DealBook: When Money Gets in the Way of Corporate Ethics

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Monday, April 17, 2017

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Wells Fargo's chief executive, John Stumpf, facing the Senate Banking Committee in September. He also went before the House Financial Services Committee.

Wells Fargo’s chief executive, John Stumpf, facing the Senate Banking Committee in September. He also went before the House Financial Services Committee. Susan Walsh/Associated Press
White Collar Watch
By PETER J. HENNING
A balance between profit and protocol could become more challenging if a reduction in federal rules encourages management to test the limits of acceptable behavior.
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More DealBook News

Movers: Incyte and Eli Lilly Shares Tumble; Arconic Chief Resigns

By THE NEW YORK TIMES

■ The stocks of Eli Lilly and Incyte both plunged after the F.D.A rejected a drug developed by the two companies that was intended to treat rheumatoid arthritis. ■ Arconic, the aluminum parts maker formed out of Alcoa, said its chairman and chief executive had resigned from the company after months of pressure from the activist hedge fund Elliott Management.

Breakingviews

Even Before Ill-Advised Letter, Arconic’s C.E.O. Had to Go

By TOM BUERKLE

The Arconic board should have fired its chief executive, Klaus Kleinfeld, long ago. Under his watch, Alcoa and Arconic have underperformed their rivals.

Business Day
Unfriendly Skies

How Much Would You Put Up With to Avoid United Airlines?

By KEVIN QUEALY

About 44 percent of survey respondents said they would rather fly with a competitor — even if the flight cost more and took twice as long.

New York Moves to Require Uber to Provide Tipping Option in Its App

By EMMA G. FITZSIMMONS

The proposal follows a push by Uber drivers who say they are losing thousands of dollars without a way for passengers to leave a tip through the mobile app.

BP Gas Leak Is Under Control in Alaska Oil Field

By CLIFFORD KRAUSS

A damaged well, which had been venting methane vapors, was repaired without injuries or harm to wildlife, officials said.

With a Hollywood Writers’ Strike Looming, Here’s What to Know

By BROOKS BARNES

On Wednesday, TV and movie writers will begin voting on whether to authorize a walkout, which could occur on May 2. Health care is a major issue.

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Buzz Tracker
Two law professors tried to mimic big activist hedge funds, investing their retirement savings in a small, languishing public company and trying to shake it up. — The Atlantic
Private equity firms have long been wary of the software industry. But for the past couple of years, groups such as Vista Equity Partners and Thoma Bravo and Vista Equity have been making a splash through a series of eye-catching deals. — Financial Times
Inside the activist battle that felled Klaus Kleinfeld, just five months after he marked aluminum producer Alcoa Corp.’s transformation into parts manufacturer Arconic Inc. with a series of futuristic videos set in 2062. — The Wall Street Journal
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Looking Ahead
Two reports to be released on Tuesday morning should better illuminate how the economy was performing as the first quarter drew to a close. At 8:30, the Commerce Department will release data on housing starts last month. According to Bloomberg’s consensus forecast, new starts are expected to drop by 3.3 percent to an annual rate of 1.245 million. The data does not suggest a deeper problem in the housing market. Instead, a combination of strong growth in prior months and winter storms in some parts of the country probably held back activity slightly.
At 9:15., the Federal Reserve will disclose data on industrial production for March. Economists surveyed by Bloomberg are estimating that overall industrial production rose by 0.5 percentage point, as colder weather prompted utilities to raise output after an unseasonably warm February. Manufacturing industrial production, which can be a more reliable indicator than overall production, is expected to be flat. Softer auto production probably weighed on factory activity. —Nelson D. Schwartz
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Tweet of the Day
The decline of traditional retail is a really big deal — by the numbers, it dwarfs the decline of coal https://nyti.ms/2pCj0WK — Paul Krugman
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