Feb 17, 2017

Wall Street abuzz over shady trading ahead of Unilever takeover attempt

Kraft-Heinz announced its attempted $143 billion takeover of Unilever early this morning, but it's obvious that many on Wall Street knew of the bid in the hours and days before. Reuters reports that on Wednesday more than 11,100 options contracts on Unilever were traded, compared with roughly 200 on a typical day. The vast majority of those would have paid off if Unilever shares rose, as they did on the news of the offer this morning.

Why it matters: Obama's SEC Chief made fighting insider trading a cornerstone of her tenure. Trump pick Jay Clayton won't likely been sworn in until the summer, but his reaction to this incident, and similar trades before SoftBank's takeover offer to Fortress Investment Group, will provide the first test of how tough a Trump SEC will be on the issue.

Go deeper

Obama on George Floyd's death: "This shouldn't be 'normal'"

Photo: Getty Images/Getty Images for EIF & XQ

Former President Obama said in a statement Friday that the death of George Floyd, an unarmed black man who was killed by a white Minneapolis police officer, "shouldn't be 'normal' in 2020 America."

What he's saying: "[W]e have to remember that for millions of Americans being treated differently on account of race is tragically, painfully, maddeningly 'normal' — whether it’s while dealing with the health care system, or interacting with the criminal justice system, or jogging down the street, or watching birds in a park."

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 11:30 a.m. ET: 5,850,258 — Total deaths: 361,249 — Total recoveries — 2,444,898Map.
  2. U.S.: Total confirmed cases as of 11:30 a.m. ET: 1,724,873 — Total deaths: 101,698 — Total recoveries: 399,991 — Total tested: 15,646,041Map.
  3. Public health: Hydroxychloroquine prescription fills exploded in March —How the U.S. might distribute a vaccine.
  4. Business: Many poor and minority families can't afford food or rent.
  5. 2020: Trump courts Asian American vote amid coronavirus.
  6. ⚽️ Sports: European soccer's push to return.

Trump's big, empty beef with Twitter

Illustration: Aïda Amer/Axios

President Trump finally acted on his now year-old threat to take action against social media platforms for alleged bias against conservatives. But so far, according to experts in both government and the industry, the threat looks mostly empty.

Driving the news: Trump escalated his war on Twitter Friday morning, tweeting repeatedly that the company needs to be regulated after it overnight added a warning label to a tweet of his calling for the military to start shooting looters, which violated Twitter’s rules against glorifying violence.