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☆ Exxon settles Indonesia torture case that led to SEC official’s ouster
  + stars: | 2023-05-16 | by ( ) edition.cnn.com   time to read: +2 min
Reuters —Exxon Mobil on Monday settled a long-running human rights lawsuit with villagers who claimed soldiers Exxon hired to guard a natural gas facility in Indonesia committed murder and torture. The two sides said in a Washington, DC federal court filing that they had resolved the 2001 case. Agnieszka Fryszman, a lawyer for the Indonesian villagers at law firm Cohen Milstein Sellers & Toll, said the terms are confidential. The lawsuit also sought to hold Exxon accountable for alleged atrocities committed by the soldiers. Oh, who did not return to the law firm after her SEC resignation, did not immediately respond to a request for comment.
☆ A drug company abandoned a treatment for ‘bubble boy disease.’ After a 5-year fight, this little girl is about to get it
  + stars: | 2023-04-27 | by ( Elizabeth Cohen Lauren Mascarenhas | Elizabeth Cohen | Lauren Mascarenhas | ) edition.cnn.com   time to read: +29 min
The Sulacks weighed their options: Have a transplant with a match that was less than ideal – far less – or wait for gene therapy to become available. The news release didn’t say anything else about the SCID gene therapy. Or was the company abandoning its plans for SCID gene therapy altogether? In February, 2021, the parents of more than 20 children who were waiting for the gene therapy treatment, including the Sulacks, wrote a letter to Gaspar. Insurance companies have sometimes balked at paying for gene therapy, which is typically given in one treatment.
☆ US-China tensions pose big economic risks because the 2 superpowers are more codependent than ever before, former SEC chief Jay Clayton says
  + stars: | 2023-04-21 | by ( Morgan Chittum | ) www.businessinsider.com   time to read: +2 min
Former SEC chief Jay Clayton said the US and China have become increasingly codependent in recent years. If tensions rise between the two superpowers, it could pose huge risks for both economies, he told CNBC. "We are deeply embedded in China... That means that any kind of sharp pullback is going to have significant economic consequences." "Our largest, most important global company has that kind of co-dependency with China," Clayton said on Friday. That means that any kind of sharp pullback is going to have significant economic consequences," Clayton said, adding that a "pivot has to come."
☆ Goldman Sachs was fined $3 million after it mixed up millions of 'short' sale orders as 'long.' The culprit was one missing line of code.
  + stars: | 2023-04-06 | by ( Huileng Tan | ) www.businessinsider.com   time to read: +2 min
Finra fined Goldman Sachs $3 million for mixing up 60 million short sale orders. Goldman Sachs had mismarked "short" sales orders totaling more than 14 billion shares as "long" sales orders between October 2015 and April 2018, per the filing, which was signed by both, Finra and the investment banking giant. Of the 60 million incorrectly marked orders, Goldman Sachs executed nearly eight million, Finra said. Further, Goldman's mismarked orders led to 12,335 short orders being executed while a short-sale circuit breaker was in place, per the filing. Insider was unable to reach Goldman Sachs via phone lines outside regular business hours.
☆ Bed Bath & Beyond's ousted CEO says he's not to blame for the company's failed turnaround and demands his $6.7 million severance
  + stars: | 2023-04-03 | by ( Dominick Reuter | ) www.businessinsider.com   time to read: +4 min
Former Bed Bath & Beyond CEO Mark Tritton is suing the company, alleging non-payment of his severance agreement. Bed Bath & Beyond said Thursday it needs to raise up to $300 million in new funding to avoid bankruptcy. A representative for Bed Bath & Beyond told Insider the company does not comment on legal matters. One of Bed Bath & Beyond's biggest problems in 2019, the suit says, was its failure to have a serious private-label strategy and Tritton was specifically hired to give it one. If you are a current or former employee of Bed Bath & Beyond or Harmon who would like to share your story, please get in touch with Dominick via email.
☆ Bed Bath & Beyond is now offering $500 bonuses to hourly employees to stop them from quitting before their stores close
  + stars: | 2023-03-30 | by ( Dominick Reuter | ) www.businessinsider.com   time to read: +4 min
Bed Bath & Beyond will give workers at closing stores $500 to stay until the end, sources tell Insider. Sources tell Insider that workers in many stores were quitting before their store's liquidation process was complete, complicating efforts to shut down more than 400 retail stores. Store managers are now expected to receive $2,250, assistant managers should see $1,750, and supervisors should receive $1,000, multiple store managers told Insider. Multiple workers also told Insider the company said it will no longer match 401k contributions for 2022. If you are a current or former employee of Bed Bath & Beyond or Harmon who would like to share your story, please get in touch with Dominick via email.
☆ 'Dr. Doom' economist Nouriel Roubini says the 'crypto apocalypse is coming' as SEC chair Gensler asks for more funding to catch bad actors
  + stars: | 2023-03-30 | by ( Morgan Chittum | ) www.businessinsider.com   time to read: +2 min
Nouriel Roubini says a "crypto apocalypse is coming," rooting for the downfall of the industry again on Thursday. Roubini cited a report that the SEC chief wants more funding to stop bad actors. The famed economist cited recent reports that US Securities and Exchange Commission chairman, Gary Gensler, is seeking more funding to police misconduct in the space. "Finally the SEC will have the [funding] to go after all the other crypto - and other - crooks," he wrote. Gensler added: "As the cop on the beat, we must be able to meet the match of bad actors.
☆ Binance 'could be in big trouble' as the CFTC lawsuit alleges the crypto behemoth dodged regulators and breached laws
  + stars: | 2023-03-28 | by ( Zahra Tayeb | ) www.businessinsider.com   time to read: +10 min
Binance is being blow-torched from all angles as US regulators close in on the world's largest crypto exchange. The CFTC sued the exchange this week for violating US financial laws, whilst some reports suggest Binance has engaged in secret fund transfers. On Monday, the Commodities Futures and Trading Commission (CFTC) sued Binance and Zhao himself, for allegedly breaching US financial laws. Following the shocking implosion of Sam-Bankman Fried's FTX exchange late last year, concerns have risen whether Binance faces similar risks. If US authorities decide the links meant the crypto exchange had control over the US platform, it could expose the company to enforcement action.
☆ The CFTC's suit against Binance marks a deepening crackdown on the crypto industry
  + stars: | 2023-03-28 | by ( Phil Rosen | ) www.businessinsider.com   time to read: +7 min
All this comes just days after the SEC charged a spate of high-profile individuals for fraud and crypto market manipulation. That comes months after the total crypto market value saw about $2 trillion erased in a brutal plunge in token prices. The SEC also warned that the platforms investors use to get involved in crypto aren't quite airtight, in the regulator's view. In other news:FILE PHOTO: A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua Reuters2. The World Bank just warned that this could be the start of a "lost decade" for global economic growth.
☆ US prosecutors charge crypto Terra founder Do Kwon with fraud following his Montenegro arrest
  + stars: | 2023-03-24 | by ( Zinya Salfiti | ) www.businessinsider.com   time to read: +2 min
US fraud prosecutors charged Terraform Labs CEO Do Kwon hours after his arrest in Montenegro. Kwon created two cryptocurrencies TerraUSD and its sister affiliate Luna that lost $40B last year. Prosecutors at the US attorney's office in New York have slapped an eight-count indictment against Kwon, including securities fraud, wire fraud, commodities fraud and conspiracy, according to a Reuters report. The criminal case comes after the US Securities and Exchange Commission charged Kwon and Terraform Labs with alleged fraud last month. The collapse of his Singapore-based Terraform Labs and that of the TerraUSD stablecoin sparked a broader crypto sell-off and wreaked havoc in the digital asset sector.
☆ A person suspected to be crypto developer Do Kwon arrested in Montenegro months after the collapse of TerraUSD
  + stars: | 2023-03-23 | by ( Carla Mozée | ) www.businessinsider.com   time to read: +1 min
A person suspected of being Do Kwon, creator of the now-collapsed TerraUSD stablecoin, has been arrested in Montenegro, a country official said Thursday. The country's interior minister said the suspect was arrested at the airport with falsified documents. Authorities have been looking for months for Kwon since the failure of his Singapore-based Terraform Labs ecosystem and the collapse of the TerraUSD stablecoin wreaked havoc in the crypto market. Police in Montenegro detained a person suspected to be Do Kwon at the Podgorica airport, Montenegro Interior Minister Filip Adzic said on Twitter. South Korea, where Kwon is from, issued an arrest warrant for Kwon in September for for alleged capital markets law violations.
☆ The SEC charges Tron founder Justin Sun and 8 celebrities including Lindsay Lohan and Jake Paul in crypto lawsuit
  + stars: | 2023-03-22 | by ( Sindhu Sundar | ) www.businessinsider.com   time to read: +2 min
The SEC sued Tron founder Justin Sun in a lawsuit involving Tronix and BitTorrent crypto tokens. It also charged eight celebrities with promoting the tokens without disclosing they were paid. Eight celebrities including the actress Lindsay Lohan, YouTuber Jake Paul, and singer Akon were also charged. The SEC said the celebrities it charged promoted crypto assets without making it clear they were being paid. Insider did not immediately receive comment from the charged celebrities it contacted ahead of publication.
☆ Premarket stocks: The forgotten rescue plan that could prevent another SVB-like collapse
  + stars: | 2023-03-15 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +9 min
Bank stocks rebounded significantly on Tuesday after logging record plunges Monday and the week prior. Those banks will coordinate to take Fed loans around the same time on the same day alongside smaller banks. ▸ US bank stocks rebounded on Tuesday, recovering some of their losses after the collapse of three banks tested markets on Monday. Regional bank stocks rallied: First Republic (FRC) Bank ended the day up 27% after a record drop on Monday. The question is whether bank stocks can hold on to their gains or if Tuesday was just a sector-wide dead cat bounce.
☆ Credit Suisse finds ‘material weakness’ in its financial reporting, scraps exec bonuses
  + stars: | 2023-03-14 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +1 min
London CNN —Credit Suisse on Tuesday acknowledged “material weakness” in its financial reporting as it scrapped bonuses for top executives in the wake of its worst annual performance since the global financial crisis. The board concluded that “this material weakness could result in misstatements of account balances or disclosures that would result in a material misstatement to the annual financial statements of Credit Suisse,” it added. Credit Suisse said it was urgently developing a “remediation plan” to strengthen controls. Credit Suisse’s stock was down 3.7% in morning trade. The bank’s share price fell to a new record low Monday, as the collapse of Silicon Valley Bank and Signature Bank scared investors and pummeled European banking stocks.
☆ Silicon Valley's 'greed and avarice' have 'finally come home to roost' in SVB collapse, trader says
  + stars: | 2023-03-13 | by ( Natasha Turak | ) www.cnbc.com   time to read: +2 min
That news sent its stock price plunging and triggered a panic-induced wave of withdrawals from VCs and other depositors. Within a day, SVB stock had tanked 60% and led to a loss of more than $80 billion in bank shares globally. Some argue that the bank's downfall was due to its leaders' greed for yield: its holdings were disproportionately exposed to long-term interest rates, which are at a 15-year high in an effort to bring down inflation. The increased rates hit the value of SVB's securities, which subsequently damaged depositors' confidence. So, to me, it's the system that's broken, or at least needs to be seriously reviewed here."
☆ This one chart shows the uniqueness of Silicon Valley Bank and how it set itself up to fail
  + stars: | 2023-03-12 | by ( Jesse Pound | ) www.cnbc.com   time to read: +2 min
Silicon Valley Bank 's status as a key player for venture capital-backed companies in technology and related industries appears to have played a major role in its demise , according to J.P. Morgan Asset Management. The chart below shows how unique Silicon Valley really was...see it (Ticker: SIVB) in the lower right far away from the other regional banks: The concentrated mix of deposits appears to have contributed to a massive bank run . At banks with a higher percentage of retail depositors, there would be less motivation for those depositors to pull out there money even if the bank was in trouble. Federal regulators are exploring options, including a potential sale of SVB , to backstop the uninsured deposits to soothe these fears. The chart shows that there are other banks with low percentages of retail depositors or high levels of loans plus securities, but that Silicon Valley Back was unusually risky on both fronts.
☆ A Twitter engineer says at least 2 bodyguards accompany Elon Musk around Twitter HQ — even to the restroom
  + stars: | 2023-03-06 | by ( Kate Duffy | ) www.businessinsider.com   time to read: +2 min
Elon Musk is accompanied around Twitter HQ by at least two bodyguards, an engineer told the BBC. The bodyguards even accompany Musk to the restroom, the engineer said. Musk's use of bodyguards inside Twitter's HQ, in San Francisco, suggested a lack of trust in the company's employees, the engineer told the BBC in a report published Sunday. Musk's father Errol said in January that he feared for his son's safety even though he was protected by "100 security guards." He was responding to Twitter user who suggested he should "add more security guards to your team."
☆ Here's how much the typical worker makes at 19 retail companies, from Amazon to Walmart
  + stars: | 2023-03-04 | by ( Dominick Reuter | ) www.businessinsider.com   time to read: +2 min
SEC rules require publicly traded companies to disclose their workers' median annual pay. Here's what the median worker gets paid at 19 retail companies, from lowest to highest. Ever since Amazon set its minimum wage to $15 in 2018, more retailers have followed suit by offering starting wages worth more than double the national minimum wage of $7.25. Rules following the financial crisis of 2008 require public companies to calculate their median worker's annual salary in order to compare it to the CEO's compensation. Scroll through below to see where 19 of the largest companies rank, from lowest to highest annual pay.
☆ Nishad Singh is the latest member of Sam Bankman-Fried's inner circle to plead guilty in FTX case
  + stars: | 2023-02-28 | by ( Sindhu Sundar | ) www.businessinsider.com   time to read: +3 min
Nishad Singh, who led engineering at FTX, has pleaded guilty to six criminal charges. Singh pleaded guilty to six counts, including wire fraud and various conspiracy charges, according to a filing on Tuesday in New York federal court. Caroline Ellison, the former CEO of Alameda Research, and FTX cofounder Gary Wang both pleaded guilty in December and are also cooperating with federal prosecutors. Bankman-Fried, who was hit this month with an updated indictment outlining 12 counts against him, pleaded not guilty in January. Singh had been head of engineering at both FTX and Alameda, according to the SEC's complaint.
☆ The Mormon Church and its investment arm will pay $5 million to settle SEC charges that it went to 'great lengths' to avoid disclosures related to its massive portfolio
  + stars: | 2023-02-21 | by ( Morgan Chittum | ) www.businessinsider.com   time to read: +3 min
The Mormon Church and its investment adviser with pay millions to settle charges with the SEC. The regulator says the Church's investment manager "went to great lengths" to avoid disclosures. The Church of Jesus Christ of Latter-day Saints' has a $100 billion investment portfolio, according to a 13F form. Roger Clarke, the head of Ensign Peak, told the Wall Street Journal that the fund was an emergency account to be used in difficult times. Ensign Peak and the Church have cooperated with the government over a period of time as we sought resolution."
☆ The Mormon Church settles allegations it hid $32 billion in investments. A top exec said the church was worried its staggering wealth would cause members to stop donating.
  + stars: | 2023-02-21 | by ( Chris Panella | ) www.businessinsider.com   time to read: +2 min
The charges allege the two "went to great lengths" to hid the church's $34 billion in investment assets. A top exec said the church was worried revealing its wealth would cause members to stop donating, the Wall Street Journal reported. The church and Ensign Peak agreed to pay a collective $5 million settlement to settle the charges. The scale of the church's wealth only became apparent in 2019 when David Nielsen, a former employee of Ensign Peak Advisors, made a whistleblower complaint. The Mormon Church's investment portfolio features billions in Apple, Microsoft, and health care stocks, Insider previously reported.
☆ Ex-NBA star Paul Pierce will pay $1.4 million to settle charges from the SEC that he made misleading statements while promoting crypto
  + stars: | 2023-02-17 | by ( Carla Mozée | ) www.businessinsider.com   time to read: +3 min
Paul Pierce will pay $1.4 million to settle charges that he made misleading statements while promoting crypto. Kim Kardashian last year paid $1.26 million to settle SEC charges related to EMAX. It found that Pierce didn't disclose that he was paid more than $244,000 worth of EMAX tokens to promote the digital asset on Twitter. EMAX tokens, a crypto asset security sold by EthereumMax, were at the center of the SEC's case against Kim Kardashian last year. The billionaire reality TV star and business owner in October agreed to pay $1.26 million to settle charges stemming from a June 2021 Instagram post about EMAX tokens.
☆ US SEC charges Terra founder Do Kwon with fraud
  + stars: | 2023-02-16 | by ( ) edition.cnn.com   time to read: +2 min
Kwon founded blockchain platform Terraform Labs and was the primary developer of two cryptocurrencies whose demise roiled crypto markets around the world last year. The SEC filing did not say where Kwon was living. According to the SEC’s complaint, Terraform Labs and Kwon misled investors about the stability of UST, and claimed that the firm’s crypto tokens would increase in value. Terraform Labs did not immediately respond to a request for comment. Globally, investors in TerraUSD and Luna lost an estimated $42 billion, according to blockchain analytics firm Elliptic.
☆ Barclays shares plunge 10% as profit falls
  + stars: | 2023-02-15 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +2 min
London CNN —Shares of Barclays tumbled nearly 10% Wednesday after the British bank reported a sharp drop in profit, driven by increased provisions for bad debts and huge fines for wrongly sold securities in the United States. Barclays (BCS) reported a net profit of £5.97 billion ($7.2 billion) for 2022, a 15% decline on the previous year. Meanwhile fee income at Barclays International, which houses its investment bank, slid 22% to £5.2 billion ($6.3 billion). Investors may also have been disappointed by the announcement of a £500 million ($600.7 million) share buyback, adding to pressure on the stock. Barclays said total share buybacks amounted to £1 billion ($1.2 billion) in 2022.
☆ BUSD: US regulator orders Paxos to halt new issues of Binance-branded stablecoin
  + stars: | 2023-02-14 | by ( Michelle Toh | ) edition.cnn.com   time to read: +4 min
Hong Kong CNN —New York’s top financial regulator has ordered a crypto company to stop minting a major stablecoin, widening a clampdown on the embattled digital assets sector. Paxos also said it would “end its relationship” with Binance, the world’s largest crypto exchange. It did not say why the regulator had ordered it to stop issuing BUSD. Last week, the US Securities and Exchange Commission said overseeing crypto assets was a key priority for 2023. According to crypto advocates, the growing global clampdown could undermine the ecosystem for digital assets.
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