At 78, Carl Icahn shows little sign of retiring, or of becoming more polite. After finally prodding Forest Labs into a $25bn takeover by Actavis, he renewed his attack on eBay this week, accusing John Donahoe, its chief executive, of being “completely asleep or, even worse, either naive or wilfully blind”.
Russia’s nascent crackdown on Bitcoin is misguided, in my view, but it reinforces a point that some supporters of virtual currencies tend to underestimate: governments can ban them if they choose.
That sounds like an obvious point, but some libertarian enthusiasts for Bitcoin talk as if it can challenge fiat currencies without governments and central banks being able to stop it. John McAfee, the anti-virus entrepreneur, is one of them: Read more
Bitcoin is being forced to grow up fast. The arrest last week on money laundering charges of Charlie Shrem, a leading Bitcoin champion, coincided with a regulatory hearing in New York to consider what on earth it is – a virtual currency, speculative asset or a means of exchange?
Charter Communications’ hostile bid for Time Warner Cable, on the heels of Suntory’s agreed $16bn acquisition of Beam Inc, puts me in mind of Percy Bysshe Shelley’s Ode to the West Wind:
Drive my dead thoughts over the universe
Like withered leaves to quicken a new birth!
And, by the incantation of this verse,
Scatter, as from an unextinguished hearth
Ashes and sparks, my words among mankind!
Be through my lips to unawakened Earth
The trumpet of a prophecy! O Wind,
If Winter comes, can Spring be far behind?
Like romantic poets, M&A bankers and lawyers are always trying to stir up activity, talking hopefully of their belief that deal-making is about to blossom. Perhaps there is some evidence that something is indeed stirring after the winter of recession.
Is the $13bn settlement between JPMorgan Chase and the US state and federal authorities long-overdue justice for an errant bank, or a shakedown by politicians who went back on their word?
Charles Gasparino, the maverick Fox News business correspondent and commentator, thinks it is the latter. He wrote in the New York Post this weekend: Read more
Trader A: Dude – seen the news from Markit? FT says they’re going to launch an “ambitious assault on Bloomberg’s grip on daily communications in financial markets with the start of a free viral messaging service”.
Trader B: How so?
Trader A: By bringing together the internal IM systems of Thomson Reuters, JPMorgan Chase, Morgan Stanley, and half a dozen other IBs, including my place and yours. Read more
Not long ago, Goldman Sachs was Wall Street’s lightning rod, attracting bad publicity and interventions from regulators. Its place has been taken by JPMorgan Chase.
Credit to Jamie Dimon for attempting to see the wood for the trees by felling some of the trees. The JPMorgan chief executive’s memo to staff makes clear that “simplifying [its] business” and “refocusing [its] priorities” is, well, a priority.
But what Mr Dimon is attempting is arguably the most complicated task known to managers of large multinationals, whether they sell food or financial services. It is dangerous to imply, as he does, that the goal of simplification can be achieved, once and for all, by “recognising our problems, rolling up our sleeves and fixing them”. Read more