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Bits Blog: AT&T Offers Customers Credit for Leaving T-Mobile

Jordan Leaving Reed Smith to Serve as PNC GC

Longtime Reed Smith global managing partner Gregory B. Jordan is leaving the firm to serve as general counsel of PNC Financial Services Group, the firm announced today.

DealBook: Big Name Is Leaving Boies’s Firm After a Year

Cleric Arrested in $26 Million Plot, Leaving New Blot on Vatican Bank

Claiming to have foiled a caper worthy of Hollywood, or at least Cinecittà, the Italian police on Friday arrested a prelate and two others on corruption charges, saying that the priest plotted last summer to help wealthy friends sneak the money, the equivalent of about $26 million, into Italy while evading financial controls.

Along with the prelate, a financial broker and a military police agent deployed to the Italian Secret Service were arrested after an investigation that developed out of a broader three-year inquiry into the Vatican Bank. The case is the latest black mark on the bank, which under Pope Francis and Pope Benedict XVI has been trying to shake its image as a secretive tax and money laundering haven and bring itself into compliance with European norms so it can use the euro.

Rome prosecutors say the three men hired a private plane last July with the intention of bringing the cash into Italy from Locarno, Switzerland. The money was to be carried by the Secret Service agent, Giovanni Maria Zito, who would not be required to declare it at the border. But the scheme fell through, the prosecutors said, as the three began bickering and, eventually, lost their nerve. Cellphones used by the three in arranging the money transfer were later burned, prosecutors said.

The European Union and the United States have served notice in recent years that they will no longer tolerate the wall of secrecy in tax havens like Switzerland, Luxembourg and the Cayman Islands. As a result, major account holders have been growing increasingly nervous.

Nello Rossi, the Rome prosecutor who led the investigation, said that discussions picked up on wiretaps seemed to indicate that the 20 million euros in Switzerland was tied to the D’Amico family, Salerno shipping magnates.

Even before his arrest on Friday, the prelate, Msgr. Nunzio Scarano, was known to the authorities. An employee of Deutsche Bank before entering the priesthood, and until recently an accountant in a top Vatican financial office that oversees the Catholic Church’s real estate holdings, Monsignor Scarano was under investigation by magistrates in Salerno on accusations that he illegally moved $730,000 in cash from his account in the Vatican Bank to Italian banks, his lawyer said.

Monsignor Scarano’s lawyer, Silverio Sica, said his client would contest the charges. “I am certain he will want to speak to prosecutors to clarify his position,” Mr. Sica said. He added that Monsignor Scarano had had no previous dealings with the police or with judicial investigations.

In a statement on Friday, the Vatican spokesman, the Rev. Federico Lombardi, said that Monsignor Scarano had been suspended from his position at the Vatican “more than a month ago, ever since his superiors were informed that he was under investigation.”

He added that the Holy See “has not yet received any requests from the competent Italian authorities, but confirms its willingness for full collaboration,” and that the Vatican’s internal financial watchdog was following the matter and would take, “if necessary, the appropriate measures in its competency.”

Only priests, members of religious orders, Catholic institutions, employees of the State of Vatican City and diplomats accredited to the Holy See are allowed to keep accounts at the Vatican Bank, known as the Institute for Works of Religion. But rumors have long swirled that accounts were being used as fronts for other interests, including organized crime and Italian politicians.

In the Salerno case, prosecutors accuse Monsignor Scarano of having illegally moved 560,000 euros, equivalent to $730,000, from his account in the Vatican Bank. Mr. Sica said that the monsignor had told prosecutors that the money came from a “generous donor” and was intended to finance a hospice for terminally ill patients in Salerno.

Mike Darnell, a Reality Show Creator, Is Leaving Fox

Mr. Darnell, who has supervised reality programming for Fox since before the term reality show entered the lexicon, said Friday that he was leaving the network at the end of the month.

He oversaw Fox’s most popular reality shows (“So You Think You Can Dance,” “MasterChef,” “The X Factor” in addition to “Idol”) and was also its most outlandish innovator (remember “Temptation Island” and “Who Wants to Marry a Multi-Millionaire?”).

Mr. Darnell and his superiors at Fox said that he was offered a new contract but decided to leave. Nonetheless, there was immediate speculation that he was a casualty of the tough television season at Fox, particularly with “American Idol.”

Fox’s audiences have fallen by more than 15 percent in the season that ends this month. For “Idol,” once the most popular show on American television, the fall has been steeper. While the slide is not necessarily surprising, since the show has been on for more than a decade, the ratings have been distressing for Fox and its parent company, News Corporation.

When the company reported first-quarter earnings, it said Fox’s ad revenue had declined in large part because of the performance of “Idol.” Now the network is contemplating a complete makeover of the show, possibly by replacing last season’s judges with a panel of “Idol” alumni like Kelly Clarkson and Jennifer Hudson. Such a move would emphasize the past star-making success of the series.

On Friday there were reports that Ms. Hudson, a finalist on the third season of “Idol,” had signed on for the next season, which will start in January; Fox declined to comment.

Mr. Darnell, in a brief telephone interview, warmly recalled the days when “Idol” drew 30 million viewers a night and acknowledged that it would “never be as big as it once was.”

But no other series will be, either, he added: “I don’t think that’s possible in television anymore,” with the exception of a few one-time events like the Super Bowl. He expressed confidence about the future of “Idol,” drawing an analogy between it and the 35-year-old “Saturday Night Live” on NBC.

“How many times have you heard that ‘S.N.L.’ is dead?” he asked. “Then a new crop comes in and it’s a big success again.”

“There’s something about these brands,” he said, asserting that “the audience wants to like them.”

Mr. Darnell, whose title is president of alternative entertainment, gained notice in the TV world for his risk-taking and exuberance. But over-the-top reality TV shows are now less the domain of broadcast networks like Fox than of niche cable channels like TLC and A&E. Mr. Darnell has not had a particularly newsworthy show in quite some time. (Franchises he helped birth, however, like “MasterChef,” continue to gain viewers and inspire spinoffs.)

“He brilliantly paved the way for all of us, creating a powerful entertainment genre that audiences can’t get enough of,” said Ryan Seacrest, the host of “American Idol.”

Mr. Darnell, 51, joined the network in 1994 as the director of specials; among the most infamous of those was “Alien Autopsy (Fact or Fiction)” in 1995. In 2000, The New York Times called him “the Svengali of sometimes gruesome, sometimes comical specials that took television to new heights — or depths — of perversity.”

Mr. Darnell said he was leaving to pursue other opportunities, without elaborating. Fox executives emphasized that it was his choice. Rupert Murdoch, the chief executive of News Corporation, said in a news release: “Mike took risks at a critical time and was a pioneering force in shaping the reality programming genre that exists today. He’s a smart and fearless executive who will be missed.”

Mr. Darnell, asked if his exit was related to “Idol’s” ratings weakness, said, “Of course not.”

“Every time my deal comes up, I go through this excruciating decision process,” he said, and this time he concluded he should leave.

“I was able to make this the Wild West,” he said, referring to Fox and its willingness to try stunt shows like “Man vs. Beast” and “World’s Scariest Police Chases.”

“But the Wild West has moved,” he added. “Cable, digital, it’s everywhere now.”

Putting “Idol” aside, he said his best show was “Joe Millionaire,” the 2003 dating competition that tricked female contestants into believing that the aforementioned Joe was a rich bachelor. Joe was actually a construction worker. About 35 million viewers tuned in for the finale.

DealBook: Frank Bisignano, Top Lieutenant of Dimon, Is Leaving JPMorgan

Mark Lennihan/Associated PressJamie Dimon, left, the chief executive of JPMorgan Chase, and Frank Bisignano, co-chief operating officer.

A senior executive in the inner circle of Jamie Dimon, JPMorgan Chase’s chief executive, is leaving, the latest departure after the bank reported a multibillion-dollar trading loss last year.

Frank J. Bisignano, co-chief operating officer, will become chief executive of First Data Corporation, a payment processing firm, Mr. Dimon said in a statement on Sunday. The trading losses at the bank, the nation’s largest, have swelled to more than $6.2 billion since they were first disclosed almost a year ago.

Mr. Dimon said Matthew E. Zames, who shared the role of chief operating officer with Mr. Bisignano, would take over all aspects of the job, effective immediately.

“He is a proven business executive, who has performed exceptionally well since coming into his corporate role in May of last year,” Mr. Dimon said.

With Mr. Bisignano’s departure, executives who once surrounded Mr. Dimon as he helped steer the bank through the 2008 financial crisis will be even thinner. Several other executives have already left, including Heidi Miller, James E. Staley, Bill Winters and Steve Black.

Mr. Bisignano was promoted to co-chief operating officer last July as part of a broad management reshuffling. During his time at JPMorgan, Mr. Bisignano gained a reputation as a kind of Mr. Fix-It. His reputation had not been tarnished by the outsize bets made by traders in JPMorgan’s chief investment office.

He took the reins of JPMorgan’s floundering mortgage unit in 2011 just as the bank was grappling with thorny legal issues, including investors who accused the bank of selling shaky mortgage-backed securities that later imploded.

To root out the problems, Mr. Bisignano revamped the mortgage unit and unveiled a policy to address cases in which JPMorgan had wrongfully foreclosed on active-duty military members, a violation of federal law. He was a skilled manager at the bank and he kept a tight watch over the mortgage operations.

Mr. Bisignano will leave at a challenging time for JPMorgan, which once held special sway with federal regulators, in part because the bank largely sidestepped the financial crisis.

Now, JPMorgan is facing a criminal inquiry about whether it misled investors and regulators about the botched trades. Besides that inquiry, JPMorgan is dealing with investigations by at least eight federal agencies, including the Federal Deposit Insurance Corporation, the Commodity Futures Trading Commission and the Securities and Exchange Commission, according to the people with direct knowledge of the matter. Prosecutors are examining a variety of issues, including possible breakdowns in the bank’s controls of money-laundering activities.

The bank is also working to bolster its risk and compliance controls while repairing frayed relationships with regulators in Washington. The breakdown between JPMorgan and its primary regulator was illuminated during a Senate hearing and a report by the Senate’s Subcommittee on Investigations that painted a picture of a bank that sometimes took a defiant position with regulators.

To account for the trading losses, Mr. Dimon has testified before Congress and repeatedly apologized for the mistakes.

In his annual letter to shareholders this month, Mr. Dimon continued to be contrite. He vowed to continue improving risk controls, again expressing that the bank “let our regulators down.”

Mr. Dimon promised to redouble efforts to fix compliance problems. “We are reprioritizing our major projects and initiatives,” he said.

Media Decoder Blog: Andrew Sullivan Leaving Daily Beast to Start Subscription Web Site

3:06 p.m. | Updated Andrew Sullivan, the prolific writer who has built up his following for his blog “The Dish” first at the TheAtlantic.com and then at the Daily Beast, announced on Wednesday he is striking out on his own with a Web site dependent entirely on subscription revenue.

Mr. Sullivan said in an announcement posted on “The Dish” that starting on Feb. 1, he plans to charge readers $19.99 a year or whatever they might want to pay to subscribe to his site. He said that he spent the last dozen years blogging and trying to figure out how to make his venture profitable. He tried pledge drives for six years and then shifted to partnering with larger institutions like the Atlantic and the Daily Beast. He said he decided to make this change now since his contract with the Daily Beast was finished at the end of 2012.

“We felt more and more that getting readers to pay a small amount for content was the only truly solid future for online journalism,” Mr. Sullivan wrote. He added “the only completely clear and transparent way to do this, we concluded, was to become totally independent of other media entities and rely entirely on you for our salaries, health insurance, and legal, technological and accounting expenses.”

Mr. Sullivan is starting his new company, Dish Publishing LLC, with his two colleagues and executive editors, Patrick Appel and Chris Bodenner. Mr. Sullivan said that he has received the support of Tina Brown, the Daily Beast’s editor in chief, and Barry Diller, its owner, to keep “The Dish” on the Daily Beast Web site through Feb. 1. Then the site will shift to his old address, www.andrewsullivan.com.

Mr. Sullivan said in an e-mail message that he could have remained at the Daily Beast under a new contract. But he said that as he and his two partners started negotiating, they “began to see the overpowering logic of real independence.”

He added that the Dish is going to stay in New York City, where he and his two business partners are based, “for the foreseeable future.” He added, “We need to be together as a group.”

In his announcement, he wrote that the new venture had decided not to depend on advertising for revenue because of “how distracting and intrusive it can be, and how it often slows down the page painfully.” He added that advertisers also require too much effort for a small company. “We’re increasingly struck how advertising is dominated online by huge entities, and how compromising and time-consuming it could be for so few of us to try and lure big corporations to support us,” he wrote.