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Jun 16, 2016

DealBook P.M. Edition - June 16, 2016: Top Story: Microsoft Is Breaking Corporate America's Taboo on Pot Inbox x

Thursday, June 16, 2016
David Dinenberg, the founder and chief executive of Kind:
Microsoft Is Breaking Corporate America's Taboo on Pot As state after state has legalized marijuana in one way or another, big names in corporate America have stayed away entirely. But now Microsoft is offering software that tracks marijuana plants from "seed to sale."

"We do think there will be significant growth," said Kimberly Nelson, the executive director of state and local government solutions at Microsoft.

  • NYT »
    Jack Dorsey, Twitter's chief executive. To a potential buyer, Twitter poses some unique challenges.
    James B. Stewart: Microsoft-LinkedIn Deal Ignites Twitter Speculation Wishful thinking among Twitter investors aside, there are not many obvious buyers for the social media network.
    A driver waits for a fare at a Didi Station in Shanghai. Didi and Uber have been locked in a spending war.
    Uber Rival's $28 Billion Valuation Shows Size of China's Ride-Sharing Market Didi Chuxing brought in $7.3 billion in its latest fund-raising round, giving it a valuation of almost half that of Uber, its main competitor in China.
    After Insider Trading Conviction, a New Life as a Speaker Since serving a one-year prison sentence, Roomy Khan has been giving lectures to students at business schools and delivering talks to compliance officers.
    Reza Zarrab, a gold trader facing trial in New York, in December 2013. Mr. Zarrab had offered to pay for his own detention while awaiting trial.
    Judge Denies Reza Zarrab's Bail Request for Self-Financed House Arrest Mr. Zarrab, a gold trader from Turkey, had asked to be allowed to live in an apartment under 24-hour armed guard and GPS monitoring, all at his own expense.
    A trader on the floor of the New York Stock Exchange as the Federal Reserve chairwoman, Janet Yellen, spoke on Wednesday morning. The Federal Reserve announced later in the day that it would not raise interest rates.
    Jeff Sommer: The Fed's Policies Have Gotten It in a Tangle A look at the Federal Reserve's own data suggests that its policies have led to financial imbalances that place it under pressure to raise rates.
    Breakingviews: Health Care Merger Offers Little Reward but Much Risk AmSurg and Envision are combining in an all-stock deal that will leave each with about half of the combined company, but little value is being created.
    Buzz Tracker
    Sumner Redstone Ousts Viacom C.E.O. and Five Board Members Sumner Redstone removed five of Viacom directors, including the chief executive, Philippe Dauman, from the company's board, according to two sources familiar with the situation.
    Corporate Clients Push Back After Law Firms Hike Starting Salaries Bank of America's top lawyer sent an email to a group of law firms calling $180,000 in associate lawyer pay unjustified, making it clear the bank wouldn't help firms absorb the cost.
    Will Google or Facebook Buy Twitter? In 2011, Larry Page of Google met with Jack Dorsey of Twitter about a deal. Mr. Dorsey "was escorted into a large conference room where, after a few minutes, Page emerged only to draw the blinds, sit eerily close to Dorsey, and whisper his acquisition pitch into his ear."
    Clinton's Progressive Beacon Is a Ex-Goldman Banker and Bob Rubin Protégé Gary Gensler (along with Mandy Grunwald) is a central conduit between Elizabeth Warren and Hillary Clinton. He's seen as a possible Treasury secretary after Sheryl Sandberg or Lael Brainard.
    What Gets an Email Flagged at Goldman Sachs CNBC has obtained a document detailing more than 180 phrases flagged for scrutiny by its compliance department. The list includes the myriad inventive ways bankers find to use of the F-word.
    Citi's Forex Executives Holidayed as Staff Prepared for Brexit As rank-and-file workers worked long hours, five of the bank's most senior currencies executives each took between one and three days out of work around last weekend to drive their sports cars, including some Ferraris, through France. "Everyone is entitled to a holiday" but the timing and nature of the trip was "insulting" to employees, one said.

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