DealBook: U.S. to Propose Wider Oversight of Compensation
DealBook: Edited by Andrew Ross SorkinThe New York Times
Monday, June 8, 2009
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1. Top Story: U.S. to Propose Wider Oversight of Compensation
2. M & A: Barclays Nears Sale of Asset Manager to BlackRock
3. Banking: Regulators Push for Change at 2 Troubled Banks
4. Private Equity: Private Equity's Looming 'Maturity Bubble'
5. Hedge Funds: For Funds, May Marks Best Month Since 2000
6. Offerings: K.K.R. and Fidelity Reach I.P.O. Partnership
7. Venture Capital: V.C.s Fight for Carried Interest
8. Legal: Indiana Funds Ask Supreme Court to Delay Chrysler Sale
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1. Top Story: U.S. to Propose Wider Oversight of Compensation
------------------------------
The Obama administration plans to require banks and corporations that
have received two rounds of federal bailouts to submit any major
executive pay changes for approval by a new federal official who will
monitor compensation, The New York Times reported, citing two
government officials.
Citigroup, Bank of America, the American International Group, General
Motors and its finance arm, GMAC, which all received two taxpayer
infusions, will face the strictest scrutiny from the new federal
official charged with vetting compensation, Kenneth R. Feinberg. He is
known for overseeing payouts to the families of the victims of the
Sept. 11, 2001, attacks.
The proposal is part of a broad set of regulations on executive
compensation expected to be announced by the administration as early as
this week. Some of the rules are required by legislation enacted in the
wake of the worst financial crisis since the Great Depression, and they
would apply only to companies that received taxpayer money.
Others, which are being described as broad principles, would set
standards that the government would like the entire financial industry
to observe as banks and other companies compensate their highest-paid
executives, though it is not clear how stringent regulators will make
them.
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http://www.nytimes.com/2009/
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2. M & A: Barclays Nears Sale of Asset Manager to BlackRock
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Barclays of Britain is in advanced talks to sell its asset management
arm to BlackRock, the giant money manager, for more than $10 billion,
people briefed on the matter told DealBook. Bank of New York Mellon
could step in if BlackRock fails to seal a deal, The Financial Times
reported.
Go to Article from The New York Times:
http://www.nytimes.com/2009/
Go to Item from DealBook:
http://dealbook.blogs.nytimes.
Go to Article from The Financial Times:
http://www.ft.com/cms/s/0/
Go to Press Release from Barclays:
http://www.newsroom.barclays.
Go to BlackRock Press Release via BusinessWire:
http://www.businesswire.com/
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-----
The leading steel industry group in China has come out against a joint
venture consolidating iron ore assets of BHP Billiton and Rio Tinto in
Australia.
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-----
Shamrock Holdings, an investment arm of the Walt Disney Company, is
said to be in talks with Motorola about buying MIRS Communications, an
Israeli cellular operator.
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http://www.globes.co.il/
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From the camp of Karl-Theodor zu Guttenberg, economic minister of
Germany, doubts are being raised over the takeover of Opel by Magna
International.
Go to Item from DealBook:
http://dealbook.blogs.nytimes.
Go to Article from The Handelsblatt (in German):
http://www.handelsblatt.com/
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BPP Holdings, the U.K.-based legal and financial training group, is
backing a 303.5 million pound ($481 million) cash bid from Apollo
Global, the U.S. educational investor.
Go to Article from The Telegraph:
http://www.telegraph.co.uk/
Go to Article from The Financial Times:
http://www.ft.com/cms/s/0/
Go to Press Release from BPP:
http://www.bpp.com/ir/
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-----
A new way to profit from writing software for the iPhone is emerging
for program developers: Sell the apps, then sell your company.
Go to Article from The New York Times:
http://www.nytimes.com/2009/
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-----
Cisco Systems, one of the tech industry's most acquisitive firms since
it struck its first deal in 1993, is ready to ramp up its deal-making
pace again after a slowdown.
Go to Article from The Deal.com:
http://www.thedeal.com/
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-----
Shares of China Eastern Airlines and Shanghai Airlines were suspended
Monday after media said the two loss-making carriers were close to a
merger deal.
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http://www.reuters.com/
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The health insurer Coventry Health Care says it will sell its fee-based
Medicaid service business to Magellan Health Services for $110 million
in cash.
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http://www.nytimes.com/
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Caisses d'Epargne's proposed merger with Banque Populaire was put in
doubt as a union group has threatened to withhold its approval of the
French banking deal.
Go to Item from DealBook:
http://dealbook.blogs.nytimes.
Go to Article from La Tribune (in French):
http://www.latribune.fr/
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Merger advisory fees in May totaled just $837 million, the lowest
monthly level since 1998, according to Thompson Reuters and Freeman &
Company.
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http://dealbook.blogs.nytimes.
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3. Investment Banking: Regulators Push for Change at 2 Troubled Banks
------------------------------
With a deadline looming in the bank bailout program, Washington
regulators are pressing unwelcome prescriptions on Bank of America and
Citigroup.
Go to Article from The New York Times:
http://www.nytimes.com/2009/
Go to Related Item from DealBook:
http://dealbook.blogs.nytimes.
Go to Related Item from DealBook:
http://dealbook.blogs.nytimes.
Bank of America's board elected four new directors on Friday, moving to
address regulators' concerns.
Go to Item from DealBook:
http://dealbook.blogs.nytimes.
Go to Bank of America Press Release:
http://newsroom.bankofamerica.
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-----
The Obama administration is set to announce this week that a
higher-than-expected number of financial institutions will be allowed
to repay bailout funds.
Go to Article from The Washington Post:
http://www.washingtonpost.com/
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4. Private Equity: Private Equity's Looming 'Maturity Bubble'
------------------------------
The private equity industry is facing a "maturity bubble" from 2012 to
2014, when about $430 billion in senior buyout debt will need to be
refinanced. It may not be pretty.
Go to Article from The Deal:
http://www.thedeal.com/
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-----
As Steven Rattner leads the Obama administration's efforts to overhaul
the auto industry, he is operating under a cloud because of links
between his private equity firm and a pension scandal.
Go to Article from The Associated Press via The New York Times:
http://www.nytimes.com/
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-----
As some of Clear Channel Communications' creditors are reportedly
balking at its debt-swap proposal, the media company's private equity
owners expressed confidence that they would win the stand-off.
Go to Article from The Financial Times:
http://www.ft.com/cms/s/0/
Go to Previous Item from DealBook:
http://dealbook.blogs.nytimes.
As the brewing battle over Clear Channel suggests, the leveraged buyout
club's chummy days may be over, Breakingviews says.
Go to Article from Breakingviews via The New York Times:
http://www.nytimes.com/2009/
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-----
Bain Capital agreed to buy from 16 percent to 18 percent of Gome
Electrical Appliances Holdings, a large Chinese electronics retailer,
for between $300 million and $430 million, according to reports.
Go to Article from Bloomberg News:
http://www.bloomberg.com/apps/
Go to Article from The South China Morning Post (Subscription
required):
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-----
Two senior Europe-based partners in Cerberus Capital Management have
left the company as it reduces its staff in the region, The Wall Street
Journal reported.
Go to Article from The Wall Street Journal:
http://online.wsj.com/article/
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-----
Four years after leaving Miramax Films, Harvey Weinstein and partners
are trying to reinvent their miniature entertainment conglomerate, the
Weinstein Company.
Go to Article from The New York Times:
http://www.nytimes.com/2009/
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5. Hedge Funds: For Funds, May Marks Best Month Since 2000
------------------------------
May proved a felicitous month for the hedge fund industry, which posted
one of its strongest one-month performances in nearly a decade.
Go to Article from The Telegraph:
http://www.telegraph.co.uk/
Go to Article from MarketWatch:
http://www.marketwatch.com/
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6. I.P.O.s/Offerings: K.K.R. and Fidelity Reach I.P.O. Partnership
------------------------------
Under a partnership announced Monday, clients of Fidelity Investments
will have access to stock offerings, including initial public
offerings, by companies owned by Kohlberg Kravis Roberts.
Go to Article from The New York Times:
http://www.nytimes.com/2009/
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-----
Credit markets are easing for French banks, which have started issuing
debt again without having to rely on guarantees by the government.
Go to Item from DealBook:
http://dealbook.blogs.nytimes.
Go to Article from Les Echos (in French):
http://www.lesechos.fr/info/
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-----
As the government detailed its latest assessment of the job market,
interest rates on Treasury issues shot up, reaching their highest since
mid-November.
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http://www.nytimes.com/2009/
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7. Venture Capital: V.C.s Fight for Carried Interest
------------------------------
The venture capital industry is gearing up to fight against raising the
tax on carried interest, and a key battle is differentiating itself
from the private equity industry.
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-----
Venture capitalists who began investing in the 1960s have some advice
for today's venture capital firms: think small.
Go to Item from Bits:
http://bits.blogs.nytimes.com/
Relatedly, investors in venture funds -- most of whom manage
foundations, endowments, pension funds and private wealth -- say they
want venture funds to shrink.
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-----
While entrepreneurs may be feeling depressed these days, the determined
ones should take heart from recent comments made by one big Silicon
Valley V.C.
Go to Article from The San Jose Mercury News:
http://www.mercurynews.com/ci_
Go to Related Article from VentureBeat:
http://venturebeat.com/2009/
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8. Legal: Indiana Funds Ask Supreme Court to Delay Chrysler Sale
------------------------------
Three Indiana state funds late Saturday asked the United States Supreme
Court to again delay a deal to sell most of Chrysler's assets to Fiat,
hoping to again challenge the transaction after two lower courts
approved it.
Go to Article from The New York Times:
http://www.nytimes.com/2009/
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-----
As the apocalypse on Wall Street ripples out into the larger economy, a
thick red tide is lapping at the once-impregnable foundations of New
York's corporate law firms.
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http://www.nytimes.com/2009/
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-----
As President Barack Obama's economic advisers fight the worst financial
crisis since the Depression, underlying tensions among them have
arisen.
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http://www.nytimes.com/2009/
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-----
Lawyers for a group of Bernard L. Madoff's victims are asking a judge
to reject the way their losses in the fraud are calculated, and base
them on Madoff's fictional balances instead.
Go to Article from The New York Times:
http://www.nytimes.com/2009/
Go to Court Filing via The New York Times (PDF):
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-----
What would General Motors fetch in a hypothetical liquidation? Less
than $10 billion after wind-down costs, according to an analysis by the
automaker's turnaround adviser.
Go to Item from DealBook:
http://dealbook.blogs.nytimes.
Despite the nightmare scenarios predicted by credit-default swap
specialists, G.M.'s default has scarcely stirred the swaps market.
Go to Article from Breakingviews via The New York Times:
http://www.nytimes.com/2009/
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-----
The Tribune Co. and its creditors are in talks for a reorganization
that could transfer control of the media conglomerate from Sam Zell to
a group of banks and investors.
Go to Article from The Chicago Tribune:
http://www.chicagotribune.com/
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-----
Peter L. Bernstein, an economic historian and popularizer of the
efficient market theory, which changed trading behavior, died Friday at
New York-Presbyterian/Weill Cornell hospital. He was 90.
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http://www.nytimes.com/2009/
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Fugitive financiers often fail to escape the law because of what
experts say is a lack of preparation for the rigors of life on the lam.
Go to Article from Bloomberg News:
http://www.bloomberg.com/apps/
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