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
French Bank Is Ordered to Pay Trader Who Almost Ruined ItJérôme Kerviel
persuaded a labor tribunal that he should not have been fired for his
trades, which nearly brought about the demise of Société Générale.
Valeant Reports a 1st-Quarter Loss and Cuts Its ForecastValeant, the
pharmaceuticals company facing questions about its business and
accounting practices, said it lost nearly $374 million in the quarter.
Longtime U.S. Prosecutor to Join Covington & BurlingThe Manhattan
prosecutor, Arlo Devlin-Brown, went after Wall Street giants like SAC
Capital before leading the United States attorney's public corruption
Breakingviews: Tribune Publishing Vote Hands Board a RebukeMore than 40
percent of shareholders withheld votes for Tribune's slate of directors,
virtually unheard of when proxy advisers support the candidates.
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
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
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."
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