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Aug 8, 2016

DealBook Today's Top Stories - August 8, 2016: Top Story: States Vie to Shield the Wealth of the 1 Percent

The New York Times
Top Story
Steven J. Oshins at his law office in Nevada, which competes with other states for the lucrative business of shielding the assets of the superrich.
States Vie to Shield the Wealth of the 1 Percent
Nevada, Delaware and other states compete to offer ways for the rich to fend off creditors, divorcing spouses and even tax collectors.

DealBook Highlights
A warehouse in Swedesboro, N.J. The online store sells a wide range of products like groceries, books, jewelry and appliances.
Walmart Reaches Deal to Buy for $3.3 Billion
The acquisition is intended to help both companies compete with, the No. 1 e-commerce giant.
Donald Trump, Hoping to Change Subjects, Says He Will Bring Prosperity
Mr. Trump sought to move beyond a week of turmoil, turning his attention to the economy with a speech in which he cast himself as a president who could create new jobs.
An Airbus factory in Tianjin, China. Britain’s Serious Fraud Office confirmed on Monday that it was investigating the European aerospace group after finding some “irregularities” in its dealings.
Airbus Targeted by British Anti-Corruption Watchdog
The Serious Fraud Office opened an inquiry related to the European aerospace group’s dealings with third-party agents to sell passenger jets overseas.
A Barclays bank branch in London. The multistate agreement announced Monday comes about four years after the bank paid $450 million to settle Libor manipulation claims with federal and British authorities.
Barclays Agrees to Settle Libor-Rigging Inquiry for $100 Million
The British bank has settled with 44 states over claims of manipulation of Libor, a key interest rate that is used to set prices in many consumer contracts.
Sergey Aleynikov, center, a former programmer with Goldman Sachs, leaving court in New York City last year.
Goldman Sachs’s Fight to Avoid Paying Employees’ Legal Fees
Two cases involving the Wall Street bank illustrate how a corporation can turn its back on an employee when it sees itself as the victim of wrongdoing.
Video Software Maker Kaltura Raises $50 Million From Goldman
The company, whose software helps users like HBO, MetLife and Yale University stream directly to consumers, is expected to pursue a public offering.
Review: ‘Powerhouse’ Lifts Veil on Secretive Hollywood Agency
For a look inside Creative Artists Agency, the author has simply organized more than 700 pages of raw interviews in more or less chronological order.
Buzz Tracker
Hillary Clinton has emerged as Wall Street’s favorite candidate. “If she’s going to do anything, she’s going to do it with knowledge of the industry, and of the players in the industry,” said Thomas Nides. “People in the industry may not like it, but it will be done based upon at least a modicum of intelligence.” – The New Yorker
Ben Bernanke on the Fed’s shifting perspective. The former Fed chair wrote that “the headline on a recent piece by Ylan Mui of the Washington Post—‘Why the Fed is rethinking everything’—captured the current moment well.” – Brookings
Citi stockpiles “weapons of mass desruction.” The bank, which already has the most derivatives of any of its U.S. rivals, has been buying credit-default swaps from its European rivals. – Bloomberg Gadfly
U.S. plans to auction over 2,700 bitcoins. The digital currency were forfeited during several cases, some of which stemmed from Silk Road investigations. –Reuters
Prospect Capital: the enemy within. Why does a company with under a $3-billion market capitalization arouse the passion usually reserved for disputes over so-called battleground stocks like Herbalife or Tesla Motors? – Southern Investigative Reporting Foundation
Are negative rates backfiring? Economists worry that people and businesses are saving more, instead of spending. – The Wall Street Journal
Brian Tracey, a longtime business journalist, is dead. The former editor of also worked for Crain’s New York Business,, American Banker and The Wall Street Journal. – Talking Biz News
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Looking Ahead
Valeant earnings may indicate if it can correct course. Valeant Pharmaceuticals will report its quarterly earnings on Tuesday, providing new clues about how and whether the company can climb out of its current morass. One focus will be on how Joseph C. Papa, Valeant’s new chief executive, plans to reduce the company’s debt to avoid possible violations of its covenants in 2017, according to David Maris, an analyst at Wells Fargo Securities. There is also speculation that Valeant will again reduce its earnings forecasts for 2016, having done so twice already. Mr. Papa was named chief executive in late April, replacing J. Michael Pearson, who had built Valeant through serial acquisitions and aggressive price increases on old drugs. But the once high-flying company fell to earth starting last fall as concerns arose about those price increases, the high debt from all those acquisitions and Valeant’s once-secret relationship with a mail-order pharmacy. Valeant faces various federal investigations and its stock has fallen more than 90 percent from its peak a year ago. – Andrew Pollack
Iger to discuss Disney’s third-quarter results. It was the Disney earnings call that sent shock waves through the media industry: One year ago, Robert A. Iger, Disney’s chief executive, acknowledged that fewer people were subscribing to ESPN as part of a traditional cable package, starting a panic about the future of television. Disney’s stock has since fallen 20 percent. So, when Mr. Iger again takes the mike on Tuesday to discuss its fiscal third-quarter results, all eyes will be on ESPN. Insight into Disney’s latest thoughts about piping its television networks to consumers over the internet is hoped for.
Wall Street will also be paying attention to Disney’s theme parks. How is the new Shanghai Disneyland doing? How strong is Disney World in Florida, where an alligator attack led to negative headlines? Are safety fears (especially after the nightclub shooting in Orlando) taking any toll? – Brooks Barnes

Monday, August 8, 2016