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☆ Wall Street banks including Bank of America and Goldman Sachs fined $1.8 billion over failures in monitoring how staff used personal phones to talk about work
▼ + stars: | 2022-09-28 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Wall Street banks have been fined for not monitoring how staff use their phones to talk about work. The offences involved employees ranging senior executives to debt and equity traders. The offences involved employees ranging from supervisors and senior executives to junior investment bankers and debt and equity traders. This included one senior investment banker who had sent and received "tens of thousands" of off-channel text messages, concerning things including investment strategy and client meetings, the SEC said. Each company had failed to retain "hundreds if not thousands of business-related communications," including some connected to their commodities and swaps businesses, the CFTC said.

☆ Gone are the days of chunky bonuses and salary increases. Wall Street's top brass are ready to trim their workforces as annual staff cuts return.
▼ + stars: | 2022-09-23 | by ( Aaron Weinman | ) www.businessinsider.com time to read: +5 min

It's a shift from this time last year, when junior bankers scored significant pay bumps, dealmaking reached record-breaking highs, and investment bankers prepared themselves for some of the chunkiest bonuses they'd ever received. Per this story from Bloomberg, however, the layoffs should not be as severe as what Wall Street experienced after market crashes in 1987 and 2008. For many, the return of staff cuts is kind of a return to normalcy. Fabrice Coffrini/AFP via Getty Images2. Credit Suisse is planning on splitting its investment bank into three parts, according to the Financial Times. The US Securities and Exchange Commission will let Wall Street keep payment-for-order flow, per Bloomberg.

☆ Meet Michael Klausner, the Stanford law professor who is the biggest critic of the SPAC deal craze — and believes its crash was 'completely predictable'
▼ + stars: | 2022-09-23 | by ( Sindhu Sundar | Stephanie Palazzolo | ) www.businessinsider.com time to read: +7 min

Many SPAC deals announced last year have been having a hard time closing. Now, the dismal fates of dozens of SPAC deals announced during last year's SPAC frenzy seem to vindicate his analysis. And others this year, like men's grooming brand Manscaped, SeatGeek, the live event ticket search engine, and business news outlet, Forbes, have all scrapped their SPAC deals to go public. Klausner has been paying attention to SPAC deals for a few years. Of the 275 deals announced in 2021, 240 have closed, according to Dealogic data.

☆ Palantir accused of securities fraud in class-action suit after the company did not profit from 'armed conflicts' and 'economic crises' as claimed
▼ + stars: | 2022-09-22 | by ( Caroline Haskins | ) www.businessinsider.com time to read: +4 min

A lawsuit alleges that Palantir made "materially false and misleading statements" about the company ahead of its earnings reports released May 9. The complaint says that the COVID-19 pandemic and Russo-Ukrainian War are the "destabilizing conditions" that Palantir had said would be "tailwinds for its business." A Palantir investor hit the company with a suit seeking class-action status on September 15, alleging that the software company committed securities fraud by making "materially false and misleading statements" by claiming "armed conflicts" and "economic crises" would help its business and earnings. "As a result, the Company's public statements were materially false and misleading at all relevant times," the complaint says. The law offices of Howard G. Smith also announced it was launching an "investigation" into possible violations of US securities law.

☆ Boeing agrees to pay $200 million for misleading the public about the 737 Max
▼ + stars: | 2022-09-22 | by ( David Goldman | ) edition.cnn.com time to read: +2 min

The SEC alleges that, following an October 2018 crash of a Lion Air 737 Max jet that killed 189 people, Boeing and Muilenburg knew that part of the plane’s flight control system posed an ongoing safety concern yet told the public that the 737 Max was safe to fly. After a March 10, 2019 fatal 737 Max crash, the SEC alleges that Boeing and Muilenburg knowingly misled the public about “slips” and “gaps” in the certification process of that flight control system. Boeing agreed to pay a $200 million settlement, and Muilenburg agreed to pay $1 million. The fines, though large, pale in comparison to the financial hit Boeing has taken over the years because of the 737 Max. Shares of Boeing (BA) fell more than 3% Thursday but rose slightly in afterhours trading following the SEC’s announcement.

☆ Wall Street's biggest investors can't shake a nightmare about the US economy. And that fear is much worse than a recession.
▼ + stars: | 2022-09-18 | by ( Aaron Weinman | ) www.businessinsider.com time to read: +5 min

Talk of a recession, rough inflation data, and the persistent increase in costs of certain staple goods has got Wall Street's biggest investors living in fear of an economic nightmare. Wall Street has been hit by a brutal market sell-off this year. Wall Street investors fear an economic nightmare. BMO Capital Markets is cutting jobs amid the broader downturn in dealmaking, according to Bloomberg. Private-equity investment firm Corsair has made an investment in Miracle Mile Advisors, a wealth advisory firm based in Los Angeles.

☆ UCLA's law school is offering a class on Elon Musk and all of his lawsuits
▼ + stars: | 2022-09-06 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

A UCLA law professor is teaching a class called the "Law of Elon Musk." Stephen Bainbridge, a corporate law professor at the University of California Los Angeles, has launched a class called the "Law of Elon Musk." "I thought this would be a way of really grabbing students' attention," Bainbridge told New York Magazine. Experts previously told Insider Musk's legal argument will be difficult to stand up in court. "The only thing that explains this legal battle is that it's Elon Musk and he does things his own way."

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☆ SPACs are running out of time to close dozens of deals with startups that hoped to go public. Here's why they're being delayed and may not get done.
▼ + stars: | 2022-08-22 | by ( Sindhu Sundar | Stephanie Palazzolo | ) www.businessinsider.com time to read: +5 min

SPAC mergers announced last year have yet to close and are up against the clock. In 2021 alone, they raised nearly $163 billion, and 275 merger deals were announced, according to data from Dealogic. Several SPAC mergers are now in limbo, among them embattled mortgage startup Better.com, fintech company Aspiration, and crypto startup Bullish, which all announced their SPAC mergers more than a year ago. Those price tags are no longer reliable as they've become outdated, adding an extra challenge to securing financing to close deals during a downturn, experts said. Deadlines to close SPAC mergers can vary depending on the lifespan of the blank-check company in question, but typically range from a year to two years.

☆ The SEC is considering requiring US companies to disclose their climate impact. Here's what that means for corporations and investors.
▼ + stars: | 2022-03-09 | by ( Daniel E. Walters | William M. Manson | The Conversation | ) www.businessinsider.com time to read: +8 min

The Securities and Exchange Commission is considering adding climate impact as a mandated disclosure. Some large investors require disclosure. The United Kingdom plans to require climate disclosure starting in April 2022, and the European Union has reporting rules in place. A study of one type of climate disclosure — emissions labels on consumer products — found mixed evidence as to whether consumers altered their behavior in response. A prior oil and gas extraction disclosure rule was invalidated by a court in 2013 as arbitrary and capricious.

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☆ Here's how much the typical worker makes at 15 retail companies, from Amazon to Walmart
▼ + stars: | 2018-10-02 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

Retail employers like Walmart and Target are spending big bucks to hire and retain workers. SEC rules require publicly traded companies to disclose their workers' median annual pay. Here's what the median worker gets paid at 15 retail companies, from lowest to highest. 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 15 of the largest companies rank, from lowest to highest annual pay.

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