Do something before we get upgraded
Due credit | It seems implausible but a number of Australia’s top CFOs are grappling with a problem that was unlikely two years ago; their credit ratings are in danger of being upgraded.
NewsCorp dreams of MySpace end
Empire State | The Social Network and its portrayal of Facebook founder Mark Zuckerberg highlights strategic issues facing upstart Internet firms.
Security reforms to boost access to credit
Reforms to personal property securities arrive at the right time, says Morgan Kelly of Ferrier Hodgson.
Takeovers Panel frets over association
Wah Nam’s bizarre bid for Brockman is just the latest Takeovers Panel case where association has not been made out.
Future looks bright for dim sum bonds
Capital markets | Australia’s economy be small compared with China’s, but in currencies it’s the little battler that holds the upper hand.
The Murdoch in waiting
The perennial speculation is whether James Murdoch will one day run News Corp; he already is in charge in Europe and Asia.
Downgrade threat isn’t the real risk
Capital markets | For the big banks, Moody’s review threat is not in the downgrade risk but the domino effect the announcement may set in motion.
Friday debrief: Mark Pistilli
Mark Pistilli’s Sydney law firm was one of two boutiques announcing a merger with the largest firm in Britain, Clifford Chance.
Foreign bidders face the net benefit test
Allens Arthur Robinson partner David Maloney says Canada’s blocking of BHP Billiton’s Potash Corp bid sheds light on the bid for ASX Ltd.
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Legal
SEC plans crackdown on Wall St bonuses
Lavish Wall Street bonuses, long the scorn of lawmakers and shareholders, have met a new foe: the Securities and Exchange Commission.
Councils sue over bad deals
The Australian arm of investment bank Lehman Brothers-which collapsed spectacularly during the global financial crisis-bought risky investment products for local councils even though the councils told them not to, the Federal Court has heard.
Ex-Goldman Sachs director charged
The US markets regulator has charged former Goldman Sachs and Procter & Gamble director Rajat Gupta with insider trading in a high-profile hedge fund case.
Senate highlights ACCC Metcash concerns
A Senate committee says the Federal Court is the appropriate forum to examine the ACCC’s rejection of Metcash’s acquisition of Franklins. But submissions to the inquiry show public opinion is against the regulator.
‘I made a lot of money for victims’: Madoff
Bernard Madoff, in prison for the biggest pyramid scheme fraud in Wall Street history, says that in reality he made a lot of people rich and that he suffered alone.
Court spotlight on credit derivatives
The case against Lehman Australia, which begins on Wednesday, will examine the appropriateness of CDO investments. It will also reveal the extent to which bankers must know their clients.
UK law firms shun further Aussie mergers
Four of the top 10 UK law firms by revenue not yet in Australia say entering the market here is not a priority.
Top SEC lawyer sued by Madoff trustee
The top lawyer at the Securities and Exchange Commission has been sued by the trustee seeking to recover money for victims of Bernie Madoff’s Ponzi scheme.
Takeovers Panel frets over association
Wah Nam’s bizarre bid for Brockman is just the latest Takeovers Panel case where association has not been made out.
ASX fines brokers $269,500
The Australian Securities Exchange disciplinary tribunal on Tuesday fined three investment firms – Morrison Securities, Macquarie Equities and UBS AG – a total of $269,500 for breaching market rules.
Sonray CEO pleads guilty to 10 charges
Scott Murray, the chief executive of Sonray Capital Markets, has pleaded guilty to 10 criminal charges arising from his business’s collapse.
Heads on sticks and other dilemmas
“Increased bureaucracy, increased resources” is how Tony Hartnell, the ASC chairman, sees the future of corporate regulation.
Fees | Advisers get $45m
Updated | Bankers, accountants, lawyers and other advisers on West Australia Newspapers Holdings’ $4.1 billion deal to acquire Seven Media Group will fetch approximately $45 million in fees.
Fortescue case highlights a curious scarcity
Analysis | Given the importance of disclosure to market operation, why have there been so few decisions on directors’ duty to disclose?
Friday debrief: Mark Pistilli
Mark Pistilli’s Sydney law firm was one of two boutiques announcing a merger with the largest firm in Britain, Clifford Chance.
Long courtship looks worth it
It is amazing what two boys from Adelaide can achieve when they put their minds to it.
Del Monte ruling challenges cosy bids
A US judge strikes a blow at the private equity industry, challenging the cosy relationship between buyout firms and their investment bankers.
Foreign invasion a game-changer for law firms
The UK’s largest law firm, Clifford Chance, is set to open in Australia, a move that will challenge the dominance of the well-established national law firms and potentially erode partner profits.
Clifford Chance takes a punt on Asia
Comment | In the space of one year, three of the top 10 UK firms by revenue – Allen & Overy, Norton Rose and now Clifford Chance – have hung up their antipodean shingle.
Clifford Chance to merge with local firms
Clifford Chance, Britain’s largest law firm, will merge with Sydney’s Chang, Pistilli & Simmons and Perth’s Cochrane Lishman Carson Luscombe from May 1.
London trader jailed for $22m Ponzi scheme
A London court has sentenced a former trader who pleaded guilty to setting up a Ponzi scheme that defrauded investors out of £14 million ($22.4 million) to eight years in jail.
Should the Takeovers Panel oversee schemes?
Takeovers Panel supporters argue its oversight of schemes of arrangement may cut hearing disputes costs; the panel president urges caution.
Law firm loyalty on the wane
Senior legal recruiters are predicting lateral hiring in law firms will increase this year, as the arrival of international law firms break traditional loyalties and partners seek a bigger slice of the equity pie.
JPMorgan wants Madoff trustee’s suit moved
No one thought that JPMorgan Chase was going to take the claims of the trustee representing the victims of Bernard Madoff’s Ponzi scheme lying down, and it hasn’t disappointed.
Sonray mediation plan raises hopes for payout
The long-time auditors of collapsed brokerage, Sonray Capital Markets, look set to join a global mediation which is seeking to recover about $47.6 million owed to 4596 clients.
Court verdict: Ukraine 2, JPMorgan 0
JPMorgan remains $30 million out of pocket after an appeal court found its interpretation of a defence response fee in a contract would lead to an absurd result.
JPMorgan loses appeal v ConsMin
JPMorgan has lost its $30 million appeal against Consolidated Minerals after the NSW Supreme Court ruled it wasn’t entitled to all fees charged.
Euroz fends off Opes Prime claim
A millionaire Open Prime investor has lost his case against his former stockbroker Euroz Securities.
The Friday debrief: Michael Barker
Michael Barker, head of private equity at Mallesons Stephen Jaques, has often dreamed of playing polo professionally, or even being a schoolteacher.
Liberty lawsuit is down to values
Non-bank lender Liberty Financial is suing the valuation firm it once used to help decide how much to lend to mortgage customers, saying the valuations were well above what the properties were actually worth.