Pro-golfer Phil Mickelson was listed as a relief defendant on insider trading charges brought against sports-gambler Billy Walters and former Dean Foods (DF) board member Thomas Davis by the Securities and Exchange Commission. As a relief defendant, Mickelson was not accused of wrongdoing, but is named in the complaint "for the purposes of recovering alleged ill-gotten gains in their possession from schemes perpetrated by others," according to a statement released by the SEC. Mickelson is accused of using his trading profits, which were gained from insider information, to pay gambling debts to Walters.
Pro golfer Phil Mickelson agrees to repay trading profits of over $1 million https://t.co/UyyHXFjBtK¿ SEC_News (@SEC_News) May 19, 2016
Bloomberg Businessweek's covers are usually eye-popping and next week's issue is no different. The cover story focuses payments big pharmaceutical companies make to charities that help patients cover their co-payments on drugs. Such a structure, the article argues, makes it possible for pharmaceutical companies to keep costs high while saying they're ensuring less-wealthy patients still have access to their drugs. Also, the drug companies may be able to deduct the charitable contributions on their taxes.
New cover pic.twitter.com/T7260JFSdN¿ Brad Wieners (@BradWieners) May 19, 2016
A new rule, which is expected to boost overtime pay for more than four million workers, was announced by the Labor Department Wednesday and is causing a bit of a stir. A chief component for the rule is raising the salary threshold at which employers must pay overtime to employees. Under the current structure, time and a half pay was mandated at a $23,660 annual salary level, the new threshold is $47,476 annually. The Cato Institute, a libertarian think tank, said the rule may benefit workers in the short term but it may cause lost jobs and lower wages in the medium to long term. Meanwhile, the White House has taken a more optimistic view of the rule.