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UBS Chief Executive Resigns |
In the wake of the $2.3 billion loss spurred by suspected rogue trading at the bank, the UBS chief executive has stepped down. The bank announced the resignation of Oswald J. Grübel on Saturday.For Mr. Grübel, who was nicknamed “Saint Ossie” after restoring Credit Suisse, the move capped a turnaround effort at UBS marred by conflict and setbacks.“I did not take the step of resigning lightly,” he told staff members in an e-mail. “I am convinced that it is in the best interests of UBS to approach the future with a new leader.”The bank named Sergio P. Ermotti, who formerly oversaw Europe, the Middle East and Africa for the bank, as its interim chief executive.NEW YORK TIMES
UBS Shares Rise on Chief’s Departure |
After Oswald J. Grübel’s resignation, shares of UBS were up more than 3 percent on Monday.DealBook ?
DEAL NOTES
What do LeBron James and Wells Fargo Have in Common? |
The “Buffett Rule: proposed by President Obama is merely the latest example of an attempt to capitalize on the name of Warren E. Buffett.New York magazine offers a chart listing others who have hoped to improve their standing through association with the Oracle of Omaha.NEW YORK MAGAZINE
Morgan Stanley Conflict is No Sideshow |
The extreme enmity between Morgan Stanley’s co-heads, Colm Kelleher and Paul Taubman, detailed in a recent Bloomberg News article, is not a unique occurrence among the senior executives of investment banks, The Epicurean Dealmaker writes.Moreover, since each man’s division is aided by the other’s, allowing a running feud between them “seriously undermines the business.”EPICUREAN DEALMAKER | BLOOMBERG NEWS
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Mergers & Acquisitions ?Yahoo Confirms Interest From Potential Buyers |
Yahoo’s board told employees in an internal letter that it was exploring strategic options and had hired Allen & Company as its financial adviser.DealBook ?
Dish Weighs Buying a Cellphone Carrier |
Dish Network is considering buying or partnering with a cellphone service provider like Sprint Nextel or Clearwire, the satellite television company’s chief executive told Bloomberg News.DealBook ?
Whitman Lukewarm on Autonomy Deal |
Hewlett-Packard’s new chief executive, Meg Whitman, does not seem particularly happy about the $11.7 billion that the company is paying for Autonomy of Britain. “It is what it is,” she told All Things Digital.DealBook ?
Transatlantic and Validus Sign a Confidentiality Agreement |
The announcement could put Validus one step closer to buying Transatlantic, ending a months-long hostile takeover battle.DealBook ?
Australian Takeovers Up 70% This Year |
Deals involving Australian companies increased 70 percent in the first nine months of 2011 from the period a year earlier, with takeover activity in the country close to the record highs seen in 2007, Reuters reports.REUTERS
Hynix Deal Advisers Look for New Bids |
After the withdrawal of STX’s bid for a controlling stake in Hynix Semiconductor, advisers on the deal are casting about for new bidders for the chip maker to act as competition for SK Telecom, which is now the only interested company interested, Reuters reports.REUTERS
Rio Tinto Weighs Sale of Australian Aluminum Assets |
Rio Tinto has hired the Macquarie Group and PricewaterhouseCoopers to advise the company on the sale of some of its Australian aluminum assets in the face of a planned carbon tax, Reuters writes.REUTERS
U.S. Advertising Companies Team Up Against Google |
MediaBank and Donovan Data Systems are set to merge to form a single advertising-technology company called MediaOcean, The Wall Street Journal reports. The companies have valued the combined entity, which they hope will compete with Google, at $1.5 billionWALL STREET JOURNAL
LCH.Clearnet to Decide Between Competing Bids |
Two bids for LCH.Clearnet are to be examined on Monday by the board of the British clearing house. The Financial Times reports that interest in the group has spiked, with new parties looking to join the existing bidders, the London Stock Exchange and Markit. FINANCIAL TIMES
Reed to Acquire Accuity Holdings |
Reed Elsevier is to acquire Accuity Holdings from Investcorp for $530.1 million. The all-cash deal for Accuity, a provider of online data solutions for the financial services industry, will result in its integration with the Bankers’ Almanac, Reed Elsevier said in a statement. WALL STREET JOURNAL | REED ELSEVIER PRESS RELEASE
INVESTMENT BANKING ?Union-Owned Bank Finds Help in Ross and Burkle |
The financiers Wilbur L. Ross and Ronald Burkle have each agreed to invest $50 million in Amalgamated Bank, giving each of them a 20 percent stake in the nation’s only union-owned bank.DealBook ?
Grubel’s Departure a Fresh Blow for UBS |
The resignation of Oswald J. Grübel as chief executive at UBS may be the final nail in the coffin for the Swiss bank. After the recent rogue trader scandal, UBS looks set to be firmly shut out from the world banking elite, with its future as an integrated bank uncertain, The Financial Times writes.FINANCIAL TIMES
Dimon to Bank of Canada: Drop Dead |
Shortly after his recent outburst to The Financial Times against mounting regulation in the finance industry, Jamie Dimon is at it again. The JPMorgan Chase chief reportedly unleashed a “tirade” against Mark Carney, governor of the Bank of Canada, over proposed capital surcharges for the largest banks.FINANCIAL TIMES
Regulators to Dimon: Nice Try |
An outcry from international banks is having little effect on global regulators, who feel strongly that higher capital requirements are necessary for shoring up the financial system, Reuters reports. REUTERS
French Banks Solid, Noyer Says |
Christian Noyer, the head of the Bank of France, denied reports on Sunday that a plan had been discussed to use up to 15 billion euros to prop up the nation’s banks.REUTERS
U.S. Scrutinizes Cross-Border Bank Deals |
United States tax authorities have been clamping down on American and British banks that may be engaging in “abusive tax avoidance,” an investigation by The Financial Times and ProPublica revealed.Meanwhile, four American banks are suing the United States government for over $1 billion that they claim has been denied them by the I.R.S. in the last 10 years. FINANCIAL TIMES | PROPUBLICA
PRIVATE EQUITY ?Berkshire Hathaway Increases Tesco Stake |
Warren E. Buffett has raised Berkshire Hathaway’s holdings in British retailer Tesco, Reuters reports, citing a person familiar with the matter. Berkshire Hathaway increased its stake to 3.64 percent, spending about ￡120 million on about 34 million shares, the person said.REUTERS
Mergers Backed by Private Equity Surge in Asia |
Mergers and acquisitions backed by private equity in Asia have almost reached the boom levels of 2007, totaling $25.4 billion this year. REUTERS
Lloyds Doubled Pay at Private Equity Unit |
The 86 staff members of the Lloyds Banking Group’s private equity division had their salaries more than doubled last year, following a significant improvement in profit performance,, Dow Jones reported, citing an article in The Sunday Times. DOW JONES
Sale of AXA Private Equity a Sign of Consolidation to Come? |
France’s AXA is looking to sell its private equity arm, one of the buyout industry’s largest captive funds, as the sector heads toward greater consolidation, The Wall Street Journal writes.WALL STREET JOURNAL
HEDGE FUNDS ?Icahn Withdraws From Proxy Fight at Clorox |
Carl C. Icahn withdrew his challenge to Clorox’s board, admitting in a securities filing that his slate of director candidates had not drawn enough shareholder support.DealBook ?
Former SAC Trader Close to Landing Blackstone Funding |
A fomer SAC Capital trader, Ali Akay, has his eyes set on establishing his own hedge fund, and is asking the Blackstone Group for help with seed funding. Mr. Akay’s talks with Blackstone are said to be at an advanced stage, Bloomberg News reports.BLOOMBERG NEWS
Morgan Stanley Sued for $9.3 Million |
Oasis Management, a hedge fund based in Kong Kong, sued Morgan Stanley for $9.3 million over contracts related to the purchase of options in the Sino-Forest Corporation earlier this year, Bloomberg News reports. The suit was filed in July. BLOOMBERG NEWS
Aberdeen Investors Pull $1.2 Billion in Two Months |
Aberdeen Asset Management said its assets under management dropped 4.8 percent between June 30 and the end of August as clients withdrew ￡800 million amid market fluctuations.REUTERS
More Asia-Focused Hedge Funds Are Based There |
In what must be regarded as a sign of the times, around three quarters of assets under management by Asia-focused hedge funds are now managed by funds based there, Reuters reported, citing a survey by AsiaHedge released on Monday.REUTERS
I.P.O./OFFERINGS ?Groupon’s No-Good, Very Bad Day |
Friday was a rough day for Groupon. A revised S.E.C. filing, which changed a crucial accounting measure and essentially cut the company’s revenue in half, raised questions about the online coupon company’s growth.The company also announced the departure of Margo Georgiadis, its chief operating officer, an unexpected loss for the deals site, which is preparing for its initial public offering.DealBook ? | DealBook: Groupon Executive Steps Down 6:02 PM ET
Groupon Forges Ahead |
Despite several recent setbacks, Groupon’s planned initial public offering is still in the works, though no date for the offering has yet been set, The Wall Street Journal reports. WALL STREET JOURNAL
Energy Companies Set to Surge From I.P.O. Pipeline |
The initial public offering market is not exactly buzzing these days, but 22 energy companies are lined up and ready to go public in the near future. That makes the sector second only to technology in terms of I.P.O. numbers, and first in terms of how much money it is hoping to raise.WALL STREET JOURNAL
Sinohydro Lowers Pricing of Shanghai I.P.O. |
Troubled markets have led the Sinohyrdro Group, the company behind China’s Three Gorges Dam project, to lower to $2.3 billion the amount it hopes to raise in its initial offering in Shanghai.REUTERS
VENTURE CAPITAL ?Prominent Japanese Venture Capitalist Sets Up Fund |
Hiroyuki Watanabe has been a prominent venture capitalist in Japan for four years, though he has only just established his own fund. B Dash Ventures will focus mainly on technology start-ups and will reportedly be worth around 2 billion yen ($26 million) by next year.PENN OLSEN
Angels Get a Bigger Break on British Investments |
A measure designed to encourage investors, while helping fast-growing companies, has been approved in Britain, Reuters reports. The Enterprise Investment Scheme offers a tax break of 30 percent for angel investors who take risks on rapid-growth companies, up from its previous level of 20 percent.REUTERS
Sequoia Invests $9 Million in Mintigo |
In a second round of venture funding, Mintigo has secured $9 million from Sequoia Capital, VentureBeat reports. The two-year old company is a sales-lead generator that helps companies find customers. VENTUREBEAT
LEGAL/REGULATORY ?Major League Baseball Calls for Sale of Dodgers |
Major League Baseball has asked the federal judge overseeing the Los Angeles Dodgers’ bankruptcy case to allow a sale of the baseball team, The New York Times reports.In a filing, the league said that sale proceeds would be “a far superior source of financing” for Frank McCourt, the team’s owner, who it said had been “destroying a storied franchise by using it as his personal piggy bank.”DealBook ?
Slowdowns and Sell-Offs and Bears, Oh My? |
We are not quite there yet, but a bear market may be brewing, The New York Times writes. The Standard & Poor’s 500-stock index has not yet reached bear levels, but Sam Stovall, the chief investment strategist at S.&P. Equity research, cautioned, “This is about as severe as it gets without it being called a bear market.”NEW YORK TIMES
Russian Finance Minister Will Not Continue Under Medvedev |
The Finance Minister of Russia said on Saturday that he planned to resign if Dmitri A. Medvedev be named prime minister as is expected next year. The Associated Press reported that Alexei Kudrin said his decision to step down came over differences of opinion with Mr. Medvedev, notably over military spending. ASSOCIATED PRESS
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Blankfein to Speak Out for Same-Sex Marriage ?|?
Lloyd C. Blankfein, the chief of Goldman Sachs who has become a lightning rod for Wall Street critics, might seem an unlikely advocate for same-sex marriage. But his credentials — a public figure in a conservative industry — could make him a powerful voice for that cause.The Human Rights Campaign, a national organization that promotes equal rights for gay, lesbian, bisexual and transgender people, has persuaded Mr. Blankfein to be its first national corporate spokesman for same-sex marriage, an issue that will come up for a legislative vote in several states this year, including Washington and Maryland. Fred Sainz, an executive with the Human Rights Campaign, said the organization sought Mr. Blankfein, in part, because he was “an unexpected messenger.”“Lloyd Blankfein is not someone average Americans would think is going to support marriage equality,” Mr. Sainz said. “The green visor crowd is not typically associated with socially progressive policies, and this is further proof that a diversity of Americans are coming to the same conclusion.” DealBook ??|? Post a Comment
Goldman Gives Blankfein $7 Million Stock Award ?|?
With a $2 million base salary, the 2011 pay package for Lloyd C. Blankfein, the chief executive of Goldman Sachs, so far totals $9 million. Goldman has not yet disclosed the size of his cash bonus. DealBook ?
DEAL NOTES
Merkel and Sarkozy Urge Greece to Act ?|?
Chancellor Angela Merkel of Germany and President Nicolas Sarkozy of France said on Monday that time was running out for Greece to arrive at a debt restructuring deal, with bailout funds hanging in the balance, Reuters reports. REUTERS Where Socks Make the Entrepreneur ?|?
In Silicon Valley, wearing flashy socks is like a secret handshake, a signal of membership in an elite crowd of technology entrepreneurs, The New York Times reports.“I have been in meetings where people look down and notice my socks, and there is this universal sign, almost like a gang sign, where they nod and pull up their pant leg a little to show off their socks,” said Hunter Walk, 38,, a director of product management at YouTube. NEW YORK TIMES Facebook’s Sandberg Focuses on Women ?|?
Sheryl K. Sandberg, the No. 2 executive at Facebook, says women should take control of their careers — a message that is also a business strategy for a company whose most engaged users are women, The New York Times reports. NEW YORK TIMES Dow Achieves 3-Year High ?|?
The Dow surged on Friday to its highest close since 2008, on the back of stronger-than-expected employment data. NEW YORK TIMES The 102% Man ?|?
After writing about his own high tax rate, James B. Stewart of The New York Times found a wealthy individual who paid more in taxes than he earned in taxable income. NEW YORK TIMES Sign up for the DealBook Newsletter, delivered every morning and afternoon.
Mergers & Acquisitions ?Glencore Said to Offer Premium for Xstrata ?|?
Under an agreement reached over the weekend, Glencore International would pay Xstrata shareholders 2.8 shares for every one they hold, representing an 8 percent premium over Xstrata’s closing price on Wednesday, The Financial Times reports, citing unidentified people familiar with the negotiations. FINANCIAL TIMES What to Expect After Xstrata ?|?
A merger between Glencore and Xstrata would likely spur more large mining deals, and also smaller acquisitions of “frontier” assets in countries like Zambia, Mozambique and Mongolia, The Wall Street Journal writes. WALL STREET JOURNAL A Rival Bidder for GlobeOp ?|?
SS&C Technologies Holdings, which provides financial software, has been conducting due diligence on GlobeOp Financial Services, a major provider of administrative services for hedge funds, with the approval of GlobeOp’s independent directors, despite the existence of a deal with the private equity firm TPG Capital, Reuters reports. REUTERS TNT Express Rejects Jana’s Director Candidates ?|?
TNT Express, the Dutch mail company, has rejected the director candidates the hedge fund Jana Partners proposed in December, saying it believed the candidates were being paid by Jana, The Financial Times reports. FINANCIAL TIMES How RIM Got Left Behind ?|?
It has long been the case that businesses are the first to adopt technology that subsequently gains a wider appeal, but Research in Motion found that its BlackBerry fell victim to a new paradigm in which consumers were leading the way, James Surowiecki writes in his column in The New Yorker. NEW YORKER Data Deals Expected to Surge This Year ?|?
As companies like Cisco and I.B.M. search for new ways to increase their capacity for data storage, the volume of mergers and acquisitions among technology companies in 2012 is expected to exceed activity in 2011, Bloomberg News reports. BLOOMBERG NEWS Vodafone Ends Merger Talks With Greek Rival ?|?
The British mobile phone operator Vodafone announced on Monday that it had ended talks with Largo, the parent company of Wind Hellas, about combining their operations in Greece. DealBook ? South Korean Companies Making European Deals ?|?
Supported by strong cash reserves, big South Korean companies are buying assets that have been harmed in Europe’s debt crisis, The Financial Times reports. FINANCIAL TIMES
INVESTMENT BANKING ?Wall Street’s Existential Crisis ?|?
In a New York magazine cover article titled “The Emasculation of Wall Street,” Gabriel Sherman writes that the end of the bonus boom has been even more terrifying than the financial crash was four years ago.“These are sweeping secular changes taking place that won’t just impact the guys who won’t get their bonuses this year,” Richard X. Bove, the outspoken banking analyst, told the magazine. “We’ve made a decision as a nation to shrink the growth of the financial system under the theory that it won’t impact the growth of the nation’s economy.” DealBook ?European Central Bank Deposits Near Record ?|?
Banks parked 511.4 billion euros (about $668 billion) at the overnight facility of the Continent’s central bank on Friday, the second-highest level on record, MarketWatch reports. MARKETWATCH British Lending Expected to Shrink ?|?
Bank lending in Britain is set to shrink this year for the first time since 2009, according to a survey by the Ernst & Young ITEM club, Reuters reports. REUTERS Bank of America’s Chief of Home Loans to Leave ?|?
Barbara J. Desoer, who served as a point person for the bank amid fierce criticism of its foreclosure practices, is retiring. DealBook ?Bank of America May Sell Offices ?|?
The bank is considering selling all of its office properties save two: the Bank of America Corporate Center in Charlotte, N.C., and Bank of America Tower at One Bryant Park in Manhattan, Bloomberg News reports. BLOOMBERG NEWS Wall Street Firms Shed Office Space ?|?
It is not just Bank of America that is reducing its office capacity — in all, firms are considering subleasing or selling about 600,000 square feet of office space, in addition to roughly 2 million square feet already slated for evacuation, The Wall Street Journal reports. WALL STREET JOURNAL Gorman Shapes a Post-Crisis Morgan Stanley ?|?
James P. Gorman, Morgan Stanley’s chief executive, eats his toast with Vegemite and keeps a handwritten checklist on his desk of the tasks to be completed as he seeks to show that the firm can make money in an uncertain environment, Bloomberg Markets Magazine writes. BLOOMBERG MARKETS
PRIVATE EQUITY ?Carlyle Appoints Co-Heads for Middle East and North Africa ?|?
The Carlyle Group said on Monday that it had appointed Can Deldag and Firas Nasir as new co-heads of its operations in the Middle East and North Africa. DealBook ?Carlyle Drops Arbitration Clause From I.P.O. Plans ?|?
The clause would have prohibited the company’s shareholders from filing class-action lawsuits, requiring them to use a confidential arbitration process instead. DealBook ?TPG Raises 4 Billion Renminbi So Far ?|?
TPG Capital said it raised 4 billion renminbi, or roughly $635 million, approaching a target set in August 2010 of raising 10 billion renminbi in aggregate from Chinese investors, The Wall Street Journal reports. WALL STREET JOURNAL Australian Cleaning Company Opens its Books to Bidders ?|?
Bowing to pressure from shareholders, the Spotless Group, an Australian cleaning services company, agreed to open its books to the buyout firm Pacific Equity Partners, saying it would not accept an offer below 743 million Australian dollars, Reuters reports. REUTERS Lion Capital Is Said to Consider Breakup of Findus ?|?
Lion Capital, a private equity firm, is in talks over a sale of the Nordic operations of Findus, a British frozen food maker, in a deal that could help eliminate much of the company’s debt load of about $1.1 billion, The Financial Times reports, citing unidentified people close to the situation. FINANCIAL TIMES
HEDGE FUNDS ?Paulson’s January Recovery ?|?
After an unusually rough year, John A. Paulson saw his Advantage Plus fund rise 5 percent in January, Bloomberg News reports, citing an unidentified person briefed on the returns. BLOOMBERG NEWS LightSquared’s Woes Weigh on Falcone Hedge Fund ?|?
Harbinger Capital Partners lost 46.6 percent last year as Philip Falcone’s biggest — and most controversial — investment took a beating, according to investors who spoke on condition of anonymity. DealBook ?Hedge Funds Set to Profit on Lehman Brothers ?|?
Four hedge funds, Elliot Associates, King Street, CarVal Investors and the Baupost Group, stand to make billions of dollars in profit after buying large amounts of the bankrupt firm’s debt at steep discounts, The Telegraph reports. TELEGRAPH New Fund to Trade Mortgage-Backed Securities ?|?
CQS U.K., a $11.2 billion money management firm, is setting up the CQS ABS alpha fund to trade mortgage-backed securities, starting with $140 million and commitments to reach $200 million by April, Bloomberg News reports, citing a letter dated Feb. 2. BLOOMBERG NEWS
I.P.O./OFFERINGS ?Mobile Devices Present a Challenge for Facebook ?|?
A problem with advertising on mobile devices is that users are less receptive to an intrusion when they are focused on quickly updating their status, The New York Times writes. NEW YORK TIMES I.P.O. Euphoria Takes Wall Street ?|?
“It’s like we’re finally emerging from nuclear winter for I.P.O.’s but we’ve forgotten our history,” Harold Bradley, chief investment officer for the Kauffman Foundation, told Jeff Sommer of The New York Times. “If we don’t start paying attention, we’ll be making the same stupid mistakes all over again.” NEW YORK TIMES Facebook Users Demand a Cut of Riches ?|?
When Facebook goes public, it will be the first social media I.P.O. where the content on the site is created entirely by users, writes Nick Bilton in The New York Times Bits blog. NEW YORK TIMES Facebook Confronts European Opposition ?|?
Max Schrems, 24, a law student at the University of Vienna, has led a popular campaign against what he calls Facebook’s illegal practices of collecting and marketing personal data, The New York Times reports. NEW YORK TIMES An Uncertain Week Ahead for I.P.O.’s ?|?
This week’s slate of I.P.O.’s is expected to run into challenges on pricing, after three initial offerings were postponed last week, The Wall Street Journal reports. WALL STREET JOURNAL
VENTURE CAPITAL ?Thiel Invests Again in Accounting Software Start-Up ?|?
Xero, a company based in New Zealand that offers online accounting software, raised $16.6 million from investors including Peter Thiel, the PayPal co-founder, TechCrunch reports. TECHCRUNCH Sales Management Start-Up Raises $15 Million ?|?
Leads360, which offers software intended to help companies manage sales leads, raised $15 million in a round led by Volition Capital, TechCrunch reports. TECHCRUNCH Mark Cuban Sounds Off ?|?
The billionaire entrepreneur Mark Cuban responds to questions about the third season of “Shark Tank,” Occupy Wall Street and the Facebook I.P.O. DealBook ?A Venture Capital Hub in Jordan ?|?
The city of Amman, Jordan, is ranked the 10th best city in the world in which to start a company, according to Rachid Sefrioui, founder of the venture capital firm Finaventures, even though the city lacks many of the advantages that American V.C. havens enjoy, William D. Cohan writes in his column for Bloomberg News. BLOOMBERG NEWS
LEGAL/REGULATORY ?Julius Baer Likely to Pay Fine to U.S. Authorities ?|?
The Swiss wealth manager Julius Baer said on Monday that it would probably pay the United States a fine and hand over client data to resolve tax matters. The United States has been investigating 11 Swiss financial institutions suspected of helping American clients to hide money from the Internal Revenue Service. DealBook ?Foreclosure Settlement Deadline Looms ?|?
With a deadline on Monday for state officials to sign onto a nationwide settlement with banks to resolve allegations of improper foreclosures, California, the biggest remaining holdout, has returned to the negotiating table, The New York Times reports. NEW YORK TIMES California May Be Restricted in Pursuing Mortgage Cases ?|?
Kamala D. Harris, California’s attorney general, says she wants to avoid giving banks a broad release from liability so that her state can pursue its own mortgage investigations, but a 2008 settlement may limit her ability to act, Bloomberg News reports. BLOOMBERG NEWS 2 Firms Benefited After MF Global’s Collapse ?|?
After MF Global clients rushed to move their money from the failed brokerage, R.J. O’Brien Associates and the Rosenthal Collins Group, two of Chicago’s oldest independent brokers, experienced a combined $1.2 billion increase in segregated customer funds in November, Reuters reports. REUTERS The Mortgage Warning That Went Unheeded ?|?
After a wealthy businessman compiled a dossier of improprieties on Fannie Mae in 2003, the mortgage finance giant hired a Washington law firm to investigate the claims, but the confidential report, which corroborated many of the findings, apparently never led to serious action, Gretchen Morgenson writes in The New York Times. NEW YORK TIMES New York Sues Banks Over Mortgage Database ?|?
Eric T. Schneiderman, New York’s attorney general, has sued Bank of America, Wells Fargo and JPMorgan Chase, accusing them of fraud in their use of the Mortgage Electronic Registration System, or MERS, an electronic database. REUTERS Resolution on Dexia Is Said to Be Near ?|?
Under a proposal discussed over the weekend, two entities controlled by France would team with the French government to take control of Dexma, Dexia’s municipal lending unit, The Wall Street Journal reports, citing unidentified people familiar with the matter. WALL STREET JOURNAL Questions of Valuation in a Securities Case ?|?
A securities arbitration case that an entrepreneur won against Banc of America Securities, now Merrill Lynch, offers a glimpse into the ways Wall Street firms priced the loans they bundled and sold to investors, Gretchen Morgenson writes in The New York Times. NEW YORK TIMES JPMorgan Executive Chosen for F.D.I.C. ?|?
President Obama said he would nominate Jeremiah Norton, a former Bush administration official who now is a JPMorgan Chase executive, to serve on the five-member board of the Federal Deposit Insurance Corporation, The Wall Street Journal reports. WALL STREET JOURNAL Latin American Countries to Pool Funds in Development Bank ?|?
Eight Latin American and Caribbean countries agreed to deposit 1 percent of their reserves in a new jointly administered bank, to provide financing for economic development projects, the Associated Press reports. ASSOCIATED PRESS Sign up for the DealBook Newsletter, delivered every morning and afternoon.
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And in today’s Morning Take-Out:,1. The future was then2. Playing chicken with the euro3. Bernanke’s existential crisisIt seems the future was decided in 2002, now we’re just waiting for technology to catch up. If you’re looking to create a start-up, you could do a lot worse than follow this simple three-step process:a. Select an idea from Stephen Spielberg’s movie? “Minority Report.”b. Check to find out if the idea already exists.c. If not, proceed.Tweeting like never before: a visualization of Twitter data during the World Cup, where the final match between Spain and the Netherlands represented “the largest period of sustained activity” for a single event since the site began. From Palestine: a solar-powered car built on the cheap.How to read an investment banks poker face: are JPMorgan and Citigroup bluffing about leaving Britain?John Taylor, chief of world’s biggest currency hedge fund, compares the euro to a “headless chicken.”How can Facebook deal with ghosts in the machine?And from The Onion, the crisis goes existential.
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The Legacy of Steve Jobs |
Steven P. Jobs, who died of cancer on Wednesday, influenced a generation of venture capitalists, deal makers and entrepreneurs.While he was not a prolific deal maker himself, Mr. Jobs inspired many to strive to match his vision or join Apple’s ecosystem.DealBook ?
How One Man Redefined the Digital Age |
Steve Jobs changed the way technology and media are experienced, reshaping the personal computer industry, The New York Times writes.NEW YORK TIMES The Next Act for Apple |
The company faces a considerable challenge: how to carry on a co-founder’s legacy while not being constrained by it.NEW YORK TIMES
DEAL NOTES
A Twitter Salute |
It was a tribute to Apple’s guru, Steven P. Jobs, that much of the world learned the sad news of his passing on devices he helped create, as President Obama noted.But while Mr. Jobs is responsible for some of today’s most sought-after high-tech products, one he did not create — Twitter — seized up on Wednesday evening in what The New York Times called “a veritable technology 21-gun salute.” NEW YORK TIMES
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Mergers & Acquisitions ?Dexia in Talks to Sell Luxembourg Unit |
Dexia has entered exclusive negotiations with a group of international investors to sell its Luxembourg unit, the first step toward dismantling the troubled European financial firm.DealBook ?
New Hope, an Australian Miner, Is Up for Sale |
The New Hope Corporation put itself on the block on Wednesday, after receiving bids from a number of interested parties; its market value rose to about $5.1 billion.Although the Australian company did not name the bidders, analysts suggested Indian and Chinese firms were likely among them, meaning the auction could stand as a test of Australia’s openness to foreign ownership of natural resources, Reuters writes.DEALBOOK | REUTERS
The Markets Love Some Good Deal Speculation |
Speculation about potential deals for Yahoo, Akamai Technologies and Research in Motion were enough to power big increases in their share prices.DealBook ?
European Union Objects to NYSE-Deutsche Borse Merger |
The European Union is not happy about the proposed merger of Deutsche Borse and NYSE Euronext, and it sent a 130-page document to the companies on Wednesday outlining its objections.REUTERS
European Regulator Expected to Approve Microsoft Deal for Skype |
The European Union’s competition commissioner is set to approve Microsoft’s proposed $8.5 billion purchase of online telephone service Skype, concluding that the deal will not violate antitrust laws, The Financial Times writes.FINANCIAL TIMES | REUTERS
Warner Music Gets Its Clearest Shot Ever at EMI |
The Warner Music Group chairman, Edgar Bronfman Jr., has had EMI in his sights for the last six years, Reuters writes. Now, as tightening market conditions pressure buyout shops out of Citigroup’s auction of EMI, it may be Mr. Bronfman’s time to strike.REUTERS
States Scrutinize Express Scripts Deal |
The proposed $22 billion merger of the pharmacy benefits managers Express Scripts and Medco Health Solutions has come under scrutiny by more than 25 states, heaping pressure on the Federal Trade Commission, which is responsible for determining whether the deal would violate antitrust laws, Reuters reports.REUTERS
INVESTMENT BANKING ?New Round of Stress Tests Set for Europe’s Lenders |
European banks are facing a fresh round of stress tests as the European Banking Authority investigates how the Continent’s lenders would be affected by sovereign restructurings, The Financial Times writes.FINANCIAL TIMES
Fed Says Banks Doing Better on Pay |
A report released by the Federal Reserve on Tuesday showed that senior managers at big banks were now deferring over 60 percent of their bonuses. But, the report concluded, “Every firm needs to do more.” NEW YORK TIMES
Ratings Lowered on 2 Largest Italian Banks |
Italy’s UniCredit and Intesa saw their Moody’s credit ratings downgraded on Wednesday — a day after the rating agency lowered its assessment of the nation’s sovereign debt. REUTERS
Europe’s Bid to Forestall a Reckoning |
As worry increases around the world that Europe is about to face a Lehman Brothers moment, the problem may be that it has not had one, at least in the sense that Lehman shocked Americans to take divisive and expensive steps to repair the damage,The New York Times reports. NEW YORK TIMES
Bank of America’s Woes Continue Online |
It is not just financial markets that are causing a headache for Bank of America.A fault in the bank’s Web site, which the bank has blamed on a technology upgrade, has been inconveniencing online customers for six days, The Wall Street Journal writes.WALL STREET JOURNAL
Lawsuits Weigh on Bank of New York Mellon Shares |
Bank of New York Mellon has taken a beating from investors after lawsuits were filed against it on Tuesday, The Wall Street Journal reports. WALL STREET JOURNAL
Recapitalizing Europe’s Banks |
The key to successfully recapitalizing European banks will be the size of the bailout the Continent’s governments can come up with, according to analysts, who say that at least 200 billion euros ($267 billion) will be needed to get capital reserves up to credible levels, The Financial Times writes.FINANCIAL TIMES
Bank Profits May See Stall in Recovery |
Concern over profits at big American banks is being feed by the overall gloomy picture of the world economy, Reuters reports, noting that while figures have been on a consistent uptick for the last year, momentum may be waning. REUTERS
Lawsuit About Lehman Brothers Retirement Plan Is Dismissed |
A United States judge on Wednesday dismissed a lawsuit against former Lehman Brothers directors that had been brought by people seeking reparations for losses related to a Lehman retirement plan. REUTERS
PRIVATE EQUITY ?Sony Said to Receive Backing of Abu Dhabi Fund for EMI Bid |
In its bid to acquire the music publisher EMI, Sony has received financial backing from the Abu Dhabi investment fund Mubadala, The Financial Times reports. FINANCIAL TIMES
Lone Star’s Paul Yoo Sentenced to 3 Years |
In Korea on Thursday, the buyout shop Lone Star Funds was found guilty of stock manipulation, and the former chief of the group’s South Korean unit was given a three-year prison sentence, Bloomberg News reports. BLOOMBERG NEWS
Education Tech Firms Could See Buyers in Private Equity |
Companies that manufacture technology for use in school classrooms are being hurt as United States education funding dries up — and going public will offer the companies little escape, Reuters writes.Buyout firms, though, may be set to take a longer view, seeing the grandchildren of the baby boomer generation as a guarantee of future government investment.REUTERS
Ares Capital Said to Be a Bidder for 99 Cents Stores |
The private equity firm Ares Capital Management is believed to have made a $22-a-share binding offer for 99 Cents Only Stores, The New York Post reports, apparently topping an offer from Leonard Green & Partners, the newspaper writes. NEW YORK POST
Siemens Enterprise in No Rush for I.P.O. |
Siemens Enterprise Communications, which is majority-owned by the Gores Group, is not weighing an initial public offering, its chief executive told Reuters, despite statements made earlier this year that such a move was possible. REUTERS
HEDGE FUNDS ?Bearish Hedge Funds Make Honey During Crisis |
The Wall Street Journal reports that some of the world’s biggest hedge funds are reaping the fruits of bearish wagers in the current fragile market. WAll STREET JOURNAL
Fortuna to Settle Charges for $300,000 |
Steven Fortuna, co-founder and former manager of the hedge fund S2 Capital Management, is to pay $300,000 to settle charges of insider trading, The Boston Globe reports. BOSTON GLOBE
Kelusa to Quintuple China Fund |
The Kelusa Capital Group plans to increase its China fund to about $250 million. “Panic creates opportunities,” a founding partner, Kenton Leo, told Bloomberg News. BLOOMBERG NEWS
I.P.O./OFFERINGS ?Citic Drops 10 Percent in Debut |
Citic Securities sustained fell as much as 10 percent in its debut in Hong Kong on Thursday, underscoring anxiety in I.P.O. market. REUTERS
Glori Seeks Up to $115 Million |
A Texas oil recovery company Glori Energy plans to raise up to $115 million in an initial public offering. The company may use the proceeds to acquire and restore low-producing oil fields, Reuters reported. REUTERS | S.E.C. FILING
British Car Insurer Is Said to Plan I.P.O. |
In a move that could value it at more than ￡1 billion ($1.55 billion), the British insurance group Esure is said to have hired Deutsche Bank and JPMorgan to run an initial public offering of the company, The Telegraph reports. TELEGRAPH
VENTURE CAPITAL ?G.M. Ventures May Invest in Car-Sharing Service |
The venture capital arm of General Motors, G.M. Ventures, may make an investment in RelayRides,, a peer-to-peer car-sharing service, the G.M. vice chairman, Stephen Girsky, told the Wheels blog this week. WHEELS
Clean Technology Investments Grow in Third Quarter |
Investments in clean technology ventures increased 12 percent in the third quarter, the Cleantech Group reported on Wednesday. The market for initial offerings and mergers and acquisitions slowed for the same period, however. BUSINESS WIRE
Federated Buys Online Publishing Start-Up |
Lijit, a start-up based in Colorado that serves the online publishing world, has been acquired by Federated Media. Terms of the deal eere not disclosed. VENTUREBEAT
LEGAL/REGULATORY ?Wall St. United in Disdain for Dodd-Frank, but Split on the Details |
Wall Street institutions are of one mind in disliking limitations on their operations, but there is much less unanimity when it comes to the specific rules stemming from the Dodd-Frank regulatory overhaul.DealBook ?
Details Emerge on Draft of Volcker Rule |
The draft document from the Federal Deposit Insurance Corporation expands restrictions on proprietary trading by banks, but it leaves many details to be determined.DealBook ?
Regulator’s Power Curbed |
The Financial Industry Regulatory Authority’s power was diminished on Wednesday when an appeals court ruled that it could not bring court action against its members to collect disciplinary fines. NEW YORK TIMES
Millionaire Tax Modified |
A proposal to introduce a 5 percent surtax on people with annual incomes above $1 million has been modified to take effect in 2013 and increased to 5.6 percent, The New York Times reports. NEW YORK TIMES
Lawyer for Madoff Trustee Pleads with Judge |
A lawyer for Irving H. Picard urged a federal judge on Wednesday not to dismiss claims in a civil suit seeking to recover almost $59 billion for victims of Bernard L. Madoff’s huge Ponzi scheme, The Wall Street Journal reports. WALL STREET JOURNAL
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