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Berkshire Hathaway Inc.
Wells Fargo & Company
Coca-Cola FEMSA, S.A.B. de C.V.
National Grid plc
Energy Transfer LP
Digital Realty Trust, Inc.
Liberty Broadband Corporation
Twenty-First Century Fox, Inc.
First Republic Bank
Stanley Black & Decker, Inc. CORP UNIT 2017
Arch Capital Group Ltd.
Annaly Capital Management, Inc.
InterContinental Hotels Group PLC
Teva Pharmaceutical Industries Limited
Zillow Group, Inc.
Public Joint-Stock Company Mobile TeleSystems
Kimco Realty Corporation
Sociedad Química y Minera de Chile S.A.
LATAM Airlines Group S.A.
New York Community Bancorp, Inc.
Bed Bath & Beyond Inc.
A new partnership plans to bolster the U.S. supply of generic drugs, as part of a wide ranging effort to help drive down spiking costs and ease shortages.
Jeff Carpoff, 49, pleaded guilty to money laundering and conspiracy to commit wire fraud, while Paulette Carpoff, 46, pleaded guilty to money laundering and conspiracy to commit an offense against the United States.
(Bloomberg) -- The co-owners of a California-based solar company pleaded guilty in connection with an alleged $1 billion Ponzi scheme whose victims include Berkshire Hathaway Inc.Jeff Carpoff pleaded guilty Friday in federal court in Sacramento to conspiracy to commit wire fraud and money laundering, according to court records. His wife, Paulette Carpoff, admitted to money laundering and conspiracy to commit an offense against the U.S. Four others with ties to their company, DC Solar, have already pleaded guilty in the case.DC Solar built mobile solar generators for sporting events and music festivals. The company attracted at least a dozen investors in complex deals that raised money through what’s known as tax-equity funds. They included Progressive Corp., East West Bancorp Inc., Valley National Bancorp and Sherwin-Williams. Warren Buffett’s company invested $340 million.DC Solar, however, built and leased only a fraction of the roughly 17,000 mobile units it claimed were in use, authorities said. Instead, DC Solar used money from new investors to pay off old ones, according to a statement from the U.S. Attorney’s Office in Sacramento.The case is the biggest criminal fraud scheme in the history of the Eastern District of California, prosecutors said. Authorities have recovered more than $120 million in forfeited assets in connection to the case.“This is a sad day for the Carpoffs,” Malcolm Segal, a lawyer for Jeff Carpoff, said in a telephone interview. “The business started with the best of intentions.”Berkshire and the other alleged victims didn’t immediately comment.Read More: The Couple Who Feds Say Scammed Berkshire Hathaway for MillionsThe U.S. Securities and Exchange Commission filed a parallel civil case Friday against the Carpoffs, accusing them of violating federal securities laws. Proceeds from the fraud fueled the Carpoffs’ personal spending, authorities said. At one point, the couple owned more than 150 cars, including classic Fords and Bentleys. They also owned properties in Lake Tahoe, Las Vegas and the Caribbean and a professional baseball team based in Martinez, California, northeast of San Francisco, authorities said.Earlier this year, the U.S. Marshals Service held an auction for about 150 luxury cars seized from the Carpoffs, including a 1978 Pontiac Firebird Trans Am once owned by Burt Reynolds.(Adds SEC charge in ninth paragraph)To contact the reporters on this story: Brian Eckhouse in New York at firstname.lastname@example.org;Katherine Chiglinsky in New York at email@example.comTo contact the editors responsible for this story: Lynn Doan at firstname.lastname@example.org, ;Michael J. Moore at email@example.com, Joe Ryan, Reg GaleFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Consumer groups had worried that the Trump administration's pick to lead the Office of the Comptroller of the Currency (OCC), Joseph Otting, would do little to change its reputation for leniency. A former chief executive of California's OneWest Bank, Otting as comptroller has referred to lenders as his "customers" and pursued rule changes pushed for by bank lobbyists. One person with knowledge of the matter said Wells Fargo's failure to swiftly fix systemic misconduct has angered Otting, precisely because he spent decades as a banker and felt he was held to high standards.
The Department of Justice is looking into whether executives withheld details about fake accounts to the Wells Fargo board of directors and the Office of the Comptroller of the Currency, the lead regulator for national banks, Reuters has reported. Consent orders: Wells Fargo is currently operating under roughly 14 consent orders with various regulators including the OCC, SEC, and the Consumer Financial Protection Bureau.
Bed Bath & Beyond (BBBY) has a dismal comps trend that persisted in third-quarter fiscal 2019. Also, the calendar shift for the Thanksgiving holiday, pricing and inventory issues hurt performance.
WestRock (WRK) Q1 results likely to reflect gains from investments, acquisitions as well as productivity and performance-improvement programs, negated by lower prices and higher maintenance downtime.
Years into a bond market bull-run, investors are banking on a brighter future for funds that buy the debt of financially troubled European companies whose bonds are offering meatier returns because they are more risky. With European economic growth expected to be subdued in 2020, and default rates tipped to rise, investors expect an increase in the number of companies that will struggle to service their debt. Private equity groups and asset managers are creating so-called special situation funds to identify suitable targets for these high-risk - and potentially high-reward - bets.
(Bloomberg) -- Seven years ago, Wells Fargo & Co.’s security chief opened a few “undercover” bank accounts to aid law enforcement. Within 24 hours, two employees tacked on debit cards, claiming they each personally spoke to the new -- fictional -- customers.“All I could do was shake my head,” the security chief told a senior executive in an email.The exchange was among dozens of behind-the-scenes moments of frustration and fear cited by U.S. regulators Thursday seeking to impose a record $59 million in fines on the bank’s former leaders for allowing sales abuses to pervade its nationwide branch network. Three settled, including ex-Chief Executive Officer John Stumpf, who agreed to be banned from the industry and pay a $17.5 million penalty -- an unprecedented sanction of a former U.S. bank leader. Five others are fighting the case.The bank’s aggressive targets for opening new accounts “caused hundreds of thousands of employees to engage in numerous types of sales practices misconduct,” the Office of the Comptroller of the Currency wrote in its complaint against them.The bank’s staff confronted a stark dilemma every day for 14 years, according to the regulator: “They could engage in sales practices misconduct -- much of which was illegal -- to meet their goals, or they could struggle to meet their goals and face adverse consequences, including losing their jobs.”The OCC faulted Stumpf for failing “to respond to numerous warning signs.” Former chief administrative officer Hope Hardison and onetime risk chief Michael Loughlin also resolved its claims.‘Forced to Walk’The agency is looking to levy the heftiest penalty -- $25 million -- against former community banking chief Carrie Tolstedt. She and four other former executives -- general counsel Jim Strother, chief auditor David Julian, audit director Paul McLinko and community banking risk officer Claudia Russ Anderson -- are facing a public hearing before an administrative law judge. The regulator said it could decide to increase the civil penalties based on the evidence presented.An attorney for Russ Anderson didn’t respond to messages seeking comment. Representatives for the other four said the executives acted with integrity, sought to tackle problems and expect to clear their names once all of the facts are heard.The OCC laced its 100-page complaint against them with emails, internal memos and testimony, arguing that for years Wells Fargo’s management refused to ease off sales targets despite repeated warnings about abuses.“The bank had better tools and systems to detect employees who did not meet unreasonable sales goals than it did to catch employees” engaging in misconduct, the regulator said. Some were allegedly told that if they missed targets, they would be “transferred to a store where someone had been shot and killed” and if they did not make enough appointments they would be “forced to walk out in the hot sun around the block.”Gulf War StressWorkers warned bosses about the fallout of that pressure in impassioned memos.“The termination ax is suspended over our head one way or another,” an employee wrote in a complaint sent to Tolstedt’s office in 2012, according to the OCC. “Meet unreasonable goals or you will be terminated, cheat to meet the unreasonable goals and you will be terminated when caught.”“I was in the 1991 Gulf War,” another employee wrote to Stumpf’s office. “This is sad and hard for me to say, but I had less stress in the 1991 Gulf War than working for Wells Fargo.”Senior executives also heard about the trouble directly from affected customers. A former operating committee member’s wife received two debit cards in the mail that she hadn’t requested. The executive raised it with Tolstedt, who eventually told him to stop telling the story “because she thought it reflected poorly on the community bank,” the OCC wrote.The scandal erupted in September 2016, setting off a national furor. It prompted congressional hearings, Stumpf’s exit and more probes, including still-pending investigations by the Justice Department and Securities and Exchange Commission. The ire has spanned the political spectrum from Democratic Senator Elizabeth Warren to Republican President Donald Trump.The OCC previously seized unusual control over hiring and firing the bank’s leaders and, with other regulators, inflicted billions of dollars in fines and other costs on the company. But Thursday’s case was the agency’s first targeting executives over the matter. And it contrasts with the years after the financial crisis, when no CEO of a major U.S. bank was punished for faulty mortgage-bond sales and home foreclosures that upended the economy and hurt millions of Americans.Stumpf’s successor, Tim Sloan, stepped down last year after lawmakers and the agency expressed frustration with the pace of the bank’s cleanup. His replacement, Charlie Scharf, took over in October.“We are reviewing today’s filings and will determine what, if any, further action by the company is appropriate with respect to any of the named individuals,” Scharf told employees on Thursday, noting the bank won’t make any remaining compensation payments to the individuals during the review. “This was inexcusable. Our customers and you all deserved more from the leadership of this company.”To contact the reporters on this story: Hannah Levitt in New York at firstname.lastname@example.org;Jesse Hamilton in Washington at email@example.comTo contact the editors responsible for this story: Michael J. Moore at firstname.lastname@example.org, ;Jesse Westbrook at email@example.com, David Scheer, Dan ReichlFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Xerox Holdings Corp. said it intends to nominate 11 directors to replace the board of HP Inc. after the personal-computer maker refused to engage in takeover talks, according to a statement Thursday.The iconic printer maker hasn’t increased its $22-a-share takeover offer after HP rejected its proposal, which it argues undervalues the company. Instead, Xerox will seek to replace HP’s entire board through a proxy fight to push the merger through.The nominees include former senior executives from dozens of companies including Aetna Inc., United Airlines Holdings Inc. and Novartis AG.“HP shareholders have told us they believe our acquisition proposal will bring tremendous value, which is why we lined up $24 billion in binding financing commitments and a slate of highly qualified director candidates,” said John Visentin, vice chairman and chief executive officer of Xerox.Xerox filed its slate ahead of a Friday deadline for board nominations. The move could potentially be a precursor to Xerox taking its offer directly to shareholders through a tender offer at the current offer price or a premium if HP continues to rebuff its efforts, according to people familiar with the matter. No decision has been made on whether to pursue a tender offer, the price it would be put forth at, or when it would do so, the people said, asking not to be identified because the matter is private.The push to replace the board marks an escalation of the simmering tensions between the two hardware giants that have withered in a world increasingly driven by software. Xerox has argued the tie-up would revive both companies and unlock about $2 billion in synergies.“These nominations are a self-serving tactic by Xerox to advance its proposal, which significantly undervalues HP and creates meaningful risk to the detriment of HP shareholders,” HP said in a statement.HP said that it would review Xerox’s nominees and respond in due course. It also said that it was committed to serving the best interests of all shareholders, and that it had many avenues that it could pursue to create value. Those efforts are not dependent on a combination with Xerox, it said.Activist shareholder Carl Icahn, who owns about 11% of Xerox and has a 4.3% stake in HP, has pushed for the tie-up.HP said Thursday it believed Xerox’s proposal to acquire HP was being driven by Icahn. The billionaire has considerable influence over Xerox because he is its largest shareholder, the role he played in appointing Xerox’s CEO, who was a former consultant to Icahn, and the ties he has to members of the board, including its chairman, who is also the chief executive officer of Icahn Enterprises, HP said.“Due to Mr. Icahn’s ownership position, he would disproportionately benefit from an acquisition of HP by Xerox at a price that undervalues HP,” the company said, adding that his interests were not aligned with those of other HP shareholders.A representative for Icahn wasn't immediately available for comment.HP’s board currently has 12 members. Dion Weisler, the former chief executive officer of the company, has said he would step down at the next annual general meeting, which the company said would reduce the board size to 11. Its last annual meeting was on April 23.HP in November rebuffed an unsolicited, cash-and-stock offer from Xerox, citing concerns about the financial health of its smaller rival, which has experienced declining annual revenue since 2012.HP’s board said it was open to exploring a merger, but believed the offer undervalued the company.Xerox announced Jan. 6 that it had arranged a $24 billion loan with a group of banks to finance the takeover. HP and its advisers had questioned Xerox’s ability to raise the money for the deal.Following the financing announcement, HP said it believed the offer still undervalued the company.Xerox’s director nominees are:Betsy Atkins, CEO of Baja Corp.George Bickerstaff, co-founder and managing director of M.M. Dillon & Co.Carolyn Byrd, CEO of GlobalTech Financial.Jeannie Diefenderfer, who spent 28 years at Verizon.Kim Fennebresque, who was CEO of Cowen Group for nine years.Carol Flaton, who has served as a managing director at AlixPartners.Matthew Hart, who most recently served as president and chief operating officer of Hilton Hotels until the buyout of Hilton by Blackstone in 2007.Fred Hochberg, who was most recently the chairman and president of the Export-Import Bank of the United States during the Obama administration.Jacob Katz, who was chairman of Grant Thornton.Nichelle Maynard-Elliott, who most recently served as executive director of mergers & acquisitions for Praxair Inc.Thomas Sabatino, Jr. who most recently served as executive vice president and general counsel of Aetna Inc.Citigroup Inc. is acting as Xerox’s financial advisor, and King & Spalding LLP is providing legal counsel to Xerox. Willkie Farr & Gallagher LLP is providing legal counsel to Xerox’s independent directors.(Updates with additional company comments starting in paragraph eight)To contact the reporter on this story: Scott Deveau in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Liana Baker at email@example.com, Matthew Monks, Molly SchuetzFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Wells Fargo & Co's U.S. regulator on Thursday announced it had banned former Chief Executive John Stumpf from the banking industry and charged him and seven other former executives combined more than $58 million in civil penalties for their roles in the bank's multi-year sales practices scandal. The action by the Office of the Comptroller of the Currency (OCC) marks a rare example of senior executives being held personally accountable for failing to put a stop to misconduct at their bank. It also broke new ground for the regulator, which forced Stumpf to pay $17.5 million (13.3 million pounds) to settle the charges against him - the largest ever penalty it has secured from an individual.
WestRock (WRK) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
"HP shareholders have told us they believe our acquisition proposal will bring tremendous value, which is why we lined up $24 billion in binding financing commitments and a slate of highly qualified director candidates," John Visentin, Xerox's CEO, said on Thursday. HP, which has 12 board members, responded to Xerox's decision to nominate candidates by again saying the bid undervalues the company. The company added that the move to nominate members to its board was being "driven" by activist investor Carl Icahn, who has a 4.2% stake in HP and a 10.9% stake in Xerox.