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Patrick Reed involved in ruling drama at Farmers Insurance Open

Patrick Reed stunned viewers when he moved his ball before officials arrived in a controversial incident at the Farmers Insurance Open. Source: PGA Tour

Latest stories

  • Reliable Robotics Named a Finalist for Prestigious Collier Trophy Award

    Reliable Robotics, a leader in autonomous aircraft system development, joins an elite list of contenders for the 2020 Robert J. Collier Trophy "for the greatest achievements in aeronautics or astronautics in America, with respect to improving the performance, efficiency, and safety of air or space vehicles." Established in 1910, the annual award has recognized individuals, projects, programs and achievements such as Orville Wright, Howard Hughes, crews of Apollo 11 and Apollo 8, and the International Space Station team.

  • Amy Armstrong Named Global CEO for Initiative

    Mat Baxter Becomes Initiative Chairman and Takes on Additional Role Within IPG Amy Armstrong Amy Armstrong, Initative New York, March 01, 2021 (GLOBE NEWSWIRE) -- Interpublic Group (NYSE: IPG) announced today that long-term Initiative leader Amy Armstrong is being named Chief Executive Officer of the global media agency. She succeeds Mat Baxter, who will take on the role of Global Chairman at Initiative through 2021. Mat has served as Initiative’s CEO since 2016, and will stay within IPG in a new leadership role that the company plans to announce in the coming months. Amy has held leadership roles at various IPG agencies for over 20 years, most recently as U.S. CEO for Initiative. Since joining Initiative in 2016, Amy has transformed the company’s U.S. operations, including driving business results for her clients and substantial revenue growth for the agency. Amy’s leadership has focused on transparency, consistency, and fostering a high-performance culture. During her tenure, the agency has received accolades including being named U.S. Comeback Agency of the Year by Ad Age, U.S. Media Agency of the Year by Adweek, and most recently being named a Best Place to Work by Ad Age. Initiative’s U.S. operations also won significant new business under Amy’s leadership, including Liberty Mutual, Nintendo, Gilead, and T-Mobile, creating one of the strongest new business track records in the media sector. Amy has also been a steadfast champion for diversity and inclusion for the agency. Unhappy with the role biases play in conventional hiring approaches, Amy overhauled Initiative’s recruiting process to one that achieves bias neutrality. Her work is helping the agency build more fair and equitable representation of BIPOC within the company. Under Amy’s leadership, diversity has increased throughout the U.S. operations, although much work still remains to be done. “During his tenure as CEO, Mat has brought a strategic lens, as well as a focus on culture and creativity as the key drivers of consumer media engagement. This has led to a transformation at Initiative, making it one of our fastest-growing businesses and the top media agency network in terms of global new business momentum,” commented Philippe Krakowsky, CEO of IPG. “Mat has the ability to attract and develop top talent, and under his leadership the Initiative team has seen significant evolution, with clients turning to the network for advice and solutions across a broader range of marketing challenges. We’re excited to have him look at other areas of our portfolio that he can help transform and elevate. We are also fortunate that his long-time partner, Amy, who has played a key role in Initiative’s strong record of success in recent years, will be stepping into the global CEO role, which ensures that the positive trajectory for Initiative and its clients can continue,” added Philippe. “Mat has transformed Initiative into a global trailblazer as CEO, and while he will be missed at Mediabrands when he moves on at the end of this year, he leaves the agency in great hands,” commented Daryl Lee, Chairman and CEO of IPG Mediabrands. “Amy is a fearless competitor and a true client partner who has built an agency to be reckoned with in the U.S. Her commitment to her clients, to her people, and to building a strong, inclusive culture where everyone feels valued is unrivaled. I am excited to see what dazzling new heights she can help Initiative scale as their global leader,” added Daryl. In addition to Mat Baxter’s Global Chairman role for Initiative, which he will serve in for the remainder of 2021, he will be staying within IPG, in a new senior role that the company plans to announce in the coming months. Prior to her role at Initiative, Amy ran BPN Worldwide and served as President of ID Media. She began her career with IPG at FCB, where she worked in their media practice area. Active in charity causes, Amy has spearheaded fundraising for gastric and esophageal cancer organizations, including the DeGregorio Foundation. # # # About InterpublicInterpublic is values-based, data-fueled, and creatively -driven. Major global brands include Acxiom, Craft, FCB (Foote, Cone & Belding), FutureBrand, Golin, Huge, Initiative, Jack Morton, Kinesso, MAGNA, Matterkind, McCann, Mediahub, Momentum, MRM, MullenLowe Group, Octagon, R/GA, UM and Weber Shandwick. Other leading brands include Avrett Free Ginsberg, Campbell Ewald, Carmichael Lynch, Deutsch, Hill Holliday, ID Media and The Martin Agency. For more information, please visit www.interpublic.com. About Mediabrands IPG Mediabrands is the media and marketing solutions division of Interpublic Group (NYSE: IPG). Mediabrands manages approximately $40 billion in marketing investment globally on behalf of its clients and provides strategic services and solutions across its award-winning, full-service agency networks UM and Initiative and through its innovative marketing specialist companies Reprise, Magna, Orion, Rapport, Healix, Mediabrands Content Studio and the IPG Media Lab. Mediabrands clients include many of the world’s most recognizable and iconic brands from a broad portfolio of industry sectors. The company employs more than 13,000 marketing experts in more than 130 countries representing the full diversity of humanity. For more information, please visit our website: and be sure to follow us on LinkedIn, Twitter or Instagram. About Initiative We’re a global media agency designed to grow brands through culture. Over the last three years, we’ve been named as the fastest growing media agency in the world by independent media ratings agency, RECMA. Key to our success is the fact most media agencies are built for brand awareness, with a bias for paid media. We’re a little different. We’re built for brand relevance, with a bias for Cultural Velocity. We believe the brands that succeed move and adjust with consumers at speed, showcasing their relevance and meaningfully contribute to their lives. We call this Cultural Velocity™- a measure for the speed at which a brand moves through culture to drive relevance. The faster a brand can move with culture, the more relevant they become and the greater the growth. # # # Contact InformationTom Cunningham (Press, IPG) (212) 704-1326 Caitlin Wroblewski (Press, Initiative) (646) 467-0282 Attachment Amy Armstrong

  • Alliant Employee Benefits Restructures Ahead of Regional Growth

    On the strength of continued regional growth and accelerated business momentum, Alliant has restructured its Employee Benefits Group.

  • Fashwire Partners with the Council of Fashion Designers of America, Donating $1.00 for Every Download to Support the 25th Anniversary of the CFDA Scholarship Program

    Beginning March 1, and continuing through March 31, Fashwire will donate $1.00 for every download of the Fashwire App (App Store and Google Play) to the Council of Fashion Designers of America (CFDA) to support the 25th anniversary of the CFDA Scholarship Program.

  • Gold Steadies After Worst Month in Four Years as Dollar Slips

    (Bloomberg) -- Gold steadied after its biggest monthly slump since late 2016, with a falling dollar helping ease selling pressure on the metal.The Bloomberg Dollar Spot Index slipped on Monday, supporting demand for bullion as an alternative asset, while Treasuries stabilized following last week’s gyrations.Gold fell more than 6% in February as expectations for recovering economies boosted bond yields, dimming the appeal of the metal, which doesn’t offer interest. Hedge funds and other large speculators have cut their bullish wagers on gold futures and options to the lowest since May 2019, while holdings in exchange-traded funds have slid. Some analysts say bullion’s allure as a hedge against inflation could eventually help shore up demand.Gold “has responded more to the combination of rising confidence and rising yields than to any fear of untoward inflationary pressures,” StoneX analyst Rhona O’Connell said in a note. Bullion still has medium-term tailwinds from “the massive amount of liquidity in the financial system, with trillions of dollars of capital looking for a home.”Spot gold was little changed at $1,734.66 an ounce by 11:42 a.m. in New York. Silver, platinum and palladium climbed. The Bloomberg Dollar Spot Index was down 0.2%.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Bettor turns $25 into more than $90K via 12-team, 2-sport parlay

    One BetMGM customer in Tennessee had a very eventful Sunday.

  • U.S. failure to sanction MbS for Khashoggi killing 'dangerous': U.N. expert

    A U.N. human rights investigator said on Monday that it was "extremely dangerous" for the United States to have named Saudi Arabia's de facto ruler as having approved an operation to capture or kill journalist Jamal Khashoggi but not to have taken action against him. Agnes Callamard, special rapporteur on summary executions who led a U.N. investigation into Khashoggi's 2018 murder, reiterated her call for sanctions targeting Mohammed bin Salman's assets and his international engagements. He approved an operation to capture or kill Khashoggi, according to U.S. intelligence released on Friday as the United States imposed sanctions on some of those involved but spared the crown prince himself in an effort to preserve relations with the kingdom.

  • Greensill Supply Chain Empire Unravels as Backers Show Doubt

    (Bloomberg) -- Lex Greensill’s multi-billion dollar empire was left reeling after it lost a key source of funding and his biggest backer signaled doubts about the value of his namesake trade finance business.Credit Suisse Group AG on Monday froze a group of supply-chain-finance funds that it ran with help of the financier, citing “considerable uncertainty” about the valuations of some of the holdings. The funds combined held about $10 billion in assets, most of it in Greensill-sourced securities.Separately, SoftBank Group Corp.’s Vision Fund has substantially written down its $1.5 billion holding in Greensill Capital, and is considering dropping the valuation to close to zero, according to people familiar with the matter. The writedown occurred at the end of last year, said one person.The firm is now fighting for its survival, according to Dow Jones, which reported that Greensill could file for insolvency within days. It’s simultaneously in talks on a sale of its operating business to Apollo Global Management Inc. for about $100 million, the news agency said, citing people familiar with the talks. The rapid deterioration caps almost three years of trouble for Greensill Capital, a startup lender aiming to disrupt a niche part of global finance. Greensill-linked financings played a role in the demise of a former star bond manager at GAM Holding AG in 2018. Things took a turn for the worse last year when Germany’s banking regulator BaFin pressured the financier’s lender to reduce concentration risks on its balance sheet.In each case, Greensill’s exposure to U.K. industrialist Sanjeev Gupta -- an early client of his trade finance firm -- played a key role. Read more: King of Supply-Chain Finance Expands, and Controversy FollowsFor Credit Suisse, the decision to suspend the funds adds to a series of hits to the bank, which is still recovering from a damaging spying scandal a year ago. Since then, new Chief Executive Officer Thomas Gottstein has had to contend with legal charges related to mortgage-backed securities in the U.S. and a writedown on a hedge fund investment. The bank was also left staring at steep losses, along with other lenders, when the stock of Luckin coffee imploded in an accounting fraud.Switzerland’s second-largest bank had been looking at ways to reduce its ties to Greensill, people familiar with the matter said earlier Monday. Credit Suisse is considering winding down the investments packaged by Greensill, replacing the firm as the main source for the assets, or moving loans to firms linked to Gupta out of its supply-chain finance funds, the people said, asking for anonymity because a decision hasn’t been made yet.Crucial Buyers“Greensill acknowledges the decision by Credit Suisse to temporarily gate the two Supply Chain Finance Funds dealing in Greensill-sourced assets,” a spokesperson for the firm said by email. “We remain in advanced talks with potential outside investors in our company and hope to be able to update further on that process imminently.”The funds are crucial to Greensill’s business, who relies on them along with his German bank to buy financings that Greensill Capital arranges. After an internal review last year, Credit Suisse overhauled the funds’ investment guidelines to limit how much exposure they can have to a single borrower.In Germany, meanwhile, BaFin has been pressuring Greensill Bank to reduce the concentration of assets linked to Gupta, Bloomberg reported in August. The bank is now seeking to raise money and cut its exposure to companies linked to the U.K. industrialist, people familiar with the matter have said.In October, the firm had been considering a capital raising that would have valued it at $7 billion. At the time, when its banking arm was facing regulatory scrutiny and clients had hit financial difficulties, the firm said that the fund-raising would help boost growth. More recently, the firm was in talks with Apollo Global Management on a multi-billion dollar financing deal that would give the supply chain financer more headroom, Sky News reported last month.Read more: Greensill Bank Looks to Raise Cash, Cut Risk to Sanjeev GuptaIt’s unclear how much of the Credit Suisse supply-chain finance funds are currently tied up with Gupta.Securities linked to Gupta and arranged by Greensill were among investments at the center of a 2018 crisis at GAM that brought down star trader Tim Haywood. While assets managed in GAM’s supply-chain finance funds were relatively short-term, it took almost a year to liquidate some longer-term loans to Gupta.Credit Suisse is the latest firm to suspend or freeze funds related to hard-to-value or illiquid investments. Famed U.K. stock picker Neil Woodford ploughed large amounts into unlisted or thinly-traded companies and was forced to freeze his funds to allow for an orderly liquidation. H20 Asset Management also had to freeze funds under pressure from the French regulator because of illiquid investments tied to German financier Lars Windhorst.(Adds report on insolvency talks in fourth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Want to Boost Your Savings? 4 Expert Tips to Get Started

    Having money in the bank could spare you from racking up debt when financial emergencies strike. To that end, we talked to Chris Wong, Consumer Savings Executive at Bank of America, and he had some important savings-related insights to share. Your savings account probably isn't going to grow by $1,000 overnight -- and that's okay.

  • UPDATE 1-U.S. FTC tells e-cigarette firms JUUL, NJOY, others to submit sales, ad data

    The U.S. Federal Trade Commission said on Monday it has ordered five e-cigarette companies including JUUL Labs and NJOY to turn over sales and advertising data. The regulatory agency said it sent orders to JUUL Labs, Inc; R.J. Reynolds Vapor Company; Fontem US, LLC; Logic Technology Development LLC; and NJOY, LLC seeking information from 2019 and 2020 including annual data on sales and giveaways of e-cigarettes and characteristics of their e-cigarette products such as flavors. The consumer protection agency is trying better understand the rapidly growing market, similar to studies it has done in the on cigarettes and smokeless tobacco products.

  • Exxon Board Adds Activist After Attacks on Returns, Climate

    (Bloomberg) -- Exxon Mobil Corp. appointed climate-minded activist investor Jeff Ubben and former Comcast Corp. executive Michael Angelakis to its board following investor criticism of the oil giant for its environmental record and poor capital allocation over the past decade.The additions bring the number of directors on the board to 13, with seven joining since 2016, Exxon said in a statement. Bloomberg News first reported Ubben was being considered for the role last month. Exxon rose almost 7% to the highest in more than a year.The oil explorer has long attracted criticism for its persistent focus on fossil fuels and unwillingness to commit to zero carbon targets but those attacks intensified recently after its financial performance dwindled. Exxon is embroiled in a proxy battle with activist investor Engine No. 1, which has taken the board to task over both its approach to climate change and track record of spending money on projects that yield weak returns.“While ExxonMobil has now conceded the need for board change, what is missing are directors with diverse track records of success in the energy industry who can position the company for success in a changing world,” Engine No. 1 said in a statement. The investor is still moving forward with its proxy contest.D.E Shaw, another Exxon investor that has pushed for changed, welcomed the appointment of the two directors, saying that they would add “significant capital markets and capital allocation experience” while “navigating the transition to a low-carbon future.”The board appointments follow a series of moves by the company to appease shareholders ahead of its annual meeting in May. Exxon announced new emissions targets, increased climate disclosure and cut capital spending by $10 billion a year all the way out to 2025. Last month, the company tapped former Petronas CEO Tan Sri Wan Zulkiflee Wan Ariffin to join the board.Whether those moves will be enough to placate investors remains to be seen. Furthermore, shareholders may be able to vote on a proposal about climate lobbying after a decision by the U.S. Securities and Exchange Commission left the door open to including it on the agenda of the upcoming annual meeting. The proposal was led by institutional investors including by BNP Paribas SA.In 2020, the stock lost 41% and the company incurred its first annual loss in at least four decades. Years of elevated spending on new oil and gas operations left it highly exposed to the crude price crash caused by Covid-19. Exxon also recently wrote down $19.3 billion of assets and reduced its reserves by almost a third.“Michael and Jeff’s expertise in capital allocation and strategy development has helped companies navigate complex transitions for the benefit of shareholders and broader stakeholders,” CEO Darren Woods said in a statement. “Their contributions will be valued as Exxon Mobil advances plans to increase shareholder value by responsibly providing needed energy while playing a leadership role in the energy transition.”Ubben founded ValueAct Capital Management two decades ago. He left ValueAct in June to launch Inclusive Capital Partners, which is focused on investing in companies with a social or environmental angle. Ubben resigned from the board of power provider AES Corp., the company said Monday.Angelakis led strategic planning at Comcast and oversaw the company’s “successful transition into media and other technologies,” Exxon said.Click here to see ESG data from Bloomberg Intelligence(Adds SEC decision in eighth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Goldman’s Eric Lane Leaves for Tiger Global in Surprise Exit

    (Bloomberg) -- Eric Lane, the co-head of Goldman Sachs Group Inc.’s asset-management business, is quitting the firm to join Chase Coleman’s Tiger Global Management, just a day after news that a pair of senior consumer bankers are leaving the lender for a fintech startup.Lane is departing less than six months after taking over Goldman’s newly expanded asset-management business along with Julian Salisbury, according to an internal memo seen by Bloomberg. The 25-year veteran of Goldman Sachs and a member of its most important decision-making body will join hedge fund Tiger Global later this year as president and chief operating officer, according to a letter to investors Monday.“In this newly created role, Eric will work across the firm, helping us manage the organization with a particular focus on our clients and the infrastructure that supports our platform,” the firm said in the letter, seen by Bloomberg. Lane will report directly to Coleman and venture capital head Scott Shleifer.A representative for New York-based Tiger Global declined to comment. The firm manages about $50 billion, with roughly half in its hedge fund business and the rest in its venture capital unit.Goldman’s asset-management division, with $8 billion of annual revenue, is a critical focus for Chief Executive Officer David Solomon, who hopes to rake in more client assets to generate a steady stream of fee income for the bank. That and the consumer business are two new strategic projects that the bank has hoped will grow fast enough for it to reduce reliance on the firm’s traditional strengths in investment banking and trading.Lane’s surprise move comes just a day after people with knowledge of the matter said that Omer Ismail, the head of Goldman’s consumer bank, is leaving to run Walmart Inc.’s fledgling financial-technology startup. Ismail will bring along David Stark, who helped ink Goldman’s partnership with Apple Inc. and oversaw its tie-ups with JetBlue Airways Corp. and Amazon.com Inc.Goldman in September shuffled business lines and announced a raft of management changes, including that Lane and Salisbury would lead the combined asset-management and merchant bank. Lane previously ran the investment-management group, which also included Goldman’s consumer and wealth operations.Tiger Global assets have soared over the years, and its performance has been consistently strong. The hedge fund returned 48% last year alone. Coleman topped Bloomberg’s list of the top-earning hedge fund managers in 2020.(Updates with Tiger investor letter starting in third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • UPDATE 1-U.S. turns over two men charged in Ghosn escape to Japan: AP

    An American father and son accused of helping former Nissan Motor Co Ltd Chairman Carlos Ghosn flee Japan were handed over on Monday to Japanese authorities for extradition from the United States, their lawyer told the Associated Press. The U.S. Supreme Court last month cleared the way for the extradition of U.S. Army Special Forces veteran Michael Taylor and his son, Peter Taylor, who are accused of helping Ghosn flee Japan while he was awaiting trial on financial charges.

  • UPDATE 1-U.S. failure to sanction MbS for Khashoggi killing 'dangerous' - U.N. expert

    A U.N. human rights investigator said on Monday that it was "extremely dangerous" for the United States to have named Saudi Arabia's de facto ruler as having approved an operation to capture or kill journalist Jamal Khashoggi but not to have taken action against him. Agnes Callamard, special rapporteur on summary executions who led a U.N. investigation into Khashoggi's 2018 murder, reiterated her call for sanctions targeting Mohammed bin Salman's assets and his international engagements.

  • This Tesla rival sees its $220,000 hypertruck hitting roads soon

    Hyliion's founder Thomas Healy offers Yahoo Finance a timeline on when his hypertruck will come to market.

  • Why AMC Entertainment Shares Hurdled 10% Higher Today

    Shares of AMC Entertainment Holdings (NYSE: AMC) are off to the races again, jumping 10% in morning trading Monday as investors try to ignite excitement in the stock, as occurred back in January. AMC investors, who may be trying to replicate those gains, have at least a little more to hang their hats on. Although the theater operator walked along the precipice of bankruptcy until it was bailed out by its lenders, AMC did see fit to award management some $8.3 million in bonuses.

  • Interactive Brokers Group Reports Brokerage Metrics and Other Financial Information for February 2021, Includes Reg.-NMS Execution Statistics

    Interactive Brokers Group, Inc. (Nasdaq: IBKR), an automated global electronic broker, today reported its Electronic Brokerage monthly performance metrics for February.

  • Wall Street Set to Learn How Tough Biden’s Watchdogs Will Be

    (Bloomberg) -- President Joe Biden’s plans for a new era of tough Wall Street oversight will take center stage this week when two of his top regulator picks face questions from Senate Banking Committee members at a Tuesday hearing.Gary Gensler, whom the White House has tapped to head the Securities and Exchange Commission, and Rohit Chopra, the administration’s choice to lead the Consumer Financial Protection Bureau, are likely to win confirmation, lawmakers and financial executives say. Yet their strong support from progressive Democrats means they’re certain to get pointed questions from Republican senators about their plans to crack down on businesses.The wild rally in GameStop Corp., the explosion of blank-check companies and apps -- like Robinhood Markets’ platform -- that have prompted millions of novice investors to start trading are sure to be focuses. The biggest banks, hedge funds and private equity firms are also likely to be spotlighted, particularly after four years of rule cutting under former President Donald Trump.Gensler, 63, is well known on Wall Street after leading the Commodity Futures Trading Commission during the Obama administration and making a fortune decades earlier at Goldman Sachs Group Inc. Chopra, a 39-year-old Federal Trade Commission member who helped Senator Elizabeth Warren set up the CFPB, would run an agency that Democrats want reinvigorated to protect consumers from abuses involving credit cards, mortgages and high-interest loans. Republicans would prefer it remain in the slumber that defined the bureau in the Trump era.“There remains a sharp divide between Republicans and Democrats on the role of the CFPB in financial regulation,” said Andrew Olmem, National Economic Council deputy director in the Trump administration who is now a partner at the Mayer Brown law firm. “This is a very important nomination because a new director can significantly shift the direction of the CFPB.”Gensler, who has been been teaching at the Massachusetts Institute of Technology, indicated in his prepared testimony that he planned to examine whether SEC rules have kept pace with advancements in technology. “I believe financial technology can be a powerful force for good -- but only if we continue to harness the core values of the SEC in service of investors, issuers, and the public,” he said.Chopra signaled he would focus on the economic impact of coronavirus, which he said has left millions of Americans’ finances “in ruin.” “Experts expect distress across a number of consumer credit markets, including an avalanche of loan defaults and auto repossessions,” he said.What follows is a breakdown of policy topics that Gensler and Chopra will confront at the hearing -- and, if confirmed, in their jobs:Retail InvestorsThe popularity of commission-free trading -- spearheaded by Robinhood -- has forced regulators to grapple with new questions. Top among them is “gamification” and the proliferation of apps that make investing fun but that critics claim inappropriately hook consumers with nudges and prompts to keep them trading. Determining whether and how to respond is something Gensler will have to grapple with. The issue could also fall under the purview of Chopra and the CFPB.The GameStop frenzy has prompted additional regulatory concerns, including whether unsophisticated investors should be able to so freely engage in risky trading involving options. Bubbles, too, will be on senators’ minds. A number think the SEC should do something about the eye-popping rise of unregulated Bitcoin and other cryptocurrencies. Another potential target is special purpose acquisition companies, or SPACS, which are essentially corporate shells that issue shares before investors even know what their money is being used for.Market StructureThe GameStop saga has made lawmakers wake up to the inner-workings of the stock market. Practices like off-exchange trading and Robinhood and other brokers selling their customers’ orders to so-called market makers like Citadel Securities are getting unprecedented attention on Capitol Hill.Short-selling has also come under fire after it emerged that hedge funds making bearish bets had borrowed more than 100% of GameStop’s outstanding shares. In the face of all that complexity, lawmakers will want to know how Gensler plans to ensure that markets are fair for average Americans.Private EquityAmong the Banking Committee Democrats who have most relished going after private equity are Chairman Sherrod Brown of Ohio and Warren of Massachusetts.Warren introduced the “Stop Wall Street Looting Act” in 2019 calling for new rules for buyout firms, and she made the industry’s treatment of workers a centerpiece of her unsuccessful 2020 presidential campaign. She and Brown have said they will continue to press the issue and have ideas for how Gensler can use the SEC to add new oversight. Giving impetus to their plans is a successful push by private-equity firms during the Trump administration to be included as an investment option in corporate retirement saving plans.EnforcementWall Street could soon find itself subject to lots more investigations launched by the CFPB, which was created to crack down on industry abuses that Democrats argue spurred the 2008 financial crisis. Beyond big banks, the agency under Chopra may also focus on payday lenders, student loan providers and on issues tied to the retail trading boom.At the SEC, wielding the agency’s powers to probe and sanction companies is where Gensler can make his biggest impact. A high-profile case against a major bank or hedge fund can ripple through the finance industry, deterring other firms from engaging in similar conduct. During the Trump era, busting Wall Street titans was rarely a priority, something progressives expect Gensler to change quickly.CryptoBitcoin has skyrocketed more than 400% in the past year and Coinbase, a trading platform used by millions American, is on the cusp of one of the biggest initial public offerings in years. Yet, despite all the buzz, cryptocurrencies are still a big question mark for Wall Street. Industry backers say that an impediment to broad adoption is a clear legal framework and a lack of regulatory clarity from the SEC.It’ll probably fall largely on Gensler to determine how to regulate the industry. Thorny topics he will likely have to deal with include whether to approve a crypto based exchange-traded fund, and how aggressively to pursue a high-profile lawsuit the SEC filed last year against Ripple Labs Inc. for allegedly misleading investors by selling more than $1 billion of virtual tokens without registering them with the regulator.Climate ChangeProgressives want Biden’s financial regulators to play a crucial role in addressing climate change, including by pressing companies to reveal more about how global warming affects their bottom lines. Democrats also want industry watchdogs to combat inequality by implementing policies that narrow social and economic gaps.At Tuesday’s hearing, such objectives are expected to get lots of attention from Republicans, who argue that securities laws and corporate disclosures should not be used to push what they consider to be political agendas.(Updates with prepared testimony in sixth and seventh paragraphs.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Sorrento Therapeutics and Scilex Holding, a Majority Owned Subsidiary, Have Entered Into an Exclusive Licensing Term Sheet With Aardvark Therapeutics to Acquire Its ARD-301 For the Treatment of Chronic Pain, Fibromyalgia, and Chronic Long Haul Covid Syndrome

    SAN DIEGO, Calif., March 01, 2021 (GLOBE NEWSWIRE) -- Sorrento Therapeutics (NASDAQ: SRNE, “Sorrento”) and Scilex Holdings Company (“Scilex”), a majority owned subsidiary of Sorrento, have entered into an exclusive licensing term sheet with Aardvark Therapeutics (“Aardvark”) to acquire Aardvark’s proprietary formulation, Delayed Burst Release Low Dose Naltrexone (DBR-LDN), or ARD-301, for the treatment of chronic pain, fibromyalgia, and chronic post-COVID syndrome (“long haul COVID” or “long COVID”) in multiple Phase 2 programs planned to be initiated this year. Following execution of the definitive agreement between the parties, Scilex plans to work with Aardvark to initiate a new Phase 2 trial this year for fibromyalgia, which Scilex believes will be an important milestone for treating physicians, and most importantly for the estimated 10 million U.S. adults suffering from this chronic, frequently debilitating central pain condition with limited treatment options.1 Approximately one-third of those diagnosed with fibromyalgia in the U.S. are reported to receive chronic prescription opioids, which is part of the opioid crisis, since opioids are not believed to be an effective solution for chronic central pain.2 ARD-301 is comprised of a non-opioid, non-addictive therapy option that has been shown to have activity for improving a broad array of fibromyalgia symptoms in prior clinical studies with LDN. Currently, there are only three FDA approved pharmacologic treatments for fibromyalgia, but they have demonstrated limited efficacy and burdensome side effects in many patients. COVID-19 is a global public health crisis with severe and potentially long-lasting effects. COVID-19 patients around the world have reported persistent suffering, including serious complications that can last for months after the acute infection resolves, and – even with vaccines – there is great a need for treatment options for Long Haul COVID. According to a research letter published in the Journal of the American Medical Association (JAMA), more than 40 percent of COVID-19 survivors assessed in an Italian study still reported shortness of breath an average of 60 days following symptom onset.3 These data suggest that a significant percentage of COVID-19 survivors may be at risk for respiratory complications and other sequelae, which is a condition that is now colloquially referred to as “Long COVID.” “I look forward to working with Sorrento, Scilex Holding, and Aardvark Therapeutics to initiate a Phase 2 trial to explore potential benefit of ARD-301 for patients suffering from the sequelae of chronic post-COVID syndrome,” said Stephen Faraone, Ph.D., Distinguished Professor and Vice Chair for Research, Department of Psychiatry, SUNY Upstate Medical University, Syracuse, New York. “We at Scilex are very excited to license from Aardvark a meaningful non-opioid therapeutic option that is desperately needed for millions of people in the US and around the world who will develop fibromyalgia or the critical complications of COVID-19 disease where very few treatments exist,” said Jaisim Shah, President and CEO of Scilex. “As increasing numbers of patients suffer from uncontrolled chronic pain resulting from dysregulation of pain signaling, we look forward to helping advance both clinical programs with Scilex’s team to address these high unmet needs,” commented Tien Lee, MD, Chief Executive Officer of Aardvark Therapeutics. Dr. Brian Johnson, professor of psychiatry and anesthesia at SUNY Upstate Medical University, states, “it is very encouraging to see development of an innovative low-dose naltrexone formulation to address fibromyalgia, a condition for which there is a need for better pharmacotherapies.” About Sorrento Therapeutics Sorrento is a clinical stage, antibody-centric, biopharmaceutical company developing new therapies to treat cancers and COVID-19. Sorrento's multimodal, multipronged approach to fighting cancer is made possible by its extensive immuno-oncology platforms, including key assets such as fully human antibodies ("G-MAB™ library"), clinical stage immuno-cellular therapies ("CAR-T", "DAR-T"), antibody-drug conjugates ("ADCs"), and clinical stage oncolytic virus ("Seprehvir®", “Seprehvec™”). Sorrento is also developing potential antiviral therapies and vaccines against coronaviruses, including COVIDTRAP™, ACE-MAB™, COVI-MAB™, COVI-GUARD™, COVI-SHIELD™, COVI-AMG™ and T-VIVA-19™; and diagnostic test solutions, including COVI-TRACK™, COVI-STIX™ and COVI-TRACE™. Sorrento's commitment to life-enhancing therapies for patients is also demonstrated by our effort to advance a first-in-class (TRPV1 agonist) non-opioid pain management small molecule, resiniferatoxin ("RTX"), and ZTlido® (lidocaine topical system) 1.8% for the treatment of post-herpetic neuralgia. RTX has completed a phase 1B trial for intractable pain associated with cancer and a phase 1B trial in osteoarthritis patients. ZTlido® was approved by the FDA on February 28, 2018. SP-102 is undergoing a Phase 3 pivotal trial for the treatment of lumbosacral radicular pain/sciatica. For more information visit www.sorrentotherapeutics.com. About Scilex Holding Company Scilex Holding Company, a majority-owned subsidiary of Sorrento, is a commercial-stage, non-opioid pain management company focused on the development and commercialization of topical and injectable therapies. Scilex targets indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with moderate to severe chronic pain. Scilex launched its first commercial product in October 2018 and is developing its late-stage pipeline, which includes a pivotal Phase 3 candidate and a Phase 2 candidate. Its commercial product, ZTlido® (lidocaine topical system) 1.8%, or ZTlido®, is a prescription lidocaine topical product approved by the U.S. Food and Drug Administration for the relief of pain associated with postherpetic neuralgia, which is a form of post-shingles nerve pain. Scilex’s two product candidates are SP-102 (10 mg, dexamethasone sodium phosphate viscous gel), or SEMDEXA™, a Phase 3, novel, viscous gel formulation of a widely used corticosteroid for epidural injections to treat lumbosacral radicular pain, or sciatica with FDA Fast Track status, and SP-103 (lidocaine topical system) 5.4%, or SP-103, a Phase 2, next-generation, triple-strength formulation of ZTlido®, for the treatment of low back pain. For more information visit www.scilexpharma.com. About Aardvark Therapeutics Aardvark Therapeutics is a clinical stage biotechnology company focused on the development of novel small molecule therapeutics to activate innate homeostatic pathways for the treatment of metabolic diseases, inflammation, and other indications. For more information visit www.aardvarktherapeutics.com. About Fibromyalgia Fibromyalgia is a chronic condition associated with widespread pain and tenderness, as well as general fatigue. Fibromyalgia is considered by many to be a condition that is largely mediated in the central nervous system, given that fibromyalgia sufferers often present without a direct peripheral insult or injury. People suffering from fibromyalgia also often experience sleep disruption, depressed mood, and cognitive impairment. It is estimated that, in the United States, fibromyalgia affects more than 10 million people. Currently, there are only three FDA-approved pharmacologic treatments for fibromyalgia, but they have limited efficacy and burdensome side effects in many patients. Forward-Looking Statements This press release and any statements made for and during any presentation or meeting concerning the matters discussed in this press release contain forward-looking statements related to Sorrento Therapeutics, Inc. and its subsidiaries, including but not limited to Scilex, under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Forward-looking statements include statements regarding the proposed agreement between Sorrento, Scilex and Aardvark regarding the proposed license and acquisition ARD-301 for the treatment of chronic pain, fibromyalgia, and chronic post-COVID syndrome, the prospects for ARD-301 and Scilex’s plans to initiate [a] new Phase 2 trial[s] this year for fibromyalgia. Risks and uncertainties that could cause our actual results to differ materially and adversely from those expressed in our forward-looking statements, include, but are not limited to the risk that the parties do not enter into a definitive agreement or close the proposed transaction, the risk that ARD-301 does not meet the parties’ objectives and the risk that Scilex does not commence [a] Phase 2 trial[s] for fibromyalgia in 2021 or at all. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release and we undertake no obligation to update any forward-looking statement in this press release except as may be required by law. Media and Investor Relations Contact: Alexis Nahama, DVM Telephone: 1.858.203.4120 Email: mediarelations@sorrentotherapeutics.com Website: www.sorrentotherapeutics.com Sorrento® and the Sorrento logo are registered trademarks of Sorrento Therapeutics, Inc. ZTlido® and G-MAB™ are trademarks owned by Scilex Pharmaceuticals Inc. and Sorrento, respectively. SEMDEXA™ (SP-102) is a trademark owned by Scilex Holding. A proprietary name review by the FDA is planned. Seprehvir® is a registered trademark of Virttu Biologics Limited, a wholly-owned subsidiary of TNK Therapeutics, Inc. and part of the group of companies owned by Sorrento Therapeutics, Inc. All other trademarks are the property of their respective owners. © 2021 Sorrento Therapeutics, Inc. All Rights Reserved. References National Fibromyalgia Association (https://fmaware.net/fibromyalgia-prevalence/)Mary-Ann Fitzcharles, Neda Faregh, Peter A. Ste-Marie, Yoram Shir, "Opioid Use in Fibromyalgia Is Associated with Negative Health Related Measures in a Prospective Cohort Study", Pain Research and Treatment, vol. 2013, Article ID 898493, 7 pages, 2013.Carfì, A., Bernabei, R., & Landi, F. (2020). Persistent Symptoms in Patients After Acute COVID-19. Jama, 324(6), 603. doi:10.1001/jama.2020.12603

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