Is the poison pill making a comeback? A recent item in the New York Post concerning none other than Michael Milken says it is. If you never realized that the poison pill had receded, you are excused, because I was unaware as well. Besides, poison pills were overrated even in their day. Here’s how the pill (a kind of takeover defense) got back in the news at any rate: A somewhat incoherent...
Financial Services Industry Archive
August 2008
Dow Kim, a former honcho at Merrill Lynch, has dropped plans to start a hedge fund, according to a Bloomberg report by Katherine Burton. Why? He couldn’t raise the $1 billion he was looking for. I guess, say, $500 million was not enough, assuming he could get half a loaf. Let’s look at the math. With $1 billion, Kim’s fund, Diamond Lake Investment Group, would earn $20 million a year just...
The resignation of UBS’s top U.S. lawyer, David Aufhauser, raises an interesting question of insider trading. While no charges, and certainly no criminal charges, have been bought against Aufhauser, a civil complaint filed by New York Attorney General Andrew Cuomo suggests that the UBS lawyer, a former Treasury official, sold off his personal stake in auction-rate securities just after he...
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