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Brown’s agreement will let students make their case and then have the Brown Corporation, the university’s governing body, vote on the matter in October. But Dr. Paxson’s initial offer did not include bringing a divestment proposal to a vote. That came after two university negotiators and six students involved with the Brown Divest Coalition, one of the groups behind the movement, reached a deal on Tuesday, the university and several students said. The agreement immediately gave the university control of its facilities in time to allow students to finish classes and hold in-person graduation ceremonies and an alumni reunion this month. One donor, an investor who has made sizable contributions to the university and describes himself as a supporter of Israel, said members of the administration had assured him that Brown wouldn’t ultimately divest from Israel.

Persons: William A, Marc Rowan, Christina H, Paxson, Brown, Brown wouldn’t Organizations: Wall Street titans, Democratic Party, Republican, Harvard University, University of Pennsylvania, Brown Corporation, Coalition Locations: Israel, Gaza

☆ Warring Billionaires, a Rogue Trader, a Divorce: One Hedge Fund’s Tale of Woe
▼ + stars: | 2023-11-06 | by ( Maureen Farrell | More About Maureen Farrell | ) www.nytimes.com time to read: +1 min

Two Sigma, one of the world’s largest hedge funds, has long prided itself on two things: the sophisticated, in-house algorithms that power its trading, and its commitment to secrecy. But recent internal troubles have forced Two Sigma to air its dirty laundry. In October, it had more bad news: An employee had altered some trading models without the firm’s knowledge, affecting its returns and drawing regulatory scrutiny. It’s the kind of mess that any investment firm wants to avoid for fear of losing clients and talent, especially one that has avoided the spotlight for much of its 22 years of existence. In a 2015 profile of Two Sigma, Forbes magazine said the two founders were “obsessive about avoiding publicity and keeping the firm’s secrets under wraps.”

Persons: David M, Siegel, John A, unbeknown Organizations: Sigma, New, Mr, Internal Revenue Service, Forbes Locations: New York

☆ A Prestigious Law Firm Rescinded Job Offers for Columbia and Harvard Students, but It May Reverse Itself
▼ + stars: | 2023-10-17 | by ( Maureen Farrell | More About Maureen Farrell | ) www.nytimes.com time to read: +1 min

Davis Polk, one of the country’s most prestigious law firms, recently rescinded employment offers made to three students who the firm believed led organizations at Harvard and Columbia that issued statements blaming Israel for the Oct. 7 attack by Hamas that left more than 1,400 Israelis dead. On Tuesday, the firm said it was reconsidering that decision for two of the three students, who fought their dismissals and said that they did not authorize the letters, which did not have any individual signatories. The New York law firm said two of the students held leadership roles in the Students for Justice in Palestine group at Columbia and one was affiliated with the Harvard Palestine Solidarity Groups, which jointly wrote a letter that held the “Israeli regime” responsible for the deadly violence. The Columbia students’ letter expressed “full solidarity with Palestinian resistance.”The firm did not identify the students or which two of the offers it was reconsidering. “The views expressed in certain of the statements signed by law school student organizations in recent days are in direct contravention of our firm’s value system,” Davis Polk said in a statement.

Persons: Davis Polk, Israel, ” Davis Polk, Neil Barr Organizations: Harvard, New, Students for Justice, Columbia, Harvard Palestine Solidarity Groups Locations: Columbia, New York, Palestine

☆ Corporate America’s Chief Critic, Carl Icahn, Gets His Comeuppance
▼ + stars: | 2023-08-21 | by ( Maureen Farrell | More About Maureen Farrell | ) www.nytimes.com time to read: +1 min

He said Mr. Anderson did not call him before publishing the report, denying him the opportunity to present his side of things. Short sellers borrow stock held by big investors and sell it in the open market, betting that its price will fall. If they bet right, they can buy the borrowed shares back at the lower price, return them and pocket the difference. Mr. Icahn said he buys and holds stocks for years and makes changes from the inside. (As of July 31, he said, his investors would have an annualized return of 12.8 percent compared to 6.9 percent for the S&P 500).

Persons: Carl, ”, Mark Stevens, Icahn, Mr, Anderson, Nikola, ” Mr, “ I’m Organizations: Hindenburg Research, Adani

☆ Shares of Carl Icahn’s Firm Tank After Dividend Is Cut
▼ + stars: | 2023-08-04 | by ( Maureen Farrell | More About Maureen Farrell | ) www.nytimes.com time to read: +1 min

Shares of Icahn Enterprises, the firm led by the billionaire financier Carl C. Icahn, fell as much as 30 percent on Friday after the saber-rattling investor, under pressure from a short seller, said his firm would halve its quarterly dividend and refocus on the style of activist investing that brought him his fame and fortune. The announcement comes three months after Hindenburg Research, the short seller, released a report questioning the financials of Icahn Enterprises, and whether it had the wherewithal to continue paying a dividend to shareholders. Hindenburg, led by Nathan Anderson, accused Mr. Icahn’s firm of running “Ponzi-like economic structures.” Short sellers profit when stock prices fall. The plunging stock price of Icahn Enterprises is the latest setback for the 87-year-old investor who, for more than four decades, has taken on publicly traded companies and pressured their chief executives to make changes. Including the drop on Friday, shares of Mr. Icahn’s firm are down roughly 50 percent since Hindenburg released its report on May 2.

Persons: Carl C, Nathan Anderson, Mr, Icahn’s, Hindenburg Organizations: Icahn Enterprises, Hindenburg Research, Mr

☆ Larry Fink’s Bet on Saudi Oil Money Is Also His Latest E.S.G. Woe
▼ + stars: | 2023-08-02 | by ( Maureen Farrell | More About Maureen Farrell | ) www.nytimes.com time to read: +1 min

For years, Larry Fink, the chief executive of the giant asset manager BlackRock, has been broadcasting a message to corporate America: Environmental, social and governance goals should be core to how companies do business. So when BlackRock announced in July that it would appoint Amin Nasser, the head of the world’s largest oil company, Aramco, to its board, investors and politicians immediately called out Mr. Fink on what they said was his hypocrisy. It’s the latest example of the increasingly difficult situation Mr. Fink finds himself in: His championing of E.S.G. has drawn accusations of “woke” capitalism from the right while his embrace of energy companies has upset those on the left. The political blowback has made it more challenging for Mr. Fink to do his day job of finding new sources of money that BlackRock — which oversees $9 trillion in assets — needs to drive growth and keep shareholders happy.

Persons: Larry Fink, Amin Nasser, Fink, ”, Giuseppe Bivona, Fink’s, “ Organizations: BlackRock, Aramco, Bluebell Locations: America, London

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