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Cromwell’s rule plays an important formal role in Bayesian statistics but it is important for any exercise in prediction and analysis. SOFT LANDING CONDITIONSI have written elsewhere the global economy is on course for a significant mid-cycle slowdown if not a cycle-ending recession. Multiple conditions would need to be satisfied, and none violated, for a soft landing to occur. The soft landing scenario is so tricky to pull off and therefore so improbable it has been called “immaculate disinflation” by some forecasters. Nevertheless, the probability of a soft landing is far from zero.

May 9 (Reuters) - Indicted FTX founder Sam Bankman-Fried has renewed his attacks on the bankrupt cryptocurrency exchange’s law firm as he mounts his defense against a raft of fraud, money laundering and campaign finance charges. Bankman-Fried late Monday asked a judge to designate FTX’s current leadership and the exchange’s attorneys at law firm Sullivan & Cromwell as part of the “prosecution team” in the criminal case against him. FTX and Sullivan & Cromwell provided such extensive cooperation to the government that prosecutors had “effectively deputized the company to aid the prosecution,” Bankman-Fried argued. Sullivan & Cromwell, a prominent Wall Street law firm with about 900 lawyers, represented FTX on transactions and regulatory matters before its collapse last year. In Monday’s filing, Bankman-Fried’s defense team said Ray and FTX’s bankruptcy lawyers have acted as “public mouthpieces” for the prosecution and have turned over “cherry-picked” information incriminating Bankman-Fried.

☆ Goldman to pay $215 mln to settle gender discrimination lawsuit - Bloomberg News
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

May 8 (Reuters) - Goldman Sachs Group Inc (GS.N) has agreed to pay $215 million to settle a long-running class-action lawsuit that accused the investment bank of widespread bias against women in both pay and promotions, Bloomberg News reported on Monday citing a person familiar with the matter. Last week, Reuters reported that the talks were ongoing to settle roughly a month before the trial was set to begin. The plaintiffs alleged the bank systematically paid women less than men and gave women weaker performance reviews that impeded their career growth. They are led by Cristina Chen-Oster, Mary De Luis and Allison Gamba, who were Goldman vice presidents, and Shanna Orlich, who was an associate. The lawsuit is among the highest-profile cases targeting Wall Street's alleged unequal treatment of women, including in litigation against many banks that stretches back decades.

☆ Sam Bankman-Fried, in First Detailed Defense, Seeks to Dismiss Charges
▼ + stars: | 2023-05-08 | by ( David Yaffe-Bellany | Matthew Goldstein | ) www.nytimes.com time to read: +1 min

Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX, has issued his first detailed legal defense since prosecutors accused him of fraud, seeking to dismiss several of the charges and claiming that the high-powered law firm representing FTX in its bankruptcy has been doing the government’s bidding. In court filings late Monday, lawyers for Mr. Bankman-Fried said FTX and its lawyers at the firm Sullivan & Cromwell had become de facto agents of federal prosecutors building the criminal case against him and might be withholding crucial evidence. “FTX’s legal advisors went to the government to accuse Mr. Bankman-Fried behind his back without knowing the full facts, and ultimately forced him to step down as C.E.O.,” the lawyers wrote. For months, Sullivan & Cromwell has funneled documents and other evidence to the prosecution, the filings say. Mr. Bankman-Fried’s lawyers claimed that prosecutors had been seeking only the most incriminating documents, even though FTX might also be sitting on material that could help the defense.

☆ The procession path for King Charle’s coronation and the crowns and jewels he is wearing
▼ + stars: | 2023-05-06 | by ( ) www.reuters.com time to read: +7 min

The coronation ceremony followed a procession from Buckingham Palace. Coronation chair The coronation service is a solemn, religious occasion full of symbolism. The chair was cleaned ahead of this year’s ceremony for King Charles. The bejewelled Sword of Offering, made for the coronation of George IV in 1821, was one of the objects used during the coronation ceremony. They date back to 1661 and have been used at every coronation from King Charles II’s until King George VI’s in 1937, with new armills specially prepared for Queen Elizabeth in 1953.

☆ King Charles' coronation: what changes has UK seen under new monarch?
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +3 min

God save the King! Send him victorious, Happy and glorious, Long to reign over us, God save the King." In Australia, where the British monarch is also head of state, the country has decided not to have the image of King Charles on its new $5 note. ROYAL CYPHERThe Royal Cypher is the monogram used by the monarch. Charles' cypher features his initial, title, Rex – Latin for King, and III, alongside a representation of the crown.

☆ Factbox: The crowns, jewels, swords and spoon used at King Charles' coronation
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +5 min

LONDON, May 5 (Reuters) - The ceremony for King Charles' coronation at Westminster Abbey in London on Saturday will involve historic regalia ranging from sceptres and maces to a ring and a spoon. It replaced an original crown believed to date back to the 11th century Anglo-Saxon king of England, Edward the Confessor. SOVEREIGN'S SCEPTRE WITH DOVEThis is the second sceptre used in the ceremony, representing the sovereign's spiritual role. It was used to anoint King James 1 in 1603 and has featured at every coronation since. They date back to 1661 and have been used at every coronation from King Charles II’s until King George VI’s in 1937, with new armills specially prepared for Queen Elizabeth in 1953.

☆ The procession path for King Charle’s coronation and the crowns and jewels he will wear
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +7 min

The coronation ceremony will begin at 1000 GMT following a procession from Buckingham Palace. Coronation chair The coronation service is a solemn, religious occasion full of symbolism. The chair is being cleaned ahead of this year’s ceremony for King Charles. The bejewelled Sword of Offering, made for the coronation of George IV in 1821, is one of the objects used during the coronation ceremony. They date back to 1661 and have been used at every coronation from King Charles II’s until King George VI’s in 1937, with new armills specially prepared for Queen Elizabeth in 1953.

☆ Goldman Sachs in talks to settle gender discrimination lawsuit -source
▼ + stars: | 2023-05-03 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew KellyNEW YORK (Reuters) - Goldman Sachs Group Inc is in talks to settle a class-action lawsuit that alleged widespread gender bias against women in pay and promotions, said a source familiar with the matter. The plaintiffs, former employees of the Wall Street bank, accused Goldman Sachs of systematically paying women less than men, and giving women weaker performance reviews that impeded their career growth. Goldman has previously denied wrongdoing.The lawyers for Goldman Sachs, Sullivan & Cromwell, did not immediately respond to a request for comment. The Wall Street Journal reported earlier on the talks.

☆ Coinbase, crypto industry hope new Supreme Court doctrine is silver bullet
▼ + stars: | 2023-05-01 | by ( Alison Frankel | Thomson Reuters | Alison Frankel Has Covered High-Stakes Commercial Litigation As A Columnist For Reuters Since A Dartmouth College Graduate | ) www.reuters.com time to read: +7 min

But the agency will have to provide a more detailed response if Ripple, Coinbase or crypto groups that have filed friend-of-the-court briefs pushing major questions doctrine arguments manage to pique a judge’s interest. Former Coinbase manager Ishan Wahi expanded on the major questions theory last February in his motion to dismiss the SEC’s insider trading case. Under the major questions doctrine, they said, the SEC does not have the requisite Congressional authority to regulate digital assets. Coinbase’s contention in that paper, released last Thursday, is all-encompassing: The major questions doctrine, according to Coinbase counsel at Sullivan & Cromwell, “forecloses” regulation of the trillion-dollar crypto industry. But if the SEC moves ahead with a case against Coinbase, the major questions doctrine could turn out to be, well, a major question.

☆ Federal government to restore Hockey Canada funding
▼ + stars: | 2023-04-16 | by ( Steve Keating | ) www.reuters.com time to read: +2 min

BRAMPTON, Ontario, April 16 (Reuters) - The Canada government will restore funding to Hockey Canada after the body met three conditions to make the sport safer, said Minister of Sport Pascale St-Onge on Sunday, ahead of the women's ice hockey world championship gold medal game between the United States and Canada. Hockey Canada had its funding frozen last year when the national governing body came under scrutiny over its handling of sexual assault allegations. "Today marks an important milestone for Hockey Canada in our journey to earn and maintain the trust of Canadians," said Hugh Fraser, chair of the Hockey Canada Board of Directors. Hockey Canada must also review and implement the recommendations from the independent governance review led by Thomas Cromwell. CBC reported that Hockey Canada received $7.7 million from Sport Canada in the 2022 fiscal year.

☆ Brookfield Infrastructure to take Triton International private for $4.7 bln
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: 1 min

April 12 (Reuters) - Brookfield Infrastructure (BIPC.N) said on Wednesday it would buy intermodal container lessor Triton International Ltd (TRTN.N) for about $4.7 billion, to help expand its services in the transportation and logistics sector. Brookfield has offered about $85 per Triton common share consisting of $68.50 in cash and $16.50 in BIPC class A exchangeable shares. The offer represents a premium of nearly 35% to Triton stock's last close. Goldman Sachs is the financial adviser to Triton and Sullivan & Cromwell LLP the legal adviser. Reporting by Nathan Gomes in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: From holy oil to sceptres and a spoon: King Charles' coronation ceremony
▼ + stars: | 2023-04-09 | by ( ) www.reuters.com time to read: +5 min

LONDON, April 9 (Reuters) - The ceremony for King Charles's coronation at Westminster Abbey in London on May 6 will involve historic regalia ranging from sceptres and maces to a ring and a spoon. It replaced an original crown believed to date back to the 11th century Anglo-Saxon king of England, Edward the Confessor. SOVEREIGN'S SCEPTRE WITH DOVEThis is the second sceptre used in the ceremony, representing the sovereign's spiritual role. The bejewelled Sword of Offering, made for the coronation of George IV in 1821, is one of the objects used during the coronation ceremony. They date back to 1661 and have been used at every coronation from King Charles II’s until King George VI’s in 1937, with new armills specially prepared for Queen Elizabeth in 1953.

☆ Rare manuscript that paved way for British monarchy's return up for auction
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 6 (Reuters) - A rare 17th-century manuscript, which was key to the restoration of the British monarchy under King Charles II a decade after the execution of his father, will be auctioned next month, coinciding with the coronation of his current namesake. One of two surviving copies is to go under the hammer in May at London auction house Sotheby's, a couple of days before the current monarch King Charles III is crowned at London's Westminster Abbey. "It is through this declaration that in 1660 the monarchy was re-established and the terms by which they would rule agreed, which still apply today, 350 years later as Charles III ascends the throne." Sotheby's said five copies of the declaration were made, with the only other surviving one kept in the parliamentary archives. ($1 = 0.8019 pound)Reporting by Michael Holden; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

☆ Goldman Sachs, JPMorgan stake competing claims to No. 1 deal advisory spot
▼ + stars: | 2023-04-04 | by ( Anirban Sen | ) www.reuters.com time to read: +3 min

JPMorgan edged out Goldman to claim the top spot in global league tables compiled by Refinitiv Deals Intelligence, having worked on $119.8 billion worth of deals versus $115.4 billion for Goldman in second place. In Dealogic's global league tables, however, Goldman claimed the top spot in the first quarter with $120.5 billion worth of deals. The discrepancies led to Goldman asking Refinitiv and JPMorgan asking Dealogic for explanations, according to people familiar with the conversations. Goldman Sachs, JPMorgan stake competing claims to No. 1 spot, though there are some known differences in how the league tables of Refinitiv and Dealogic are compiled.

Reuters could not determine Coley's status in the government investigations or whether she had cooperated. While he was its director of enforcement, the CFTC increasingly worked on investigations in parallel with federal prosecutors. McDonald's representation of Coley comes as the U.S. investigations pile pressure on Binance, which dominates the crypto sector as the world's largest digital currency exchange. The CFTC's complaint said that Binance personnel, including Zhao, have "dictated Binance.US's corporate strategy, launch, and early operations." In a subpoena addressed to Coley that same month, the SEC also requested all records of her activities and meetings.

March 16 (Reuters) - First Republic Bank's (FRC.N) shares fell 17% in extended trading on Thursday, despite an unprecedented show of support in the bank from nearly a dozen of the world's largest financial institutions. The bank's shares, which had closed 10% higher after a volatile day that saw trading halted 17 times, slumped in after-market trading. Jason Ware, chief investment officer for Albion Financial Group, said the Dimon-led banking sector intervention on Thursday was a "shot in the arm of the system" but likely more was needed. A First Republic Bank branch is pictured in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. The bank's shares have been hit hard in recent days in the aftermath of the collapse of Silicon Valley Bank.

The planned rescue package was discussed by Treasury Secretary Janet Yellen, Federal Reserve Chairman Jerome Powell and JPMorgan Chase & Co. (JPM.N) CEO Jamie Dimon on Tuesday, according to a source familiar with the situation. A central player in the deal was Rodgin Cohen, a veteran lawyer at Sullivan & Cromwell, two sources familiar with the matter said. A First Republic Bank branch is pictured in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. Other lenders including BNY Mellon, PNC Bank, State Street, Truist and U.S. Bank channeled $1 billion of deposits into the San Francisco-based lender. Federal Reserve Board Chair Jerome Powell said the Fed was always ready to provide liquidity through its discount window.

☆ Former SEC Chair on SVB fallout: Federal regulators were right to step in and help regional banks
▼ + stars: | 2023-03-13 | 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 EmailFormer SEC Chair on SVB fallout: Federal regulators were right to step in and help regional banksJay Clayton, former SEC chairman and Sullivan and Cromwell senior policy advisor, joins 'Squawk Box' to discuss the comparisons between 2008's bank crisis and SVB's fallout, how regional banks are acting right now and much more.

☆ SVB is still looking for a buyer. Here is what we know so far.
▼ + stars: | 2023-03-13 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

The weekend came and went without a buyer for SVB Financial Group, the parent company of the failed Silicon Valley Bank. SVB Capital focuses on venture capital and credit investing and SVB Securities is its investment banking arm. Axios reported Monday morning that JPMorgan and PNC were in talks to acquire SVB Financial Group but not the failed commercial bank. SVB Securities, better known as SVB Leerink, the investment banking arm born out of SVB's 2018 acquisition of Leerink, is a very desirable business, he added. "SVB Leerink is a well-known name in the tech and healthcare space that will be attractive to someone," said Healy.

☆ FTX's lawyers and advisers cost $38 million for a month of work - and the bankrupt crypto exchange's new CEO charged $305,000 for February
▼ + stars: | 2023-03-07 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

The army of professionals working with FTX billed $38 million in expenses for January. FTX CEO John Ray III submitted a bill for $305,565 for the month of February. Those three firms have over 180 lawyers and over 50 other staffers working on the FTX case, per the CoinDesk report. Sullivan & Cromwell billed 14,569 hours of work in January for a total of $16.8 million. Meanwhile, FTX's trading arm sued Grayscale this week in a bid to claw back $250 million to repay customers.

☆ Artist's discovery of an 'execution wall' sheds light on the brutal history of Nazi concentration camps on British soil
▼ + stars: | 2023-03-05 | by ( Isobel Van Hagen | ) www.businessinsider.com time to read: +8 min

Forensic evidence from a bullet-damaged wall sheds light on the Nazi occupation of a British island. During World War II, thousands of prisoners were sent to labor and concentration camps in Alderney. Before the Germans occupied the Channel Islands, the whole population of Alderney were evacuated to England. German occupying troops parading in St. Helier on Jersey, Channel Islands in 1940. Last year a right-wing British think tank proposed that asylum seekers headed to the UK be detained on the island.

☆ Promoting FTX was their side hustle. Now they’re left to pick up the pieces
▼ + stars: | 2023-02-14 | by ( Sophie Kiderlin | ) www.cnbc.com time to read: +4 min

Kateryna Onyshchuk | Istock | Getty ImagesThe first time Gabriel Trompiz heard about the FTX student ambassador program was through a LinkedIn message. Trompiz promptly applied through the link he was sent and became an FTX campus ambassador shortly afterward. So you teach them about cryptocurrencies, blockchain technology and most importantly the benefits of using FTX," he told CNBC's Make It. Elsewhere in Nigeria, Imran Yahya was an FTX campus ambassador at Bayero University. I was like, I was part of the people saying FTX was too big to fail Fortunate Atueyi Former FTX Student Ambassador

The law firms that billed FTX are Sullivan & Cromwell, Landis Rath & Cobb, and Quinn Emanuel Urquhart & Sullivan. Landis Rath & Cobb and Sullivan & Cromwell, FTX's primary legal firms, billed the company a combined $10.7 million for over 8,400 hours of work. Landis Rath & Cobb billed $1.16 million for work done between Nov. 11 and Nov. 30. Full compensation for legal and advisor fees will not occur until a final fee application is filed, whenever FTX's bankruptcy saga concludes. Lawyers for Sullivan & Cromwell did $40,000 worth of work just to appear in FTX's first bankruptcy hearing on Nov. 22, based on court filings of hours billed and hourly rates.

☆ 2 firms helping with FTX's bankruptcy are seeking $13 million of payment for under 3 weeks of work, including nearly $20,000 for food
▼ + stars: | 2023-02-08 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Two of those deal with less than three weeks of work, and seek a total of $13 million. Law firm Sullivan & Cromwell charges $2,165 an hour for the time of its partners, who did 2,267 hours of work. Partners did a total of 2,267 hours work on the case in the 19 days between November 12 and 30. Alvarez and Marshal, a management consulting firm, is also charging for its first 20 days of work, seeking $5.2 million for a total of 7,925 hours work. Landis Rath & Cobb and AlixPartners are both asking for over $900,000, and Quinn Emanuel Urquhart & Sullivan is seeking $1.2 million.

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