• 13 Apr 2012 at 9:30 AM

Opening Bell: 04.13.12

JPMorgan Profit Slips, Beats Estimates (WSJ)
J.P. Morgan reported a profit of $5.38 billion, down from $5.56 billion a year earlier. On a per-share basis, earnings were $1.31, up from $1.28 as the share count outstanding declined. The latest quarter included a net 8-cent per-share loss tied to litigation expenses and changes in the value of the bank’s debt. Analysts polled by Thomson Reuters expected a per-share profit of $1.18, excluding debt-related charges. Revenue rose 6.3% to $27.42 billion. Analysts were looking for $24.68 billion.

Wells Fargo reports higher first-quarter profit (Reuters)
Wells Fargo, the nation’s fourth-biggest U.S. bank, said net income was $4.25 billion, or 75 cents a share, in the quarter, compared with $3.76 billion, or 67 cents, a share in the same period a year earlier. The average estimate from analysts was 73 cents per share.

JPMorgan Said to Transform Treasury to Prop Trading (Bloomberg)
Achilles Macris, hired in 2006 as the CIO’s top executive in London, led an expansion into corporate and mortgage-debt investments with a mandate to generate profits for the New York- based bank, three of the former employees said. Dimon, 56, closely supervised the shift from the CIO’s previous focus on protecting JPMorgan from risks inherent in its banking business, such as interest-rate and currency movements, they said. Some of Macris’s bets are now so large that JPMorgan probably can’t unwind them without losing money or roiling financial markets, the former executives said, based on knowledge gleaned from people inside the bank and dealers at other firms.

Bank Bonus That Tops Salary May Be Banned by EU Lawmakers (Bloomberg)
Governments and lawmakers in the 27-nation EU are considering rules for lenders that would go far beyond international agreements approved by the Basel Committee on Banking Supervision. Denmark, which holds the rotating presidency of the EU, has proposed empowering nations to set surcharges of up to 3 percent across their banking systems. Karas yesterday suggested adding language to the legislation that would ban banker bonuses that exceed fixed pay, following calls from other lawmakers to rein in excessive compensation.

Hedge Fund Driver Guns Down Armed Robber (NYP)
A retired NYPD lieutenant blew away a drugstore bandit yesterday as the suspect tried to gun down three police officers during a foot pursuit, sources said. Thomas Barnes, Barnes — a driver for hedge fund manager Philippe Laffont, was filling his tank at the BP station on East 119th Street and First Avenue at around 11 a.m. when he saw gunman Rudolph Wyatt running from the store, and sprang into action. He crouched behind his hedge-fund boss’ Mercedes SUV and squeezed off three shots, killing Wyatt, 23. The trigger-happy thug — wanted on warrants for two other shootings — lay dead in a pool of blood on the sidewalk wearing a black stocking mask with a wad of stolen cash spilling out of his pocket, witnesses said. “Part of the back of his head was missing. He had a large head wound and there was tons of blood,” said witness John Brecevich, 59, owner of the Original Patsy’s restaurant nearby. “It was a scene straight out of NYPD Blue.”

Trustees Aim For MF Execs (NYP)
The trustee tasked with clawing back money for burned customers of MF Global is training his sights on the brokerage firm’s executives — a list that likely includes former CEO Jon Corzine. In a statement yesterday, trustee James Giddens said he is considering pursuing claims against “certain responsible individuals” who worked for MF at the time customers’ trading accounts were improperly tapped. Kent Jarrell, a spokesman for Giddens, declined to name names but said the trustee is considering civil suits against “officers, directors or other employees” of both the brokerage firm and the holding company.

Goldman Heeds Pesky Proxy Fights (WSJ)
Pressed by unions, religious institutions and other investors on company policies on issues from tax secrecy and corporate governance to executive compensation and political lobbying, the New York securities firm increasingly has been engaging these critics—and negotiating compromises that address some of their concerns. This year, Goldman held discussions with three investors who later dropped their proposals rather than submit them for shareholder votes. The company has had mixed results in getting proposals dropped in the past.

IMF Lifts Growth Forecast, Cautiously (WSJ)
Christine Lagarde, managing director of the International Monetary Fund, said the world economy is marked by “a high degree of instability” even though prospects for global growth are better than they were a few months ago. In an interview with The Wall Street Journal, Ms. Lagarde said the IMF, which marked down its 2012 forecast for global growth in January to 3.3%, has now marked it up to reflect improving conditions in the world economy. But she said the new forecast, to be released next week, remains more pessimistic than the one it made last September, which predicted 4% growth. Europe remains the biggest single risk to the global economy, the former French finance minister said.

Fed Officials Differ on Need to Keep Rates Low to 2014 (Bloomberg)
William C. Dudley, president of the New York Fed, and Vice Chairman Janet Yellen said the 2014 time-frame is needed to lower unemployment from 8.2 percent. Minneapolis Fed President Narayana Kocherlakota said rising inflation may prompt an interest-rate increase as early as this year, while Philadelphia’s Charles Plosser said policy should hinge on economic performance, not a calendar commitment.

Newark Mayor Cory Booker: Race into home fire was a “come to Jesus moment” (CBS)
Booker arrived home last night to discover his next-door neighbor’s house on fire, and rescued a young woman trapped upstairs by carrying here through the flames, suffering second-degree burns in the process. The mayor’s security team discovered the fire and pounded on the door to alert residents, when an elderly woman said that her daughter was trapped upstairs. At first, Newark Police Detective Alex Rodriguez would not let Booker into the burning house. “He basically told me, ‘This woman is going to die if we don’t help her,’ and what can I say to that?,” Rodriguez said. “I let him go and without thinking twice, he just ran into the flames and rescued this young lady.” Booker said that as he jumped through the kitchen on the second floor, “I actually wasn’t thinking. When I got there and couldn’t find her in all the smoke, looked behind me and saw the kitchen really erupting with flames all over the ceiling, that’s when I had very clear thoughts that I’m not going to get out of this place alive and got … very religious. He admitted he was “not gentle” with her – “I just sort of threw her over my shoulder and dragged her through the kitchen.”

42 comments (hidden to protect delicate sensibilities)
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Comments (42)

  1. Posted by The Truth | April 13, 2012 at 10:10 AM

    Your move Bloomberg

    – C. Booker

  2. Posted by Guest | April 13, 2012 at 10:10 AM

    "Not gentle" with her? Booker, call me. I'll give you a religious experience.

    – L. Tilton

  3. Posted by Wtf??? | April 13, 2012 at 10:12 AM

    Whats with the new comment approval BS?

  4. Posted by Guest | April 13, 2012 at 10:17 AM

    Would love to hear the conversation between Philippe Laffont and his driver on the way in this morning.

    Phil: Hey, good morning, Tom. How's your fami-
    Tom (interrupting): I killed a man last night.
    [...]

  5. Posted by Guest | April 13, 2012 at 10:19 AM

    But imagine the power that the DB Comment Approval Intern wields…

  6. Posted by BessLevin | April 13, 2012 at 10:21 AM

    Not sure what you're talking about. We don't approve comments prior to them being posted. Yours went up the second you hit submit.

  7. Posted by guest | April 13, 2012 at 10:22 AM

    Collecting an NYPD pension and Cadillac benefits at 48 y/o on top of $150,000+ driving some hedge funder around midtown, while sniping robbers with head shots is the NKI.

  8. Posted by guest | April 13, 2012 at 10:24 AM

    Probably more like:

    Phil: I owe you a raise. Here's a signed check, just put whatever number you think is fair.

  9. Posted by Furious Approver | April 13, 2012 at 10:25 AM

    I am furiously approving my comments all over the place.

  10. Posted by guest | April 13, 2012 at 10:31 AM

    Don't worry, we will approve all comments as long as they support Obama, a women's right to free contraception, and/or paint Jewish people in a positive light.

    Best,
    NYTimes Comment Mod

  11. Posted by ShortNaked | April 13, 2012 at 10:42 AM

    into a cup?

  12. Posted by Guest | April 13, 2012 at 10:50 AM

    Bess I gave you a thumbs down just to see if it was possible, I feel empty now

  13. Posted by Trends | April 13, 2012 at 10:55 AM

    Buying sports teams is real 2011. Having badass, dead-aim help is pretty slick though.

  14. Posted by Cut Me | April 13, 2012 at 11:04 AM

    With my raise, I ordered a really great item off Amazon. Still waiting on it though, I'll post pics once it arrives.

    -Nomura Risk Analyst

  15. Posted by Mexi_Cant | April 13, 2012 at 11:10 AM

    "His accomplice was described as a light-skinned black or Hispanic male, about 5-foot-10 to 6-foot tall and wearing a black hoodie with a red lining"

    Your turn Florida D.A.

  16. Posted by Confused Commenter | April 13, 2012 at 11:13 AM

    Furiously assuring myself?

  17. Posted by GUESTW/OAPPROVAL | April 13, 2012 at 11:14 AM

    very well then carry on

  18. Posted by Guest | April 13, 2012 at 11:14 AM

    He was a good kid. He was taking night classes at LaGuardia community college [read: financial aid fraud]. He was about to turn his life around. He ain't deserve to be gunned down.

    – family of every worthless goon ever

  19. Posted by guest | April 13, 2012 at 11:24 AM

    I think there's been a mistake– your fingers meant to type fox news klan forum but somehow you ended up on Dealbreaker and left your sad attempt at humor here.

  20. Posted by guest | April 13, 2012 at 11:25 AM

    Santorum? Is that you? (Oh wait, nothing racist toward black people, anti-evolution. Close and yet so far.)

  21. Posted by Koolaidisfun | April 13, 2012 at 11:29 AM

    That statement is funny because he actually killed a guy

  22. Posted by laxbro | April 13, 2012 at 11:30 AM

    I like to use my phone to give me a two thumb head start….

  23. Posted by trojan_ | April 13, 2012 at 11:33 AM

    King's to you, Michael.

  24. Posted by Incitatus | April 13, 2012 at 11:45 AM

    "So, how many kills for your driver last week? Really? Oh, that's too bad. Right, right. Well, they aren't making SpecOps guys like they used to."

  25. Posted by Really?? | April 13, 2012 at 11:46 AM

    Damn you're quick. Teach us your ways.

  26. Posted by legal ease | April 13, 2012 at 11:47 AM

    All of the principals at MF are going to get dunned by the commish and the sharks ultimately it looks like. Deservedly so, two of them at least were part of the refco unindicted co conspirators crew. One of which actually moved his registration a day before the bankruptcy filing

  27. Posted by Wire | April 13, 2012 at 11:47 AM

    I think that's why he said it.

  28. Posted by anteaterpenis | April 13, 2012 at 11:51 AM

    Jeers,

    Not Soon Enough

  29. Posted by joke briefer | April 13, 2012 at 11:56 AM

    where's teh joke arbitrator when you need him

  30. Posted by UVA bro | April 13, 2012 at 11:57 AM

    Confused commenter blows goats.

  31. Posted by goldman | April 13, 2012 at 11:58 AM
  32. Posted by lolwut | April 13, 2012 at 11:59 AM

    Def wouldn't be having my face plastered on the news after popping a Bloods member. Being marked for death is not the NKI

  33. Posted by Guestest | April 13, 2012 at 12:03 PM

    "… as the suspect tried to gun down three police officers during a foot pursuit, sources said…"

    – Thomas Barnes (source)

  34. Posted by GentlemanTrader | April 13, 2012 at 12:24 PM

    2 commenters, 1 cup

  35. Posted by ny times | April 13, 2012 at 12:30 PM

    maybe he was a " white black "

  36. Posted by PermaGuestII | April 13, 2012 at 12:43 PM

    You realize you have a dreadful lack of humour, right?

  37. Posted by Compliance | April 13, 2012 at 12:56 PM

    That would be illegal under Dodd-Frank.

  38. Posted by yogaba | April 13, 2012 at 1:11 PM

    But legal under Frank's dodd.

  39. Posted by PMCO Touched Me | April 13, 2012 at 1:41 PM

    That's "whack"

  40. Posted by Confused Guest | April 13, 2012 at 2:06 PM

    I thought it was "wigger"

    – I love the '90s

  41. Posted by Gozer | April 13, 2012 at 5:00 PM

    God you are boring

  42. Posted by anxiety | April 20, 2012 at 11:54 PM

    Real wonderful info can be found on this weblog.