U.S. accuses Steven Cohen of failing to prevent SAC insider trading. | Big banks, flooded in profits, fear flurry of new safeguards. | JPMorgan executive may escape penalty. | Dell buys time to seek support for sale to its founder. | S.E.C. tries to use trader’s Goldman colleague to bolster case. | On Wall St., a culture of greed won’t let go, says Andrew Ross Sorkin.
A look back on our reporting of the past week’s highs and lows in finance.
Dell Buys Time to Seek Support for Sale to Its Founder | Michael S. Dell and Silver Lake got six more days to win support for their $24.4 billion proposal to buy Dell Inc., but the fight to gain additional shareholder support remains tough. DealBook »
- Support Weakens for Dell Founder’s Offer | Shareholders representing roughly 30 percent of the computer company’s shares were arrayed against the proposed $24.4 billion leveraged buyout. DealBook »
Deal Professor: When an Executive Turns Buyout Adviser, Alarm Bells Go Off | In its bid to buy Gardner Denver, Kohlberg Kravis Roberts hired the company’s former chief, Barry Pennypacker, to provide advice, raising questions of fairness, says Steven M. Davidoff. DealBook »
Loblaw, Canada’s Largest Grocer, Is Buying Its Biggest Pharmacy Chain | The Loblaw Companies announced that it would buy Shoppers Drug Mart for $11.9 billion, in a move that would expand the food sections at the pharmacy giant’s stores. DealBook »
2 JPMorgan Directors Resign | David Cote and Ellen Futter, who had received lackluster support from shareholders, resigned, in the latest change in the aftermath of a multibillion-dollar trading loss last year. DealBook »
Big Banks, Flooded in Profits, Fear Flurry of New Safeguards | Wall Street’s big banks have reported giant profits, but they are still opposing aspects of the Dodd-Frank financial reform law and do not like a proposal to set aside more capital to cover future losses. DealBook »
Morgan Stanley Announces a Buyback, and Its Shares Rise | The firm’s shares rose more than 4 percent after it announced strong second-quarter gains and the Fed’s approval to repurchase $500 million worth of its stock. DealBook »
BlackRock’s Earnings Increase 32 Percent | The giant money manager rose to fame as a bond manager, but it appears to have skated around the recent turmoil in the bond market. DealBook »
Bank of America Reports 63% Gain in Net Income | While revenue rose in the bank’s second-quarter financial report, it received a lift from much lower expenses. DealBook »
Goldman, Its Profit Doubling, Sees Hope for U.S. Recovery but Doubts for Global Growth | The bank posted net income of $1.93 billion, or $3.70 a share, well ahead of analysts’ expectations. DealBook »
DealBook Column: On Wall St., a Culture of Greed Won’t Let Go | A report on ethical conduct surveyed 250 industry insiders, a quarter of whom said they would engage in insider trading to make $10 million if there were no repercussions, says Andrew Ross Sorkin. DealBook »
Ex-Chief of I.M.F. Joins Bank in Russia | Dominique Strauss-Kahn, a French political leader whose career foundered after a series of sex scandals, is joining the board of the Russian Regional Development Bank. DealBook »
Growth in Emerging Markets Lifts Citigroup Profit by 42%, Topping Expectations | The bank’s second-quarter results were strengthened by growth in emerging markets, especially in Asia and Latin America. DealBook »
S.E.C. Files Civil Case Against Steven Cohen of SAC | Federal regulators filed civil charges against Steven A. Cohen on Friday, accusing him of “failing to supervise†employees who face insider trading charges. DealBook »
S.E.C. Rejects Its Own Deal With Hedge Fund Manager | The regulator overruled its own enforcement division’s decision to settle a civil case with the high-flying money manager Philip A. Falcone and his flagship hedge fund, a rare reversal that signals a broader crackdown by the agency. DealBook »
JPMorgan Executive May Escape Penalty | A JPMorgan executive who investigators said lied under oath in an inquiry into energy market manipulation is not expected to face civil charges. DealBook »
- A Fresh Tactic by JPMorgan: A Push to Settle | The Wall Street giant whose reputation in Washington has eroded in a matter of months is now moving to avert a showdown over accusations that it manipulated energy prices. DealBook »
S.E.C. Tries to Use Trader’s Goldman Colleague to Bolster Case | The S.E.C. used Jonathan Egol’s appearance as an opportunity to introduce e-mails and documents that could damage Fabrice Tourre’s defense. DealBook »
- At Trial, S.E.C. Battles Against Its Own Witness | A former hedge fund executive’s testimony is the opposite of what the S.E.C. had expected. DealBook »
- Top Witness for the S.E.C. Turns Testy on the Stand | Parrying questions from the lead S.E.C. lawyer, Paolo Pellegrini, formerly of Paulson & Company, sighed, “I am upset about this conversation.†DealBook »
- Arsenal of Legal Firepower Masses Around Tourre Trial | The civil case against Mr. Tourre put a spotlight on Sean Coffey and a tightknit network of other legal players. DealBook »
- Jury Is Seated at Trader’s Trial, Then Is Showered With Jargon | The civil trial of former Goldman Sachs trader Fabrice P. Tourre in Federal District Court in Manhattan over a failed investment product began Monday. DealBook »
- For Trader, a Global Education Before a Trial | After leaving Goldman Sachs, Mr. Tourre spent time in Africa as a volunteer. Now he is going on trial for charges related to the mortgage crisis. DealBook »
The Trade: Heartening Moves Toward Progress in Bank Regulation | A look at promising proposals to strengthen capital ratios and regulate the derivatives market, says Jesse Eisinger. DealBook »
‘Mo Money Mo Problems’ | Sixteen years after its release, Notorious B.I.G.’s posthumous hit could be the anthem for big banks flush with profits while fearing new regulations. YouTube »
