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☆ Meet the Morgan Stanley rainmaker tapped to chair the M&A division of law firm Paul Weiss as fears of investor activism grow
▼ + stars: | 2023-06-07 | by ( Kaja Whitehouse | ) www.businessinsider.com time to read: +3 min

Morgan Stanley rainmaker Robert Kindler is leaving the investment bank for law firm Paul Weiss. Kindler, global chair of mergers and acquisitions at Morgan Stanley, has been named global chair of M&A at Paul, Weiss, Rifkind, Wharton & Garrison LLP. "Paul, Weiss has the premier franchise for M&A and activism defense and I am excited to become a part of it." Last year, Paul Weiss represented the board of McDonald's in its proxy fight with activist investor Carl Icahn. In 2000, he joined JPMorgan, where he was named global head of M&A before joining Morgan Stanley in 2006.

Persons: Morgan Stanley, Robert Kindler, Paul Weiss, Weiss, Garrison, Kindler, Paul, Carl Icahn, Leon Black's, Jeffrey Epstein, Goldman Sachs, John Waldron, Waldron, Scott Barshay, Brad Karp, Moore, Morgan, Eaton Vance, James Gorman Organizations: Morning, Paul, Apollo, NFL, Barshay, JPMorgan, Time Warner, Labor Locations: Rifkind, Wharton, Cravath, ETrade, Kindler

☆ VMware employees in end-user computing and security believe Broadcom may divest their units after it closes its $61 billion deal
▼ + stars: | 2023-05-31 | by ( Rosalie Chan | ) www.businessinsider.com time to read: +5 min

Broadcom plans to acquire VMware for $61 billion, and they're preparing to close the deal this year. Workers in end-user computing and Carbon Black security think their units could be spun out or sold. Broadcom's upcoming $61 billion acquisition of VMware has led employees in two units — end-user computing and Carbon Black security — to speculate that their units could be spun out or sold. The EUC unit builds products such as Horizon and Workspace One that allow users to access their enterprise applications from anywhere over the cloud. After Carbon Black was acquired, it was supposed to take a year or two to get integrated with VMware.

Persons: Thoma, they'd, Rob Ruelas, John Ryan, Sarah Swatman, Angus McGeachie, Chris Rottner Organizations: Broadcom, VMware, Workers, Symantec, Securities, Exchange Commission, CA Technologies, Thoma Bravo, Cyber Security Services, Accenture, HCL Technologies, EUC Employees, Carbon, Symantec's Locations: EUC, Europe, Africa

☆ VMware employees are increasingly concerned over Broadcom's pending $61 billion acquisition, predicting spinouts of business units, layoffs, and lost customers
▼ + stars: | 2023-05-26 | by ( Rosalie Chan | ) www.businessinsider.com time to read: +14 min

Broadcom and VMware announced the $61 billion deal last year and recently pushed back the deadline as it undergoes regulatory scrutiny. Insider spoke with one former and four current VMware employees about the changes they expect to face once they are owned by the chipmaker Broadcom. A VMware spokesperson said in a statement that after the deal closes, VMware customers will obtain "more choice and flexibility" in managing their IT needs, especially across multiple cloud-computing services. Executives leaving VMwareVMware has lost several key executives since the Broadcom deal was announced (including several defecting to VMware's archrival Nutanix). "Nonetheless, I've continued to see questions in press reports about whether we intend to raise prices on VMware products.

Persons: —, Sanjay Poonen, Patrick Morley, haven't, Robert Ruelas, EUC, Kit Colbert, hasn't, Zane Rowe, Tom Gillis, Mark Lohmeyer, Ajay Patel, Kal, Karen Egan, Tom Kellermann, Raghu Raghuram, Hock Tan, Colbert, Tan, Hock E, Lucas Jackson, I've Organizations: VMware, Employees, Broadcom, SEC, Carbon, Symantec, Workers, Tech, VMware hasn't, VMware Employees, VMware VMware, Nutanix, Raghuram, Reuters

☆ Inside the demise of Vice, from turning away a $3.5 billion Disney offer to a 'painful' downward spiral that has the media giant scrambling for a buyer
▼ + stars: | 2023-03-21 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +19 min

The talks fizzled, Disney backed off, and Smith set off for California to drum up other interest in Vice Media. Vice Media Group co-CEOs Bruce Dixon, left, and Hozefa Lokhandwala. Vice Media GroupOne former Vice insider familiar with the current situation told Insider that staffers were warning vendors they needed to threaten to stop work in order to get paid. Just a few months later, Rupert Murdoch tweeted, "Who's heard of Vice Media? Refinery29 quickly lost key staff and was not well integrated into Vice Media, the two former staffers said.

☆ Eight dead after two migrant boats capsize near San Diego
▼ + stars: | 2023-03-12 | by ( ) www.reuters.com time to read: +1 min

March 12 (Reuters) - At least eight people have died after two fishing boats capsized off the coast of San Diego, California, in an apparent migrant smuggling operation, emergency officials said on Sunday. San Diego emergency crews began a search and recovery operation late Saturday night, after receiving a 911 call from a Spanish-speaker about fishing boats in distress off the coast of San Diego's Black's Beach. "This is one of the worst smuggling tragedies that I can think of in California, certainly here in the city of San Diego," Gartland said. The U.S. Coast Guard and the San Diego Fire-Rescue Lifeguard division were still involved in the recovery operation late Sunday morning. These have included incidents of migrants swimming, traveling by surfboard or taking panga fishing boats to cross into the U.S., he said.

☆ Jeffrey Epstein's estate says it's not responsible for Leon Black allegedly raping a woman at Epstein's apartment
▼ + stars: | 2023-02-02 | by ( Ashley Collman | ) www.businessinsider.com time to read: +3 min

Lawyers representing Jeffrey Epstein's estate want out of a sex assault lawsuit against Leon Black. Cheri Pierson claims Epstein set up a massage for Black, where Black raped her in 2002. Epstein's lawyers say there isn't enough evidence that Epstein was negligent. "Plaintiff does not even clearly allege that Epstein was at the townhouse when the alleged rape occurred," lawyers for Epstein's estate wrote. Pierson claims that Epstein knew Black had "sexual deviant needs," but the Epstein lawyers said that's too "vague" an assertion, and "does not establish that Epstein knew or should have known that Black was a rapist who would rape" her.

☆ Exonerated Deutsche Bank trader accuses bank of 'malicious prosecution'
▼ + stars: | 2023-01-26 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

Gavin Black, who worked on the bank's money market and derivatives desk in London, said Deutsche Bank and others conspired to commit "malicious prosecution and abuse of process," leading to his unjustified conviction. Deutsche Bank did not immediately respond to requests for comment. The legal action came two months after Matthew Connolly, who lead Deutsche Bank's pool trading desk in New York, filed a $150 million lawsuit also accusing the bank of malicious prosecution. Deutsche Bank asked a judge on Jan. 13 to dismiss Connolly's case. Investigations worldwide into Libor manipulation resulted in about $9 billion of fines for banks, including $2.5 billion for Deutsche Bank in 2015.

☆ A former Times Square street vendor has helped 3,000 Black New Yorkers learn to code, changing their lives
▼ + stars: | 2022-12-28 | by ( Aaron Mok | ) www.businessinsider.com time to read: +6 min

He started We Build Black to help Black New Yorkers transition into tech and land high-paying jobs. And he credits a community of Black tech workers in New York City with his success in making the switch. But before starting We Build Black, Jackson first broke into software engineering himself from a non-technical background. We Build Black hosts coding meetups for Black tech workers to network and learn new skillsSimilar to organizations like Black Women Talk Tech, Black Boys Code, and Black Tech Pipeline, We Build Black offers coding classes, mentorships, and networking events to Black workers looking to pursue tech careers. The next step for We Build Black will be building out its job pipelineWe Build Black is now focused on building out its workforce-training programs, Jackson said.

☆ 10 money managers who quietly control the vast fortunes of Jeff Bezos, Sergey Brin, the Waltons, and other big-name billionaires
▼ + stars: | 2022-12-27 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +24 min

Many über-rich people don't outsource their wealth — they hire their own chief investment officers. He left SAC in 2005 for Dune Capital Management, but stayed in touch with Steve during his five-year term at the investment firm. Andrew oversees CPV's portfolio, which primarily comprises direct private investments such as Collectors Universe, a collectibles-authentication company, and the New York Mets. In 2011, Wildcat Capital Management was launched with Potter as president and chief investment officer. Since November 2021, Carland has also served as the interim chief investment officer for Builders Vision's asset arm.

☆ People are paying $12 to go on VR tours of turtle nesting in Costa Rica or India's Holi festival from their couches. Meet a tour guide who's cashing in on this travel niche.
▼ + stars: | 2022-12-10 | by ( Mark Ellwood | ) www.businessinsider.com time to read: +8 min

Ligia Morera, based in Costa Rica, leads virtual tours on the Japanese platform Dokodemo Door Trip. A VR tour guide needs AI software to reach a worldwide audienceMorera filming a VR tour. In other words, these VR tours are as much a marketing program for its core business as a standalone revenue stream. Another source of referrals is other VR tour guides. "In Costa Rica, sometimes we get little problems with that," she said.

Deutsche Bank's scapegoating ruined the reputation and career of Connolly, a married father of two, and caused the "destruction of his life," the complaint said. Investigations worldwide into Libor manipulation resulted in about $9 billion of fines for banks, including $2.5 billion for Deutsche Bank in 2015. Connolly sued Deutsche Bank four weeks after a New York judge tossed a Libor-rigging indictment against former UBS (UBSG.S) and Citigroup (C.N) trader Tom Hayes and another trader. Hayes had already served more than five years in prison in Britain for rigging Libor. The case is Connolly v. Deutsche Bank AG, U.S. District Court, Southern District of New York, No.

☆ Wall Street titan Apollo has a new class of dealmakers. Here's how 3 rose to partner while in their 30s.
▼ + stars: | 2022-11-17 | by ( Casey Sullivan | Hayley Cuccinello | ) www.businessinsider.com time to read: +23 min

He persevered through the brutal all-nighters, the perplexing spreadsheets, and the temperamental bosses who walked the halls of the midtown Manhattan investment firm. At Apollo, executives tend to grow up quickly. Some of their former colleagues have tried to make more money elsewhere, such as the hedge funds run by billionaire personalities that Apollo's executives quietly root against. Associates sometimes dealt with burnout from heavy workloads and demanding bosses by escaping for a walk through Central Park to let off steam, according to the former firm associates. We're Rayman Apollo!'"

☆ A Texas barbecue chain was ordered to pay $230,000 to workers after their tips were shared with managers
▼ + stars: | 2022-09-22 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +3 min

A chain of barbecue restaurants in Texas was ordered to pay $230,353 in back wages to employees. According to Wage and Hour Division investigators, employers kept employee tips for managers. The DOL's Wage and Hour Division is ordering Black's Barbecue restaurant to pay employees back, after illegally keeping tips from employees, according to a press release from the department. According to the Fair Labor Standards Act, employers, managers, and supervisors are not allowed to keep employees' tips. Black's Barbecue restaurant operates Black's Barbecue Inc; Kent Black's Lockhart Barbecue Inc., and New Braunfels Barbecue LLC.

☆ How this 29-year-old is helping Black women land jobs at Disney, Amazon—and increase their pay by as much as $60K
▼ + stars: | 2022-09-21 | by ( Morgan Smith | ) www.cnbc.com time to read: +2 min

#HireBlack's mission is to get 10,000 Black women hired, trained and promoted. Tolbert, who serves as CEO, and her team of eight employees work with top companies such as Amazon, Uber and Disney to recruit and hire Black women. Another aspect of #HireBlack's mission is to help close the stark pay gap Black women still face: Black women working full-time, year-round make just 67 cents for every dollar paid to white, non-Hispanic men, according to new research from the National Women's Law Center. The wage gap shortchanges Black women $22,692 per year and $907,680 over the span of a 40-year career. Since its inception, #HireBlack has helped Black women boost their collective earnings by over $2 million, with some women seeing pay raises as high as $60,000, Tolbert reports.

☆ How Josh Harris, the owner of the 76ers and Devils, upset Apollo insiders with the time he spent on personal investments
▼ + stars: | 2022-09-20 | by ( Casey Sullivan | Hayley Cuccinello | ) www.businessinsider.com time to read: +16 min

One former Apollo executive couldn't wrap his mind around how the firm got investors onboard with Harris' personal activities. One advisor to Harris' family office said there would be an internal conversation every year to ensure the proper expense allocations. Several former Apollo employees, however, said other Apollo executives were concerned about Harris' use of firm resources. Few if any sources Insider spoke with expected much to change in how private-equity executives managed their personal investments. The lawyer said that the documents often state that a firm's executives will dedicate "as much time as reasonably necessary" to managing their investments.

☆ 3,000 Black New Yorkers have learned to code and changed their lives thanks to tech career coaching from this former Times Square street vendor
▼ + stars: | 2022-09-13 | by ( Aaron Mok | ) www.businessinsider.com time to read: +5 min

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