Wall Street banks have long been accused of ignoring conflicts or playing both sides in a deal. That’s not stopping them from both advising Markit Ltd. on its initial public offering and standing to reap as much as $1 billion as owners of the financial-data provider.
The pitch was enticing. At a time when the Standard & Poor’s 500 Index had suffered a decline of 41 percent in the previous three years, Morgan Stanley was offering its clients the possibility of some relief.
Bill Ackman’s Pershing Square Capital Management LP amassed almost 10 percent of Allergan Inc. in less than two months without raising many eyebrows at the Botox-maker he’s now targeting in a hostile takeover bid.
Uruguay, South America’s third- cleanest country in terms of carbon emissions, plans to develop as many wind farms as its electricity grid can support to diversify energy supplies beyond fossil fuel and hydropower.
Mary Jo White, the first former prosecutor to serve as chairman of the U.S. Securities and Exchange Commission, has pledged to run a “bold and unrelenting” enforcement program at the agency charged with regulating Wall Street.
For three years, former AOL Inc. executives Steven Rindner and Mark Wovsaniker have fought regulators’ claims that they helped their company artificially inflate advertising revenue just before its ill-fated 2001 merger with Time Warner Inc. In June, the U.S. Supreme Court gave them reason to hope.
Analysts predict Goldman Sachs Group Inc. will pay $1 billion or more to settle a Securities and Exchange Commission fraud suit that triggered a 26 percent drop in the firm’s stock, Bloomberg News’s Jesse Westbrook and David Scheer report. Extracting such a record-setting penalty may be easier said than done.