Opening Bell: 01.25.13

Ex-Barclays CEO Diamond Is Named on Latest Libor-Lawsuit List (Bloomberg)
Ex-Barclays Chief Executive Officer Robert Diamond and Former Chief Operating Officer Jerry Del Missier were among 25 bank employees anonymously referred to by regulators when the lender was fined for attempted interest rate rigging. Diamond and Del Missier were included on a second list released in a London court case linking Barclays staff to the London interbank offered rate. Judge Julian Flaux refused a request by some employees to prevent their names being published in connection to the case.

Deutsche Bank Trader Fired Over Rate-Rigging Loses $53 Million (Bloomberg)
Deutsche Bank’s Christian Bittar, one of the firm’s best-paid traders, lost about 40 million euros ($53 million) in bonuses after he was fired for trying to rig interest rates, three people with knowledge of the move said. The lender dismissed Bittar in December 2011, claiming he colluded with a Barclays Plc (BARC) trader to manipulate rates and boost the value of his trades in 2006 and 2007, said the people, who requested anonymity because they weren’t authorized to speak publicly. His attempts to rig the euro interbank offered rate and similar efforts by derivatives trader Guillaume Adolph over yen Libor are the focus of the bank’s probe, the people said. Both traders declined to comment for this story. “Upon discovering that a limited number of employees acted inappropriately, we sanctioned or dismissed those involved and clawed back all of their unvested compensation,” Deutsche Bank spokesman Michael Golden said in a statement. “To date we have found no link between the inappropriate conduct of a limited number of employees and the profits generated by these trades.”

Aleksey Vayner may have died of drug overdose (DM)
The Yale student who catapulted to Internet infamy with a disastrous video resume he sent to a prospective employer died at his home in Queens, New York. Vayner passed away at the age of 29, according to the New York City Medical Examiner – and reports from relatives suggest that he may have experienced a drug overdose…In the video, titled ‘Impossible is Nothing,’ a gravely serious Vayner attempts to prove his mental and physical fitness by talking about the meaning of success while lifting 495-pound weights, smacking tennis balls faster than 140 miles per hour, ball-dancing with a scantily-clad woman and breaking seven bricks with his hand. ‘Ignore the losers, bring your A-game, your determination and your drive to the field, and the success will follow you,’ he says in the video.

JPMorgan to Block Shareholder Vote on Bank Break-Up (Reuters)
A federation of U.S. labor unions is looking to force JPMorgan Chase’s board to consider breaking up the company after the disastrous “London Whale” affair, but the bank is trying to ensure that its shareholders do not get to vote on the union’s proposal. The largest U.S. bank is seeking permission from the U.S. Securities and Exchange Commission to omit the proposal from the measures that shareholders vote on this spring,according to a letter sent to the agency on January 14. The proposal, from the AFL-CIO’s Reserve Fund, a union fund that owns JPMorgan shares, calls on bank directors to form a committee that would explore “extraordinary transactions that could enhance stockholder value,” including breaking off one or more of the company’s businesses.

As Cohen parties in Davos, legal eagles circle at home (NYP)
Hedge-fund titan Steve Cohen took a break from battling investor redemptions to hob-knob with other heavyweights at the World Economic Forum in Davos Switzerland. But Cohen, who runs $14 billion Stamford, Conn., hedge-fund giant SAC Capital, could be facing more trouble when he gets home. At least one class-action law firm is trying to rustle up investors to sue SAC for its ties to an alleged insider-trading scheme that led to the arrest of a former portfolio manager. Wilmington, Del.-based Chimicles & Tikellis posted a notice on its website saying it is seeking SAC investors and limited partners and is “actively investigating a proposed investor lawsuit against SAC Capital.” Any resulting lawsuit would be pegged to SAC’s “mismanagement of the limited partnership and certain hedge funds.”

Wisconsin Man Wearing “Breathalyzer” T-Shirt Arrested For Sixth Time For Drunk Driving (TSG)
The 30-year-old was arrested early Saturday morning for drunk driving after he was found passed out at the wheel of a Chevrolet Cavalier that was parked with its engine running in the middle of a Wisconsin road. Wendler, who reeked of intoxicants, failed a series of field sobriety tests and appeared “dazed and confused,” according to a Marathon County Sheriff’s Department report, which noted that a deputy spotted an unopened six-pack of beer on the vehicle’s passenger seat. A breath sample recorded Wendler’s blood alcohol content as .19, more than twice the legal limit. As a result, he was charged with operating a motor vehicle while intoxicated–the sixth time he has been busted for drunk driving. Wendler’s extensive DWI history, of course, makes his t-shirt choice a strange one. As seen in his mug shot, Wandler was nabbed while wearing a shirt referencing drinking and a “free Breathalyzer test.” The shirt also includes an arrow (beneath the words “blow here”) pointing downward toward Wendler’s crotch.

Financial Job Losses Near Four-Year High as Europe Leads (Bloomberg)
Financial-services firms are on track to cut the most jobs in January since the start of 2009 as Europe struggles to emerge from the debt crisis and regulators impose tougher capital rules. The 16,040 announced and expected reductions in the past three weeks are just short of the 16,389 cuts made in the industry during January 2009 after Lehman Brothers Holdings Inc. collapsed, according to data compiled by Bloomberg. Bankers and consultants expect the cuts to accelerate in coming months even as financial stocks gained 26 percent last year.

Credit Bubble Seen in Davos as Cohn Warns of Repricing (Bloomberg)
Goldman Sachs President Gary Cohn warned of a potential drop in fixed-income prices as bankers and policy makers in Davos celebrated surging demand for financial assets. Debt markets that have seen junk-bond yields drop to record lows may face a “substantial repricing” if interest rates spike or investors begin pulling money out of fixed income, Cohn, 52, said in an interview yesterday with Bloomberg Television’s Erik Schatzker at the World Economic Forum in Davos, Switzerland.

Morgan Stanley CEO To Take Pay Cut (WSJ)
Morgan Stanley disclosed Thursday that Mr. Gorman would receive about $2.6 million in stock options for 2012. All told, he will receive $6 million in salary, cash and stock for the year, said a person familiar with the company’s compensation plans, plus participation in an incentive plan whose value wasn’t disclosed. His full pay package won’t be disclosed until this spring’s proxy statement.

Thousands of crocodiles on loose after floods hit South African farm (The Guardian)
Around 15,000 crocodiles made the great escape from the Rakwena crocodile farm near the border with Botswana on Sunday, according to the newspaper Beeld. Although “a few thousand” have since been recaptured, including one at a school rugby ground 75 miles away, more than half of the reptiles are still at large.

68 comments (hidden to protect delicate sensibilities)
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Comments (68)

  1. Posted by Deleveraging | January 25, 2013 at 9:06 AM

    If the ambulance is taking you to Jamaica Hospital, it's definitely an overdose.

    Is it me, or did Lloyd look unusually masculine on CNBC this morning with his Davos beard?

  2. Posted by Guest | January 25, 2013 at 9:20 AM

    Agreed. Let's stop quibbling over whether or not this was drug related and move on to casting. I'm thinking either Ryan Reynolds or Dolph Lundgren, depending on how the movie is written.

  3. Posted by Gwil | January 25, 2013 at 9:25 AM

    I remember watching the Saturn V rockets take off to the moon as a boy in Daytona Beach. My head was filled with dreams of space and rocket ships. Astronauts were super human heroes. I miss those days of innocence.

  4. Posted by Evil David Letterman | January 25, 2013 at 9:28 AM

    Hey, if I could just say one thing. Speaking of rotating your tires; does this Shazar guy have penis envy?

  5. Posted by Old n Crazy | January 25, 2013 at 9:33 AM

    I'm retired due to damage inflicted on my body by a variety of things. I can't walk more than ten minutes with good posture due to damage to my spinal column. I'm a type II diabetic, with hypertension, and quite a bit of titanium in one leg. Both of my knees are bad, and I seldom meety anybody with more scars than I have. Throw in gout, and a few more problems, and there isn't too much I enjoy in life. I'm starting rehab tomorrow on my right shoulder, and in just over a month they will be removing some bone from my spinal column to relieve pressure. Precisely what do I have left to enjoy in life. Dogs and good cigars, along with some dry-aged ribeye steaks that I can't afford right now are pretty much it. If things get much worse, I'll be bailing out anyway. Oh, I forgot something, I now weigh seventy something pounds below what I used to weigh. Next time you see Ryan Reynolds tell him rot in hell.

  6. Posted by guest | January 25, 2013 at 9:35 AM

    Look, fellas…It’s just a couple of basis points! Am I right?
    -Bobby "big time" Diamond

  7. Posted by guest | January 25, 2013 at 9:38 AM

    "Aleksey Vayner may have died of drug overdose"

    Not suprising…He was into that whole "Yale" thing.

    -P. Bateman

  8. Posted by Guest | January 25, 2013 at 9:39 AM

    First let me explain that I'm just a black man

  9. Posted by Sigmund Freud | January 25, 2013 at 9:42 AM

    Yes, quite yes.

    – Sigmund Freud

  10. Posted by UBS HR | January 25, 2013 at 9:53 AM

    The market is going to have an early close today in memorial to Aleksey Vayner.

    I heard this from Aleksey Vayner, so…

  11. Posted by Guest | January 25, 2013 at 9:55 AM


    There you go.

  12. Posted by Reticent Alcoholic | January 25, 2013 at 9:57 AM

    I guess if you find yourself looking up at a 'breathalyzer' you probably shouldn't be driving anyways.

  13. Posted by PermaGuestII | January 25, 2013 at 9:58 AM

    I would rather read 500 more non sequitur posts about Vietnam or astronauts that got moved from some other blog than another fucking "American Psycho" joke.

  14. Posted by Guest | January 25, 2013 at 10:01 AM

    I went snipe hunting in Davos, once. Never found one though.

    -Stevie "the Snipester" Cohen

  15. Posted by Patrick | January 25, 2013 at 10:05 AM

    I can get you a lime.

  16. Posted by guest | January 25, 2013 at 10:12 AM

    He did drugs like he lived his life: by bringing his A game.

    Too soon?

  17. Posted by Dion | January 25, 2013 at 10:23 AM

    Abraham, Martin, John … and Aleksay.

  18. Posted by What I am saying | January 25, 2013 at 10:24 AM

    6 DWI's > Driving a Chevrolet Cavalier

  19. Posted by Guest | January 25, 2013 at 10:25 AM

    I thought only chicks get that

  20. Posted by Guest | January 25, 2013 at 10:26 AM

    I think Heath Ledger would be more convincing in the role.

    – AIG FP Casting Quant

  21. Posted by BelzeBubba | January 25, 2013 at 10:27 AM

    sequitur : is that some kind of sword I can use on my minions including Vayner?

  22. Posted by NakedShorts | January 25, 2013 at 10:30 AM

    Ghosts sit around the campfire and tell Aleksey Vayner stories

  23. Posted by UBS HR | January 25, 2013 at 10:31 AM

    So then, Dolph Lundgren?

  24. Posted by Bored Guest | January 25, 2013 at 10:32 AM

    Not too soon, just not funny.

  25. Posted by Guest | January 25, 2013 at 10:32 AM

    "he was found passed out at the wheel of a Chevrolet Cavalier"

    Must be nice.

    – UBS MD

  26. Posted by The Past | January 25, 2013 at 10:39 AM


    – Ah high school days

  27. Posted by Matt&Bess Joint Acc | January 25, 2013 at 10:41 AM

    Would this be an issue when firing him?

  28. Posted by Texashedge | January 25, 2013 at 10:45 AM

    I'm glad he attributed the quote too. I WONDER WHAT THE P STANDS FOR THOUGH. IT'S TOO SUBTLE.

  29. Posted by Pimp Addy | January 25, 2013 at 10:51 AM

    Sponsored posts make me feel dirty

  30. Posted by Guest | January 25, 2013 at 10:53 AM

    Dolph Lundgren. And here's the twist… full penetration.

  31. Posted by guest | January 25, 2013 at 10:54 AM

    In an unusual legal move, Cohen has now joined a pack of mysteriously freed crocodiles which arrived by private jet last night in Switzerland, and is seeking political asylum for himself and his (new) cold-blooded predator friends. Cohen was overhead to say, “Anyone who wants a piece of me should be prepared to lose a body part in return.”

  32. Posted by Hobbes | January 25, 2013 at 10:58 AM

    15,000 crocodiles escaped? I didn't know my mother-in-law was traveling in South Africa with her friends.

  33. Posted by Jon Shazer | January 25, 2013 at 10:59 AM

    I also like to have a beard..

  34. Posted by PermaGuestII | January 25, 2013 at 11:03 AM

    [youtube bcYppAs6ZdI youtube]

  35. Posted by Sheriff Jim | January 25, 2013 at 11:04 AM

    " He seems to have a very cavalier attitude about driving under the influence."

  36. Posted by Gozer | January 25, 2013 at 11:08 AM

    UBS HR has blood on their hands

  37. Posted by baml | January 25, 2013 at 11:08 AM

    Ya well

    Fifty Shaze of gay ya know.

  38. Posted by VonSloneker | January 25, 2013 at 11:12 AM

    A moratorium is proposed!! Huzzah!!

  39. Posted by Reality Slinger | January 25, 2013 at 11:14 AM

    No you're not

  40. Posted by priorities | January 25, 2013 at 11:15 AM

    ::pray to god if I ever get flicked while driving drunk I'm in my Audi A7 and not the VW Jetta loaner car the dealer always gives me::

  41. Posted by Bored Guest | January 25, 2013 at 11:15 AM

    Cool persona, man.

    Hey what's up with people picking some crappy handle and then making crappy thematic jokes everyday…this guy, Zombie brains guy, Evil Dave. Maybe I'll change my name to Mariah Carry Trade, and then relate all comments on stories to Mariah songs. Might be a chance it's more entertaining than what I'm seeing today.

  42. Posted by | January 25, 2013 at 11:18 AM

    the 30-year-old was arrested…Chevrolet Cavalier…Wisconsin…the sixth time he has been busted for drunk driving…nabbed while wearing a shirt referencing drinking and a “free Breathalyzer test.”

    rock-bot·tom [rok-bot-uhm]

  43. Posted by Bored Guest | January 25, 2013 at 11:22 AM

    Speaking of Mariah, anyone see The Other Guys? Jeter's cameo, awesome.

  44. Posted by Guest | January 25, 2013 at 12:11 PM

    I've got an "American Psycho" joke for you. My ex-girlfriend.

  45. Posted by Guest | January 25, 2013 at 12:14 PM

    Did they forget to use tampons?

  46. Posted by Mike Larson | January 25, 2013 at 12:23 PM

    "<img src=""""/>well, like you you said, i think we should move on too. Ryan Reynolds would do just fine. <img src=""""/&gt;

  47. Posted by guest | January 25, 2013 at 12:37 PM


    – Kelly Preston

  48. Posted by lax | January 25, 2013 at 12:58 PM

    Ya , same on the or better zipcar.

  49. Posted by Plasma Selling FICC | January 25, 2013 at 1:15 PM

    On what days do you donate? I'm a Tuesday/Friday guy.

  50. Posted by Frida Kahlo | January 25, 2013 at 1:19 PM


  51. Posted by PermaGuestII | January 25, 2013 at 1:23 PM


    -Z.Z. Top

  52. Posted by bill a | January 25, 2013 at 1:39 PM

    Is that when they wave the gay question ?

  53. Posted by Automobile Enthused | January 25, 2013 at 1:40 PM

    Couldn't afford the A8?

  54. Posted by Fag | January 25, 2013 at 1:58 PM


  55. Posted by guest | January 25, 2013 at 2:06 PM

    I always wondered how the other side lived

    – GS MD

  56. Posted by guest | January 25, 2013 at 2:34 PM

    speaking of which…. JIMBO "SKEEDADDY" CRAMER must be taking his 2-weeker early this year. Haven't heard from him in a while.

  57. Posted by guest | January 25, 2013 at 2:36 PM

    I like what you've done here

  58. Posted by J-Lo | January 25, 2013 at 3:23 PM

    It can also be a noun.

  59. Posted by Gozer | January 25, 2013 at 5:00 PM

    Who could live with himself after a UBS rejection?

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  66. Posted by sohbet | April 26, 2013 at 4:12 AM

    on't doubt that he suffered as a kid in that high school yard. And I wonder, if he wasn't bullied then, what he had to do to survive then, and the impact that had and who he has come to be because of it. He is a wounded man, and while I find him odious, I am not unmoved by the sadness and pain of his past that his comments today imply.

  67. Posted by sohbet odalari | April 26, 2013 at 4:12 AM

    asdasd as a kid in that high school yard. And I wonder, if he wasn't bullied then, what he had to do to survive then, and the impact that had and who he has come to be because of it. He is a wounded man, and while I find him odious, I am not unmoved by the sadness and pain of his past that his comments today imply.

  68. Posted by sohbet | July 8, 2013 at 8:52 PM

    officers to investigate Blackstone's fishy financial transactions, but they wound up giving them