Opening Bell

Opening Bell: 04.23.13

Corzine Sued Over MF Global Failure (Bloomberg)
Jon Corzine, the former head of bankrupt broker MF Global Holdings Ltd., was sued by the holding company’s trustee, Louis J. Freeh, for failing in his duty to oversee the company and causing the eighth-biggest bankruptcy in U.S. history. In the suit, filed in U.S. bankruptcy court in Manhattan, Freeh alleged that Corzine, the company’s chief executive officer and a former governor and senator from New Jersey, along with senior executives Bradley Abelow and Henri Steenkamp, failed to act in good faith and implemented strategies that caused the company to fail.

CBOE May Retire From Police Beat (WSJ)
The parent of the Chicago Board Options Exchange CBOE is considering whether to separate out its regulatory division in the wake of a continuing federal probe into potential conflicts of interest, people close to the discussions said. The largest U.S. options exchange currently oversees the market activity of its own customers as well as those at some of its rivals but has discussed forming a new, independent regulator or handing over those responsibilities to another agency. Splitting off the regulatory unit could shake up the supervision of stock and options traders in the U.S. by either creating a new agency or expanding the role of the independent Financial Industry Regulatory Authority, which has over the past decade taken on oversight responsibilities for NYSE Euronext, Nasdaq OMX Group Inc. and other exchanges.

Twinkie offense: Bimbo in snack attack while Hostess is hobbled (NYP)
Grupo Bimbo, the biggest baker in America, is working quickly to launch knock-off Hostess products before Twinkies and other snack brands come back to market, The Post has learned. Bimbo has told Teamsters locals it wants them to carry “a newly introduced snack cake product line to fill the Hostess void,” a source close to the situation said. The six to eight snacks will include a Hostess-like cupcake and a Hostess-like Twinkie, a second source said. Hostess shut down in November, and the new owners that bought its assets out of bankruptcy will likely be re-introducing its snack cakes in the fall, according to sources. “I’m hearing Bimbo wants to get [the new products] to market within the next month or two,” said Richard Sheehan, president of New York Teamsters Local 802.

Gleacher Investor Urges ‘Rebirth’ as Asset Manager (Bloomberg)
Gleacher & Co, the brokerage that closed its fixed-income business, should seek a “rapid rebirth” as an asset manager, according to activist shareholder Clinton Group Inc. Clinton Group, part of a coalition with a 7.7 percent stake in the brokerage, urged stockholders in a regulatory filing today to vote for its slate of directors, who would then use Gleacher’s brand to build a money-management business. Other investors favor liquidating the firm, Clinton Group said.

Break up large bank to create regional lenders, argues Archbishop of Canterbury Justin Welby (Telegraph)
The newly enthroned head of the Church of England said that Britain needs some parts of the banking system to be “local and not London-based” to address the “concentration” in the industry which he said was one of the “great dangers of the current mess.” Speaking at a Parliamentary event on “finding long-term solutions to the financial crisis”, Archbishop Welby said there needs to be a “revolution in the aims” of banks to ensure they serve society rather than “self-regarding interest” or even just shareholders. “What we’re in at the moment isn’t a recession but some kind of depression,” he said. “It needs something very, very major to get us out of it, in the same way it took something very major to get into it.”

Fed Still Owes Congress a Blueprint on Its Emergency Lending (Dealbook)
After the Federal Reserve lent more than $1 trillion to big banks during the 2008 financial crisis, Congress required the central bank to devise specific ways of protecting taxpayers when doling out emergency loans to financial institutions. But nearly three years after that overhaul became law, the Fed still has not established these regulations.

BOJ Seen Deploying Price Forecasts as Tool in Ending Deflation (Bloomberg)
The BOJ may indicate that its 2 percent inflation target will be reached by spring 2015, the Nikkei newspaper reported April 18. The central bank may upgrade its view on core price gains to at least 1.5 percent for the year ending March 2015, people familiar with officials’ discussions previously told Bloomberg News.

British Group Backs Renegotiating E.U. Role (NYT)
The new group, called Business for Britain, is intended to counter the intervention of pro-E.U. business leaders who have warned of the dangers of Britain slipping out of the 27-nation bloc and its single market of 500 million people. A statement released Monday to announce the group’s formation was signed by about 500 executives. In the declaration, Business for Britain said Mr. Cameron was “right to seek a new deal for the E.U. and for the United Kingdom’s role in Europe.”

Michael Bay Apologizes For Armageddon (Vulture)
“I will apologize for Armageddon…We had to do the whole movie in 16 weeks. It was a massive undertaking. That was not fair to the movie. I would redo the entire third act if I could. But the studio literally took the movie away from us. It was terrible. My visual effects supervisor had a nervous breakdown, so I had to be in charge of that. I called James Cameron and asked ‘What do you do when you’re doing all the effects yourself?’ But the movie did fine.”

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45 Responses to “Opening Bell: 04.23.13”

  1. Fewdollarsmore says:

    It is past 10:30 AM and still no sign of the Opening Bell. It is a Tense Tuesday morning. Matt is still out of office. Hope his interview on Monday was a flop. Bess is disappointed in him for not taking Shazar under his wing and train him to do more than a simple cut and paste by adding graphs, tables and footnotes. Only if Shazar had shown some interest in Billionaire Hedge Fund owners, she could have helped him. Knowing that if Matt leaves deal will be broken, she wonders – If a broken Dell is having so much problem getting recycled, what chance would a broken Deal have?

    • Guest says:

      Strong theory, but I prefer to believe that Jon Shazar is Matt's non-adderall abusing alter ego, and after a particularly long binge last week supplies have now run out

      • Rebecca M. Levine says:

        I'm not a violent person, but I'll FUCKING ASSAULT YOU if you say something like that again.

      • Arent They says:

        I always assumed Matt and Shazar were each others niggas. That's why he got him the job, cuz they niggas.

        • Passport says:

          Dont get it twisted, Matt started the whole pants sagn trend. DB just a place were this nigga can chill. Once he done posting it's ski mask time.

    • Fuld Capital says:

      We'd like to bid on the IT infrastructure/team.

    • Guest says:

      Have a bit of patience.

      Losing the Bonobo's account was a big blow. The sandwich fairy was let go, the field trip budget was slashed, Bess, Matt and Shazar are sharing an iPad, and the free wifi at the Starbucks on 84th is sketchy at best .

  2. SellTheBorrow says:

    "I would redo the entire third act if I could. But the studio literally took the movie away from us. It was terrible. My visual effects supervisor had a nervous breakdown,"… "It just felt like the end of the world," he continued

  3. Deleveraging says:

    "Break-up-large-bank-to-create-regional-lenders-argues-Archbishop-of-Canterbury-Justin-Welby"

    I love how all the people that never had to worry about a pay check have all the answers

    • lucas says:

      Will no one rid me of this turbulent priest?
      – Not George Osborne

    • Fred Goodwin says:

      We need to break up the large Churches. We can't have one big, established Church with its HQ in Canterbury, with a privileged monopoly position. We're in a spiritual Depression. London's turning into Londonistan. We need to look at long-term solutions, like regional Churches….

  4. Tough Question says:

    I always wondered when Bess, Matt, and Shaz go to Applebee’s and grab a both what the seating arrangement is. Could it possibly be Matt and Shaz on one side and Bess on the other? Possibly Bess and Shaz on one side and Matt’s Bloomberg terminal on the other, and then Matt pulls up a chair? Maybe they don’t get a booth; rather they put two tables together. Or could Bess put her purse on one side and Matt puts the Bloomberg terminal on the other and they just stand around the booth? Is there any right answer to the schematics portion of the DB interview?

  5. Guest says:

    Breaking up too-big-to-fail instutions to create regional ones? Sounds good to me.

    – Henry VIII

  6. VonSloneker says:

    Somebody needs to tell El Grupo Bimbo that Twinkies are as 'merican as AR-15s. Ain't no way they're takin' share with any El Twinko Hostess clone.

    – Cletus the Slack Jawed Yokel, CFA

  7. guest says:

    Always remember, when you point a finger at someone there are three pointing back at you.

    -Shazar’s Mom

  8. guest says:

    "Twinkie offense: Bimbo in snack attack while Hostess is hobbled"

    Go on….

    -Chris Christie

  9. guest says:

    This man what’s you to spare some change.

    -East Hampton Hobo Watch

  10. Hobbes says:

    I can't be the only one who thought the Twinkie headline was about something that happened in Florida.

  11. guest says:

    Am I the only one who didn't have his sensibilities offended by Armeggedon? Repent for Transformers, Bay!
    http://montessorimuddle.org/wp-content/uploads/20

    ^ linear regression of Bay's career

    • Guest says:

      I mean, sure. But, context? I.e., dollars per explosion in all >$100mm films over the same window? Like, does Michael Bay suck at that which we think is the only thing he does not suck?

      – Not Matt, but a fan of his work

  12. NickLachey says:

    I saw the headline 'bimbo in snack attack' and thought the article was just another example of tabloid journalism chronicling Jessica Simpson and her struggles with overeating. Lay off the chalupas, Baby!

  13. Fewdollarsmore says:

    I never "failed to act in good faith and implemented strategies that caused the company to fail." People who know me understand that I always risk my own personal safety before failing to protect others.
    – Jon Corzine

    • Deleveraging says:

      Would you let your daughter (and we know he likes them young) get in a car with a guy that doesn't use a seatbelt? Well this is what happens when that same guy is left to protect other people's money.

  14. qwestion says:

    Who's not a balding, bumbling Wall Street and gubernatorial failure with a billion dollar net worth? You're not, pal!

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