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☆ Ben Foldy — Reporter at The Wall Street Journal
▼ + stars: | 2023-11-19 | by ( Ben Foldy | ) www.wsj.com time to read: +1 min

Ben FoldyBen Foldy is an investigative reporter in The Journal's finance section, based in New York City. He often writes about fraud, financial crime, cryptocurrency and corporate malfeasance. Before this role, Ben covered the automotive industry from Detroit, with a focus on safety, federal policy, startups and the electric transition. In 2022, Ben reported and hosted the second season of The Journal's "Bad Bets" podcast, focused on the rise and fall of Nikola founder Trevor Milton. Ben worked for Bloomberg News and the Financial Times before joining the Journal in 2019.

Persons: Ben Foldy Ben Foldy, Ben, Nikola, Trevor Milton, Craig Newmark Organizations: Bloomberg News, Financial Times, Craig Newmark Graduate School of Journalism, City University of New, McGill University Locations: New York City, Detroit, multibillion, Carvana, City University of New York

☆ A Ransomware Gang Wanted Its Victim to Pay Up. So It Went to the SEC.
▼ + stars: | 2023-11-18 | by ( Ben Foldy | ) www.wsj.com time to read: 1 min

The call is coming from inside the hack. A ransomware gang claimed this past week that it broke into the systems of the fintech platform MeridianLink . The breach has been reported to regulators. The company didn’t report it, as new rules will require them to do. The hackers did.

☆ Regulators Say Wells Fargo Isn’t Doing Enough to Police Customer Crimes
▼ + stars: | 2023-11-16 | by ( Ben Eisen | Ben Foldy | ) www.wsj.com time to read: 1 min

Wells Fargo is struggling with its regulatory obligation to monitor financial crime, the latest challenge in the bank’s yearslong effort to recover from a series of scandals. Regulators have issued the bank formal orders to be better at catching criminals who may be using its accounts or products, according to people with knowledge of the matter. At the same time, the bank is facing a lawsuit claiming it allowed an alleged $490 million Ponzi scheme to operate.

Persons: Wells Organizations: Regulators

☆ How Risky Is Private Credit? Analysts Are Piecing Together Clues
▼ + stars: | 2023-11-10 | by ( Ben Foldy | ) www.wsj.com time to read: 1 min

A boom in private credit has been moving a huge portion of corporate borrowing away from public view, taking it from the world of banks and the bond market and into the more opaque realm of private funds. Now analysts are piecing together clues showing how risky those loans might be.

☆ From Hamas to North Korean Nukes, Cryptocurrency Tether Keeps Showing Up
▼ + stars: | 2023-10-27 | by ( Ben Foldy | ) www.wsj.com time to read: 1 min

Tether, the $84 billion so-called stablecoin bridging the worlds of cryptocurrencies and the dollar, is increasingly showing up in investigations tied to money laundering, terror financing and sanctions evasion. Tether is now the world’s most heavily traded cryptocurrency by volume. The stablecoin, also known as USDT, maintains a 1:1 exchange ratio with the dollar. Traders use it to stash their cash, easily invest in other cryptocurrencies or swap it into traditional currencies such as the dollar.

Organizations: Traders

☆ Most Popular Cryptocurrency Keeps Showing Up in Illicit Finance
▼ + stars: | 2023-10-27 | by ( Ben Foldy | ) www.wsj.com time to read: 1 min

Organizations: Traders

☆ Carl Icahn Bet on the ‘Big Short 2.0.’ Now He Says the Game Was Rigged.
▼ + stars: | 2023-10-14 | by ( Ben Foldy | ) www.wsj.com time to read: 1 min

The teenagers and elderly walkers at Crossgates Mall might not realize it, but they are standing on a Wall Street battlefield with potentially hundreds of millions of dollars on the line. Four years ago, legendary Wall Street investor Carl Icahn made a huge bet against the future of the U.S. shopping mall in what was called the Big Short 2.0. His wager pitted him against huge asset managers and hedge funds that routinely deal in a notoriously complex and contentious market.

Persons: Carl Icahn Organizations: Wall Locations: U.S

☆ Money-for-Nothing Lawsuits Against Private-Equity Founders Get Boost
▼ + stars: | 2023-09-05 | by ( Ben Foldy | ) 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/finance/money-for-nothing-lawsuits-against-private-equity-founders-get-boost-37a58db6

Persons: Dow Jones

☆ Car Prices Might Be Unsustainable for Buyers
▼ + stars: | 2023-08-21 | by ( Ben Foldy | ) www.wsj.com time to read: 1 min

Cars return to dealer lots—and interest rates could make them a harder sell. Photo Illustration: Adam FalkFive years ago, there were a dozen models of new cars that sold for less than $20,000. In 2023, there was only one: the spartan Mitsubishi Mirage hatchback, which accounted for about 5,300 of the 7.7 million new vehicles sold in the U.S. in the first half of the year.

Persons: Adam Falk Organizations: Mitsubishi Locations: U.S

☆ Icahn Bows to Activist Pressure
▼ + stars: | 2023-08-04 | by ( Ben Foldy | ) www.wsj.com time to read: 1 min

Persons: Dow Jones

☆ Carl Icahn’s Firm Slashes Dividend in Half After Activist Pressure; Stock Slides 30%
▼ + stars: | 2023-08-04 | by ( Ben Foldy | ) www.wsj.com time to read: 1 min

Persons: Dow Jones

☆ Carl Icahn’s Firm Slashes Dividend in Half After Activist Pressure; Stock Slides
▼ + stars: | 2023-08-04 | by ( Ben Foldy | ) www.wsj.com time to read: 1 min

Persons: Dow Jones

☆ Missing Millions and a Rabbinical Arbitrator: Real-Estate Deal Gone Bad Hits Popular Crowd Funder
▼ + stars: | 2023-07-31 | by ( Shane Shifflett | Ben Foldy | ) 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/missing-millions-and-a-rabbinical-arbitrator-real-estate-deal-gone-bad-hits-popular-crowd-funder-3555314f

Persons: Dow Jones

☆ Carvana Strikes Deal to Avert Cash Crunch
▼ + stars: | 2023-07-19 | by ( Ben Foldy | ) www.wsj.com time to read: 1 min

Carvana’s share price skyrocketed in 2021, but less than a year later it dropped by 95%. WSJ’s Ben Foldy explains the factors that helped drive the online car dealer’s growth and why investors are now questioning its future. Illustration: Preston JesseeOnline used-car dealer Carvana is taking a buy-now, pay-later approach to resolve a long-running standoff with its lenders and relieve a looming cash crisis. The company said Wednesday that it would exchange some of its outstanding bonds for new notes that would allow it to delay some of Carvana’s interest payments over the next two years. Unlike the old debt, the new notes will be secured by the company’s assets.

Persons: WSJ’s Ben Foldy, Carvana Organizations: Jessee

☆ For Clues About Carvana’s Future, Look to Its Past
▼ + stars: | 2023-07-17 | by ( Ben Foldy | ) 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/for-clues-about-carvanas-future-look-to-its-past-16421f53

Persons: Dow Jones

☆ Help Wanted: Retired Bank Examiners to Unravel Bond Mess
▼ + stars: | 2023-07-07 | by ( Ben Foldy | Andrew Ackerman | ) 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/help-wanted-retired-bank-examiners-to-unravel-bond-mess-e878d59c

Persons: Dow Jones

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/the-leaders-in-the-race-to-build-a-better-ev-battery-11610706600

Persons: Dow Jones

☆ Business Is Slowing. So Companies Are Juicing Profits.
▼ + stars: | 2023-06-01 | by ( Ben Foldy | ) 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/profit-numbers-get-spruced-up-as-business-slows-8eec5017

Persons: Dow Jones

☆ Icahn Enterprises Under Investigation by Federal Prosecutors
▼ + stars: | 2023-05-10 | by ( Ben Foldy | ) www.wsj.com time to read: 1 min

Billionaire activist investor Carl Icahn. Photo: Victor J. Blue/BloombergFederal prosecutors opened an inquiry into Carl Icahn ’s investment company, the day after a short seller’s report said the firm was inflating the value of its assets, the company disclosed Wednesday. Icahn Enterprises , the publicly traded firm controlled by Mr. Icahn, was targeted by short seller Hindenburg Research early this month. The next day, the U.S. Attorney’s Office for the Southern District of New York contacted Icahn Enterprises asking for information about corporate governance, dividends and other topics, the firm said in a securities filing Wednesday.

☆ Icahn, Under Federal Investigation, Blasts Short Seller
▼ + stars: | 2023-05-10 | by ( Ben Foldy | ) www.wsj.com time to read: 1 min

Billionaire activist investor Carl Icahn. Photo: Victor J. Blue/BloombergFacing a federal probe over practices at his investment company, activist investor Carl Icahn went on the attack against the short seller that likely spurred the inquiry, accusing it of “wantonly destroying property and harming innocent civilians.”Icahn Enterprises , the publicly traded firm controlled by Mr. Icahn, was targeted by short seller Hindenburg Research early this month. The next day, the U.S. Attorney’s Office for the Southern District of New York contacted Icahn Enterprises asking for information about the value of its assets, corporate governance, dividends and other topics, the firm said in a securities filing Wednesday.

☆ Betting Against Banks Brings Reward and Backlash
▼ + stars: | 2023-05-09 | by ( Matt Wirz | Ben Foldy | ) www.wsj.com time to read: 1 min

The FDIC seized First Republic Bank in early May and struck a deal to sell the bulk of its operations to JPMorgan Chase. WSJ’s Ben Eisen explains what led to the bank’s failure and what it means for customers, investors and the industry. Illustration: Preston JesseeShort selling is back in vogue on Wall Street, rewarding some who bet against banks while triggering a backlash. Short selling, or betting that securities prices will fall, surged over the past year as many investors braced for market turbulence. The approach helped hedge funds beat major stock indexes last year for the first time since 2008.

☆ Battle of the Activists: Hindenburg Shorts Icahn
▼ + stars: | 2023-05-02 | by ( Ben Foldy | ) www.wsj.com time to read: 1 min

Activist investor Carl Icahn buys stakes in companies and agitates to make changes he thinks will drive their stock up. Photo: brendan mcdermid/ReutersShort seller Hindenburg Research is betting against activist investor Carl Icahn ’s publicly traded holding company, the firm said. In a report published Tuesday morning, the firm said Icahn Enterprises is overvalued and is holding some assets at inflated prices. Hindenburg’s report sets up a battle between the firm’s founder, Nathan Anderson, and Mr. Icahn, who have each tormented corporate executives with allegations of malfeasance and incompetence.

☆ Signature Bank Insiders Sold $100 Million in Stock During Crypto Surge
▼ + stars: | 2023-04-04 | by ( Tom Mcginty | Ben Foldy | ) www.wsj.com time to read: 1 min

Insiders at collapsed Signature Bank sold more than $100 million of shares in the years after the bank pivoted to attract cryptocurrency companies and became a stock-market darling, according to a Wall Street Journal analysis. Sales over the past three years by the bank’s chairman, its former chief executive officer and his successor accounted for about half of the amount sold, according to the Journal’s analysis of company filings. All three served on the board committee tasked with overseeing the bank’s risk profile over the past year.

☆ First Republic Bank Executives Sold $12 Million in Stock in Months Before Crash
▼ + stars: | 2023-03-16 | by ( Ben Foldy | Tom Mcginty | ) www.wsj.com time to read: 1 min

Top executives of First Republic Bank sold millions of dollars of company stock in the two months before the bank’s shares plummeted during the panic over the health of regional lenders. The bank’s chief risk officer sold on March 6, according to government documents. Two days later, Silicon Valley Bank shocked the market and sent other banks into freefall. First Republic was among the worst hit.

Greg Becker and two top lieutenants, Chief Financial Officer Daniel Beck and President Michael Descheneaux , were at the helm of Silicon Valley Bank as it rode a wave of low rates and easy-money policies. Last year, when the world changed and the Federal Reserve started raising rates at its fastest pace in decades, they all but ignored it, betting that interest rates would fall and homing in on the boom-and-bust tech industry.

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