• 30 Apr 2012 at 8:31 AM

Opening Bell: 04.30.12

Falcone Agrees To Step Aside (WSJ)
Hedge-fund manager Philip Falcone agreed to step aside eventually as the public face of his LightSquared Inc. venture, a concession that may keep the wireless-telecommunications company from defaulting on its debt, people familiar with the negotiations said. Mr. Falcone’s compromise is expected to prompt LightSquared’s lenders to approve a one-week extension on a debt-term violations waiver that expires Monday morning, the people said. If a deal is finalized, Mr. Falcone and LightSquared’s lenders plan to continue negotiations for a longer extension of somewhere between 18 months and two years, the people said…Mr. Falcone has said he viewed bankruptcy as the “best way” for him to keep control of the company and keep it from creditors he believes want to “take control and flip” the firm.

Occupy Wall Street Plans Global Disruption of Status Quo May 1 (Bloomberg)
In New York, Occupy Wall Street will join scores of labor organizations observing May 1, traditionally recognized as International Workers’ Day. They plan marches from Union Square to Lower Manhattan and a “pop-up occupation” of Bryant Park on Sixth Avenue, across the street from Bank of America’s Corp.’s 55-story tower. “We call upon people to refrain from shopping, walk out of class, take the day off of work and other creative forms of resistance disrupting the status quo,” organizers said in an April 26 e-mail…Tomorrow, beginning at 8 a.m. in Bryant Park, scheduled events include teach-ins, art performances and a staging area for “direct action and civil disobedience,” such as bank blockades.

RBS M&A Bankers Plan Boutique Spin-Off (Reuters)
The bank, 82-percent owned by the British government, is exiting mergers and acquisitions as part of a restructuring announced in January aimed at reducing costs and exposure to areas of investment banking deemed risky by the authorities. Sources told Reuters last week that the M&A business would be spun off, with around 45 bankers from RBS joining the new firm led by John McIntyre, currently head of corporate finance for EMEA at the bank.

Romney Holds Fund Raiser At John Paulson’s House (TDB)
FYI: A neighbor who witnessed the event from across the street described it to as a large crowd of “older white people, mostly men,” who started showing up around 7:30 p.m. Thursday. Around 8 p.m., sirens started blaring as more and more people started to show.

Hedge Funds Hurt By Volatility (WSJ)
All told, U.S.-based funds that bet on and against stocks had a median return of -0.92% from April 1 through April 13, according to data from Morgan Stanley’s MS -1.51% prime brokerage, after having returned 1.16% in March. Returns improved as the markets stabilized. Through April 26, the median return was down 0.03% for the month.

City Mulls Happy Hour Ban (NYP)
“It’s absolutely been discussed,” confirmed a department source. “It goes to show you the spirit with which they operate. Everyone is a child.” High-level conversations have gone beyond merely “throwing pencils on the ceiling and seeing what sticks,” another Health source revealed. Sources said the happy-hour ban is being pushed by the agency’s marathon-running boss, Commissioner Thomas Farley, and is serious enough for one source to say the alcohol lobby had better find itself a good lawyer. Agency spokesman Sam Miller denied existing “plans to pursue any policy around discount-alcohol sale.”

Goldman: US Likely Added Only 125,000 Jobs in April (CNBC)
The forecast is far lower than the Reuters estimate of 170,000, and the average 177,250 jobs created every month from December to March.

Hedge Funds Bet Against Eurozone (FT)
“The deeper balance of payments problems in the eurozone remain unresolved, and cannot be resolved by liquidity assistance alone,” noted Brevan Howard, Europe’s biggest global macro hedge fund in its last letter to investors.

Shiller: We Are in Age of ‘Late Great Depression’ (CNBC)
“Our whole economy has been affected by variations in confidence. Central banks are sort of trusted, but the actions they have often affect people’s confidence by appearance rather than substance. We’re not in the most trusting mood now,” Shiller said.

Goldman’s O’Neill Reported Among Candidates for BOE Chief (Bloomberg)
When asked in September 2007 if he would be interested in the role at a time when the government was considering whether to reappoint King, O’Neill told John Dawson on Bloomberg Television that he couldn’t imagine that “anyone would be daft enough to offer it to me.” He added that he very much enjoyed his then job as head of global economic research at Goldman Sachs.

Titanic II Planned by Billionaire Palmer in Chinese Yard (Bloomberg)
Australian mining billionaire Clive Palmer plans to build a 21st-century replica of the Titanic and sail it from England to New York accompanied by the Chinese navy by the end of 2016. He has signed a first-stage agreement with Nanjing-based CSC Jinling Shipyard to build the ship as part of a planned fleet of luxury liners, the Gold Coast, Queensland-based businessman said in an e-mailed statement today.

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Comments (134)

  1. Posted by Hakuna Matata Guy | April 30, 2012 at 8:37 AM

    8:31am?!?!

  2. Posted by YES 8:31 am | April 30, 2012 at 8:45 AM

    WTF. Accompanied by the Chinese navy from London to NY? Lets play battleship

  3. Posted by Guest | April 30, 2012 at 8:54 AM

    Hold on, a Romney fundraiser hosted by Paulson drew a large number of older white men?? I'm writing as fast as I can here.

  4. Posted by Charon | April 30, 2012 at 9:15 AM

    So we're going to let these OWS idiots slow business to a crawl whilst proposing Zero solutions,

    and

    we're going to ban happy hour SPECIALS, not even the actual drinking aspect, just the discounts.

    "Lasciate ogne speranza, voi ch'intrate"

  5. Posted by Daniel Tosh | April 30, 2012 at 9:29 AM

    Sorry man, I don't speak your booga-booga language.

  6. Posted by the portugese | April 30, 2012 at 9:32 AM

    historically chinese naval vessels never went beyond the west indian ocean, and that rarely and without permanence. they left the pacific completely unexplored. it remained so until the establishment of european hegemony.

  7. Posted by PermaGuestII | April 30, 2012 at 9:41 AM

    So they want to turn NY into Italy, except without the women, the food, the wine, the architecture, and the climate.

    Great.

  8. Posted by Im_a_Dude | April 30, 2012 at 9:42 AM

    “We call upon people to refrain from shopping, walk out of class, take the day off of work and other creative forms of resistance "
    Walk out of class? awesome. that will really be something.

  9. Posted by Guest | April 30, 2012 at 9:45 AM

    He'll step aside but he'll still sit in a golden chair This isn't over.

  10. Posted by Meatpacking_District | April 30, 2012 at 9:53 AM

    So after a couple weeks of texting, this Jewish PWM dame and I make dinner plans. We’re at STK and everything is kosher, but I’m fairly sure she popped a zanny before I picked her up, because by wine bottle number two her head is in the clouds. We get back to my studio around midnight. After the old in-out we’re pillow chatting and she says, “You’re so smart I just love listening to you talk, and you’re so adorable it looks like you stepped out of a Vineyard Vines catalog – but your blue eyes make me wanna throw up.” I think I love her.

  11. Posted by snooki | April 30, 2012 at 9:45 AM

    Hey !

  12. Posted by guest | April 30, 2012 at 9:47 AM

    Just to be sure I understand, you want them to ban drinking in bars?

    - Guy who wants to punch you in the nuts if he does understand you (whilst hoisting a cold one)

  13. Posted by GGGuest | April 30, 2012 at 9:49 AM

    If these hippies are going to disrupt the status quo, does that mean they're finally going to shower?

  14. Posted by pazzo83 | April 30, 2012 at 9:53 AM

    "Australian mining billionaire Clive Palmer plans to build a 21st-century replica of the Titanic and sail it from England to New York"

    Bring it.

    - North Atlantic

  15. Posted by Texashedge | April 30, 2012 at 9:53 AM

    Nothing says early 20th century nostalgia like an escort from the Chinese Navy across the Atlantic.

  16. Posted by Guest | April 30, 2012 at 9:56 AM

    How about Sterling getting a blowie from the French vixen at the award ceremony. What a stud.

  17. Posted by investorcluzo | April 30, 2012 at 9:57 AM

    is this a subtle way of telling us that Mitt won the auction for dinner and a tour of the artwork in Paulson's home?
    -curious bidder awaiting results

  18. Posted by cogg diss | April 30, 2012 at 9:59 AM

    there were chicks in the chinese navy ?

  19. Posted by Eskimo Bro. | April 30, 2012 at 9:59 AM

    Hey!

  20. Posted by Charon | April 30, 2012 at 10:00 AM

    For those of you riding to work in the shorter buses and/or cabs;

    ….No…. I'm not saying I want them to ban drinking in bars……

    I'm saying that these idiots have no understanding whatsoever about what actually causes drinking related health issues, or what the effects of a price increase in alcohol actually would be (For those riding to work in the full size automobiles; inelastic demand).

    And if they had suggested banning alcohol entirely, at least then they would have some misguided religious or moral ground to stand on, rather than just posing an indefensible argument. I mean honestly, when was the last time you were 20 shots deep at 7:59, and the bartenders warning of, "just to let you know happy hour is over, they'll be $7 each now," slowed you down in the slightest.

  21. Posted by guest | April 30, 2012 at 10:03 AM

    Did somebody say Chinese escorts, where do I sign up for the trip?

    -E Spitzer

  22. Posted by GSAM MD | April 30, 2012 at 10:12 AM

    backpage.com

  23. Posted by SPM12 | April 30, 2012 at 10:23 AM

    It's called the open in chi.

    Job, look into it

  24. Posted by clarifications | April 30, 2012 at 10:25 AM

    Please take the sad attempt at humor that you worked on all weekend elsewhere.

  25. Posted by you are not funny | April 30, 2012 at 10:25 AM

    Speaking of things that make me want to throw up.

  26. Posted by Glenlivet | April 30, 2012 at 10:26 AM

    I walk to the office, and as long they don't ban cigars I've no objection.

  27. Posted by guest | April 30, 2012 at 10:26 AM

    How about you refrain from using the term "blowie"? Fucking tool.

  28. Posted by guest | April 30, 2012 at 10:28 AM

    So then where did eskimos come from?

  29. Posted by seal futures | April 30, 2012 at 10:37 AM

    the bering land bridge about 16K years ago

  30. Posted by Chinese Escort | April 30, 2012 at 10:37 AM

    Yes – correct term is "browie"

  31. Posted by Hakuna Matata Guy | April 30, 2012 at 10:38 AM

    New here?

  32. Posted by Eskimo Bro. | April 30, 2012 at 10:38 AM

    Someone didn't get a steak from Minetta's.

  33. Posted by laxbro | April 30, 2012 at 10:39 AM

    Hey !

  34. Posted by Guesty Laroo | April 30, 2012 at 10:40 AM

    Roger Sterling's phallus is a god damn national treasure!

    -Timothy Leary

  35. Posted by dude...da fahk | April 30, 2012 at 10:42 AM

    why dont you sit the next play out

  36. Posted by Guest | April 30, 2012 at 10:43 AM

    They better look out for ricebergs.

  37. Posted by Third Grade Gyno | April 30, 2012 at 10:53 AM

    They came from their Mommy Eskimo bellies.

  38. Posted by Mercury | April 30, 2012 at 10:56 AM

    The suit jacket and jeans look can step aside too…

  39. Posted by SPM12 | April 30, 2012 at 10:58 AM

    also not gay

  40. Posted by Chesapeake Quant | April 30, 2012 at 10:58 AM

    They are good in math. Just look at Eskimo Pi.

  41. Posted by Semper Pi | April 30, 2012 at 11:02 AM

    Who'd want to work on their boats? I wouldn't want to work on Chinese junk.

  42. Posted by guest | April 30, 2012 at 11:03 AM

    I invented that look.

    - Hank Scorpio

  43. Posted by Don't Taze Me | April 30, 2012 at 11:05 AM

    If I was already not planning on attending class that day, do I still have to do this assignment?

    -Guy too lazy to work hard hence why I'm at [insert college name] majoring in [insert worthless liberal arts degree]

  44. Posted by guest | April 30, 2012 at 11:08 AM

    The navy suit jacket, solid navy shirt and blue jeans is soooo in right now. Said no one, ever.

  45. Posted by Alt_EST | April 30, 2012 at 11:10 AM

    Palmer, you can thank me later.

    -Global Warming

  46. Posted by E. Texas Gas Trader | April 30, 2012 at 11:14 AM

    So I get back to the workstation and I tell my colleague, "Hey…I'm thinking I'm going to take Titanic II.." and he says, "You need to go to the men's room again??"

  47. Posted by guest | April 30, 2012 at 11:17 AM

    Without the women? Big fan of Italian chicks and their abundance of body hair?

  48. Posted by NYPD | April 30, 2012 at 11:17 AM

    I'd like to dry stun you, you fucking goon

  49. Posted by Bankster Freud | April 30, 2012 at 11:19 AM

    I bet you still dream of showing up for finals worried because you haven't been to class at all.

  50. Posted by Deleveraging | April 30, 2012 at 11:19 AM

    Who gives a shit about cheap booze during happy hour? If it means the bartender will be getting my drink faster, I'll gladly pay more.

    -Expense Account

  51. Posted by Guest | April 30, 2012 at 11:20 AM

    What's wrong with the quality of our women?

    - S. Hessler

  52. Posted by OWS Comedy Fan | April 30, 2012 at 11:27 AM

    Where is Stacey Hessler and why haven't we been updated? I think we could all use a good Stacey Hessler story to cheer us up.

  53. Posted by 1.3 bil chinamen | April 30, 2012 at 11:28 AM

    Palmer, you can thank me know.

  54. Posted by Auditor | April 30, 2012 at 11:30 AM

    That's a false dichotomy.

  55. Posted by gab | April 30, 2012 at 11:57 AM

    "Hippies (?)" WTF, is it 1968 again and someone didn't tell me?

  56. Posted by Taco | April 30, 2012 at 12:21 PM

    What about their brothers?

  57. Posted by next question | April 30, 2012 at 12:25 PM

    there are no black eskimos.

  58. Posted by Guest | April 30, 2012 at 12:40 PM

    Pillow chatting?

  59. Posted by Guest | April 30, 2012 at 12:46 PM
  60. Posted by Sleeper | April 30, 2012 at 12:50 PM

    "art performances"

    Ahhh…the day has come for the unemployed drama majors to make their voices heard!

    - OWS Interpretive Dance instructor

  61. Posted by HFguy | April 30, 2012 at 12:57 PM

    "Australian mining billionaire Clive Palmer plans to build a 21st-century replica of the Titanic"

    Too late!!!

    P. Falcone

  62. Posted by Rami | April 30, 2012 at 1:00 PM

    already did, I'll pass

  63. Posted by trojan_ | April 30, 2012 at 1:01 PM

    their goal is a class-less society

  64. Posted by Go figure | April 30, 2012 at 1:05 PM

    I didn't know STK was kosher, huh.

  65. Posted by Lord Humongous | April 30, 2012 at 1:18 PM

    I think Eskimos are smug.

    - Chuck

  66. Posted by the kardashians | April 30, 2012 at 1:19 PM

    Hey !

  67. Posted by Smooth Stroke | April 30, 2012 at 2:29 PM

    NYC < Gestapo

  68. Posted by Edward John Smith | April 30, 2012 at 4:09 PM

    FTW

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