Even as Mary Jo White, President Obama’s choice to lead the Securities and Exchange Commission, faces concerns about her work in private practice, she may end up finding a deputy in a lawyer who has taken a similar path. Andrew J. Ceresney, who was Ms. White’s lieutenant as both a defense lawyer and as a federal prosecutor in Manhattan, is a top contender to become her head of enforcement at the S.E.C., DealBook’s Peter Lattman and Ben Protess report. “A Washington outsider and relative unknown beyond legal circles, Mr. Ceresney would help set the tone for policing financial fraud, effectively making him a top cop on Wall Street. He could join as soon as spring, potentially serving as co-chief with the agency’s acting head of enforcement, the people briefed on the matter said.â€
But both Ms. White and Mr. Ceresney face hudles. Ms. White, whose confirmation hearing is set for Tuesday, must address questions about her work with clients like JPMorgan Chase and the board of Morgan Stanley. “At the S.E.C., Mr. Ceresney, 41, would have to police some of the same firms he spent a decade defending. After working at the United States attorney’s office in Manhattan, he built a lucrative legal practice at Debevoise & Plimpton. At the firm, he represented the likes of Kenneth D. Lewis, a former chief executive of Bank of America who faced regulatory investigations over the bank’s hasty takeover of Merrill Lynch during the depths of the financial crisis.â€
Ms. White, who also built a reputation as a tenacious prosecutor, has already agreed to recuse herself for one year from most matters involving former clients. “Mr. Ceresney would probably follow Ms. White’s lead and recuse him! self from certain cases, an important ethical move but also a potential hindrance to his authority.†Still, “the questions surrounding the revolving door illustrate how, even as Ms. White and Mr. Ceresney prepare to usher in a new era at the S.E.C., the agency is dogged by old concerns.â€
IN DELL DEAL, ICAHN STEPS IN THE WAY  | The activist investor Carl C. Icahn is preparing to add his voice to the shareholder opposition to the proposed $24.4 billion buyout of Dell. Mr. Icahn is expected to reveal a major stake in Dell and, like other investors, is expected to express dissatisfaction with the price of the deal by the company’s founder, Michael S. Dell, and the private equity firm Silver Lake, DealBook’s Michael J. de la Merced reports.
Mr. Icahn’s stake in Dell amounts to roughly 6 percent, < href="http://www.cnbc.com/id/100519427">according to CNBC, which cites unidentified “trading sources.†He has already discussed the deal with advisers to a special committee of Dell’s board, Mr. de la Merced reports, citing a person briefed on the matter. “The directors had asked Mr. Icahn to participate in the process to find potential higher bids, which is scheduled to end on March 22. But Mr. Icahn refused, the person said.â€
The special committee, which issued a statement on Wednesday telling shareholders it had fought to get the best price, said it considered possible alternatives to the sale, including what’s known as a leveraged recapitalization. In addition, the special committee has sought to allow competing bidders to enter the fray. “Several companies already have signed nondisclosure agreements to take a peek at Dell’s books as part of the so-called go-shop pe! riod, acc! ording to the person briefed on the matter. Hewlett-Packard, Lenovo and the Blackstone Group have all expressed interest.â€
TIME WARNER TO SPIN OFF TIME INC. Â |Â Time Warner is spinning off its Time Inc. magazine unit into a separate, publicly traded company, after talks with Meredith Corporation ended, the Media Decoder blog reports. The move, resolving questions about what Time Warner would do with its magazines, allows the company to focus on its cable television and film business. The chief executive of Time Inc., Laura Lang, said she would depart when the spinoff of the magazine division is complete.
“The deal with Meredith fell apart in part because of Time Warner’s concern over the fate of four of Time Inc.’s famous but struggling magazines â€" Time, Sport Illustrated, Fortune and Money, according to three people with knowledge of the negotiations who could not publicly discuss private conversations,†Amy Chozick reports on the Media Decoder blog.
SANDBERG’S WALL STREET TOUR  | Sheryl Sandberg, the chief operating officer of Facebook, is heading to Wall Street with her message about women in the workplace. She is scheduled to visit Goldman Sachs, Morgan Stanley and JPMorgan Chase for private events on Thursday and Friday to discuss her book, “Lean In,†which is scheduled to be published on Monday, DealBook reports. The events kick off her East Coast book tour.
ON THE AGENDA Â |Â Pandora Media reports earnings after the market closes. Data on con! sumer cre! dit in January is out at 3 p.m. The European Central Bank, the Bank of England and the Bank of Japan announce interest rate decisions. The Federal Reserve announces the results of bank stress tests at 4:30 p.m. James Chanos of Kynikos Associates is on CNBC at 7 a.m. Robert Dudley, the chief executive of BP, is on Bloomberg TV at 8:30 a.m. Laurence D. Fink of BlackRock is on CNBC at 4:10 p.m.
HOLDER FEARS BANKS ARE TOO BIG TO CHARGE  | Attorney General Eric H. Holder Jr. said on Wednesday that some financial firms had become so big that bringing criminal charges against them could threaten the economy, The Hill reports. Testifying before the Senate Judiciary Committee, Mr. Holder said: “If you do bring a criminal chrge, it will have a negative impact on the national economy, perhaps even the world economy.â€
London Stock Exchange in Revised Deal with Clearinghouse  | The London Stock Exchange said on Thursday that it had agreed to a revised takeover offer for LCH.Clearnet that valued the company at around $824 million. The deal will allow the London exchange to increase its stake in the clearinghouse to as much as 58 percent. DealBook »
Adidas Abandons Plan to Sell Ice Hockey Business  | Adidas ! dropped the plan after bidders failed to make compelling offers, the chief executive said, according to Reuters. REUTERS
Mitsubishi Said to Be Interested in Indonesian Bank Stake  | The Mitsubishi UFJ Financial Group “is among banks considering a purchase of TPG Capital’s $1.6 billion stake in Indonesia’s PT Bank Tabungan Pensiunan Nasional, two people with knowledge of the matter said,†Bloomberg News reports. BLOOMBERG NEWS
Johnson Controls Explores Sale of Auto Electronics Unit
REUTERS
Raising Cash as Stocks Rise  | The Wall Street Journal writes: “Companies are taking advantage of the stock market’s record-breaking rally to raise funds. The rush to sell shares is a sign of U.S. corporations’ desire to boost growth by investing and acquiring rivals after years spent licking the wounds inflicted by the financial crisis.†WALL STREET JOURNAL
A New Partner in ‘Crime’  | The ownership of “C.S.I.: Crime Scene Investigation†is shifting. The New York! Times re! ports: “Content Partners, a financial boutique that buys the future cash flow due stars and others from their screen and musical work, said on Wednesday that it had agreed to acquire the half of ‘C.S.I.’ owned by an affiliate of Goldman Sachs in a deal that makes it a co-owner, with CBS, of the long-running series and its spinoffs.†NEW YORK TIMES
Why Vodafone Should Head for a Verizon Exit  | Vodafone’s stake in Verizon Wireless may be worth $120 billion. If a deal can be reached with Verizon, the big question is what strategic options Vodafone would pursue with such a windfall, Quentin Webb of Reuters Breakingviews writes. REUTERS BREAKINGVIWS
Goldman Hires Asia Executive From Morgan Stanley  | Kate Richdale, a longtime Morgan Stanley executive, is going to Goldman Sachs to lead investment banking services for Asia excluding Japan, according to Bloomberg News. BLOOMBERG NEWS
Out on the Town With Blankfein and His Beard  | Attending a fund-raising event for a nonprofit, Lloyd C. Blankfein of Goldman Sachs “nuzzled his beard against the cheeks of two ladies,†according to Bloomberg News. The chief executive explained: “I was proving to women! everywhe! re that it’s really soft, not coarse.†BLOOMBERG NEWS
Chief Executive of Standard Bank Steps Down  |Â
BLOOMBERG NEWS
A.I.G. Starting Unit to Buy Home Loans  |Â
BLOOMBERG NEWS
Bank of America’s Well-Timed Options Trade in Constellation Brands  |Â
Italian Bank Official Is Found Dead  | The spokesman of Monte dei Paschi di Siena “was found dead at the bank’s Siena headquarters,†according to Reuters. REUTERS
Romney Takes a Position at Son’s Firm  | The former Republican presidential candidate Mitt Romney is “joining his eldest son Tagg’s investment firm, Solamere Capital, as chairman of t! he execut! ive committee,†according to NBC News. “A person with knowledge of the deal tells NBC that Romney is planning to work with Solamere for one week a month. He will be advising on matters of private equity, and is not planning to fund-raise at all for the firm.†NBC NEWS
Carlyle ‘Hopeful’ as Goldman Reviews Equipment-Leasing Company  |Â
WALL STREET JOURNAL
Fledgling Hedge Fund in London Faces Setback  | The hief executive of Portman Square Capital, a hedge fund based in London that has yet to start trading, “has stepped down in a bid to save costs after a big investor pulled its support, people familiar with the situation said,†Reuters reports. REUTERS
Elliott Criticizes Hess Chief as Unaccountable  | Elliott Management criticized a letter sent by Hess’s chief executive, John B. Hess, to another dissident investor, arguing the letter showed the company and its management lacked accountability. DealBook »
Defections From UBS Hedge Fund Unit  | The $6 billion! hedge fu! nd unit within UBS “risks upheaval as senior traders seek to defect after a clampdown on cash bonuses, two people with direct knowledge of the situation said,†Bloomberg News reports. BLOOMBERG NEWS
A Face-Lift for Facebook  | Facebook plans to announce a redesign of its News Feed on Thursday, reflecting the company’s efforts “to keep drawing users to the site while not alienating them with more finely targeted advertisements, which is Facebook’s chief source of revenue,†The New York Times reports. NEW YORK TIMES
Positive Sign for Singapore I.P.O.’s  | The strong performance of Mapletree Greater China Commercial Trust in its trading debut on Thursday in Singapore could prompt other companies to sell shares, analysts predicted, according to The Wall Street Journal. WALL STREET JOURNAL
Paul Capital Takes Stake in Brazilian Venture Fund  | Paul Capital, a private equity firm focused on secondary market transactions, has acquired 18.2 percent of a fund managed by the Brazilian technolog! y venture! capital firm Ideiasnet for about $40 million. DealBook »
Apps Make Reporting the Weather Amusing  |Â
NEW YORK TIMES
The Tax Benefits of Working in the Office  | Research shows that in some industries, casual interaction among employees enhances creativity and innovation. Plus, some benefits, like free meals, might actually give workers a tax break, Victor Fleischer writes in the Standard Deducion column. DealBook »
Banks Said to Consider Defying Fed on Dividend Plans  | “The largest U.S. banks are weighing whether to disregard a Federal Reserve request and announce their dividend plans shortly after the central bank’s stress tests are released, people with knowledge of the process said,†Bloomberg News reports. BLOOMBERG NEWS
With Legal Reserves Low, Bank of ! America F! aces a Big Lawsuit  | A lawsuit over the bank’s mortgage portfolio could cost tens of billions more than planned, prompting critics to say Bank of America has not set aside enough for a settlement, Jesse Eisinger writes in his column, The Trade. The Trade »
A Bit of Economist Humor  | The satirical Web site The Daily Currant has a (fictional) report: “Economist and columnist Paul Krugman declared personal bankruptcy today following a failed attempt to spend his way out of debt.†DAILY CURRANT
