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☆ Takeaways from the latest controversial and contentious Supreme Court term
▼ + stars: | 2023-07-01 | by ( Ariane De Vogue | ) edition.cnn.com time to read: +17 min

In his opinion blocking the student debt program, Roberts insisted he is concerned about criticisms of the court. “Make no mistake: Supreme Court ethics reform must happen whether the Court participates in the process or not,” he warned. In June, the court sided with a cement mixing company that sought to bypass federal labor law and sue a union in state court for the destruction of property caused by striking workers. On Tuesday, when Roberts announced the court’s opinion in Moore v. Harper, liberals and even some conservatives exhaled, relieved that the court was rejecting a controversial Trump-backed election law theory. “Justice Jackson has a different view,” he said at one point.

Persons: John Roberts, Roe, Wade, ” Roberts, Roberts, Samuel Alito, Clarence Thomas, he’d, Joe Biden’s, Roberts –, –, It’s, Donald Trump’s, ”, Gorsuch, Neil Gorsuch, Bostock, Lorie Smith, ” Alito, Alito, Dobbs, Jackson, Brett Kavanaugh’s, hadn’t, Paul Singer, Singer, ProPublica, “ we’d, “, ” ProPublica, Thomas, Dick Durbin, Elena Kagan, KBJ, Ketanji Brown Jackson, Dr, Adam Feldman, ” Feldman, Sonia Sotomayor, Kagan, Barrett, Thomas couldn’t, ” Jenny Hunter, ” Jackson, ‘, Harper, exhaled, Barack Obama, Rick Hasen –, Hasen, Moore, Thomas Long, Kevin Merida, Michael Fletcher, “ Justice Jackson, Thomas ’ “, ” Thomas Organizations: CNN, Civil, Creative, Politico, Wall Street Journal, Street, GOP, Illinois Democrat, pounced, University of North, National Labor Relations, Independent, Trump, Federal, “, UNC Locations: Colorado, Washington , DC, United States, “, Rome, Illinois, American, Moore, North Carolina

☆ Democratic lawmakers seek Supreme Court investigation into Clarence Thomas
▼ + stars: | 2023-06-27 | by ( Jonathan Allen | ) www.cnbc.com time to read: +4 min

Associate Justice Clarence Thomas, left, talks to Chief Justice John Roberts during the formal group photograph at the Supreme Court in Washington, DC, US, on Friday, Oct. 7, 2022. A group of 18 House Democrats wrote a letter to Chief Justice John Roberts Tuesday urging him to establish an independent investigative arm within the Supreme Court — and pressing for that office to probe Justice Clarence Thomas' relationship with a wealthy GOP donor. The Goldman letter recommends the establishment within the court of an "independent investigative body" that can provide transparency and accountability by probing "alleged ethical improprieties." After the Thomas story broke in April, Roberts declined Senate Judiciary Chairman Richard Durbin's request for him to appear before the panel to discuss Supreme Court ethics. Roberts is under no obligation to respond to the Goldman letter, much less create new institutions within the court.

Persons: Clarence Thomas, John Roberts, Dan Goldman, Roberts, ProPublica, Thomas, Harlan Crow's, Samuel Alito, Paul Singer, Neil Gorsuch, Greenberg Traurig, Goldman, Alito, Mitch McConnell, Justice Thomas, Richard Durbin's Organizations: Democrats, Rep, NBC, GOP, Politico, Democratic, Republican Locations: Washington , DC, Alaska, Ky

☆ Opinion: Where Putin goes from here
▼ + stars: | 2023-06-25 | by ( Richard Galant | ) edition.cnn.com time to read: +10 min

We’re looking back at the strongest, smartest opinion takes of the week from CNN and other outlets. CNN —“It is a stab in the back of our country and our people,” Russian President Vladimir Putin told his nation Saturday as he faced an unprecedented challenge from his former ally, Yevgeny Prighozin, head of the Wagner mercenary group. “The Russians were not stabbed in the back during World War I, as Putin suggested during his remarks on Saturday,” wrote Peter Bergen. Sound familiar?”“A keen student of Russian history, Putin is aware of the stakes here. The Wagner force served the Russian president as a useful tool he could control for foreign adventures.

Persons: Vladimir Putin, Yevgeny Prighozin, Wagner, Tsar, Putin, Prighozin, “, Alexander Lukashenko, Putin’s, ”, Peter Bergen, Nicholas II, ” Prighozin, CNN’s Nathan Hodge, Hodge, ” Putin’s, Mark Galeotti, John Roberts, Amy Coney Barrett, Neil Gorsuch, “ what’s, Edmund, Burke, ’, Roe, Wade, Critics, ProPublica, Samuel Alito, Paul Singer, Alito, Singer, salmons, Singer’s, Clay Jones, you’re, Erwin Chemerinsky’s, Ann Telnaes “, Chemerinsky, Samuel Dickman, Allison Hope, Hunter Biden, Donald Trump Lisa Benson, Joe Biden’s, Donald Trump, Julian Zelizer, Biden, Trump, Norman Eisen, ” Alberto Gonzales, George W, Bush, Department’s, ” “, …, Justin Gest, White, Joel Pett Organizations: CNN, Soviet, Kremlin, US, Quinnipiac University, Justice Department, GOP, Republicans, Trump, Agency Locations: Russia, Moscow, Belarus, Ukraine, “, Europe, Alaska

☆ Supreme Court Justice Samuel Alito wrote a WSJ op-ed instead of commenting for a story that revealed his ties to a billionaire who had 10 cases before SCOTUS
▼ + stars: | 2023-06-21 | by ( Madison Hall | ) www.businessinsider.com time to read: +3 min

A recent ProPublica report details how Alito took an expensive trip with a billionaire before reviewing cases involving him. ProPublica asked Alito for comment on the story, but the court's spokeswoman said he wouldn't comment. Hours later, Alito published his response to the Wall Street Journal. Hours after the spokeswoman said Alito wouldn't comment, Alito did comment — just not to ProPublica. Instead, the longtime justice published an op-ed to the Wall Street Journal titled "Justice Samuel Alito: ProPublica Misleads Its Readers."

Persons: Alito, ProPublica, —, Samuel Alito, Paul Singer, ProPublica's, Singer, Abbe Smith, I'd, Smith, Alito should've Organizations: Wall Street, Service, Street, GOP, Wall, Supreme Locations: Alaska

☆ Justice Samuel Alito admits taking luxury fishing trip with GOP billionaire who later had at least 10 cases before SCOTUS
▼ + stars: | 2023-06-21 | by ( Sophia Ankel | ) www.businessinsider.com time to read: +4 min

Justice Samuel Alito defended his relationship with GOP megadonor Paul Singer in a WSJ op-ed. He admitted to taking a fishing trip with Singer in 2018, but said their interactions were "brief." The op-ed was in response to a report that was being written by the investigative journalism outlet ProPublica. It said that luxury fishing lodge charged more than $1,000 a day. In response, Alito wrote the fishing lodge in Alaska was "comfortable but rustic", serving "homestyle fare".

Persons: Samuel Alito, GOP megadonor Paul Singer, Singer, Alito, —, Paul Singer, ProPublica, Alito's Organizations: GOP megadonor, Service, GOP, Singer, Elliott Management Locations: Alaska, Singer's, Argentina, Kobe

NEW YORK, June 20 (Reuters) - Conservative U.S. Supreme Court Justice Samuel Alito on Tuesday published a commentary in the Wall Street Journal defending himself from questions about his ethical conduct raised in a yet-to-be published article by news outlet ProPublica. Alito's comments come as the court has been embroiled in ethics controversies - in particular revelations about ties between conservative Justice Clarence Thomas and a Texas billionaire. Alito wrote that for the private flight to Alaska, which appears to have taken place in 2008, Singer "allowed me to occupy what would have otherwise been an unoccupied seat." Alito said the justices commonly interpreted financial disclosure requirements to mean that "accommodations and transportation for social events were not reportable gifts." Alito also said he had "no obligation" to recuse in any case connected to Singer, with whom he has spoken to a handful of times.

Persons: Samuel Alito, Alito, Paul Singer, ProPublica, Clarence Thomas, Singer, Singer's Elliott, Andrew Chung, Lincoln Organizations: YORK, Conservative U.S, Supreme, Street Journal, Judicial, Singer, Singer's Elliott Management, Thomson Locations: Alaska, Texas

☆ Justice Sam Alito took a luxury fishing trip with a billionaire who supports a group that wants to block Biden's student-loan forgiveness
▼ + stars: | 2023-06-21 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

ProPublica reported that Justice Sam Alito took a luxury fishing trip with billionaire Paul Singer in 2008. Both Singer and Alito denied discussing any business interests related to SCOTUS cases on the trip. That group also filed an amicus brief with the Supreme Court asking it to block Biden's relief plan — a decision the court is expected to hand down in the coming days. The spokesperson also said that Singer did not have "any pending matters before the Supreme Court, nor could Mr. Singer have anticipated in 2008 that a subsequent matter would arise that would merit Supreme Court review." "On no occasion have we discussed the activities of his businesses, and we have never talked about any case or issue before the Court," Alito wrote.

Persons: ProPublica, Sam Alito, Paul Singer, Singer, Alito, SCOTUS, —, Jr, Joe Biden's, Biden, Brown, SBPC, Paul Singer's, Miguel Cardona Organizations: Manhattan Institute, GOP, Service, Republican, Congress, Street, Protection Center, . Nebraska, US Department of Education, Network, Judicial, Democratic, Biden Locations: —, Alaska, ., Brown, Brown and Nebraska

☆ Supreme Court Justice Samuel Alito takes heat for trip on private jet owned by hedge-fund billionaire
▼ + stars: | 2023-06-21 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

Senate Democrats on Wednesday blasted Supreme Court Justice Samuel Alito for failing to disclose as a gift his trip on a private plane owned by hedge-fund billionaire Paul Singer to travel with Singer to a luxury fishing excursion. "He allowed me to occupy what would have otherwise been an unoccupied seat on a private flight to Alaska," Alito wrote. But ProPublica said that Alito appears to have broken the financial disclosure law because the law requires disclosure of gifts of private jet flights. "I will tell you this defense offered by Justice Alito is laughable, laughable," Durbin said, referring to Alito's op-ed, according to NBC News. Durbin called on Supreme Court Chief Justice John Roberts to issue a code of ethics for the high court, which lacks one.

Persons: Samuel Alito, Paul Singer, Singer, Alito, ProPublica, Sen, Dick Durbin, Justice Alito, Durbin, John Roberts Organizations: Wednesday, Management, Street, Supreme, Illinois Democrat, NBC News Locations: Argentina, Alaska

☆ Toshiba gives shareholder management masterclass
▼ + stars: | 2023-06-09 | by ( Una Galani | ) www.reuters.com time to read: +3 min

Its limited visibility on the value of the memory-chip specialist was one reason it cited for its earlier restraint. Follow @ugalani on TwitterCONTEXT NEWSToshiba said on June 8 that its board has decided to recommend shareholders accept a tender offer from a group led by Japan Industrial Partners. The tender offer is expected to be launched some time from late July. Among other factors, it cited limited visibility into the value of chipmaker Kioxia, of which Toshiba owns around 40%. In recommending the offer, Toshiba noted the book value of Kioxia’s shares had fallen since its March announcement.

Persons: Paul Singer’s Elliott, Daniel Loeb’s, Jerry Black, Antony Currie, Katrina Hamlin Organizations: Reuters, Toshiba, Japan Industrial Partners, Paul Singer’s Elliott Management, Farallon Capital, Thomson Locations: MUMBAI, Kioxia, Japan

☆ Activist investor Elliott Management bets on this small-cap music stock, ditches News Corp
▼ + stars: | 2023-05-16 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

Activist investor Elliott Management unveiled a new stake in a little-known independent music stock during the first quarter, according to recent securities filings. As the energy sector slumped, Singer maintained his $1.49 billion stake in Marathon Petroleum , and positions in Noble Corporation and Suncor Energy . Elliott also liquidated its nearly $47.5 million stake in Aerojet Rocketdyne . On the technology front, Singer maintained his $761.2 million stake in Pinterest , and smaller positions in PayPal and Western Digital . Recent filings show that Elliott, among the largest hedge funds in the world, managed roughly $93.2 billion regulatory assets.

☆ Piggyback Icahn? These are the best-performing activists you should follow into stocks
▼ + stars: | 2023-04-21 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Goldman Sachs said only a handful of activist investors have the power to move stocks the way he does. The Wall Street firm analyzed 2,142 shareholder activism campaigns since 2006 and identified the investors with the most number of campaigns. "A wide performance distribution exists for both successful and unsuccessful activist campaigns and varies by type of activist demand," Goldman's head of U.S. equity strategy David Kostin said in a note. The stocks Carl Icahn invests in tend to enjoy a double-digit boost in the 12 months after he starts an attack, according to Goldman. Other activists that have a similar impact on stocks during the time frame are Ancora Advisors and Clinton Group, Goldman said.

☆ These vulnerable major stocks could be activists' next targets, according to Goldman
▼ + stars: | 2023-04-21 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Shareholder activism could continue its momentum this year, and a number of major companies could be popular targets, according to Goldman Sachs. "Sales growth has been the most important variable in determining an activist target, followed by EV/sales valuation." Goldman screened the Russell 3000 index for companies that may be susceptible to a campaign by an activist investor. Bath & Body Works could experience more action from activists this year, according to Goldman's screen. In the retail space, Goldman also predicts activists may target Best Buy , Burlington Stores and CarMax .

☆ The Fed warned of a looming credit crunch. Americans say it’s already arrived.
▼ + stars: | 2023-04-11 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

We just saw a more extreme distribution play out in the stock market, too. Just 20 names drove 90% of the gains in the S&P 500 over the first three months of the year. The Fed has been warning of tightening credit conditions since last month's handful of bank failures, but policymakers spoke as if it were some future event. Remember, a so-called credit crunch means lenders raise the bar for borrowers, and people have to meet stricter parameters to get a loan. "The credit crunch has started," Torsten Slok, chief economist at Apollo Global Management, said in response to the report.

☆ A billionaire investor who predicted the '08 crisis and the post-COVID inflation spike sees 'significant' recession risk and a prolonged period of low asset returns
▼ + stars: | 2023-04-10 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

Paul Singer sounded recession alarms and warned of a lengthy period of low returns. Singer previously called the subprime mortgage crisis and warned of the post-Covid inflation spike. There's a significant chance of recession," Singer said. "We see the possibility of a lengthy period of low returns in financial assets, low returns in real estate, corporate profits, unemployment rates higher than exist now and lots of inflation in the next round." Singer was one of the first to call the subprime mortgage crisis in 2008, and warned of high inflation at the start of the Covid-19 pandemic.

☆ Paul Singer, the Man Who Saw the Economic Crises Coming
▼ + stars: | 2023-04-08 | by ( James Freeman | ) www.wsj.com time to read: 1 min

New York“Men and nations behave wisely,” the Israeli statesman Abba Eban observed, “when they have exhausted all other resources.” Imagine if our economic policy makers listened to Paul Singer instead. Mr. Singer, 78, is founder of Elliott Management and one of the world’s most successful hedge-fund proprietors. Before the financial crisis of 2008, he tried to alert investors and public officials about the dangers of subprime mortgages. In the 15 years since, he’s repeatedly warned that the landmark Dodd-Frank Act of 2010, and the expansive monetary policies along the way, were inviting disaster.

Other investors who have held Toshiba longer may not be so lucky: the offer price represents a 15% discount from a December 2014 high. Some were introduced to JIP by Toshiba's management, some of the people said, declining to be identified because the information is not public. Toshiba's management, including CEO Taro Shimada, will stay on, while the government keeps Toshiba's sensitive defence and nuclear technologies in Japanese hands. Toshiba felt stable shareholders were desirable to end the tumult, unlike current shareholders "with many differing views", it said. JIP does not see the need for big strategy adjustments, Toshiba said.

☆ See the pitch deck Zus Health used to convince top VCs like Andreessen Horowitz, F-Prime, and Maverick to back its solution for healthcare's $140 billion data-sharing problem
▼ + stars: | 2023-03-16 | by ( Blake Dodge | Rebecca Torrence | ) www.businessinsider.com time to read: +3 min

Zus Health launched in 2021 with $34 million from investors including Andreessen Horowitz, F-Prime Capital, Maverick Ventures, and Rock Health. Bush, Zus' CEO, told investors in a pitch, per a video Bush sent to Insider. Bush told Insider he was "blessed" to have his stake in the company diluted in this fashion, given the funding climate. "There's all these little pieces, but all of them are just re-clipboarding because nobody has a common clinical story," Bush told investors. Here's the deck Zus used to raise $40 million from Andreessen Horowitz, F-Prime Capital, Maverick Ventures, and Jazz Venture Partners.

☆ We got the presentation health-tech veteran Jonathan Bush used to land $40 million for his new startup Zus Health
▼ + stars: | 2023-03-16 | by ( Blake Dodge | Rebecca Torrence | ) www.businessinsider.com time to read: +3 min

Zus Health, his new startup, aims to continue some of his work at Athena to digitize patient health. Zus Health launched in 2021 with $34 million from investors including Andreessen Horowitz, F-Prime Capital, Maverick Ventures, and Rock Health. Bush, Zus' CEO, told investors in a pitch, per a video Bush sent to Insider. Bush told Insider he was "blessed" to have his stake in the company diluted in this fashion, given the funding climate. "There's all these little pieces, but all of them are just re-clipboarding because nobody has a common clinical story," Bush told investors.

☆ M&A bankers trip over their cracked crystal balls
▼ + stars: | 2023-03-08 | by ( Liam Proud | ) www.reuters.com time to read: +7 min

The M&A pipeline generally has three components: announced deals that are almost certain to happen; announced deals that may not get over the line; and deals that have neither been announced or perhaps even conceived. Reuters GraphicsThere’s a much tighter relationship between equity markets and M&A, implying that CEOs pursue corporate marriages when their share prices are high. One common way to get around this problem is to look at the value of announced deals as a percentage of total worldwide market capitalisation. WEAKNESS IN NUMBERSUnsurprisingly, given all the uncertainty, some bankers take their pipeline estimates with an appropriately large pinch of salt. Reuters GraphicsFollow @liamwardproud on TwitterCONTEXT NEWSCompanies announced $3.6 trillion of mergers and acquisitions in 2022, according to Refinitiv, compared with $5.7 trillion in 2021.

☆ Here's what market forces and company innovations Club members care about most
▼ + stars: | 2023-03-05 | by ( Jim Cramer | ) www.cnbc.com time to read: +6 min

I spent the day last weekend with CNBC Investing Club members in New York City. We own Meta, Amazon and Alphabet for my Charitable Trust, which we use as our Club portfolio. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

☆ Marc Benioff has yet to satisfy the most powerful activist investor. Elliott Management demands a 'sustainable leadership plan' for Salesforce.
▼ + stars: | 2023-03-02 | by ( Ellen Thomas | Ashley Stewart | ) www.businessinsider.com time to read: +3 min

Salesforce reported strong results, a huge new share buyback plan, and concessions for activist investors. That wasn't enough for Elliott Management, one of the most feared activist hedge funds. Benioff will have to fix Salesforce's succession crisis to appease activist investors. Salesforce reported strong results on Wednesday, announced an extra $10 billion in share buybacks, and scrapped its M&A committee, signalling no more big, pricey acquisitions. Company insiders, former employees and Wall Street analysts increasingly expect Salesforce to put a succession plan in place soon.

☆ There are growing expectations that Salesforce is readying a succession plan to appease activist investors. 'There's not a lot of people sitting on the bench,' one analyst said.
▼ + stars: | 2023-03-01 | by ( Ellen Thomas | Ashley Stewart | ) www.businessinsider.com time to read: +8 min

Analyst said any succession plan would be about giving investors "comfort" about the future. Company insiders, former employees and Wall Street analysts increasingly expect Salesforce to put a succession plan in place soon. 'If he's willing to work with the activists, then he can stay CEO'Analysts think that if a succession plan is announced soon, it won't include Benioff's immediate exit. "Benioff is Salesforce and Salesforce is Benioff," said Dan Ives, an analyst at Wedbush Securities. Bret Taylor, former Salesforce executive SalesforceTaylor's departure in late November left Salesforce with a limited bench of potential successors.

☆ Don't act on new activist push for board seats at Salesforce before earnings, Benioff reaction
▼ + stars: | 2023-03-01 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +8 min

Hedge fund Elliott Management's decision to nominate candidates for Salesforce 's (CRM) board represents an escalation of the activist agitation at the Club holding. The Club generally believes activists' wishes for cost-cutting at Salesforce are positive, as long as Benioff remains at the helm. It's unclear whether Elliott is nominating two or three candidates for Salesforce's board, according to CNBC's David Faber, who broke the story Wednesday morning . Benioff is chairman of Salesforce's board. However, we don't want the activist pressure at Salesforce to cause Benioff to depart the company.

☆ The Barnes & Noble CEO says sales are rising because he trusts his booksellers to 'create good bookshops' and run each store the way they want to
▼ + stars: | 2023-02-25 | by ( Stephanie Stacey | ) www.businessinsider.com time to read: +4 min

Sales at Barnes & Noble are rising because staff are it's not trying to make stores "homogenous," its CEO said. "Sensible retailing principles" equal "terrible bookstores," Daunt told the Business Studies podcast. He took over as CEO of Barnes & Noble in 2019 with plans to update the chain's 600 stores across the US. By 2022, total sales at Barnes & Noble were 3% higher than pre-pandemic levels, with book sales up by 14%. "If you're in Alabama, you should run a very different bookstore to if you're on the Upper West Side of Manhattan," he told Business Studies.

☆ Cramer sees a 'good chance' Salesforce's Benioff will soon announce succession plans
▼ + stars: | 2023-02-25 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +4 min

Jim Cramer suggested Saturday that plans for a leadership change at Club holding Salesforce (CRM) — helmed by co-founder Marc Benioff for more than two decades — may be disclosed in the near future. CRM YTD mountain Salesforce (CRM) YTD performance In early January, Salesforce announced a cost-cutting plan that included layoffs and office space reductions — moves that Jim has said were pushed for by Starboard . While Benioff has said he's "never leaving" Salesforce , the company has twice elevated an executive to the role of co-CEO. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Marc Benioff, founder, chairman and CEO of enterprise cloud computing company Salesforce.

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