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The Morning Risk Report: Crypto Lender Genesis Hires New Compliance and Risk Officers
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Good morning. Genesis Global Trading is laying off 20% of its 260-person workforce weeks after court filings revealed that the crypto brokerage firm lent $2.4 billion to the now-bankrupt crypto hedge fund Three Arrows Capital Ltd.
The job cuts were announced as part of the firm’s leadership changes that will also result in the departure of Genesis Chief Executive Michael Moro.
[Continued below...]
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What Role Are CFOs Playing in Decarbonization?
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The leadership shake-up also includes governance and risk roles. Genesis has named Michael Patterson as its new chief compliance officer, succeeding Daniel Ferguson. Mr. Patterson most recently served as the U.S. compliance risk management services leader at professional services firm Ernst & Young Global Ltd., according to his LinkedIn profile. Genesis has also hired Michael Patchen as its new chief risk officer from asset manager AQR Capital Management LLC.
The hires come as many cryptocurrency lenders have filed for bankruptcy. The industry has been working more closely with lawmakers and regulators on evolving regulations.
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WSJ Risk & Compliance Forum
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Sign up for the next WSJ Risk & Compliance Forum on Nov. 16 for discussions on the critical issues facing corporate risk and compliance professionals, including keeping up with sanctions, screening for forced labor, and proposed U.S. rules on climate change and cybersecurity. Register here for a discounted ticket.
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The Lake County Courthouse in Painesville, Ohio. The county received more than 60 million opioid pills from 2006 to 2012, according to government data. PHOTO: NICK CAMMETT/ASSOCIATED PRESS
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A federal judge in Ohio has ordered the companies owning CVS, Walgreens and Walmart pharmacies to pay $650 million over 15 years to two Ohio counties after a jury found them liable for contributing to the opioid epidemic.
The jury's verdict in the bellwether case was delivered in November. It was the first decision reached for lawsuits targeting pharmacy chains for their alleged role in the opioid crisis.
Also: Endo International Files for Bankruptcy to Weather Opioid Lawsuits
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Mariner Finance LLC, a consumer finance company backed by private-equity firm Warburg Pincus LLC, is facing a multistate lawsuit alleging that the lender engaged in deceptive sales practices that have cost customers millions of dollars.
Mariner disputed the allegations, saying that other states and the Federal Trade Commission have examined its business practices and didn’t find reason to act against it. The lawsuit seeks civil penalties and restitution to borrowers affected by unlawful practices, according to the Pennsylvania attorney general’s office.
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Australia’s highest court ruled that Alphabet Inc.’s Google isn’t liable for defamatory content that can be accessed via a hyperlink in its search results, a win for Google in a jurisdiction that has at times taken a hard line against tech platforms.
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Hit hard by falling Russian natural-gas deliveries, German energy giant Uniper SE reported a net loss of more than $12.6 billion for the first half of the year, deepening the turmoil at one of the first corporate victims of Europe’s energy crisis.
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The Centers for Disease Control and Prevention will be restructured to strengthen its response to public-health threats, the agency’s director said, acknowledging shortcomings in its fight against the Covid-19 pandemic.
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U.K. consumers are paying more for coffee and other goods as a result of a surge in inflation. PHOTO: JOSE SARMENTO MATOS/BLOOMBERG NEWS
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The U.K.’s annual rate of inflation moved into double digits in July and is set to rise even higher by the end of the year, heaping greater pressure on stretched household budgets and threatening to bring a lengthy economic contraction.
That pickup in inflation has been replicated in other parts of Europe, even as consumer prices have started to slow in the U.S. That is because energy prices have continued to accelerate across Europe as Russia withholds supplies of natural gas, with the continent facing a possible crunch this winter.
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Iranian demands for guarantees from the U.S. have once again stalled efforts to revive a 2015 nuclear pact, leaving Washington and European capitals unsure if a deal is possible.
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The People’s Liberation Army of China said it would join military exercises led by Russia in the latest demonstration of partnership between the two U.S. rivals.
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North Korea fired two cruise missiles, returning to weapons activity for the first time in two months after having recently declared victory over its Covid-19 outbreak.
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Sports-betting companies are revisiting their game plans. Gambling operators have been pouring hundreds of millions of dollars into the pursuit of new customers as more states have adopted online sports betting. Now, those companies are under pressure to rein in spending because they have said they plan to turn a profit sometime next year.
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A SpaceX rocket carrying Starlink satellites launched last week from NASA’s Kennedy Space Center in Florida. PHOTO: MALCOLM DENEMARK/ASSOCIATED PRESS
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Germany’s security guidance for satellites would be a good model for broader cyber standards for the entire space industry as it grows and introduces commercial software, according to European satellite experts and the German government.
The German agency that recently put out the guidance, the Federal Office for Information Security, is seeking to make it the basis for European or international cybersecurity standards related to the space industry. Space missions often involve vendors and expertise from various countries, making common standards crucial, according to space researchers and satellite companies.
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Elon Musk has previously used Twitter to make pronouncements—some serious, some not. PHOTO: EVAN AGOSTINI/ASSOCIATED PRESS
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Elon Musk said on Twitter he was buying English soccer team Manchester United only to say hours later it was a joke, the latest example of the Tesla Inc. chief executive’s using the platform to drop confusing statements about his intentions.
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Moderna Inc. named a new finance chief roughly three months after the Covid-19 vaccine maker’s previous hire for the role departed abruptly due to an internal investigation under way at a prior employer.
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Ali Sabeti, chief executive of San Francisco-based corporate catering firm Zerocater, said more of his client companies are going gourmet. PHOTO: ZEROCATER
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When bosses first tried to lure people back to the office with free food, the doubters said a lukewarm pizza slice or plastic-wrapped bagel could never measure up to the convenience of working from home.
Two lessons for business have since emerged. First, never underestimate the number of workers willing to be bribed. Second, the food had better be good.
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U.S. importers seeking relief from bottlenecks at West Coast gateways are triggering new backups at East Coast and Gulf Coast ports, adding to strains on the country’s troubled supply chains.
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