Opening Bell: 04.20.12

Gupta Lawyers Cite Fourth Goldman Insider (WSJ)
Gary Naftalis, the lead attorney representing Mr. Gupta, said in court Thursday that prosecutors informed him late Wednesday night that federal prosecutors in Los Angeles were investigating another Goldman employee for passing inside information about two public companies to Mr. Rajaratnam.

U.S. Investigates a Goldman Executive Over Insider Trading (Dealbook)
The new evidence could help Mr. Gupta’s defense, by suggesting that Mr. Rajaratnam had other possible tipsters inside Goldman Sachs. The Goldman executive under investigation in California was not named. “The wrong man is on trial,” Gary P. Naftalis, a lawyer for Mr. Gupta, said in a previous hearing. Mr. Naftalis has called the government’s charges baseless.

Bond Trading Surge Boosts Wall Street Banks (FT)
Wall Street has enjoyed its best quarter for bond trading in two years, rounded off with a surge in revenues at Morgan Stanley and Bank of America, in spite of a steep decline in risk-taking and the introduction of new regulations. Morgan Stanley and BofA both beat expectations, with each bank’s fixed income, currencies and commodities businesses driving the outperformance. Credit Suisse said the five biggest banks generated combined revenues of $20bn from their so-called FICC divisions in the first three months of this year, the best since the start of 2010. “We’re all making significantly more amounts of money with less risk,” said Bruce Thompson, chief financial officer at BofA, whose FICC division’s revenues rise 10 per cent to $4.1bn, or 170 per cent higher than the miserable final quarter of last year.

World’s Richest Worth $1 Trillion on Billionaire List (Bloomberg)
Mexican telecommunications magnate Carlos Slim, 72, remains the richest person in the world, with a fortune of $68.8 billion, down $572.3 million for the day. Second is Microsoft Corp. (MSFT) co-founder Bill Gates, 56, with $62.7 billion, followed by Warren Buffett, who’s worth $44.6 billion. Mark Zuckerberg is 25th on the ranking. Based on a roughly $100 billion valuation the Menlo Park, California-based company was trading at in the private market when it ceased trading April 3, Zuckerberg may be worth $20.5 billion, or about 25 percent less than previous estimates, once Facebook holds its initial public offering.

Barclays Investors Force Bonus Changes (FT)
After a series of bruising meetings with Barclays’ biggest shareholders over the past few weeks, Bob Diamond, chief executive, volunteered on Thursday to forgo half his 2.7 million pounds bonus for 2011 until Barclays had improved profitability.

In Euro Zone, Who Will Renege Budget Targets Next? (CNBC)
France is likely to be the next country to move its budget goalposts, particularly if Socialist Francois Hollande gets into the Elysee in May, according to analysts and economists. The Netherlands is also believed to be in line for changes to its budget targets after an analyst at credit rating agency Fitch warned of possible negative risks to its rating from the country’s heavy debt pile and potential property market devaluation. “The Netherlands has a rather Anglo-Saxon tendency in terms of the property market, and now it’s risking a property bubble,” Jeremy Stretch, head of currency strategy at CIBC, said. “This all shows that problems are getting closer to the core and lapping at the toes of Germany.”

Oreo breastfeeding ad was never supposed to go public, Kraft says (NYDN)
A viral Oreo ad featuring a breastfeeding baby and the tagline “Milk’s Favorite Cookie,” was never meant to go public, the company says. The provocative ad shows a woman’s exposed breast and the breastfeeding baby clenching one of the chocolate cookies, and sparked controversy after several media outlets reported it was legitimate and running in South Korea. But Kraft Foods, Oreo’s parent company, says it didn’t create the ad. “This ad was created by our agency for a one-time use at an advertising forum,” a spokesperson for Kraft said in a statement.

Nine U.S. Banks Said to be Examined on Overdraft Fees (Bloomberg)
The agency, which will decide by the end of the year whether to write new rules, is scrutinizing nine banks including JPMorgan Chase & Co. (JPM), Wells Fargo & Co. (WFC) and Bank of America Corp., said four people briefed on the examination. The inquiry focuses on how financial institutions persuade customers to enroll in what they call overdraft protection programs. Examiners are looking at online and mailed marketing material as well as scripts used by the banks’ customer-service representatives to determine whether they could be confusing to consumers, said the people.

Lagarde: IMF loan for Egypt won’t be enough (Reuters)
Egypt’s request for a $3.2 billion IMF loan will not be enough to meet the country’s financial needs and will require additional resources from donor countries, the head of the International Monetary Fund said on Wednesday. “It will not be sufficient, and everybody knows that, so it will require other donors, other participants to also come to the table to help Egypt,” IMF Managing Director Christine Lagarde told a news conference before the start of the IMF and World Bank meetings in Washington. “As is always the case, we will play the catalyst role that we always play,” she added.

Doritos tacos spur rebound in Taco Bell sales (NYP)
Taco Bell’s introduction of Doritos Locos Tacos in early March has been “enormously successful,” Carucci told industry analysts Thursday, one day after Yum reported sharply higher first-quarter earnings on the strength of robust overseas sales and a rebound in its U.S. performance. Rollout of tacos that use shells made of Nacho Cheese Doritos came late in the first quarter, so their full impact will be felt in the current quarter. Taco Bell also said at the time of the rollout that Cool Ranch flavored shells are in the works.

Parsons Blames Glass-Steagall Repeal for Crisis (Bloomberg)
“To some extent what we saw in the 2007, 2008 crash was the result of the throwing off of Glass-Steagall,” Parsons, 64, said during a question-and-answer session. “Have we gotten our arms around it yet? I don’t think so because the financial- services sector moves so fast.”

Goldman Sachs building today…w4m-23 (Craigslist/Missed Connections)
“I was entering the building for the interview and you were leaving the building…around 3:30pm…and we looked at each other for a while…I looked back and you also looked back…actually I think you did longer. I thought you are cute to be a banker…my interviewer was a female so no way to compare the cuteness of employees of the firm but I am pretty sure you are in the top tranche…I do not think I can find you here, but I might…the odds says I am being too optimistic, but when one tries to defeat the odds something great happens…”

54 comments (hidden to protect delicate sensibilities)
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Comments (54)

  1. Posted by OBX Brah! | April 20, 2012 at 10:03 AM

    Is posting a CL trolling for ass ad, part of the 57th interview process?

    -Guy that didn't make it past 56

  2. Posted by Cheech Marin | April 20, 2012 at 10:11 AM

    Just a coincidence that picture is used for the Opening Bell on 4/20?

  3. Posted by Guest | April 20, 2012 at 10:11 AM

    Cool Ranch > Nacho Cheese

    -Excited

  4. Posted by one | April 20, 2012 at 10:13 AM

    For me, "their full impact" is usually felt after about only 20 minutes.

  5. Posted by Hamilton | April 20, 2012 at 10:13 AM

    I was entering the building for the interview and you were leaving the building… along with everyone else, done for the day at 3:30pm…. we looked at each other and I noticed the keys of your Honda civic… You looked at my toned legs, I looked at your Bonobos…. my interviewer didn't show up so I have no way of knowing what anyone looks like at UBS, and from the impressive emptiness of your trading floor, odds says I am being a bit optimistic…

    - UBS breeding analyst candidate

  6. Posted by pazzo83 | April 20, 2012 at 10:17 AM

    "Taco Bell’s introduction of Doritos Locos Tacos in early March has been 'enormously successful'"

    You're welcome.

    - M Moore

  7. Posted by Paulson | April 20, 2012 at 10:20 AM

    Down $572.3 million for the day? What a noob.

  8. Posted by 6ft Ab Tail | April 20, 2012 at 10:22 AM

    Weed is for rookies.

    OC and coke for the bsd's.

  9. Posted by those were the days | April 20, 2012 at 10:22 AM

    “We’re all making significantly more amounts of money with less risk”

    - UBS, MS, BAC, ML, BSC, LEH circa 2006

  10. Posted by guest | April 20, 2012 at 10:25 AM

    Dear rddxd-2964641773,

    I was intrigued by your message and agree whole-heartedly! Please accept a complimentary room and meals at The Bellagio in Las Vegas, enclosed with this message.

    Warmest regards,

    Steve Wynn

  11. Posted by Hakuna Matata Guy | April 20, 2012 at 10:31 AM

    Yes, you are a cockeyed optimist with unbridled enthusiasm

  12. Posted by ShortNaked | April 20, 2012 at 10:36 AM

    You can be blasé about some things Rose but not the Doritos Locos Taco.

  13. Posted by New System | April 20, 2012 at 10:41 AM

    Goldman Sachs: Asiatic chop shop.

  14. Posted by long on FB | April 20, 2012 at 10:42 AM

    But based upon his recent valuation and acquisition of Instagram, $20.5B = $51B, so Zuck should be much higher on the list.

    -UBS M&A

  15. Posted by InfiniteGuest | April 20, 2012 at 10:44 AM

    " … would love to see you again, compare spreadsheets, possibly more."

  16. Posted by VonSloneker | April 20, 2012 at 10:47 AM

    Honey, if you were truly GS material you'd have seen what you wanted, rolled up and made that dude your bitch. Instead you're pleading on Craigslist…ffs have some self respect.

    - Mom & Dad

  17. Posted by Guest | April 20, 2012 at 10:56 AM

    Are you equally excited to sleep alone, for the 348323490 night in a row?

  18. Posted by Texashedge | April 20, 2012 at 11:06 AM

    This will make for some wild nights at Penn Station

  19. Posted by MIT | April 20, 2012 at 11:06 AM

    Spread sheet update, section Pipeline:
    Name: unknown
    Age: unknown
    Appearance: 10
    Note / comments: Leave work everyday at 3:00 p.m. and park my BMW Z4 in black car lane outside of Goldman by no later than 3:30 p.m. Rev 2.5 litre engine and ask if she need lift. Marry her.

  20. Posted by guest | April 20, 2012 at 11:14 AM
  21. Posted by Dr_Rosenrose | April 20, 2012 at 11:16 AM

    They're 10x the size of the Mauritania!

  22. Posted by guest | April 20, 2012 at 11:18 AM

    yawn.

  23. Posted by Laxbro | April 20, 2012 at 11:21 AM

    I thought the point of marrying a French slam was because they were hot and had a foreign accent? That chick looks 50 years old.

  24. Posted by Guest | April 20, 2012 at 11:35 AM

    Oreo's, breastmilk and the Dorito Loco Taco scream eating challenge to me.

  25. Posted by VonSloneker | April 20, 2012 at 11:36 AM

    'Don't act like a dog if you don't want to be treated like a dog', she claims he said."

    So YOU want to be treated like a dick then…I can instruct your wife in that regard.

    - L. Bobbit

  26. Posted by trojan_ | April 20, 2012 at 11:37 AM

    if that's your thesis for long YUM, you're going to love CMG. Impact/time ratio 2x faster

  27. Posted by HAM05 | April 20, 2012 at 11:48 AM

    i read this as 'ubs breastfeeding analyst candidate'

  28. Posted by PermaGuestII | April 20, 2012 at 11:50 AM

    Fat lot of good that did you.

    -Cunard

  29. Posted by Car Quant | April 20, 2012 at 12:05 PM

    Surprised the CL post didn't mention a Z4…

  30. Posted by Guest | April 20, 2012 at 12:12 PM

    They're gross. Rather have a regular crunchy shell.

  31. Posted by PWM dime | April 20, 2012 at 12:15 PM

    Monday to-do list: file restraining order on the back office creep

  32. Posted by Guest | April 20, 2012 at 12:17 PM

    Yes. There won't be a 58th for that candidate.

    -GS, HR

  33. Posted by guest | April 20, 2012 at 12:19 PM

    Reading comprehension doesn't appear to be your strong suit.

  34. Posted by OBX Brah! | April 20, 2012 at 12:25 PM

    Spread sheet update, section Pipeline:
    Name: unknown
    Age: unknown
    Appearance: 10
    Note / comments: Leave work everyday at 3:00 p.m. and park my BMW Z4 in black car lane outside of Goldman by no later than 3:30 p.m. Rev 2.5 litre engine and ask if he needs a lift. Hope he's into dudes to.

    *fixed for reality

  35. Posted by Cut Me | April 20, 2012 at 12:27 PM

    No. You go for them for the extra varity of hair pulling.

  36. Posted by Guest | April 20, 2012 at 12:32 PM

    Lots of cool ranch fans

  37. Posted by Anonymous | April 20, 2012 at 12:39 PM

    that's over 954,310 years.

    -time quant

  38. Posted by TwoNickels | April 20, 2012 at 1:31 PM

    "PWM dime" =NKI

  39. Posted by PermaGuestII | April 20, 2012 at 1:42 PM

    It's Unfrozen Cave Man Lawyer.

  40. Posted by Milksteak | April 20, 2012 at 6:28 PM

    Nah

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