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Aug 5, 2016

DealBook Morning Edition on August 5, 2016: Keeping the ‘Darlings’ Out of the Courtroom

The New York Times
Keeping the ‘Darlings’ Out of the Courtroom “Don’t raise your voice at me. It’s not becoming of a woman.” “Honey.” “Darling.” “You either run with the nannies or you run with the wolves.” A pat on the head. An arm around the shoulder.
Female lawyers might once have had to ignore comments and actions like these for fear of imperiling their careers. But the American Bar Association will vote on Monday on whether to prohibit harassment and discrimination by lawyers in the course of practicing law, establishing protections nationwide that are already in place in many states.
Sexist remarks to female lawyers are “among the more overt signifiers of the discrimination, both stated and implicit, that contributes to their underrepresentation in the legal field,” according to a study by the bar association.
Law Firms Bolster Antitrust Practices It’s hiring season for law firms looking to prepare themselves for a heightened scrutiny of mergers by competition regulators. Paul, Weiss, Rifkind, Wharton & Garrison has hired four partners, including Rick Rule, the youngest person to lead the antitrust division of the Justice Department when he was appointed 30 years ago.
Elsewhere, James J. Tierney, the government antitrust lawyer who oversaw the complaint that accused six major Silicon Valley companies of colluding not to recruit competitors’ employees, is joining the law firm Orrick, Herrington & Sutcliffe.
On the agenda The Labor Department will publish data on July’s job market at 8:30 a.m.
Chamber of Commerce Champions Inversions Law firms may have accepted the government’s tough stance on competition, but the administration’s authority over tax-avoiding mergers is still in question. The Chamber of Commerce has filed a lawsuit to block rules that prevent American companies from merging with overseas corporations and then moving their headquarters there to save on tax.
Republicans have also fought these measures. “This case is a direct result of regulations that will make it harder for America to compete,” said Representative Kevin Brady, a Texas Republican who is chairman of the House Ways and Means Committee. “What our job creators and workers need is a tax code built for growth — one that encourages businesses to invest and create jobs at home.”

  
Common Sense
Elon Musk, left, Tesla Motors’ chief executive, at a news conference in July at the Tesla Gigafactory in Nevada.
Everyone Despises SolarCity Deal, Except Tesla Shareholders
By JAMES B. STEWART
Focusing on the conflicts of interest in Tesla Motors’ proposed takeover of SolarCity misses the bigger picture, some investors say.
Breakingviews
Walmart is said to be in talks to buy Jet.com.
Walmart’s Bid for Jet.com Could Help It Compete Against Amazon
By JENNIFER SABA
Such a move by Walmart would fit into a plan to enhance its lackluster digital and e-commerce efforts as Amazon adds products and services.
Elon Musk, left, Tesla Motors’ chief executive, at a news conference in July at the Tesla Gigafactory in Nevada.
Cloud Computing Company Said to Be Near Sale
By THE WALL STREET JOURNAL
Rackspace Hosting, a cloud computing company, is in advanced talks with private equity firms and a deal could be reached this week, according to people familiar with the matter.
Marissa Mayer of Yahoo on Selling a Company While Trying to Turn It Around
By BLOOMBERG
“We had shareholders with two different priorities,” Ms. Mayer said. “The Verizon acquisition is a way we can kill two birds with one stone.”
Carlyle Is Said to Bet on Outsourcing in China
By THE WALL STREET JOURNAL
Carlyle has reached a deal to buy 70 percent of VXI Global Solutions, an outsourcing business focused on China, that values the company at around $1 billion, according to people familiar with the situation.
Goldman Warns of Restructuring After ‘Brexit’
By THE FINANCIAL TIMES
Goldman, which employs about 5,500 people in Britain, said in a United States regulatory filing on Thursday that the vote “may adversely affect the manner in which we operate certain of our businesses in the European Union and could require us to restructure certain of our operations.”
Goldman Questions How Quickly It Can Unload Private Equity Holdings
By THE WALL STREET JOURNAL
Goldman Sachs is no longer sure that it can sell $7 billion worth of private equity and hedge fund investments by the July 2017 deadline set by regulators as part of the Volcker rule.
Regulator Said to Query Goldman Again Over 1MDB
By REUTERS
The New York State Department of Financial Services has sent Goldman Sachs a second request for information about its fund-raising for the Malaysian sovereign wealth fund 1MDB and asked for a meeting this month, according to a person familiar with the matter.
Lending Club Said to Be in Talks to Sell Loans to Western Asset
By BLOOMBERG
Lending Club is discussing with Western Asset Management to set up a fund that would buy as much as $1.5 billion of loans over time, according to people with knowledge of the matter.
MetLife’s Big Drop May Have AIG Saying ‘I Told You So’
By THE WALL STREET JOURNAL
The chief executive of AIG, Peter Hancock, contended that an underappreciated cost of a breakup would be loss of a diversification benefit from ratings firms as they calculated financial strength. MetLife may need to establish a bigger capital cushion for the operations it plans to spin off.
 
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Apple announced bounties ranging from $25,000 to $200,000 for finding flaws in its products.
Apple Will Pay a ‘Bug Bounty’ to Hackers Who Report Flaws
By NICOLE PERLROTH
Apple, which has been criticized for not paying outside hackers who identify bugs, says it will pay as much as $200,000 to people who flag critical vulnerabilities.
Star Designers Side With Apple in Samsung Patent Case
By THE FINANCIAL TIMES
More than 100 international design professionals and academics urged the court in an amicus brief filed on Thursday to uphold the 129-year-old ruling by the United States Congress that “it is the design that sells the article” and therefore patent infringement should incur damages equal to the whole of the profits generated by a copycat product.
A security guard speaking into a microphone in his sleeve outside the Viacom headquarters in New York in 2013. The company has been engulfed in turmoil over the mental capacity of its controlling shareholder, Sumner M. Redstone.
Viacom’s Profit Slumps 29%, Providing a Lens Into a Business in Turmoil
By EMILY STEEL
The company has struggled for stability over the last several months as the mental capacity of its controlling shareholder, Sumner M. Redstone, is questioned.
Speech by Theranos Founder Sets Off Fight Among Scientists
By THE FINANCIAL TIMES
Several scientists on the committee responsible for organizing a conference for the American Association for Clinical Chemistry opposed the decision to invite Elizabeth Holmes, the founder of Theranos, for fear that it would lend credibility to her company, while others decided to boycott the presentation in protest.
Litigation Funding Moves Into Mainstream
By THE WALL STREET JOURNAL
Once reserved for hedge funds and other deep-pocketed investors, litigation funding is moving into the mainstream through start-ups like LexShares, which offers slices of commercial lawsuits to ordinary investors, and Trial Funder, a website that raises funding for personal-injury and civil-rights cases.
United States Appeals Ruling Over Bank of America Case From Crisis Era
By THE WALL STREET JOURNAL
The Justice Department asked a federal appeals court to reconsider its ruling throwing out a civil mortgage fraud case against Bank of America.
“There is a clear case for stimulus, and stimulus now,” Mark Carney, the governor of the Bank of England, said on Thursday.
Bank of England Cuts Interest Rate to Historic Low, Citing Economic Pressures
By CHAD BRAY
The central bank’s Monetary Policy Committee lowered its benchmark interest rate to 0.25 percent, the lowest level in the bank’s 322-year history.
Another Airbag Maker Is Under Scrutiny After Fatal Rupture
By HIROKO TABUCHI
A death in Canada was the first known fatality linked to a rupture in an airbag from a supplier other than Takata.
Taylor Swift performing at the Grammy Awards in February. The Justice Department said Thursday that it would not make changes to the regulatory agreements that govern the two large clearinghouses for performing rights that process royalty payments for the music industry.
How a Justice Department Ruling Could Affect Your Favorite Musician
By BEN SISARIO
The department, after a two-year investigation, decided to keep the complex regulatory environment of music licensing largely intact, with the addition of a rule requiring “100 percent” deals. This breaks down what that means.