Opening Bell

Opening Bell: 01.22.13

Glencore, Xstrata Move Closer to Deal (WSJ)
The two companies, who want to combine to form the world’s fourth-largest diversified miner with a market capitalization of about $80 billion, said they still need to secure regulatory approval from China. They will also have to abide by conditions set out by the South African regulator limiting the timing and scope of any layoffs stemming from the merger.

SAC Misses Out On Big Investment (WSJ)
Mizuho Financial Group had discussed last year making a major investment that could have brought as much as $500 million to SAC, said people briefed on discussions with SAC executives and advisers. But the bank ultimately notified SAC that it wasn’t proceeding. By December, with scrutiny of SAC’s trading practices mounting, the firm’s executives told advisers and others inside and outside the firm that Mizuho’s decision appeared final, the people said.

Global A-List Descends On Davos (WSJ)
Of all the sectors it is probably the bankers who are fielding the highest concentration of big names. Anshu Jainof Deutsche Bank AG,  Brian T. Moynihan of Bank of America Corp., Lloyd C. Blankfein of Goldman Sachs and HSBC Holdings CEO Stuart T. Gulliver are just a sample.

Trust in Business Leaders at Low as Davos Begins (CNBC)
Less than one in five people believe business and government leaders can be trusted to make ethical and moral decisions, the survey of some 30,000 people showed, with confidence particularly low in France and Germany.

Calpers Buy-Hold Rule Recoups $95 Billion Recession Loss (WSJ)
The California Public Employees’ Retirement System is poised to top a record $260 billion in assets, the market value it held before the global financial crisis wiped out more than a third of its wealth, by sticking with a strategy of buy-and-hold. The largest U.S. public pension, with half of its money in publicly traded equities, was worth $253.2 billion on Jan. 17, or about 97 percent of the pre-recession high set in October 2007. The fund returned 13 percent in 2012, about the same gain as the Standard & Poor’s 500-stock index achieved.

Armstrong Becomes ‘Madoff on a Bike’ as Cheating Shatters Lives (Bloomberg)
“He’s Bernie Madoff on a bike,” said John Llewellyn, an associate professor of communication at Wake Forest University in Winston-Salem, North Carolina. “The level of self-absorption and mean-spiritedness with which he has defended himself and castigated others over a decade makes an impression that’s pretty bleak for the human spirit.”

Irish lawmakers back plan to allow drink-driving ‘in moderation’ (The Journal)
KERRY count councillors have voted in favour of a motion which would allow people in rural Ireland to have ‘two or three’ drinks and still drive. The motion put forward by councillor Danny Healy-Rae calls on the Minister for Justice to allow Gardaí to issue permits to people in the most isolated parts of the country to allow them to drive after drinking some alcohol. Speaking to The Journal, Danny Healy-Rae said the idea was to help “those people in every parish who are isolated and who can’t get out of their place at night.”

Barclays Loses Anonymity (Bloomberg)
A group of Barclays employees had a request to prevent their names from being published ahead of the UK’s first trial related to manipulation of the London interbank offered rate rejected by a judge yesterday. “I simply do not see that there is any sufficient case of prejudice” to the trial, Judge Julian Flaux said in dismissing the request. The names weren’t immediately released. Affiliates of Guardian Care Homes sued Barclays over an interest-rate swap tied to Libor and argued the benchmark was manipulated. The swap resulted in a loss for the Wolverhampton, England-based Guardian and Barclays was ordered to give the company’s lawyers the identities and e-mails of bank staff that were included in disclosures to regulators.

Atari’s U.S. Operations File for Chapter 11 Bankruptcy (Bloomberg)
Atari SA’s U.S.-based video-game- making businesses filed for bankruptcy protection inManhattan with the intention of separating from the unprofitable French parent and seeking independent funding. New York-based Atari Inc., maker of video games “Pong” and “Asteroids,” as well as affiliates Atari Interactive Inc., Humongous Inc. and California U.S. Holdings Inc., asked to be jointly administered in filings yesterday in U.S. Bankruptcy Court, according to a statement. “Within the next 90 to 120 days, the companies expect to effectuate a sale of all, or substantially all, of their assets,” in a free and clear sale under the U.S. bankruptcy laws, or confirm reorganization plans that “accomplish substantially the same result,” according to the statement.

EU Approves Financial Transactions Tax (Reuters)
A majority of European Union finance ministers voted on Tuesday to allow Germany, France and nine other euro zone countries to prepare to introduce a tax on financial transactions, said two officials who attended the meeting. The vote clears the way for Germany,France, Italy, Spain, Austria, Portugal, Belgium, Estonia, Greece, Slovakia and Slovenia to press ahead with their own tax on trading.

Man paddles for love of Florida waters (NWFDN)
Justin Riney turned his back on his degree in finance and last year followed his heart and founded his own non-profit organization: Mother Ocean…Riney needed a project to kick off his newly-founded organization and bring attention to it and when he read that 500 years had passed since Ponce de Leon discovered Florida, he decided that was a cause for celebration. On Jan. 1 he began a 365-day journey around Florida on a stand-up paddle board from Pensacola. He plans to spend six months paddling the peninsula, ending In Jacksonville on July 4. Then, he will spend six months on the inner waterways, ending Dec. 31 in Tallahassee. He has named this adventure Expedition Florida 500.

Briton wrestles shark away from children in Australia (Telegraph)
The incident happened on Friday in the Sunshine Coast region of the state of Queensland, and was captured by a local news team. According to Australia’s Channel Nine, the shark came into very shallow waters and two men rushed to move it away before it reached children who were playing in the water nearby. Paul Marshallsea, a grandfather from Wales, and Terry Dale, a wildlife carer, pushed the shark towards open waters. The shark was also spotted in shallow waters of a creek by frightened parents, children and tourists.

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55 Responses to “Opening Bell: 01.22.13”

  1. Nigel Tufnell says:

    Kerry Policeman: Good Evening Sir
    Driver: Evenin'
    Policeman: Sure you'll tell me you have a permit for the drink now?
    Driver: i do at that.
    Policeman: Fine. Just get out of the car. It's on fire. And upside down.
    Driver: Ah right so.

    • Shecky Guiness says:

      An Irishman who had a little too much to drink is driving home from the city one night and, of course, his car is weaving violently all over the road.

      A cop pulls him over. "So," says the cop to the driver, "where have ya been?" "Why, I've been to the pub of course," slurs the drunk.

      "Well," says the cop, "it looks like you've had quite a few to drink this evening." "I did all right," the drunk says with a smile.

      "Did you know," says the cop, standing straight and folding his arms across his chest, "that a few intersections back, your wife fell out of your car?"

      "Oh, thank heavens," sighs the drunk. "For a minute there, I thought I'd gone deaf."

    • Still short GM says:

      Nice to see they have followed our model.

      – City of New Orleans

  2. ray lewis' 7th kid says:

    Hey !

  3. Guest says:

    Hey guys, nappy hew year!

  4. Jon n. Shazar says:

    Making up a girlfriend…sheesh who woul do that..heh heh

  5. Joe Sixpack says:

    In Derry police officer Gerald Fitzpatrick pulled over drunk ( only slightly) driver Patrick Fitzgerald and the pair proceeded to go Damon/Afflek on each other.

    Old joke with new twist

  6. guest says:

    Boing!

    -Rex Ryan

  7. non sequitur says:

    Its so cold in Washington that I saw a politician with his hands in his own pockets.

  8. Guestalt says:

    I see we're aiming for a new commenting low this morning.

  9. Guest says:

    I think the difference between Bernie Madoff and Lance Armstrong is that when people found out that Bernie was lying they were genuinely surprised.

  10. Billy Vogon says:

    Are we on? Is this site live? Can anyone else read this?

  11. 80s kid says:

    Best Christmas of my life was when I got Jungle Hunt for the Atari 2600.

  12. Im_a_Dude says:

    Bess/Matt (not shazar),
    no post on Mary Jo White= grade school teacher from hell?
    you guys sleeping in this am?

  13. Erector Set says:

    Shazaar kicks kittens and eats puppies.

    -True story/no shlomo

  14. Laxbro says:

    Bess, do you watch Girls? I keep hoping the show will stop revolving around the disgusting tubby, but then I remember it's written by her and it's her outlet to get all of the attention she never received in real life or whatever. The hipster lexicon is so forced and obnoxious. I love overhearing spoiled do-nothing slams talk about how brilliant this show is and that it's "SO them" — like totally. Yea, hearing the NYU one talk about washing pigs was like SO funny. I could literally record random terminally unmotivated Bushwick kids in a coffee shop and get the same boring show. Aside from that, did anyone catch that middle-class in Manhattan article in the Times? The cast of Girls vs. the not quite rich enough to afford dinner at Per Se cry babies.. we'll call it the battle of the insufferables.

  15. Double boast says:

    Something tells me there aren't that many hipsters lamenting the existence of waspy sales traders who can't read a chart or a balance sheet taking up all the tee times at National.

    Well, not that they would admit anyway. That was their fathers' battle,

  16. guest says:

    Man paddles for love of Florida waters (NWFDN)

    ^^not that I'm interested in reading about this hippie but what does NWFDN mean? can I click this at work? slightly intrigued

    • News person says:

      Non-Work Friendly Distributed News. Probably shouldn't click it.

    • Guest says:

      It means North West Florida Daily News. Definitely not safe for work, I think whatever it is that turns people into Floridians may be contagious and can spread through electronic media.

  17. Nailz6 says:

    There's such a thing as Chinese regulatory approval?

  18. Slow news day says:

    "Less than one in five people believe business and government leaders can be trusted." – So 4/5 people are lying to themselves ?

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  29. youtube.com says:

    The two companies, who want to combine to form the world’s fourth-largest diversified miner with a market capitalization of about $80 billion, said they still need to secure regulatory approval from China. They will also have to abide by conditions set out by the South African regulator limiting the timing and scope of any layoffs stemming from the merger.

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