Margot Patrick
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Reporter for WSJ in London. Money - Power - Crime. margot.patrick@wsj.com
Articles by Margot Patrick
埃里森大举借债以资助儿子收购华纳兄弟探索
这位亿万富豪今年以特斯拉、SpaceX和派拉蒙天舞的股票作质押，向银行借入更多资金。 今年夏天，拉里·埃里森(Larry Ellison)原本打算卖掉相当一部分甲骨文公司(Oracle)股票，这家公司是他在50年前创立的。他想筹集现金，来帮助儿子戴维(David)收购华纳兄弟探索(Warner Bros.
オラクル会長、息子のワーナー買収資金調達で借り入れ急増
この夏、ラリー・エリソン氏は、自身が50年前に設立した米企業向けソフトウエア大手オラクルの保有株式の大部分を売却する予定だった。息子のデービッド氏による米メディア大手ワーナーブラザース・ディスカバリー買収の資金を確保するために現金が必要だったためだ。 しかし、買収完了に向けた局面で、エリソン氏は数十億ドル規模の借り入れをさらに拡大した。同氏はオラクル、テスラ、スペースX、パラマウントの株式を担保に差し入れ、シティグループ、HSBC、JPモルガン、UBS、BNPパリバの5行からの借り入れを増やした。9月、オラクルは、エリソン氏が約75億ドル（約1兆1900億円）相当の株式売却計画を取りやめたと発表した。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8 ウォール・ストリート・ジャーナル日本版 今すぐ購読する
Larry Ellison went on borrowing spree to bankroll his son's Warner Bros. bid
This summer, Larry Ellison was going to sell a big chunk of his stock in Oracle, the company he founded five decades ago. He wanted cash to help pay for his son David's takeover of Warner Bros. Discovery. Instead, in the run-up to the merger's completion, Ellison added to a multibillion-dollar borrowing spree. He put up shares in Oracle, Tesla, SpaceX and Paramount as collateral, and increased his lending from five banks: Citigroup, HSBC, JPMorgan, UBS and BNP Paribas.
Mark Walter Probe Dings a Guggenheim Funding Machine That Powers Wall Street
Investors backed away from Guggenheim’s commercial-paper operation after news of a federal investigation into the Dodgers owner Customers are shying away from doing business with a unit in Mark Walter’s empire that forms part of the plumbing of the U.S. financial system, adding to the pressure on the billionaire sports-team owner from a federal probe. Guggenheim Treasury Services connects investors who want a safe place to stash cash with banks that need short-term funding.
Will die Bank UBS die Schweiz verlassen?
Wall Street Journal In partnership with The Wall Street Journal. FAZ+ (abopflichtiger Inhalt);UBS : A Swiss Banking Giant Thinks the Unthinkable: Moving Out of Switzerland Von Margot Patrick , Cara Lombardo , Annamaria Andriotis, The Wall Street Journal 15.10.2026, 08:53Lesezeit: 4 Min. The bank has received approaches from potential U.S. deal partners as it publicly spars with Swiss politicians over substantially higher capital requirements.
瑞银开始考虑曾经不可想象之举：将总部迁出瑞士
已有潜在美国交易伙伴主动接洽瑞银；与此同时，瑞银与瑞士政界正就大幅提高资本要求一事公开交锋。 瑞士仅存的最具代表性的跨国银行瑞银(UBS)的高管们正为一项曾经无法想象的举措做准备：将总部迁出瑞士。 该行内部人士及其顾问正在制定应变方案，以防瑞士议员依据该国针对“大而不倒”银行的法律推行更严格的资本要求。据知情人士称，这些措施是针对三年前瑞银不得不救助瑞信(Credit Suisse)一事而提出的。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8 订阅 热门文章 热门视频
A Swiss Banking Giant Thinks the Unthinkable: Moving Out of Switzerland
The bank has received approaches from potential U.S. deal partners as it publicly spars with Swiss politicians over substantially higher capital requirements People at the bank and their advisers are mapping out contingency plans should Swiss lawmakers proceed with tougher capital requirements under the country’s too-big-to-fail banking laws. The measures are a response to UBS having to rescue Credit Suisse three years ago, according to people familiar with the bank’s efforts.
A Swiss banking giant thinks the unthinkable: Moving out of Switzerland
Executives at UBS, Switzerland's last remaining flagship global bank, are preparing for a once unimaginable move—ditching its Swiss home base. People at the bank and their advisers are mapping out contingency plans should Swiss lawmakers proceed with tougher capital requirements under the country's too-big-to-fail banking laws. The measures are a response to UBS having to rescue Credit Suisse three years ago, according to people familiar with the bank's efforts.
Inside Dodgers owner Mark Walter's charity, a funding shift led the CEO to quit
A charity that Los Angeles Dodgers owner and billionaire Mark Walter launched to put urban kids on a path to college and high-paying jobs is now being primarily funded by a little-known Chicago financial firm that has also been linked to the federal probe into Walter's insurance empire. Academy Group, started in 2017 by Walter and associates including Earvin “Magic” Johnson and Don Thompson, told staff at the end of July that Amistad Financial would now be its primary source of funds.
Inside Dodgers Owner Mark Walter’s Charity, a Funding Shift Led the CEO to Quit
Amistad is also one of four entities that are being examined as part of a probe into how Walter’s insurance companies failed to report that $20 billion in loans were tied to Walter, The Wall Street Journal has reported. Proceeds from the loans made by Walter’s insurers passed through entities purportedly controlled by Amistad, and the other firms, before being used to fund other Walter-linked businesses, the Journal reported.
UBS Shareholder Calls for Bank to Leave Switzerland — WSJ
UBS Shareholder Calls for Bank to Leave Switzerland — WSJ 0UB UBS came under more pressure to leave Switzerland, with a second top investor urging the bank to decamp from its home country before it is hit by new capital rules. Artisan Partners wrote in a letter to the UBS board that rising capital requirements meant the Alpine nation was no longer an attractive or desirable location for the bank, and that it couldn't see any compelling reason for the bank to remain a Swiss company.
UBS Shareholder Calls for Bank to Leave Switzerland
UBS says its goal is to keep operating a global bank from Switzerland.
Mark Walter, Todd Boehly to sell stake in Chelsea for $1.3 billion
Mark Walter and Todd Boehly have agreed to sell their combined 25% stake in English soccer team Chelsea in a deal that will hand the two billionaires around $650 million each. Chelsea said late Wednesday that Walter and Boehly were selling their holdings to Clearlake Capital, the California-based private-equity firm that is already the team's majority owner. Existing shareholder Hansjorg Wyss will retain his minority holding as part of the deal.
Partners Group Switches CEOs as Private-Market Jitters Hit Performance
Shares in Swiss asset manager hit amid higher fund redemptions, declining revenue Updated Sept. 1, 2026 9:24 am ET The group has been under pressure as clients soured on private markets and investors grew concerned over exposure. Dado Ruvic/Reuters Partners Group PGHN -1.00%decrease; down pointing triangle shares tumbled Tuesday after the Swiss asset manager reported falling revenue and named new leadership to steady it through a turbulent stretch for private markets.
Partners Group switches CEOs as private-market jitters hit performance
Partners Group shares tumbled Tuesday after the Swiss asset manager reported falling revenue and named new leadership to steady it through a turbulent stretch for private markets. Chief Executive David Layton is stepping down at the end of the year to become chief investment officer and chairman of the global investment committee, the company said. The new co-CEOs will be longtime executives Roberto Cagnati and Juri Jenkner, who have both been at Partners Group for more than 20 years.
Most Insurers Invest for the Long Term. Mark Walter’s Did the Opposite.
Mark Walter Emil Lendof/WSJ, Getty Images, iStock Dodgers owner Mark Walter’s insurance empire made investments in an unusual way compared with peers: It invested a lot in the short term. Around $20 billion in insurance investments at Walter’s companies are under scrutiny in a federal investigation. That probe is studying how Walter-controlled insurers helped fund his other businesses, known as affiliated lending, and whether there was fraud. Copyright ©2026 Dow Jones & Company, Inc.
Most insurers invest for the long term. Mark Walter's did the opposite.
Dodgers owner Mark Walter's insurance empire made investments in an unusual way compared with peers: It invested a lot in the short term. Around $20 billion in insurance investments at Walter's companies are under scrutiny in a federal investigation. That probe is studying how Walter-controlled insurers helped fund his other businesses, known as affiliated lending, and whether there was fraud.
ドジャースオーナーの金融取引、側近ムーア氏が重要な役割
3月、ドジャースの試合後に球場を歩くマーク・ウォルター氏 Photo: Kirby Lee/Imagn Images/Reuters 米実業家マーク・ウォルター氏の長年の側近が、ドジャースのオーナーでもある同氏の広大なビジネス帝国における複雑な金融取引の成立に重要な役割を果たしていたことが、事情に詳しい複数の関係者への取材で分かった。これらの取引は、連邦当局の捜査対象となっている。 ウォール・ストリート・ジャーナル（WSJ）のこれまでの報道によると、当局は、ウォルター氏が支配する保険会社が行った融資について調査している。また、この融資は最終的に同氏が支配する他の事業への資金提供に充てられており、当局は、ウォルター氏がこれらの事業間のつながりを隠すことで詐欺を行ったかどうかの解明を目指している。これらの取引で重要な役割を果たしたのは、保険会社と融資を受け取ったウォルター氏の企業との仲介役を務めた4社だった。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved.
Mark Walter Lieutenant Was Key to Dodgers Owner’s Complex Lending Machine
Mark Walter at a Dodgers game in March. Kirby Lee/Imagn Images/Reuters A longtime lieutenant of Mark Walter played a key role in striking the complex financial deals in the Dodgers owner’s sprawling business empire that have drawn scrutiny from federal investigators, according to people familiar with the matter.
Italy's Monte dei Paschi makes $40 billion move to buy rival banks
The battle for control of Italy's biggest banks entered a new phase after Banca Monte dei Paschi di Siena launched bids for peers Banco BPM and Banca Generali, valued together at nearly $40 billion. Monte dei Paschi—widely considered the world's oldest bank still in operation—said Friday that it was making the all-share bids, even as it fights off a takeover offer from larger rival Intesa Sanpaolo. The move is the latest twist in a continuing round of dealmaking by Italy's biggest banks.
ドジャースオーナーを連邦捜査に引き込んだ「隠れ取引網」
米実業家マーク・ウォルター氏は2012年、スポーツ界を驚愕（きょうがく）させる巨額買収を成し遂げた。金融業界以外ではほとんど無名だった投資会社グッゲンハイム・パートナーズの最高経営責任者（CEO）が、米大リーグ（MLB）屈指の名門ロサンゼルス・ドジャースを買収する資金をどのように調達したのか、裕福な競合入札者たちも首をかしげるばかりだった。 今やウォルター氏と、年間を通じて展開する同氏の国際的スポーツ王国を知らない有力者はほとんどいない。自身が支配する保険会社からの融資によって他の投資資金を賄うという同氏の手法は現在、当局の捜査・調査対象となっている。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Fallout From Mark Walter Probe Hits Texas Conglomerate Sammons — WSJ
Fallout From Mark Walter Probe Hits Texas Conglomerate Sammons — WSJ The fallout continues for investors and business partners close to Guggenheim Partners CEO Mark Walter, who has been ensnared in a federal probe into the dealings of his insurance-to-sports empire. Bonds issued by units of Sammons Enterprises, a longtime shareholder in Guggenheim Partners' parent company, Guggenheim Capital, have fallen around 3 percentage points since last week.
The Web of Hidden Deals That Snared the Dodgers Owner in a Federal Probe
Los Angeles Dodgers owner Mark Walter in November 2025. Caroline Brehman/EPA/Shutterstock Mark Walter stunned the sports world in 2012 with a deal that left his wealthy rivals wondering how the chief executive of Guggenheim Partners, little-known outside Wall Street, had funded the purchase of the Los Angeles Dodgers, one of the premier teams in Major League Baseball. Few moguls can now claim they aren’t familiar with Walter and his international sports kingdom, which spans every season.
ドジャースオーナー「金融帝国」への捜査、検察は4社に焦点
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://jp.wsj.com/articles/prosecutors-focus-on-four-businesses-tied-to-dodgers-owner-mark-walter-2cdc25d9
Prosecutors Focus on Four Businesses Tied to Dodgers Owner Mark Walter
Los Angeles Dodgers owner Mark Walter at a Major League Baseball game in March. Javier Rojas/PI/ZUMA Press Federal prosecutors digging into Mark Walter’s business empire are focused on four entities that served as intermediaries between insurance companies he controlled that made loans to businesses that he also controlled, according to people familiar with the matter.
Prosecutors focus on four businesses tied to Dodgers owner Mark Walter
Federal prosecutors digging into Mark Walter's business empire are focused on four entities that served as intermediaries between insurance companies he controlled that made loans to businesses that he also controlled, according to people familiar with the matter.
The Lakers’ Owner Needed Cash. Then Came a $12.5 Billion Offer to Buy the Team.
Updated Aug. 13, 2026 2:58 pm ET Mark Walter’s sports portfolio includes the Los Angeles Dodgers, the WNBA’s Los Angeles Sparks, the Professional Women’s Hockey League and a stake in the English Premier League club Chelsea. Kirby Lee/Imagn Images/Reuters With his business empire under scrutiny from federal investigators, Mark Walter was on the hunt for cash when, out of nowhere, he was about to be offered an enormous pile of money.
The Lakers' owner needed cash. Then came a $12.5 billion offer to buy the team.
With his business empire under scrutiny from federal investigators, Mark Walter was on the hunt for cash when, out of nowhere, he was about to be offered an enormous pile of money. The chief executive of Guggenheim Partners needed liquidity to keep his insurance companies afloat, people familiar with the matter said. Joshua Kushner, the chief executive of Thrive Capital, was reaching out with a potentially gigantic offer.
Dodgers owner at center of federal probe suffered stroke in 2024
When the Los Angeles Dodgers celebrated on the field after winning the World Series in October 2024, there was one person notably missing from the festivities: Mark Walter, the team's owner. While the billionaire and chief executive of Guggenheim Partners is known for keeping a low profile, it was unusual even for him. Just 10 days earlier, Walter had spoken on the field after his team advanced to play the New York Yankees.
Dodgers Owner at Center of Federal Probe Suffered Stroke in 2024
5 hours ago The Los Angeles Dodgers have enjoyed unprecedented stability under Mark Walter's ownership, building one of Major League Baseball's premier organizations while consistently acquiring the best star talent and contending for three World Series championships in a row. But the club's ownership group has …
Federal Probe Into Dodgers Owner’s Financial Empire Was Sparked by Whistleblower
Mark Walter’s profile has risen from his ownership stakes in the Dodgers and other marquee sports franchises. Jayne Kamin-Oncea/Imagn Images/Reuters The problems for Mark Walter’s sprawling sports and finance empire began with an internal whistleblower complaint. The complaint questioned how Walter’s asset-management firm, Guggenheim Investments, booked revenue from dealings with insurance companies and had drawn interest from federal prosecutors by last year, people familiar with the matter said.
ドジャースオーナーの「金融帝国」への捜査、始まりは内部告発
著名実業家でロサンゼルス・ドジャースのオーナーでもある、マーク・ウォルター氏の広大なスポーツ・金融帝国をめぐる問題は、内部告発から始まった。 この告発は、ウォルター氏の資産運用会社グッゲンハイム・インベストメンツが保険会社との取引から売上高を計上した方法に疑問を呈するもので、昨年までに連邦検察当局の関心を引いていたと、事情に詳しい関係者らが述べた。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Federal probe into Dodgers owner's financial empire was sparked by whistleblower
The problems for Mark Walter's sprawling sports and finance empire began with an internal whistleblower complaint. The complaint questioned how Walter's asset-management firm, Guggenheim Investments, booked revenue from dealings with insurance companies and had drawn interest from federal prosecutors by last year, people familiar with the matter said.
By engineering a near majority stake in rival Commerzbank, the UniCredit CEO is moving closer to a deal Andrea Orcel, CEO of UniCredit. Alessia Pierdomenico/Bloomberg News Italian banker Andrea Orcel did something few thought possible: He outsmarted the Germans on their home turf.
How Andrea Orcel did an end run around Germany to build a banking giant
Italian banker Andrea Orcel did something few thought possible: He outsmarted the Germans on their home turf. By engineering a near majority stake for his bank, UniCredit, in rival Commerzbank, he is muscling closer to a deal seen as a litmus test for Europe's ability to knit together its economy and compete better. UniCredit on Wednesday said it likely won voting control of Commerzbank shares , after building its stake to just under 50% in an open tender offer.
How Andrea Orcel Did an End Run Around Germany to Build a Banking Giant
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Europe’s Biggest Banking Deal in Years Is Getting Closer
The final tender results aren't due until early July and a deal could take until 2027 to finalize. Regardless, Orcel has all but won, said Filippo Alloatti of asset manager Federated Hermes, which owns bonds of both banks. "The takeover has happened," he said. UniCredit began circling Commerzbank in 2024, disclosing a 9% stake in September of that year. It bought financial contracts tied to the German bank's shares and kept raising its holding.
Europe’s Biggest Banking Deal in Years Is Getting Closer
Italian lender UniCredit began circling Commerzbank in 2024. Krisztian Bocsi/Bloomberg News Italian bank UniCredit UCG 0.64%increase; up pointing triangle is edging closer to its longtime goal of taking over German rival Commerzbank CBK 0.52%increase; green up pointing triangle, a landmark deal that would create a pan-European financial giant.
Intesa Bids $35 Billion for Monte dei Paschi
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/business/deals/intesa-makes-35-billion-bid-for-monte-dei-paschi-after-bpm-offers-merger-talks-580d7eee
揭秘一个“养牛帝国”背后的庞氏骗局
揭秘一个“养牛帝国”背后的庞氏骗局 布莱恩·麦克莱恩依靠投资者和银行贷款支撑起了“纸牌屋”般的养牛业务，最终他花光了筹集到的1.7亿美元资金。 肯塔基州本顿市，布莱恩·麦克莱恩牧场附近路边的牛群。Cattle on the roadside near Brian McClain’s farm in Benton, Ky.
Intesa Bids $35 Billion for Monte dei Paschi
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The Cattle Empire That Turned Out to Be a Giant Ponzi Scheme
BENTON, Ky.—“There are two sides of me,” Brian McClain scrawled on a piece of paper to his wife. One that loves you, he wrote. “The other that stole from people.” For years, McClain had kept cattle here in his hometown and on the Texas Panhandle, buying calves at auction and selling them for profit three months later.
Swiss private-equity giant caps investor withdrawals, sparking share selloff
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Swatch's new watch debut descends into chaos
Benjamin Katz, Margot Patrick, Sam Schube Swatch's latest chaotic product launch—replete with riot police and tear gas—shows that for buzz-seeking brands, manufactured virality can have its upsides—and its complications. Swatch was forced to close stores on three continents over the weekend after fans and watch profiteers overwhelmed the debut of the manufacturer's tie-up with luxury brand Audemars Piguet .
Swatch’s New Watch Debut Descends Into Chaos
Flipboard HomeLandscape version of the Flipboard logo More stories from Swatch A watch release frenzy at a Swatch store in Long Island's Roosevelt Field mall turned chaotic on Saturday when deputies clashed with crowds of watch enthusiasts camped outside, leading offic… LONDON (AP) — In Paris, police deployed tear gas. In Milan, Italy, a fistfight erupted.
Swatch’s New Watch Debut Descends Into Chaos
Swatch’s UHR 0.40%increase; green up pointing triangle latest chaotic product launch—replete with riot police and tear gas—shows that for buzz-seeking brands, manufactured virality can have its upsides—and its complications. Swatch was forced to close stores on three continents over the weekend after fans and watch profiteers overwhelmed the debut of the manufacturer’s tie-up with luxury brand Audemars Piguet.
Microsoft Cares About Your Privacy Private-credit blowup leaves $1.7 billion missing, six Ferraris found
Margot Patrick U.K. mortgage lender Market Financial Solutions left Barclays, HSBC and Apollo Global Management facing hundreds of millions of dollars in potential losses when it collapsed in February. Now, bankruptcy administrators allege its owner, Paresh Raja, moved around $550 million of MFS-borrowed funds into personal bank accounts and then bought luxury cars including six Ferraris and three Rolls-Royces.
Private-credit blowup leaves $1.7 billion missing, six Ferraris found
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Microsoft Cares About Your Privacy The opaque private-lending deals that left HSBC with a $400 million hole
Joe Wallace, Margot Patrick When mortgage broker Market Financial Solutions collapsed in February, investors scoured court filings and queried lenders to see who took the hit. One name they hadn't found was HSBC. Through a complex loan via a chain of special-purpose vehicles, the British bank with a global footprint has turned out to be among the most exposed to the defunct broker's allegedly fraudulent business .
The Opaque Private-Lending Deals That Left HSBC With a $400 Million Hole
HSBC bank branch in London. andy rain/epa/shutterstock/Shutterstock When mortgage broker Market Financial Solutions collapsed in February, investors scoured court filings and queried lenders to see who took the hit. One name they hadn’t found was HSBC HSBA 5.00%increase; green up pointing triangle. Through a complex loan via a chain of special-purpose vehicles, the British bank with a global footprint has turned out to be among the most exposed to the defunct broker’s allegedly fraudulent business.
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