No Criminal Case Is Likely In Loss At MF Global (NYT)
A criminal investigation into the collapse of the brokerage firm MF Global and the disappearance of about $1 billion in customer money is now heading into its final stage without charges expected against any top executives. After 10 months of stitching together evidence on the firm’s demise, criminal investigators are concluding that chaos and porous risk controls at the firm, rather than fraud, allowed the money to disappear, according to people involved in the case…In the most telling indication yet that the MF Global investigation is winding down, federal authorities are seeking to interview the former chief of the firm, Jon Corzine, next month, according to the people involved in the case. Authorities hope that Corzine, who is expected to accept the invitation, will shed light on the actions of other employees at MF Global.
Standard Chartered’s Deal Rankles Regulators (WSJ)
Officials at the U.K. Financial Services Authority complained afterward to the New York regulator, which oversees Standard Chartered’s U.S. unit, that the sudden move could have damaged the stability of the bank and that the lack of advance notice breached long-standing protocol among bank regulators, these people said. The New York case ended Tuesday when Standard Chartered agreed to pay the regulator $340 million to settle allegations it broke U.S. laws in handling transactions for Iranian customers…The New York office’s success in pursuing a case without the help of the U.S. Justice Department and U.S. Treasury Department could embolden other state regulators, while adding to pressure on federal regulators who have been criticized for a perceived failure to confront large banks. “Holding a bank accountable for past misconduct doesn’t need to take years of negotiation over the size of the penalty,” said Sen. Carl Levin (D., Mich.). “It simply requires a regulator with backbone to act.”
Knight Puts Fate In Familiar Hands (WSJ)
At about 9 p.m. on Aug. 1, Knight Chief Executive Thomas Joyce called Carlos Hernandez to seek emergency funding from J.P. Morgan, the lead bank on a primary credit line, to plug losses from errant trades caused by a software upgrade, according to people familiar with the conversation. Mr. Hernandez, J.P. Morgan’s global head of equities, had just returned from business meetings in Mexico. “We’ve had these issues,” the Knight chief, known as T.J., told his longtime acquaintance, the people said. “We’re looking for help.” J.P. Morgan executives have been on the receiving end of similar pleas for help in some of Wall Street’s biggest meltdowns.
Jobless Claims In U.S. Little Changed As Market Stable (Bloomberg)
Jobless claims climbed by 2,000 to 366,000 in the week ended Aug. 11, Labor Department figures showed today in Washington. The median forecast of 45 economists surveyed by Bloomberg News called for an increase to 365,000. The four-week moving average, a less volatile measure, dropped to 363,750, the fewest since the week ended March 31.
Chocolate Losing To Cocaine On Colombia Cocoa Slump (Bloomberg)
Cocaine is proving a more resilient commodity than chocolate in Colombia, the largest supplier of the narcotic to the U.S. Prices of cocoa beans, used to make chocolate, have dropped 40 percent this year in Colombia, South America’s third-largest supplier, as the cost of leaves processed into cocaine holds steady, according to data compiled by police and growers.
Morgan Stanley Unit Fined Over Trader’s $1.3 Billion Bet (Bloomberg)
Morgan Stanley Smith Barney, the brokerage venture of Morgan Stanley and Citigroup, was fined $450,000 after a trader amassed a $1.3 billion bet in 2009, Financial Industry Regulatory Authority records show. The brokerage didn’t have enough controls in place to detect that Jared Weinryt, 31, had breached his $116 million trading limit as he made overnight bets on futures, Finra said this month. The trades led to losses for Morgan Stanley Smith Barney of about $14.9 million, according to Finra.
Facebook Freeing 60% More Shares Seen Weighing On Stock (Bloomberg)
Early Facebook investors such as DST Global Ltd., Goldman Sachs, Elevation Partners and Accel Partners get a green light today to start selling part of their holdings, Menlo Park, California-based Facebook has said in filings. That’s after the lifting of restrictions designed to prevent a flood of shares immediately after an IPO. The prospect of more stock sales means Facebook will need to work even harder to convince investors that it deserves a higher valuation, compared with earnings, than all but two of its closest competitors including Google. The shares freed up today make up only 14 percent of the 1.91 billion that will be available for sales in the coming nine months. “Buckle your seatbelts for the next couple of months until they make it through all these shares coming unlocked,” said Tom Forte, an analyst at Telsey Advisory Group in New York.
Soccer Mom Madam Ready For A Fight (NYDN)
Accused soccer mom madam Anna Gristina says she’s ready for battle if her beautiful ex co-defendant — who’s decided to cop a plea — takes the stand against her. “If she testifies against my client, we’ll be ready for her,” Gristina’s lawyer, Norman Pattis, said Wednesday. Gristina is due back in court Thursday for the first time since she was sprung from Rikers Island in June after four months in lockup. Her alleged partner in crime, Jaynie Mae Baker, 30, who prosecutors say helped book high-rolling clients, won’t be there. She’s accepted a plea deal that could knock her felony charge down to the equivalent of a jaywalking ticket, sources said. “That suggests she cut a deal,” Pattis said.
can the lehman/ubs quants explain what qualifies at gross negligence?
- former MF Clients
duh – cocaine makes you thin, chocolate makes you fat, ergo, cocaine>chocolate
correct me if i'm wrong, but isn't cocaine a more resilient commodity than every other commodity?
Gross negligence is when you leave Indian food in the company fridge for 2 weeks
I don't get it…..
– Carlos Slim
Hey!
- Kwanzaa trder
Gross negligence is when the wife runs the Santa Fe into a shopping cart, dents the Mother F@#%ker, and has the nerve to tell you over a lousy old fashion!
UBS Suburbia Hell Quant
Actually, it's only the second most resilient commodity.
- Soccer Mom Madam
I'll tell you what is NOT gross negligence. Not selling LEH to KDB is not gross negligence. We were worth a lot more than $26. Umm, did I say "we"? I meant "they".
We would very much like you to think that.
-Saudi Aramco
So you're telling me there's a chance!
-P. Falcone with the enthusiasm of Lloyd Christmas
worst suburban hell comment since my last one
hence the term "prisoners dilemma", bitches.
you inability to spell your own name makes you more believable
Why is everyone in CT so fucking fat?
Oompa Loompa doompadee dain,
All of our chocolate now mostly cocaine.
In other news: Water is Wet
this comment sucks too!
- guy just trying to fit in
I like the direction this conversation is going, let's keep it moving that way.
Your wife runs a railroad?
-ex-BSC compliance officer
Oh my God, the Dukes are going to corner the entire cocaine market!
Unless someone beats them to it…
She dented the shopping cart?
gross negligence is when i don't even bother having a shower after the poolboy came by
not enough coke, obviously
Well, my sister…
-Mr. Taggert
Help me Carlos Hernandez, you are my only hope.
- Joyce
Don't want to correct you, for next you would want Matt to show you the correlation between cocaine and premium escort prices.
See, Jon. I told you it's good to have friends in high places.
Well! I'm sure the former MF Global executives are relieved to hear that this whole thing is going to blow over.
I mean, just imagine how much trouble they would be in if the U.S. actually had a statute that required company leadership certify its internal controls as being adequate, and which imposed serious penalties in the event that they were not.
- MFG Compliance Dept
How do you win the War on Terror?
Unionize the suicide bombers!
Nothing? Play me off, Johnny!
This guy loses $1b and walks? That's 5x what I lost.. FUCK I should have retired to become a US Senator & later a Governor.
-Russell Wasendorf
Or y'know, not spelled the whole fraud out in a letter to the feds*
*Or, failing that, at least made it so long and full of charts and footnotes that the regulators and authorities could never have understood it.**
**Supposedly there's a certain fellow on the interweb who composes such letters for a fee.
I won't even fuck my wife after she plays tennis.
- Ari Gold
Yes.
-Sea of dudes who run train on her each night
You mean like stoned?
-Jimmy Cayne
Today's Opening Bell material is tough to work with. I didn't even try today.
That one and Ass-Rape Express II are my favorites!
The regulators are weak? No you're weak pal! Hit the bricks !
No, she stepped on the ball.
– Louis Winthorpe
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Astounding Creativity from everyone. Eric, many thanks for finding & sharing
Thanks for helping out, wonderful information. “If you would convince a man that he does wrong, do right. Men will believe what they see.” by Henry David Thoreau.
Hmmm, must check that just one out, thanks Dennis
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You could try saving as PNG (lossless as opposed to JPG), or the other thing that I can think of is that you could possibly need to rasterize your smart objects, and after that save it for a PNG. Be careful to not save over your original PSD, because once you rasterize, you won’t be able to un-rasterize.