Never mind Facebook; the Winklevoss twins rule in digital money. | An ex-KPMG partner is charged in insider case. | Seeking relief, banks are shift risk to murkier corners. | Ex-regulators are finding a home with a powerful firm. | A solution for Penney may be to sell itself, or some of its assets. | A battle is heating up over the fate of a troubled energy buyout.
A look back on our reporting of the past week’s highs and lows in finance.
German Conglomerate to Buy European Coffee Company for $9.8 Billion | The wealthy Reimann family’s deal for D.E. Master Blenders 1753 is one of the largest takeovers in Europe so far this year. DealBook »
Penney Enlists Blackstone to Help It Raise Money | Analysts have estimated that Penney could burn through as much as $1 billion this year. At the moment, the company favors raising new debt, given how low its stock trades now. DealBook »
- A Solution for Penney May Be to Sell Itself, or Some of Its Assets | The most promising option may be trying to profit from Penney’s real estate â€" the actual property or leases of its 1,104 stores, of which it owns 429. DealBook »
JPMorgan Shows Strength in Quarter | The nation’s largest bank reported a 33 percent rise in first-quarter earnings, bolstered by gains in the investment banking business and a surge in mortgage lending. DealBook »
In Push for Diversity, Breaking Down the Boardroom Door | Concluding that “there was no demand for women†on corporate boards, Beth Stewart decided to start a business to find them. DealBook »
Seeking Relief, Banks Shift Risk to Murkier Corners | As regulators press for banks to be safer, financial firms are transferring the risk of some assets to a less regulated area of Wall Street. DealBook »
Deal Professor: In the Markets, at Least, Fannie and Freddie Still Astound | The mortgage finance companies Fannie Mae and Freddie Mac are in conservatorship and the government wants to wind them down. Yet their share prices have jumped this year. DealBook »
Exchanges Are Moving to Curb Private Trades | As more trading takes place away from the public exchanges, regulators have been examining whether “dark pools†create an uneven playing field. DealBook »
Battle Heats Up Over Fate of Troubled Energy Buyout | Energy Future Holdings may want to tie a restructuring into a neat bow, but some creditors are certain to make this a fight of junkyard dogs. DealBook »
Never Mind Facebook; Winklevoss Twins Rule in Digital Money | Silicon Valley and Wall Street are taking note of bitcoin, which has drawn prominent investors like the Winklevoss twins. DealBook »
Ex-KPMG Partner Is Charged in Insider Case | Prosecutors charged Scott London with leaking client data, saying that he likened insider trading to “counting cards in a casino.†DealBook »
- Tips Traded on a Golf Course Led to the Downfall of a Top KPMG Executive | A person briefed on the case said a former executive at KPMG gave insider tips to a golfing buddy in exchange for cash and gifts. DealBook »
- Under Scrutiny, Auditors Reconsider Procedures | The fresh look at internal practices came after news that a senior partner at KPMG gave confidential information about two clients. DealBook »
- KPMG Cancels Audits Over Insider Trading Inquiry | KPMG resigned as auditor for Herbalife and Skechers and withdrew audit reports after a KPMG employee was found to have given information on clients to a third party. DealBook »
Herbalife Ties to ‘Work From Home’ Promoters May Draw New Scrutiny | The Federal Trade Commission has received hundreds of complaints from consumers who said they were unwittingly recruited to sell for the nutritional products company. DealBook »
Consultants to Banks Are Sharply Questioned on Independence | The use of consultants, who are paid by the same banks they are expected to help reform, is being examined at a Senate Banking Committee hearing. DealBook »
- U.S. Efforts to Regulate Consultants Face Big Obstacles | Regulators’ close ties to consultants and limited legal authority to penalize them present major challenges to attempts to rein in the consulting industry. DealBook »
- Ex-Regulators Find Home With a Powerful Firm | Promontory Financial is a consulting firm stocked with former government officials and paid billions by banks to help it navigate an onslaught of new regulations. DealBook »
- First Checks to Be Issued in Mortgage Settlement | The nation’s top banking regulators have some good news for troubled homeowners: the checks will be in the mail soon. DealBook »
‘Upgrade’ | Yes, “bitcoin moguls†is a nice title, but “hip hop moguls†is an upgrade. YouTube »
