Absolut Sale, Lehman Schemed

Pernod Ricard buys Sweden

NEWS AT A GLANCE

Pernod wins Absolut auction

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up

Lehman sues Japanese firm over fraud

Lehman Brothers sued Japanese trading company Marubeni in Tokyo today, accusing it of allowing two employees to steal $350 million through a fraudulent partnership to fund hospitals. Lehman claims that the employees of the 150-year-old Japanese trading house forged documents and presented an impostor in what was essentially a Ponzi scheme. (The Wall Street Journal) Lehman wants its $350 million back. Marubeni says it, too, was deceived, and shouldn’t be liable for the fraud. (AP in CNNMoney.com) “Marubeni may say it’s a victim,” said Nomura Securities analyst Yasuhiro Narita, but that may “give rise to the perception that the company has problems with its corporate governance.” (Bloomberg)

U.S. to propose broad regulatory overhaul

U.S. Treasury Secretary Henry Paulson is detailing a proposal today to overhaul the government’s financial regulatory system, streamlining several agencies and formally granting new responsibilities to the Federal Reserve. The sweeping changes, if enacted, would be the biggest regulatory reform since the Great Depression. (AP in Yahoo! Finance) Among the larger proposals is to put the Fed in charge of policing “market stability,” diminishing the power of the SEC, and creating a federal insurance regulator and minimum standards for mortgage lenders. Critics said the plan, on the whole, weakened oversight. No action is expected in the next year. (The Wall Street Journal)

Going topless in the Valley

Silicon Valley’s tech companies are increasingly going “topless,” or banning laptops from meetings, along with smart phones, BlackBerrys, and other wireless distractions. In a corporate culture where meetings have never been very popular, tech firms are finding that eyes glued to iPhones means workers who are only partly engaged in business, at the expense of productivity and team cohesion. Other firms just started banning meetings. “No-laptop meetings make sense,” says former Yahoo! marketing director Joe Lazarus. “No meetings make even more sense.” (Los Angeles Times, free registration)