MENLO PARK, Calif. - (05/23/06) After his forays at PayPal andIntuit, its hard to imagine William Harris, Jr., performingan encore. But thats what the former CEO and co-founder ofPassMark Security did when he sold his online authenticationcompany to RSA Security last month. Harris, who headed Intuit from1994 to 1999, then online payments pioneer PayPal from 1999-2000,will take out 785,000 shares of RSA valued at around $12 millionafter the deal is complete, according to a filing with theSecurities and Exchange Commission. Harris will be the biggestbeneficiary of the RSA sale, with venture funds DiamondheadVentures and Menlo Ventures each taking out about $7 million in RSAstock. Harris, who serves on the board of Internet servicesprovider EarthLink, Global Cash Access, a cash processor for thegambling industry, and WebSideStory, Inc, a provider of digitalmarketing, will remain on the board of directors of RSA after thedeal is completed. RSA paid about $45 million for PassMark, in cashand stock.
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Some last-minute drama has derailed planned votes on crypto and stablecoin in the House, but the political maneuvering isn't likely to improve the long list of criticisms that bankers have raised about the legislation before it heads to President Donald Trump's desk.
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The U.K. challenger bank would follow London fintech Wise in emphasizing New York over London in an effort to boost valuation and establish a foothold in the U.S. Plus, Lloyds is in talks to buy all-in-one card fintech Curve; and more news in the global payments and fintech roundup.
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Luke Pettit, a Senate Banking Committee staffer, will serve as the Treasury Department's next assistant secretary of financial institutions.
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