A Japanese bank's bold run ended, the creator of Citigroup called for an end to megabanks, the New York Fed faced more questions and China made a $15 billion oil bid. A look back on our reporting of the last week's highs and lows in finance.
Chinese Oil Company Bids $15 Billion for Canadian Producer | The transaction “will be a huge test of whether regulators are now more willing to accept Chinese ownership of strategic assets,†Michael J. de la Merced and Ian Austen reported. DealBook '
NRG Energy to Buy GenOn in Move to Bolster Stocks and Cut Costs | The deal, for about $1.7 billion in stock, creates one of the biggest independent power generation companies in the country, Mr. de la Merced reported. DealBook '
JPMorga n Shakes Up Management | “The nation's largest bank by assets promoted Matthew Zames and Frank Bisignano to co-chief operating officers,†Jessica Silver-Greenberg reported. DealBook '
Chief's Fall Ends Japanese Bank's Bold Run | Nomura's appointment of Koji Nagai “may signal a retreat to Japan after the costly global ambitions of his predecessor,†Hiroko Tabuchi reported. DealBook '
Major Deals Help 2 Banks Outperform Larger Rivals | “Among [Lazard and Evercore Partners'] pitches to management teams are their independence from potentially conflicting businesses like trading and corporate lending,†Mr. de la Merced reported. DealBook '
2 Banks Dispute Value of Brokerage Firm | The “apparent inconsistency reveals how much is at stake as Morgan Stanley wrangles with Citigroup over acquiring a bigger share†of Morgan Stanley Smith Barney,†Susanne Craig and Peter Eavis reported. DealBook '
Square Looks to New Financing and Loftier Value | The mobile payments start-up “is close to raising roughly $200 million, which would give the company an implied valuation of $3.25 billion,†Evelyn M. Rusli reported. DealBook '
DealBook Column: Taking a Risk, And Hoping That Lightning Strikes Twice | Andrew Ross Sorkin says that “the career trajectory of many tremendously successful entrepreneurs in Silicon Valley often looks like a rocket ship that stops in midair.†DealBook '
“Every good entrepreneur I know ends up in the wasteland of being a venture capitalist. It's really frustrating,†Sean Parker said.
Barclays' Profit Falls As New Regulatory Problems Emerge | “The British bank disclosed that it was facing a number of lawsuits related to the rate-rigging scandal and that regulators were investigating the company's financial director on a different matter,†Mark Scott reported. DealBook '
- Ex-Barclays Official in Line for $13.6 Million Payout | The c ompensation package could add to the scrutiny. DealBook '
- House Panel Questions Geithner on His Handling of Barclays' Rate-Rigging | “It appears you treated it as almost a curiosity, or something akin to jaywalking, as opposed to highway robbery,†said Jeb Hensarling, Republican of Texas. DealBook '
- New York Fed Faces Questions Over Policing Wall St. | “The regulator is hampered by its lack of enforcement authority and dogged by concerns that it is overly cozy with the banks,†Ben Protess and Ms. Silver-Greenberg reported. DealBook '
Deal Maker Now Doubts Megabanks | Sanford I. Weill “would like to resurrect the regulation that he once fought,†Mr. de la Merced reported. DealBook '
“What we should probably do is go and split up investment banking from banking,†Mr. Weill, the former chief executive of Citigroup, told CNBC. “Have banks do something that's not going to risk the taxpayer dollars, that's not going to be too big to fail.â€
Analyst Pleads Guilty to Insider Trading | John Kinnucan “emerged as one of the government's most vociferous critics,†Azam Ahmed reported. But “his communications began to grow increasingly outlandish.†DealBook '
Deal Professor: How Picking a Chief Executive Is More Random Than Wise | Steven M. Davidoff says that “there is little solid analysis on what makes an effective chief executive.†DealBook '
This all means that the selection of a chief seems more about group decision-making than anything else. And group decision-making can be quite random.
