toxic Assets Into Gold at Citigroup "The theatrics are horrible," says a former counsel to Morgan Stanley. "It's impossible to imagine. You're being bailed out with one hand, and you're pouring money into the very same assets that precipitated the bailout with the other."
    Inside the Blood Feud Between Billionaire Bruce Wasserstein's Children "Besides $30,000 in monthly child support and the Central Park South apartment, Sky [Wasserstein] has received virtually nothing," reports William Cohan.
    Neighbors Clash in Silicon Valley; San Jose Chafes at Santa Clara "This is a classic collective-action problem, where what is rational for each city's individual perspective is highly suboptimal for the region," said Gabriel Metcalf, chief executive of the nonprofit planning think tank SPUR. "These supposedly local decisions have huge regional impact."
    A Hedge Fund Manager's Blunt Advice to 9th-Grade Boys "If you are a [expletive], there will be consequences," Whitney Tilson, the founder of Kase Capital, told Eaglebrook School's graduating class.
    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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