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For his second act, MySpace co-founder Chris DeWolfe, who resigned as chief executive. of the social networking platform last April, is sticking with the social sphere.Mr. DeWolfe’s new venture, Platform G, backed by venture capital firm Austin Ventures, is buying MindJolt, a social-gaming start-up, VentureBeat said.Mr. DeWolfe will serve as chief of the new company,, to be called MindJolt. He’s also teaming up with his former MySpace brothers-in-arms, Colin Digiaro and Aber Whitcomb, who will serve as chief operating officer and chief technology office, respectively, VentureBeat said.According to TechCrunch, Austin Ventures has provided more than $20 million to back Mr. DeWolfe, while Chris Pacitti and Tom Ball from Austin have joined the Platform G board of directors.Go to Article from VentureBeat ?Go to Article from TechCrunch via The Washington Post ?Go to Press Release via BusinessWire ?
TagsAustin Ventures, Chris DeWolfe, MySpace
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As an Adviser, Goldman Guaranteed Its Payday ?|?
Lloyd C. Blankfein had a script prepared for his phone call with Douglas L. Foshee, chief executive of the El Paso Corporation, the big energy company that last fall was in talks to be sold to Kinder Morgan, Andrew Ross Sorkin writes in his DealBook column.“I was very pleased you reached out to us on this most recent matter,” the script goes, thanking Mr. Foshee for using Goldman Sachs as El Paso’s adviser in the transaction.Somewhat awkwardly, Goldman had a 19.1 percent stake in Kinder Morgan, the pipeline and energy storage company, and two seats on its board. So the script said, “We have asked our board members to recuse themselves and I know you have taken on a second adviser.”About a month later, Kinder Morgan announced it had agreed to acquire El Paso for $21.1 billion in cash and stock.When the deal was announced, buried at the end of the news release was a list of Wall Street banks that had advised on the deal, including Goldman Sachs. Goldman received a $20 million fee for playing matchmaker for El Paso. The fee, of course, was not disclosed, nor was the Kinder Morgan stake owned by Goldman Sachs’s private equity arm, worth some $4 billion. Nor did the release disclose that the Goldman banker who advised El Paso to accept Kinder Morgan’s bid owned $340,000 worth of Kinder Morgan stock.Now, however, a court ruling in a shareholder lawsuit has laid bare the truth: Goldman was on every conceivable side of the deal. As a result, El Paso may have unwittingly sold itself far too cheaply. DealBook Column ?
DEAL NOTESWhy Banking Chiefs Shouldn’t Tell Jokes ?|?
At JPMorgan Chase’s investor day last week, the bank’s chief executive, Jamie Dimon, told a joke about pay at newspapers, comments that some took as a mockery of a struggling industry. DealBook ?
Watson Gets a Wall St. Job ?|?
I.B.M.’s Watson computer, which handily beat human “Jeopardy!” champions on the game show last year, will be used as an analyst for Citigroup, Bloomberg News reports. BLOOMBERG NEWS Mealtime Moneyball: Hacking Seamless ?|?
Fast Company is out with an article about how value-minded Wall Streeters can game Seamless, the Web delivery system. DealBook ?Sign up for the DealBook Newsletter, delivered every morning and afternoon.
Mergers & Acquisitions ?Chinese Investors Find an Entry to U.S. Energy Deals ?|?
Chinese companies have found that making relatively low-profile deals, like joint ventures, allows them to invest in the United States oil industry, The Wall Street Journal writes. WALL STREET JOURNAL Sinopec Encounters Resistance at Home ?|?
The Chinese energy giant Sinopec, which has been buying assets around the globe, has met opposition from shareholders over a $2.15 billion proposed takeover of a Chinese natural gas company, The Wall Street Journal reports. WALL STREET JOURNAL A.I.G. Completes $6 Billion Asian Sale ?|?
The American International Group completed its sale of a stake in American International Assurance, sending shares of the Asian business tumbling on Tuesday, Reuters reports. REUTERS G.M. and Peugeot Detail Partnership ?|?
Peugeot Citro?n said it would offer $1.3 billion of shares at a 42 percent discount to its Monday closing price as it looked to finance its alliance with General Motors, Reuters reports. G.M. said it was paying about $423 million for its 7 percent stake in Peugeot. REUTERS Monster Worldwide Retains Advisers ?|?
Monster Worldwide, whose chief executive told investors on Thursday that the online jobs listing company was weighing “strategic alternatives,” has retained Stone Key Partners and Bank of America Merrill Lynch as advisers toward that end. DealBook ?El Paso Delays Vote on Kinder Morgan Deal by a Few Days ?|?
The El Paso Corporation said it had pushed back the meeting by a few days to allow shareholders to weigh a Delaware judge’s criticism of the process that led to the company’s $21.1 billion sale to Kinder Morgan. DealBook ?Temenos Prepares to Fight for Misys ?|?
Temenos is considering raising its offer for Misys, after rival bidders approached the British software maker, The Financial Times reports, citing unidentified people with knowledge of the talks. FINANCIAL TIMES Australian Coal Merger Moves Forward ?|?
Yanzhou Coal Mining and Gloucester Coal are continuing with their merger of Australian mining assets, under revised terms, The Wall Street Journal reports. WALL STREET JOURNAL
INVESTMENT BANKING ?Banks Give S.&P. the Cold Shoulder ?|?
After Standard & Poor’s held up a $1.5 billion deal by Goldman Sachs and Citigroup last year, those banks and JPMorgan Chase, Deutsche Bank and Morgan Stanley have been turning to rival credit rating firms to rate commercial mortgage bonds, Bloomberg News reports. BLOOMBERG NEWS Greece’s Goldman Deal ?|?
From the beginning of its ill-fated deal with Goldman Sachs, the Greek government owed the firm $793 million more than the $3.7 billion it borrowed, Bloomberg News reports. “The Goldman Sachs deal is a very sexy story between two sinners,” said Christoforos Sardelis, who oversaw the transaction as the head of Greece’s Public Debt Management Agency. BLOOMBERG NEWS Goldman’s Asia Unit Lost Money on Stock Holdings ?|?
Goldman Sachs lost $103 million in Asia last year, for the first time since 2008, as the firm’s stake in the Industrial and Commercial Bank of China generated a $517 million pretax loss, Bloomberg News reports. BLOOMBERG NEWS Corporate Borrowers Come to Market ?|?
At least 18 companies sold nearly $20 billion of debt on Monday, for the highest number of borrowers so far this year, according to Dealogic, The Wall Street Journal reports. WALL STREET JOURNAL Handicapping the Buffett Succession ?|?
On his blog, Jeff Matthews makes the case that Greg Abel, chief executive of MidAmerican Energy, is the likely successor to Warren E. Buffett as chief executive of Berkshire Hathaway. DealBook ?A Note of Caution on Central Bank Lending ?|?
The infusion of cash from the European Central Bank does not necessarily mean normality has returned to the Continent’s banking system, Patrick Jenkins writes in a column in The Financial Times. FINANCIAL TIMES European Lawmakers Propose Curbs on Banker Pay ?|?
Members of the European Parliament have proposed that a draft of a law on bank capital should include rules governing pay, as leaders look to curb risk-taking, Bloomberg News reports. BLOOMBERG NEWS
PRIVATE EQUITY ?K.K.R. Forms $250 Million Partnership with Chesapeake Energy ?|?
Kohlberg Kravis Roberts is teaming up with the Chesapeake Energy Corporation to invest in oil and natural gas projects in the United States, the latest move by private equity in the lucrative energy sector. DealBook ?Wave of European Buyout Debt Set to Mature ?|?
European companies that were taken over in leveraged buyouts have about $550 billion of debt maturing over the next five years, according to a study from Linklaters that used Dealogic data, The Wall Street Journal reports. WALL STREET JOURNAL Ross Named to Exco Board ?|?
Exco Resources named Wilbur L. Ross Jr., whose funds own 13.7 percent of the oil and natural gas company, to its board. DealBook ?Education Software Maker to Go Private ?|?
Archipelago Learning said it had agreed to be acquired by Plato Learning, which is privately owned, for $291 million in cash, Reuters reports. REUTERS Singapore’s Temasek Said to Sell Stake in Oil Rig Maker ?|?
Temasek Holdings, the investment company owned by Singapore’s government, raised $261 million on its sale of shares of Sembcorp Marine, Bloomberg News reports, citing an unidentified person with direct knowledge of the matter. BLOOMBERG NEWS
HEDGE FUNDS ?Texas Teacher Pension Buys Bridgewater Stake ?|?
The Teacher Retirement System of Texas can now share in the upside returns of Bridgewater Associates without paying the high costs, but it also is betting on the long-term viability of a hedge fund linked to one enigmatic founder. DealBook ?Paulson Fund Slid in February ?|?
John A. Paulson’s Advantage Plus Fund lost 1.5 percent last month, paring this year’s gains to 3.5 percent, Bloomberg News reports, citing an investor update. BLOOMBERG NEWS Hedge Fund Manager Leaves HSBC ?|?
Tim Gascoigne, who oversaw a $2.4 billion fund of hedge funds at HSBC Alternative Investments Limited, left the company last month, Reuters reports. REUTERS Large Hedge Funds Grew Slowly Last Year ?|?
Hedge funds with $1 billion or more in assets grew by 3 percent last year, the slowest growth on record, according to a survey by AR Magazine, Dow Jones Newswires reports. DOW JONES LightSquared Negotiates With Satellite Company Over Payments ?|?
Inmarsat, a satellite company that caters to the maritime industry, said it did not know whether it would receive outstanding payments owed by LightSquared, the wireless company run by Philip A. Falcone, Bloomberg News reports. BLOOMBERG NEWS
I.P.O./OFFERINGS ?A.I.G. Deal Improves Prospects for Hong Kong ?|?
Bankers say the insurer’s $6 billion sale of A.I.A. shares underscores a recovery in sentiment among stock market investors in Hong Kong, The Financial Times reports. FINANCIAL TIMES Politicians Expect Facebook Lift ?|?
The millionaires that will emerge from Facebook’s I.P.O. could wield political influence with campaign contributions this year, following the example of Peter Thiel, who donated to a “super PAC’ that supports Ron Paul, Politico reports. POLITICO Man Suing Facebook Retains Milberg ?|?
Paul Ceglia, who claims he is entitled to a 50 percent stake in Facebook, has hired the law firm Milberg, Dow Jones Newswires reports. DOW JONES Zynga to Buy San Francisco Headquarters ?|?
The online game company Zynga plans to buy the 670,000-square-foot building that contains its San Francisco offices for $228 million, Bloomberg News reports. BLOOMBERG NEWS
VENTURE CAPITAL ?Venture Capitalist Pioneer Talks Taxes, Tech and Facebook ?|?
Even as the market remains wobbly and the economy weak, Frederick R. Adler is optimistic about the country’s prospects. DealBook ?Redpoint and BV Capital Form Brazilian Venture ?|?
Redpoint Ventures and BV Capital’s eVentures have jointly begun a new venture capital firm called Redpoint eVentures based in S?o Paulo, Brazil — the latest illustration of the country’s growing Internet start-up ecosystem. DealBook ?Trying Not to Be the Next Pets.com ?|?
With a start-up called PetFlow.com, an entrepreneur has set out to prove that selling pet food online can be a viable business, and has attracted $10 million in venture capital, The Wall Street Journal reports. WALL STREET JOURNAL Schumer to Meet With Apple and Google ?|?
“It sends shivers up the spine to think that one’s personal photos, address book, and who knows what else can be obtained and even posted online without consent,” Senator Charles E. Schumer said in a letter to the Federal Trade Commission, Nick Bilton writes in The New York Times Bits blog. NEW YORK TIMES
LEGAL/REGULATORY ?Former F.D.A. Chemist Sentenced to 5 Years in Insider Case ?|?
The chemist pleaded guilty to using confidential information about drug applications pending with the Food and Drug Administration to make nearly $4 million in illegal trading profits. DealBook ?Group of Greek Bondholders Agrees to Exchange ?|?
The Institute of International Finance,, a group that represents large private sector investors in Greek debt, said 12 members of its steering committee, which includes firms like Deutsche Bank and BNP Paribas, would take a loss of as much as 75 percent on their bonds, The New York Times reports. NEW YORK TIMES The Volcker Rule’s ‘Glaring Flaw’ ?|?
The language of the proposed Volcker Rule is flawed, contends the Economics of Contempt blog, because by not defining proprietary trading “it put the regulators in the position of having to define every form of legitimate trading that banks do.” Economics of ContemptThe Mounting Costs of Internal Investigations ?|?
Is there any way to cap costs? Probably not, but a bill introduced last year may signal a way for companies to give themselves a mechanism to recover some payments if a former officer or director is found to have violated the law, Peter J. Henning writes in his White Collar Watch column. DealBook ?S.E.C.’s Money Market Plan Meets Resistance ?|?
The proposal to regulate the money market mutual fund industry has drawn criticism from within the Securities and Exchange Commission, The Wall Street Journal reports. WALL STREET JOURNAL Japanese Regulator Files Criminal Complaint Against Olympus ?|?
Japan’s Securities Exchange and Surveillance Commission said it was requesting criminal charges against individuals involved in the Olympus accounting scandal, Reuters reports. REUTERS Mets Owners Dealt Setback in Madoff Case ?|?
A judge has ordered the owners of the New York Mets and their business partners to hand over $83 million they withdrew from Bernard L. Madoff’s company, with a jury set to decide if they need to pay more, The Wall Street Journal reports. WALL STREET JOURNAL Jury in Stanford Trial Told to Keep Deliberating ?|?
The judge in the trial of the accused Ponzi schemer R. Allen Stanford told the jury to try again to reach a verdict, after jurors said they were deadlocked, Bloomberg News reports. BLOOMBERG NEWS Insider Trading Case in London ?|?
In the largest insider trading case ever brought by Britain’s Financial Services Authority, seven men have been accused of participating in a ￡1 million fraud, Reuters reports. REUTERS Dykstra Sentenced to Three Years in Prison ?|?
Lenny Dykstra, the former Mets outfielder and financier, was sentenced to California state prison after pleading no contest to grand theft auto and filing a false financial statement, The Los Angeles Times reports. LOS ANGELES TIMES Sign up for the DealBook Newsletter, delivered every morning and afternoon.
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Previous ArticleAmerisourceBergen to Acquire World Courier for $520 MillionNext ArticleWall Street Welcomes Our New Computer Overlords
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MF Global Customers Said to Get Offers for Their Claims ?|?
The thousands of MF Global customers whose lives and businesses were derailed after $1.6 billion vanished in the collapse of the brokerage firm have now received offers to sell their claims and recoup nearly the entire shortfall, people involved in the negotiations said.What was once thought to be a lost cause has erupted into a bidding war among Wall Street firms: Barclays, the Royal Bank of Scotland and the Seaport Group, a little-known firm that specializes in distressed assets, are all scrambling to buy MF Global customer claims.On Monday, Barclays Capital, the investment banking unit of the London-based bank, agreed to purchase most claims for 90 percent of face value, the people said. R.B.S has said that it will pay 91 percent for the claims of institutions (but not individuals), according to a term sheet.The possible turn in fortunes for MF Global customers began with a bid from Barclays that followed six weeks of negotiations between the bank and the coalition of customers. Its bid represented a belief that Wall Street investors had an appetite for claims, which customers filed last month with a court-appointed trustee. Other bidders soon followed Barclays. DealBook ?
Will Corzine ��Get Away’ With It? ?|?
Joe Nocera writes in The New York Times that a failure to prosecute anyone at MF Global ��would mean that executives at a broker-dealer can indeed steal customer money and get away with it — so long as it was ��unintentional.�� And it would only deepen the cynicism so many people feel about government.�� NEW YORK TIMES
DEAL NOTESConflicted, and Often Getting a Pass ?|?
Lawyers provide cover for executives guilty of outrageous behavior, but they somehow get relatively little blame, Andrew Ross Sorkin writes in the DealBook column. DealBook Column ?Human Hot Spots Raise Eyebrows in Austin ?|?
Entrepreneurs and technology investors gathered in Austin for the South by Southwest festival noticed something unusual: homeless people had been turned into Internet hot spots, with mobile Wi-Fi devices, The New York Times reports. NEW YORK TIMES
The Billionaire List Wars ?|?
Last week, Bloomberg announced the creation of a Billionaires Index, days before Forbes released its annual ranking. DealBook ?Larry King to Work for World��s Richest Man ?|?
The Wall Street Journal reports that Larry King will host an interview show on a new Internet TV network backed by Carlos Slim Hel��, whom both Forbes and Bloomberg agree is the richest man in the world. WALL STREET JOURNAL Sign up for the DealBook Newsletter, delivered every morning and afternoon.
Mergers & Acquisitions ?Express Scripts and Medco Delay Closing of Merger ?|?
The companies said Monday that they would delay the closing of their merger to give antitrust regulators extra time to review the deal, which would create the nation’s largest pharmaceutical manager. DealBook ?Twitter Acquires Blogging Platform ?|?
Twitter announced on Monday that it had acquired Posterous, a blogging site backed by the incubator Y Combinator. TWITTER BLOG ?|? REUTERS Mitsubishi UFJ Unit Buys California Bank ?|?
The UnionBanCal Corporation, which owns Union Bank of California, agreed on Monday to buy Pacific Capital Bancorp for $46 a share, or about $1.5 billion, Reuters reports. Mitsubishi UFJ Financial bought UnionBanCal for $3.5 billion in 2008.DealBook ?Billionaire to Reap Windfall on Sale ?|?
Gerald J. Ford, who paid $500 million for a stake in Pacific Capital Bancorp in 2010, stands to earn about $650 million from the sale to the UnionBanCal Corporation, Bloomberg News reports. BLOOMBERG NEWS In Zoll Sale, a Rare Big Mandate for Brown Brothers Harriman ?|?
Among the advisers on Asahi Kasei’s deal for Zoll Medical is Brown Brothers Harriman, the venerable Wall Street firm that nevertheless is not often cited as a big deal maker these days. DealBook ?British Airways Parent Offers Concessions to Buy BMI ?|?
The International Airlines Group,, parent company of British Airways and Iberia, has submitted concessions to European authorities in a bid to win regulatory approval for its takeover of BMI, the British unit of Lufthansa. DealBook ?Sears Tries to Evolve ?|?
The chief executive of Sears Holdings, Lou D��Ambrosio, is arming workers with technology in an effort to better serve customers,as he battles flagging sales and concern about the strategy of Edward S. Lampert, the company��s chairman, The Wall Street Journal reports. WALL STREET JOURNAL Sprint Chief Under a Microscope ?|?
Dan Hesse, the chief executive of Sprint Nextel, is being closely monitored by the board as he attempts to restore the company to profitability in the wake of its 2005 merger, The Wall Street Journal reports. WALL STREET JOURNAL
INVESTMENT BANKING ?Bond Market Aims for a Comeback ?|?
Traders and bankers are showing signs of optimism about a market that lately has been plagued by low trading volume, with analysts expecting Wall Street firms to report their strongest bond trading results since the first quarter of last year, The Wall Street Journal reports. WALL STREET JOURNAL Anticipating the Winners of the Stress Tests ?|?
Citigroup and Wells Fargo may get permission to increase their dividends after the results of the Federal Reserve��s stress tests are released this week, while Bank of America may not be so lucky, analysts say, according to Reuters. REUTERS What Europe Could Have Learned From the U.S. Bank Bailout ?|?
The United States government intended its rescue programs to support lending and prevent death spirals in the banks’ stocks with two little known features that its European counterparts did not implement. DealBook ?CME Group Names New C.E.O. ?|?
The CME Group said Craig Donohue would retire in December when his contract expired. CME’s president, Phupinder Gill, will become the new chief. DealBook ?JPMorgan Becomes a Player in Mutual Funds ?|?
JPMorgan Chase last year became the first bank to rank among the 10 biggest stock and bond fund managers, according to Strategic Insight, Bloomberg News reports. BLOOMBERG NEWS JPMorgan��s Jeremy Hill Dies at 43 ?|?
Jeremy Hill, a JPMorgan managing director who served on the board of an organization that helps people recover from cancer, died of melanoma on March 7, Bloomberg News reports. BLOOMBERG NEWS BlackRock Hires Alternative Strategy Head in Asia ?|?
Joseph Pacini, who formerly was the head of alternative investments at J.P. Morgan Private Bank in Asia, is now leading BlackRock��s alternative strategy group in the region, The Wall Street Journal reports. WALL STREET JOURNAL Goldman Names Mortgage and Credit Heads ?|?
Justin Gmelich has been named the head of credit trading at Goldman Sachs, and Jeffrey L. Verschleiser will lead mortgage trading, Bloomberg News reports, citing an internal memo. BLOOMBERG NEWS
PRIVATE EQUITY ?Carlyle Owners Got Payment Before I.P.O. ?|?
The Carlyle Group borrowed $500 million before it filed to go public, saying it would use part of that money for investment products, and then paid $398.5 million of it to owners, Bloomberg news reports. BLOOMBERG NEWS Firm Converts Foreclosed Homes Into Rentals ?|?
The Waypoint Real Estate Group, an Oakland-based private equity investor, is buying up distressed properties on the cheap and earning what it says are 8 to 9 percent returns by renting them out to tenants, Bloomberg Markets magazine reports. BLOOMBERG MARKETS Sweet and Salty Don��t Mix at British Food Company ?|?
The Blackstone Group and PAI Partners, which own United Biscuit, have hired Credit Suisse to break off the company��s snack business from its cake-making operations, to sell the company in pieces, The Wall Street Journal reports, citing an unidentified person familiar with the matter. WALL STREET JOURNAL SVG Chairman to Step Down ?|?
Nicholas Ferguson, who has spent nearly 30 years at SVG Capital, is leaving at the end of this year, The Financial Times reports. FINANCIAL TIMES
HEDGE FUNDS ?Citigroup Former Fund Manager Defends Record ?|?
Reaz Islam, who ran municipal bond funds at Citigroup that collapsed four years ago and which remain the subject of litigation, told Bloomberg News: ��I have no regrets and obviously learned a lot from the crisis, notably to expect the unexpected at all times.�� BLOOMBERG NEWS Sorting Out the Aftermath of the Greek Deal ?|?
There is a feeling among hedge funds in the wake of the Greek debt exchange that disaster has been averted, The Financial Times writes. FINANCIAL TIMES British Hedge Fund Threatens to Sue Coal India ?|?
The Children��s Investment Fund, a British hedge fund, said Coal India was not protecting the rights of minority shareholders, The Wall Street Journal reports. WALL STREET JOURNAL Man Group Falls on Weakened Outlook ?|?
Shares of the Man Group fell in London after HSBC downgraded the hedge fund to ��neutral,�� citing concerns about upcoming earnings, The Financial Times reports. FINANCIAL TIMES
I.P.O./OFFERINGS ?CVC Plans I.P.O. for Chemical Maker ?|?
CVC Capital said it was planning an I.P.O. for Evonik, the German chemicals company, that could come by the end of June and value the company at more than $13 billion, Reuters reports. REUTERS ��Hacker�� Culture Permeates Facebook ?|?
The ��hacker way,�� which Mark Zuckerberg has said refers to the belief that something can always be improved, extends even to the company��s sales division, Fortune writes. FORTUNE Vocera Aims to Price I.P.O. at $12 to $14 ?|?
Vocera Communications, which added Wells Fargo Securities and Leerink Swann as underwriters on Tuesday, aims to raise up to $80 million in an I.P.O., Reuters reports. REUTERS Kazakhstan Puts I.P.O. Plans on Hold ?|?
The country is delaying plans to take several state-run companies public, citing difficult markets, Reuters reports. REUTERS
VENTURE CAPITAL ?S.E.C. Close to Bringing Cases on 2 Brokerage Firms ?|?
Felix Investments and SharesPost are expected to face the first legal actions taken by the agency since it started its investigation into the trading of shares in privately held companies. DealBook ?Silicon Valley��s ��Robber Barons�� ?|?
��Behind the hoodies and flip-flops lurk businesspeople as rapacious as the black-suited and top-hatted industrialists of the late-19th century,�� Rob Cox writes in Newsweek. NEWSWEEK Solyndra��s Specter Haunts Loan Program ?|?
Loans of more than $16 billion that the government designated for the development of fuel-efficient vehicles have not been dispersed, with some companies blaming the political fallout from Solyndra��s bankruptcy, The New York Times reports. NEW YORK TIMES Intel Explores Internet TV ?|?
The chip maker Intel has had initial talks with entertainment companies about a service that would offer a bundle of television channels over the Internet, The New York Times Bits blog reports, citing an unidentified person with knowledge of the discussions. NEW YORK TIMES
LEGAL/REGULATORY ?Bank Managers Blamed in Foreclosure Review ?|?
Federal investigators have concluded that managers at major banks turned a blind eye to rampant errors in the foreclosure process, as the volume of foreclosures surged in the wake of the housing market collapse, The New York Times reports. NEW YORK TIMES Mortgage Deal Comes With Promise of Strict Oversight ?|?
As part of the $25 billion national mortgage settlement, banks�� adherence to the new rules will be tested every quarter through random samplings, with fines to punish violations, according to documents filed on Monday, The New York Times reports. NEW YORK TIMES Yahoo Sues Facebook Over Patents ?|?
Yahoo stepped up its feud with Facebook on Monday, suing the social-networking giant and accusing it of infringing on 10 patents tied to an array of Web technologies. DealBook ?Facebook Confronts a Familiar Opponent in Fight With Yahoo ?|?
To lead its legal charge against Facebook, Yahoo has picked the law firm Quinn Emanuel, a litigation shop that has tussled with the social-networking giant before — on behalf of the Winklevoss twins. DealBook ?Whistle-Blowers Lured by Payments ?|?
The Dodd-Frank provision that offers potential rewards to people who report credible tips to the Securities and Exchange Commission is yielding ��notes, audio recordings of conversations and simple recollections,�� according to Sean McKessey, who runs the agency��s whistle-blower office, The Financial Times reports. FINANCIAL TIMES Fed Resists Call for Bernanke to Testify ?|?
Lawyers in a civil lawsuit that accuses Bank of America and its former chief executive of misleading shareholders over the merger with Merrill Lynch want Ben S. Bernanke, the Federal Reserve chairman, to testify about conversations with the lender��s executives, The Wall Street Journal reports. WALL STREET JOURNAL Front-Row View of the Madoff Civil Suit ?|?
The trial against Saul Katz and Fred Wilpon, the owners of the New York Mets, will be the first case related to Bernard L. Madoff��s huge Ponzi scheme that could provide insight into how Mr. Madoff interacted with long-time investors, Peter J. Henning writes in the White Collar Watch column. DealBook ?Bailout Watchdogs Criticize A.I.G. Tax Breaks ?|?
A special tax provision granted to the American International Group at the height of the financial crisis is drawing criticism from the Congressional Oversight Panel for the Troubled Asset Relief Program. DealBook ?Former Lehman Banker Faces More Charges ?|?
Bradley H. Jack, a former investment banking chief at Lehman Brothers, has been charged for the second time in less than a year with forging a drug prescription. DealBook ?Ohio Sues Bank of New York Mellon ?|?
Ohio��s attorney general accused the bank of overcharging state pension funds in foreign exchange deals, seeking more than $16 million in damages, Reuters reports. REUTERS China Hints at More Monetary Stimulus ?|?
The governor of China��s central bank said bank reserve requirements, which were eased last month, could be loosened even further, The New York Times reports. NEW YORK TIMES Sign up for the DealBook Newsletter, delivered every morning and afternoon.
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