Deutsche Bank Proposes Creating Bond Platform With Rivals (Bloomberg)
Deutsche Bank is trying to drum up interest with some of its largest competitors to create a multi-dealer U.S. bond trading platform at the same time that asset managers discuss ways to make buying and selling debt easier, according to people familiar with the matter. Europe’s biggest investment bank by revenue has pitched its plan for an electronic trading network to JPMorgan Chase & Co., Citigroup Inc. and Barclays Plc, according to five people briefed on the talks, who asked to not be named because the discussions are private.
JPMorgan in talks to settle government probes for $11 billion: sources (Reuters)
The sum could include $7 billion in cash and $4 billion for consumers, said the sources, who asked not to be identified because the negotiations are private. The talks are fluid and the $11 billion amount could change, the people familiar with the matter said. The discussions include the U.S. Department of Justice, the Securities and Exchange Commission, the U.S. Department of Housing and Urban Development and the New York State Attorney General, the sources said.
Ackman strikes again? Air Products looks for new CEO (CNBC)
Air Products also announced it will add three new independent directors to its board immediately.
NYSE, Nasdaq May Team Up on Glitches (WSJ)
Longtime rivals NYSE Euronext and Nasdaq OMX Group Inc. are discussing a plan with other exchanges in which each company would run a backup for the other’s benchmark stock-pricing data, according to people involved in the discussions. If one exchange group’s feed went down, traders could turn to its competitor for data while the problem was being fixed.
Judge bans ‘screw’ from Madoff trials (NYP)
Manhattan federal Judge Laura Taylor Swain on Wednesday sided with a lawyer for Daniel Bonventre, one of Bernie Madoff’s top officers, who had asked that she bar prosecutors at his fraud trial from showing photographs to jurors of a 4-foot sculpture of a screw that the Ponzi king had proudly displayed on his desk. It was called “The Soft Screw” and Madoff was known to personally dust it. After prosecutors complained that many of their photos of Madoff’s office had the sculpture in it, Swain suggested they “Photoshop it out.” “Get that screw out of the pictures,” Swain ordered.
Barclays to shut wealth management services in 130 countries (Reuters)
Barclays Plc will stop offering wealth management services in about 130 countries by 2016 and cut jobs in the unit as part of an effort to rein in costs and boost profit. “This is part of our new strategy, focusing on reducing complexity and competing where we can win,” a Barclays spokesman said.
UK Growth Quickens As Consumers Blunt Investment Drop (Bloomberg)
While the recovery is gathering momentum, Bank of England policy makers speaking this week emphasized their commitment to keeping the key interest rate at a record low at least until unemployment drops to 7 percent.
Pimco Sees Buffett’s India Dream Cut to Junk as Vote Looms (Bloomberg)
Little more than two years after Warren Buffett labeled India a “dream market,” the economy is expanding at the slowest pace in a decade and the nation’s debt ratings are at risk of being cut to junk.
Twitter Taps Two More Banks (WSJ)
Twitter Inc. has tapped two more banks, J.P. Morgan Chase and Morgan Stanley, to help lead its coming initial public offering, said people familiar with the matter. The banks will join Goldman Sachs Group Inc., which until now has been working exclusively with Twitter to prepare its confidential IPO filing and will remain in the top role, these people said. The company announced its still-private filing with a tweet earlier this month. Twitter’s IPO could come in November, people close to the company said. The secret IPO filing was made weeks before the tweet, and the regulatory approval process is already under way, they said.
O.J. Simpson caught stealing cookies from prison cafeteria (DM)
The former gridiron great was recently caught pilfering the sweet treats from the cafeteria of his Nevada prison – something which is strictly forbidden. According to a source, guards noticed the 66-year-old hiding something under his prison clothes as he walked back to his cell after lunch. When they quizzed him, he revealed a stash of more than a dozen oatmeal cookies, which were then seized. ‘O.J. just stood there with a goofy grin on his face as the guard kept digging inside his shirt and throwing the cookies on the floor,’ the source said…Doctors had previously warned Simpson, who is looking noticeably tubby, to ease up on the fat and sugar laden foods and start exercising more because he suffers severe diabetes. And the once-chiseled prisoner, who is serving a 33-year sentence for armed robbery, has been trying to diet but gave up after a few weeks. ‘The temptation of the cookies in the prison chow line was too much for him, the source said.