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☆ FDIC Faces Internal Reckoning Over Toxic-Culture Allegations
▼ + stars: | 2023-12-01 | by ( Rebecca Ballhaus | ) www.wsj.com time to read: 1 min

FDIC Chairman Martin Gruenberg appearing before a House committee last month. Photo: saul loeb/Agence France-Presse/Getty ImagesThe Federal Deposit Insurance Corp. is facing an internal reckoning over allegations of widespread harassment and discrimination, with many employees left skeptical about the agency’s commitment to overhaul its culture. In the weeks since a Wall Street Journal investigation revealed that a toxic culture at the FDIC had prompted many female bank examiners to quit over the years, there have been internal debates over who should oversee an external investigation and blowback from employees on multiple division-wide calls.

Persons: Martin Gruenberg, saul loeb Organizations: Agence France, Federal Deposit Insurance Corp, Street, FDIC

☆ FDIC Faces More Demands for Evidence of Toxic Culture at Bank Regulator
▼ + stars: | 2023-11-29 | by ( Rebecca Ballhaus | ) www.wsj.com time to read: 1 min

Federal Deposit Insurance Corp. Chairman Martin Gruenberg denied being subject to investigations for inappropriate workplace conduct at a House hearing, but later recanted his testimony, citing a 2008 investigation. Photo: Alex Wong/Getty ImagesPressure on the Federal Deposit Insurance Corp. over allegations of a toxic work environment mounted this week, as the agency’s internal watchdog launched its own inquiry and a Republican senator requested records related to settlements and nondisclosure agreements. The FDIC’s inspector general will examine the “leadership climate at the FDIC with regard to all forms of harassment and inappropriate behavior,” a spokeswoman said. The IG will also assess the agency’s sexual harassment prevention program, including looking at what steps the FDIC has taken since a 2020 IG report found that program was flawed.

Persons: Martin Gruenberg, Alex Wong, ” Organizations: Deposit Insurance Corp, Federal Deposit Insurance Corp, Republican

☆ FDIC Chairman Martin Gruenberg Won’t Oversee Misconduct Probe
▼ + stars: | 2023-11-21 | by ( Rebecca Ballhaus | ) www.wsj.com time to read: 1 min

Martin Gruenberg, the FDIC’s chairman, won’t serve on a special committee that will oversee an independent review the agency’s workplace culture. Photo: Tierney L. Cross/Bloomberg NewsThe Federal Deposit Insurance Corp. board is forming a special committee to oversee an independent review of the agency’s workplace culture, the agency said Tuesday, restricting the ability of the rest of the board—including the chairman—to influence the investigation. The special committee, created by a unanimous vote of the board, will be led by Republican Jonathan McKernan, who was confirmed to the board by the Senate late last year, and Democrat Michael Hsu, who has served as acting comptroller of the currency and an FDIC board member since 2021.

Persons: Martin Gruenberg, won’t, Tierney L, —, Republican Jonathan McKernan, Michael Hsu Organizations: Bloomberg, Federal Deposit Insurance Corp, Republican, Senate

☆ Two GOP Lawmakers Demand Records From FDIC
▼ + stars: | 2023-11-20 | by ( Rebecca Ballhaus | ) www.wsj.com time to read: 1 min

Federal Deposit Insurance Corp. Chairman Martin Gruenberg denied being subject to investigations for inappropriate workplace conduct at a House hearing, but later recanted his testimony, citing a 2008 investigation. Photo: Alex Wong/Getty ImagesTwo Republican lawmakers on the House Oversight Committee are investigating allegations of a toxic workplace at the Federal Deposit Insurance Corporation, sending a letter to the agency Monday requesting records and a briefing by senior officials. In a letter to FDIC Chairman Martin Gruenberg , Reps. Lisa McClain of Michigan and Andy Biggs of Arizona wrote that the agency “may have turned a blind eye to sexual harassment and discrimination within its staff.”

Persons: Martin Gruenberg, Alex Wong, Lisa McClain, Andy Biggs, ” Organizations: Deposit Insurance Corp, Federal Deposit Insurance Corporation, Lisa McClain of Locations: Lisa McClain of Michigan, Arizona

☆ Embattled FDIC Chief Takes Responsibility for Toxic Workplace Culture
▼ + stars: | 2023-11-18 | by ( Rebecca Ballhaus | ) www.wsj.com time to read: 1 min

Federal Deposit Insurance Corp. Chairman Martin Gruenberg on Wednesday at a House hearing. Photo: Al Drago/Bloomberg NewsFederal Deposit Insurance Corp. Chairman Martin Gruenberg took responsibility and apologized for the agency’s workplace culture in a video to staff Friday, while indicating he doesn’t plan to bow to pressure from Republican senators to resign. “As chairman, I am ultimately responsible for the actions of our agency, both good and bad,” Gruenberg said in his second video message to staff this week. “I bear responsibility for setting the tone for our culture.”

Persons: Martin Gruenberg, Al Drago, ” Gruenberg, ” Organizations: Deposit Insurance Corp, Bloomberg

☆ FDIC Chair, Known for Temper, Ignored Bad Behavior in Workplace
▼ + stars: | 2023-11-16 | by ( Rebecca Ballhaus | ) www.wsj.com time to read: 1 min

In 2019, the FDIC’s No. 2 legal official left a ranting, cursing voicemail for an employee criticizing her work. The federal bank regulator paid that employee a $100,000 settlement because of it, former officials said. The legal official kept his job. Last year, Chairman Martin Gruenberg promoted him to become the federal agency’s general counsel.

Persons: Martin Gruenberg

☆ Republican FDIC Board Members Call for Broader Oversight of Misconduct Probe at Agency
▼ + stars: | 2023-11-15 | by ( Rebecca Ballhaus | ) www.wsj.com time to read: 1 min

FDIC Chair Martin Gruenberg, at left, sat alongside Travis Hill and Jonathan McKernan, Republican members of the FDIC board, at a hearing in 2022. Photo: Amanda Andrade-Rhoades/Bloomberg NewsTwo Republican members of the Federal Deposit Insurance Corp. board on Wednesday called for the board—not just the chairman—to oversee an investigation into allegations of harassment and discrimination at the agency. “The conduct reported by The Wall Street Journal earlier this week has no place at this agency or anywhere in the workforce and should not be tolerated,” Vice Chairman Travis Hill and Director Jonathan McKernan said in a joint statement.

Persons: Martin Gruenberg, Travis Hill, Jonathan McKernan, Amanda Andrade, Rhoades, — Organizations: Republican, FDIC, Bloomberg News, Federal Deposit Insurance Corp, Wall Street

☆ FDIC Chairman Denies Being Investigated, Then Changes Testimony
▼ + stars: | 2023-11-15 | by ( Rebecca Ballhaus | ) www.wsj.com time to read: +1 min

Federal Deposit Insurance Corp. Chairman Martin Gruenberg denied being subject to investigations for inappropriate workplace conduct at a House hearing, but later recanted his testimony, citing a 2008 investigation. Photo: Alex Wong/Getty ImagesFederal Deposit Insurance Corp. Chairman Martin Gruenberg testified before a House panel Wednesday that he had never been investigated for inappropriate conduct. But the FDIC tapped an external investigator more than a decade ago to examine complaints about his temperament, former officials said. In a previously scheduled hearing before the House Financial Services Committee that followed a Wall Street Journal report that found a toxic workplace culture at the agency, the panel’s chairman asked Gruenberg, “Since you’ve run the agency, you’ve been there for 20 years, have you ever been investigated for inappropriate conduct during your time at the FDIC?”

Persons: Martin Gruenberg, Alex Wong, Gruenberg, you’ve Organizations: Deposit Insurance Corp, Getty, FDIC, Financial Services Committee, Journal

☆ ‘What the Hell Is Going On at the FDIC?’ Lawmakers Grill Agency Chairman
▼ + stars: | 2023-11-14 | by ( Rebecca Ballhaus | ) www.wsj.com time to read: 1 min

FDIC Chairman Martin Gruenberg appeared Tuesday at a previously scheduled Senate hearing. Photo: stefani Reynolds/Agence France-Presse/Getty ImagesSenators on Tuesday questioned Federal Deposit Insurance Corp. Chairman Martin Gruenberg over the agency’s handling of allegations of harassment and discrimination revealed by a Wall Street Journal investigation. “What the hell is going on at the FDIC?” asked Sen. John Kennedy (R., La.

Persons: Martin Gruenberg, stefani Reynolds, ”, Sen, John Kennedy Organizations: Agence France, Getty, Insurance Corp, Wall Street

☆ Strip Clubs, Lewd Photos and a Boozy Hotel: The Toxic Atmosphere at Bank Regulator FDIC
▼ + stars: | 2023-11-13 | by ( Rebecca Ballhaus | ) www.wsj.com time to read: 1 min

A male Federal Deposit Insurance Corp. supervisor in San Francisco invited employees to a strip club. A supervisor in Denver had sex with his employee, told other employees about it and pressed her to drink whiskey during work. Senior bank examiners texted female employees photos of their penises. All of the men remained employed at the agency.

Organizations: Federal Deposit Insurance Corp, San Francisco Locations: San, Denver

☆ FDIC Hires Independent Firm to Investigate Alleged Harassment and Discrimination at Regulator
▼ + stars: | 2023-11-13 | by ( Rebecca Ballhaus | ) www.wsj.com time to read: 1 min

Federal Deposit Insurance Corp. Chairman Martin Gruenberg testified on Capitol Hill earlier this year. Photo: EVELYN HOCKSTEIN/REUTERSThe Federal Deposit Insurance Corp. has hired an independent firm to conduct a “top-to-bottom assessment” of alleged harassment and discrimination at the banking regulator, its chairman told staff Monday, hours after The Wall Street Journal published an investigation that found a longtime toxic atmosphere prompted women to quit the agency. In a three-minute video to staff reviewed by the Journal, Chairman Martin Gruenberg said the article “raises some serious allegations about the FDIC workplace” and said the firm would contact employees to solicit their confidential input. He didn’t specify which firm the agency had hired.

Persons: Martin Gruenberg, EVELYN HOCKSTEIN Organizations: Deposit Insurance Corp, Capitol, Federal Deposit Insurance Corp, Journal

☆ Jana brought an aerospace rock star to Mercury Systems. These next steps could help build value
▼ + stars: | 2023-07-15 | by ( Kenneth Squire | ) www.cnbc.com time to read: +6 min

Business: Mercury Systems is a manufacturer of essential components, products, modules and subsystems. On July 6, Bill Ballhaus, Mercury Systems' interim president and CEO, was also named chairman. Mercury Systems has been a successful manufacturer of small electronic components with many favorable attributes. Further, unlike many peers, it pays for its own R&D, making Mercury Systems more nimble and allowing it to have higher operating margins. In June 2022, Jana and Starboard each won a seat on the company's board: Bill Ballhaus (Jana) and Howard L. Lance (Starboard).

Persons: it's, Jana, Barry Rosenstein, Rosenstein, Scott Ostfeld, Gerard J, DeMuro, Roger A ., Bill Ballhaus, Starboard's 13D, Howard L, Ballhaus, Ozzy Osbourne, Steven Tyler, Ken Squire Organizations: Mercury Systems, U.S, Starboard's, Computer Sciences, 13D Locations: U.S

☆ Ethics Official Owned Meta Stock While Recommending FTC Chair Recuse Herself From Meta Case
▼ + stars: | 2023-06-30 | by ( Brody Mullins | Rebecca Ballhaus | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/ethics-official-owned-meta-stock-while-recommending-ftc-chair-recuse-herself-from-meta-case-8582a83b

Persons: Dow Jones

☆ Mercury Systems rebuffs former CEO's unusual pay demand
▼ + stars: | 2023-06-28 | by ( David Carnevali | ) www.reuters.com time to read: +5 min

The value of the change-in-control payout hinges on Aslett's unvested shares and Mercury's stock price. In his resignation letter, Aslett said he was entitled to the change-in-control payout even though that change did not occur. Mercury said its board of directors disputed Aslett's claim to the change-in-control payout. Without it, Aslett would be entitled only to a $2.4 million severance package, a Mercury regulatory filing shows. But the contract stipulates that to be eligible for the change-in-control payout, Aslett also needed to resign for "good reason."

Persons: Mark Aslett, Marc Hodak, Aslett, Mercury, Charles Elson, William Ballhaus, Elliott, I've, Francis Byrd, David Carnevali, Svea Herbst, Bayliss, Greg Roumeliotis, Matthew Lewis Organizations: YORK, Mercury Systems Inc, Mercury, Reuters, University of Delaware, Elliott Investment Management, Alchemy, Partners, Svea, Thomson Locations: Andover , Massachusetts, New York

☆ Walt Nauta, Trump’s Valet, Charged Alongside His Boss
▼ + stars: | 2023-06-10 | by ( Rebecca Ballhaus | ) www.wsj.com time to read: 1 min

Donald Trump’s aide Walt Nauta early on became a focus of the special counsel investigation into the handling of classified documents at Mar-a-Lago. Photo: Jonathan Ernst/REUTERSFederal prosecutors on Friday indicted a little-known former military valet alongside Donald Trump, implicating the aide in what prosecutors say was a scheme by the former president to hold on to and at times share sensitive military secrets that he knew he should no longer be able to access.

Persons: Donald Trump’s, Walt Nauta, Jonathan Ernst, Donald Trump Organizations: Mar, REUTERS

☆ Fed Restrictions on Employee Stock Trading Not Strict Enough, Says Watchdog
▼ + stars: | 2023-05-01 | by ( Rebecca Ballhaus | ) www.wsj.com time to read: 1 min

The Federal Reserve’s restrictions on employees’ stock trading, among the strictest across the federal government, don’t go far enough, the agency’s watchdog said in a report released Monday. The inspector general recommended the central bank make six changes to tighten its policy, including expanding the number of officials who are subject to the rules, requiring officials to provide brokerage statements to verify their financial disclosure reports and formalizing the enforcement process for officials who violate the rules.

Congress is pressing federal agencies to better police their officials’ stock trading, while the energy secretary became the first cabinet member to signal support for banning such trading. The developments are the latest fallout from a Wall Street Journal investigation revealing that more than 2,600 government officials across 50 federal agencies had reported investments in companies that stood to rise or fall with the decisions made by their agencies.

☆ The Veteran Lawyers Who Will Lead the Prosecution of Donald Trump
▼ + stars: | 2023-04-14 | by ( Joe Palazzolo | Rebecca Ballhaus | ) www.wsj.com time to read: 1 min

The team prosecuting Donald Trump in Manhattan is a mix of young lawyers and veterans, career officials and longtime criminal defense attorneys who recently returned to government work. The historic case against the former president will tap into their combined experience as they confront a singular defendant who tends to make fights personal. Mr. Trump, who is running for a second White House term, has derided District Attorney Alvin Bragg as an “animal” and a “psychopath” on social media and called for his resignation in a speech last week. He targeted one of the prosecutors on Mr. Bragg’s team by name on social media, falsely accusing him of being a plant by the Biden administration.

☆ Lawmakers Trade Bank Stocks While Working on U.S. Bank-Failure Fallout
▼ + stars: | 2023-04-11 | by ( Rebecca Ballhaus | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/lawmakers-trade-bank-stocks-while-working-on-u-s-bank-failure-fallout-b4ccbf5

☆ Lawmakers trade bank stocks while working on bank-failure fallout, reports WSJ
▼ + stars: | 2023-04-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLawmakers trade bank stocks while working on bank-failure fallout, reports WSJHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC. Rebecca Ballhaus, Wall Street Journal reporter, joins the show to discuss her story about U.S. lawmakers trading bank stocks amid the collapse of Silicon Valley Bank.

☆ Ex-Tabloid King Poses Threat to Donald Trump in Hush-Money Case
▼ + stars: | 2023-04-06 | by ( Joe Palazzolo | Rebecca Ballhaus | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/ex-tabloid-king-poses-threat-to-donald-trump-in-hush-money-case-48da68f

Former President Donald Trump was charged with 34 felony violations of falsifying records to hide hush-money paid to suppress potentially damaging sexual allegations during his 2016 campaign for the White House. During a brief court appearance Tuesday, Mr. Trump pleaded not guilty to the charges, which were brought by Manhattan District Attorney Alvin Bragg .

Donald Trump arrived in New York to face criminal charges related to hush-money paid to a porn star during his 2016 political campaign, as the city braced for the unprecedented surrender of a former president. Mr. Trump left his Mar-a-Lago compound in Florida around noon Monday, traveling in a motorcade along roads lined with supporters before boarding his jet, with its television tuned to Fox News carrying the departure live. After landing at LaGuardia Airport in New York, he went to Trump Tower in Manhattan to meet with his lawyers and other advisers.

New York officials and Donald Trump’s legal team began making preparations for the former president to surrender Tuesday to face charges for his role in paying hush money to a porn star, as one of Mr. Trump’s lawyers mounted a public offensive against the indictment. A grand jury handed up the indictment, sought by the office of Manhattan District Attorney Alvin Bragg , on Thursday afternoon. The charges aren’t public and are expected to remain sealed until Mr. Trump makes an initial appearance in court, scheduled for 2:15 p.m. on Tuesday. He is first expected to report to the district attorney’s office that morning, when he will be arrested, fingerprinted and photographed.

Donald Trump has survived impeachments, investigations and congressional inquiries. Now, as criminal probes advance on several fronts, the former president is employing his familiar scattershot tactics to meet the start of a potentially more precarious legal chapter. Mr. Trump, who is mounting his third consecutive presidential campaign, could face an indictment as early as this week in the Manhattan district attorney’s investigation into his role in paying hush money to a porn star. On Friday, Trump lawyer Evan Corcoran spent more than three hours before a federal grand jury in Washington in special counsel Jack Smith’s investigation into the handling of classified documents at Mar-a-Lago.

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