Opening Bell

Opening Bell: 07.10.12

Diamond To Forgo Deferred Bonuses (WSJ)
Former Barclays Chief Executive Robert Diamond has given up bonuses of up to £20 million ($31 million) in an apparent effort to shield the lender as the bank looks to defuse anger following the rate-fixing scandal…According to Mr. Diamond’s contract, he will receive up to 12 months’ salary, pension allowance and other benefits. Barclays Chairman Marcus Agius said that this amounts to around £2 million.

Paulson Funds Fell In June As Rally Undercut Euro Wager (Bloomberg)
The $22 billion firm had losses in all its funds last month as stock markets rose. The losses were led by a 7.9 percent drop in his Advantage Plus Fund, according to an update to investors obtained by Bloomberg News. That leaves the fund, which seeks to profit from corporate events such as takeovers and bankruptcies and uses leverage to amplify returns, down 16 percent this year.

Einhorn says Fed stimulus counterproductive (Reuters, related)
“I think it’s actually counterproductive,” Einhorn said of the stimulus program, adding that it lowers the standard of living and drives up food and oil prices. He said he would suggest a rise in interest rates on U.S. Treasury bonds to “a reasonable level” of 2 to 3 percent. Einhorn said Apple, which he praised at this year’s Ira Sohn investing conference, was “the best big-growth company we have.” “We’re two, three years into the Apple investment, and the way it seems headed it’s likely we’ll be there for a good while longer,” he said. “I think the stock is very very substantially undervalued.” He said Inc was “tough on its competitors” because it does not “feel the need to make a profit.” “It’s very hard to compete against somebody who doesn’t feel the need to make a profit,” he said, adding that he is not “short” Amazon.

Investment Bankers Face Termination As Europe Fees Fall (Bloomberg)
Credit Suisse and UBS face the most pressure to boost efficiency as that country runs ahead of others in introducing tougher capital and liquidity rules to curtail risk-taking, making some businesses unviable…While the situation may be most acute at the Swiss banks, similar dynamics are at work at other firms as the debt crisis drags on, capital requirements ratchet higher and economic growth grinds to a halt. “Bankers are really gloomy and a lot of people are worried about their jobs,” said Edward Cumming-Bruce, a partner at London-based advisory firm Gleacher Shacklock LLP who has more than 20 years’ experience. “Banks are under remorseless pressure to cut costs and balance sheets as we witness a significant change in the way the financial industry works.”

Sitting for More Than Three Hours a Day Cuts Life Expectancy (WSJ)
Sitting down for more than three hours a day can shave a person’s life expectancy by two years, even if he or she is physically active and refrains from dangerous habits like smoking, according to a study to be published on Tuesday in the online journal BMJ Open. Watching TV for more than two hours a day can exacerbate that problem, decreasing life expectancy by another 1.4 years, said the report, which analyzed five underlying studies of nearly 167,000 people over a range of four to 14 years.

Futures Broker Freezes Accounts (WSJ)
Peregrine, based in Cedar Falls, Iowa, couldn’t be reached for comment on the NFA action, but in an earlier statement to clients said “some accounting irregularities are being investigated regarding company accounts.” “What this means is no customers are able to trade except to liquidate positions. Until further notice, PFGBEST is not authorized to release any funds,” said PFGBest in its statement. Also in the statement, the firm said Russell R. Wasendorf Sr., its founder, chairman and chief executive, had experienced a “recent emergency” and described it as a “suicide attempt.” A spokeswoman for PFGBest said Mr. Wasendorf was in critical condition in a hospital.

Four Companies Break Through IPO Drought (WSJ)
What do two fast-growing technology companies, an iconic guitar maker and a skin-infection specialist have in common? All four aim to break the latest dry spell in the IPO market. Fender Musical Instruments Corp., which has supplied guitars to rock artists from Buddy Holly to Kurt Cobain and John Mayer, network-security firm Palo Alto Networks Inc., travel website Kayak Software Corp. and pharmaceutical firm Durata Therapeutics Inc. said Monday that they plan to push ahead with initial public offerings in coming weeks.

JPMorgan Silence On Risk Model Spurs Calls For Disclosure (Bloomberg)
The U.S. Securities and Exchange Commission is probing JPMorgan’s belated May 10 disclosure that a change to its mathematical model for gauging trading risk helped fuel the loss in its chief investment office. While the SEC would have to prove that the biggest U.S. bank improperly kept important information from investors, regulators probably will press Wall Street firms to tell more about the risks they’re taking, three former SEC lawyers said.

Would You Stress Over A Millionaire Wife? (CNBC)
The study, conducted by SEI and Phoenix Marketing, found that a third of the women who are the financial leads in millionaire households say their partner feels “stressed” by their financial roles. By contrast, only 14 percent of males in male-led millionaire households said they feel tension from their partner.

Actor who kicked in doors to Ed Sullivan theater escapes jail time (NYDN)
The struggling actor who kicked in the glass doors to the Ed Sullivan Theatre and urinated on the lobby floor last year got lucky with a no-jail sentence Monday. But he had to pay $7,377.28 in restitution. James Whittemore, 23, who now deejays in Massachusetts under the name DJ Nutron, never formally apologized to David Letterman face to face, but he said he’d like to…”Someone stole my iPhone, I quit my job, my girlfriend broke up with me, I was having a rough day,” he said.

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Show all comments

90 Responses to “Opening Bell: 07.10.12”

  1. Guest says:

    No fair… I had to pay way more than 7 grand after I took a piss…

    -Robert Sylvester Kelly

  2. Gdawg says:

    Does this mean I should walk to the water cooler more often to increase my life expectancy?

  3. Guest says:

    Pretty sure it's 2012, not 2011…

  4. Guest says:

    What if I sit for 8 hours a day, but am jerking it for 7.5 of them?

    – SEC Brazzers Quant

  5. Richy says:

    We walked across an ashen trading floor to the top of a blighted ridge and their looked down upon a desolate Wall Street shivering against an almost metallic cold. His cuff links had been attached to his shirt on golden snaps. Together we looked down and saw one missing. Then I realized that it wasn’t mucus but a tear dripping from his nose. I told him we were the good guys and he was the keeper of the fire.

    ~ Robert Diamond coming of age

  6. Ace says:

    That's it….. Oh My God…. That is IT! DJ Nutron IS N'08, N'08 IS DJ Nutron!

  7. VonSloneker says:

    When a robber says "your money, or your life", the answer is never "both."

    Keep your comp and step down, or make comp concessions to keep the job. This way, you're either rich and unemployable (read "retired"), or relatively poorer, but you keep the gig.

    – Common Fucking Sense

  8. Guest says:

    Presumably Diamond is not talking about giving up $31MM in that picture.

  9. Guest says:

    Anyone else starting to actually feel bad for John Paulson? Yeah me neither.

  10. Guest says:

    A lot of MF Global accts were moved to PFG Best by the bankruptcy trustee.

    – Guy who thinks there's a moral to that story in there somewhere

  11. hugh culverhouse jr. says:

    Aadvantage plus ….that things a zero

  12. 2012 says:

    Honestly, it's time for Paulson to shut it down. He has more money then he could ever spend and he can manage that, but he needs to stop bringing underfunded pension plans down with him.

  13. Lowly Assistant says:



  14. db7 says:

    Excited about the DJ Nutron & Bobby "The Rock" Diamond Morning Show

  15. Prune Exporter says:

    Oh, it's "sitting" for 3 hours a day…….whew…………

  16. Stedman Graham says:

    Wow, I am probably going to die tomorrow

  17. Fish head says:

    Wearing Bonobos purchased @ 40% off for 3hrs a day nulls the decrease in life expectancy from sitting.

    ~ Paid spokesman for Bonobos wearing lab coat and holding clipboard

  18. Guest says:

    Anyone know how to file a restraining order on a clingy JPMorgan banker who won't sending me flowers?

    -future MD

  19. Paulson says:

    We follow a similar strategy to amazon and like them we don't feel the need to make a profit, and that makes us hard to compete against.
    Is that so hard to understand?

  20. Deleveraging says:

    I was sitting at the bar in a restaurant Saturday night waiting for a friend to show up. No one was at the bar and after I got done screwing around with my i-Phone, I noticed Einhorn was playing poker on the TV, it was the recent tournament that he placed 3rd. The bartender had no idea who Einhorn was.

    – Guy who almost fell asleep reading opening bell.

  21. Bob says:


  22. Hand Model says:

    Bess/Matt can we get a montage of the "I don't know what happened" open handed gestures a la Diamond, Paulson, Dugan, Aubrey etc from recent weeks- really instills confidence.

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