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SWFI First Read, January 10, 2017

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Marty Chavez Named CFO of Goldman Sachs

R. Martin “Marty” Chavez was named Chief Financial Officer at Goldman Sachs. Previously, Chavez was Chief Information Officer at Goldman Sachs. Chavez joined Goldman Sachs in 1993 in the J. Aron Currency and Commodities division. From 1997 to 2000, he was Global Head of Energy Derivatives at Credit Suisse Financial Products. In 2000, Chavez co-founded Kiodex, Inc. and was Chairman and Chief Executive Officer until 2004. In 2006, Chavez was named Partner at Goldman Sachs.

Elisha Wiesel Named Chief Information Officer of Goldman Sachs

Elisha Wiesel was named Chief Information Officer at Goldman Sachs. He is the son of Elie Wiesel, a Holocaust survivor and Nobel Peace Prize winner. Elisha Wiesel joined Goldman Sachs in 1994. He was most recently Chief Risk Officer of the Trading Division at Goldman Sachs. Wiesel replaces R. Martin Chavez.

CDP and EIF Form Technology Transfer Platform

Cassa depositi e prestiti (CDP) and the European Investment Fund (EIF) formed a platform called ITAtech to finance the transfer of technology to businesses. CDP is allocating €100 million to the platform, while the EIF is equally contributing €100 million as well.

British Business Bank Boosts £40 Million in Lending Using Funding Circle

British Business Bank Investments Ltd, the commercial arm of the government-owned British Business Bank, plans to lend an additional £40 million to small businesses in the United Kingdom. This is being conducted through London-based Funding Circle Limited, a direct lending platform company.

Industriens Pension Buys Aarhus Office Building

Industriens Pension, a Danish pension fund for industrial workers, acquired an office tower in Aarhus from Standard Life. The building is called Europahuset, located at Europaplads 2.

Korean Investor Money to Acquire European Parliament-Leased Building in Brussels

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Nomura and CIC Contemplate Joint Investment Fund

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Japan-based Nomura Holdings is in talks with the China Investment Corporation (CIC) on forming a new investment fund. The fund could be receive commitments up to US$ 1 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Temasek Holdings Dumps More of Celltrion

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On October 22, 2018, Singapore’s Temasek Holdings, through its sovereign wealth enterprise (SWE) Ion Investments, entered into its second block deal in selling shares in Celltrion, a South Korean bio-pharmaceutical company. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Alleged Fraud, Data Breaches, and Bias, Plague Facebook

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In an unfortunate break for Facebook, the true nature of its data breach is more troubling than previously believed. The social media giant revealed that its headline-topping security breach, which affected 29 million accounts, compromised personal information and seemingly confidential contact information. The FBI is said to be investigating. In September 2018, the story broke that user content, email, and phone numbers, along with personal profile information, was swiped from the site. Facebook has admitted the problem, but stopped short of offering users an apology. The U.S. Federal Trade Commission (FTC) and the Irish Data Protection Commission have questioned Facebook on the matter.

Access Tokens

At the root of the breach were Facebook “access tokens.” These are digital keys that give sites access to keep users logged in and to recognize them upon entry. Unknown hackers reportedly stole these access tokens for 400,000 people. They then used “friends lists” to steal tokens from their networks. Facebook did not shy away from noting that unauthorized access “included username, gender, locale/language, relationship status, religion, hometown, self-reported current city, birthdate, device types used to access Facebook, education, work, the last 10 places they checked into or were tagged in, website, people or Pages they follow, and the 15 most recent searches.” This is, clearly, a staggering amount of personal information and a black eye for the corporation.

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