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Aug 9, 2016

DealBook Afternoon Top Story on August 9, 2016: bar Association Strikes "Honeys'From Courtroom

The New York Times
Top Story
Bar Association Strikes ‘Honeys’ From the Courtroom
The American Bar Association revised its ethics rule to forbid lawyers from using demeaning or misogynistic terms or actions.

DealBook Highlights
Jerome J. Schlichter, the lawyer representing employees of M.I.T., N.Y.U. and Yale, has filed more than 20 lawsuits in the last decade on behalf of workers in retirement plans.
M.I.T., N.Y.U. and Yale Are Sued Over Retirement Plan Fees
Employees contend that each university failed to monitor, and replace, expensive, poor-performing investment options in their retirement plans.
As it blocks ad blockers, Facebook is asking its users to help control the ads they see on the site.
Facebook Blocks Ad Blockers, but It Strives to Make Ads More Relevant
The programs that prevent websites from displaying ads will be rendered useless for those accessing the social network’s desktop site, but not on mobile browsers.
Will we ever discover what caused the financial crisis? Andy Dufresne in “The Shawshank Redemption” may have the answer.
What Happened on Wall St. Ahead of the Crisis? We May Yet Find Out
Two recent court events — a request to review a verdict, and another lawsuit’s progress — preserve the possibility of comeuppance for Wall Street.
Buzz Tracker
Valeant posts a wider loss. The company said it would reorganize, continuing a push to remake itself as a conventional pharmaceutical firm. Valeant also affirmed its yearly guidance. – The Wall Street Journal
Bitfinex and a 36% charge from the school of life. Publicly, the bitcoin exchange lumped its users with a haircut to cover a $70 million hack. However, customers report a variance in how the charge is imposed. Bitcoin is called “a giant ‘alternate reality game’ MBA course for people who failed to learn anything about finance.” – FT Alphaville
The credit card is coming back. In the second quarter, total household debt increased by $35 billion to $12.3 trillion. That increase was driven by two categories: auto loans and credit cards. – The Wall Street Journal
A Formula One bet vaults a buyout firm to the top. CVC Capital Partners has made about $4.5 billion on its initial $1 billion stake. Much of that came when CVC loaded Formula One with debt to pay itself dividends -- too much so in the eyes of critics. – Bloomberg
Barclays just debunked a popular hedge fund theory. Why do they struggle to repeat the glory years? It's not the number of funds that's causing returns to languish. It's their size. – Bloomberg
Kenneth Rogoff on America's looming debt decision. The economist argues that the U.S. government should lock in today’s ultra-low borrowing costs by issuing longer-term debt. – Project Syndicate
European banks are taking ever greater risks. They are increasingly agreeing to loans without insisting on covenants. – Handelsblatt
Looking Ahead
Macy’s earnings and national sales data. Two important indicators of the health of the economy will come out this week. Macy’s, the nation’s largest department store, is scheduled to report earnings on Thursday. The retailer has struggled to compete against the growth of discount and low-cost rivals, particularly online, and revealed unexpectedly weak results last quarter. And on Friday, the Commerce Department will release retail sales data. Analysts expect the data to show that spending climbed slightly in July. – Rachel Abrams