“Chief Executive Mary Barra announced the automaker has retained Kenneth Feinberg as a consultant to help it plan its response to families of accident victims whose vehicles are being recalled. She mentioned the hiring as she began testimony before a House subcommittee” — Joann Muller. Read GM Retains 9/11 Victims’ Fund Manager To Oversee Families’ Claims In Switch Recalls
Joann also has the details on GM’s ugly quarter ahead.
“Tuesday and Wednesday are General Motors GM -0.23% CEO Mary Barra’s days in the Congressional hot seat. As with her predecessors in Detroit and Tokyo, Barra can expect the blare of camera lights, admonishment from lawmakers, achingly sad stories from accident victims and a lot of pontificating from pundits who’ve never written a word about the GM recall crisis” — Micheline Maynard. Read 3 Things GM’s Mary Barra Must Do To End The Recall Crisis
And in other news:
“The appointment of Proposition 8 supporter Brendan Eich as CEO of Mozilla has provoked howls of dissent within the company’s ranks and on its board of directors. Now the broader tech community has begun to weigh in, starting with OK Cupid” — Jeff Bercovici.
“The trial of Ross Ulbricht, the alleged creator of the Silk Road Bitcoin-based black market for drugs, hasn’t yet begun, but it’s already raising hairy legal questions. First on the docket: Is Bitcoin even money? In a motion filed over the past weekend, Ulbricht’s lawyer Joshua Dratel argued that all charges against his client should be dropped, including accusations of conspiracy to traffic in narcotics, launder money, hack computers, and run a ‘continuing criminal enterprise,’ a charge often called the ‘kingpin’ statute and used to prosecute mafia and cartel leaders” — Andy Greenberg. Read Alleged Silk Road Creator’s Lawyer Denies Bitcoin Is ‘Monetary Instrument,’ Moves To Drop All Charges
“When billionaire hedge fund manager William Ackman hosted a conference call in March to slam Herbalife’s business practices in China, he introduced a man who had previously operated largely in the hedge fund industry’s shadows” — Nathan Vardi.
“In recent years growing wealth in Asia has shifted the gaming industry’s center of gravity from Las Vegas to Macau. The region, also spelled Macao, has been a profit driver for the world’s largest casino companies including Sheldon Adelson’s Las Vegas Sands and Steve Wynn’s Wynn Resorts. Shares of both companies were up around 3% in morning trading following news that the region saw better than anticipated first quarter gambling revenue” — Samantha Sharf.
“In an amended prospectus on Tuesday, online food ordering website GrubHub raised the price range for its initial public offering to $23 to $25 per share. With nearly 80 million shares post-offering, GrubHub is valuing itself just shy of $2 billion at the maximum point of that range. At the midpoint of the IPO price range, the offering would raise about $170 million and value the company at just under $1.9 billion — up from $1.7 billion last week, when GrubHub set a range of $20 to $22 per share” — Brian Solomon. Read GrubHub Raises IPO Price: Up To $2 Billion Valuation For Food Delivery
Read Lewis DVorkin’s Inside Forbes: The Role of Pay and Traffic in Our Search for a New Media Equation
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