Opening Bell: 10.18.13

HSBC Is Fined $2.46 Billion in Securities Fraud Case (Reuters)
A unit of the British bank HSBC was hit on Thursday with a record $2.46 billion final judgment in a securities class-action lawsuit in Chicago against a lender formerly known as Household International. The judgment, by Judge Ronald Guzman of Federal District Court, was the largest in a securities fraud class-action suit that went to a trial, according to a statement from the Robbins Geller Rudman & Dowd law firm, which represented investors.

Morgan Stanley to Face Class Suit by Singapore Investors (Bloomberg)
A group of Singapore investors who lost money on $154.7 million in credit-linked notes may pursue their suit against Morgan Stanley as a class, a federal judge in Manhattan ruled. U.S. District Judge Jesse Furman said today the investors may represent a class of all persons who bought any of seven series of Pinnacle Notes issued in 2006 and 2007. The investors sued in 2010, claiming the notes were a “bait and switch” scheme designed to benefit Morgan Stanley at the expense of customers.

Lenovo Approaches BlackBerry (WSJ)
Lenovo Group Ltd. is actively considering a bid for all of struggling Canadian smartphone maker BlackBerry Ltd., according to people familiar with the matter, the latest sign of the voracious appetite of Chinese companies for foreign acquisitions. The Chinese personal-computer maker has signed a “nondisclosure” agreement that allows it to look at BlackBerry’s books, one of the people said, joining a list of potential bidders for the company, which has put itself up for sale.

GOP Civil War Erupts: Business Groups v. Tea Party (Bloomberg)
A battle for control of the Republican Party erupted Thursday as an emboldened Tea Party is moving to oust senators who voted to reopen the government, and business groups began mobilizing to defeat allies of the small-government movement. “We are going to get engaged,” said Scott Reed, senior political strategist for the U.S. Chamber of Commerce. “The need is now more than ever to elect people who understand the free market and not silliness.” The chamber spent $35.7 million on federal elections in 2012, according to the Center for Responsive Politics, a Washington-based group that tracks campaign spending. Meanwhile, two Washington-based groups that finance Tea Party-backed candidates said today that they’re supporting efforts to defeat Mississippi Senator Thad Cochran, a 35-year veteran who voted for the deal ending the 16-day shutdown and avoiding a government debt default.

Former Primary Global employee avoids jail in insider case (Reuters)
A former technology analyst at expert networking firm Primary Global Research LLC avoided jail time on Thursday after a judge praised his “very substantial assistance” in cooperating with a government insider-trading investigation. Bob Nguyen, 34, who pleaded guilty in January 2011 to leaking confidential corporate information to hedge funds, received two years of probation from U.S. District Judge Jed Rakoff in federal court in New York…Rakoff said Nguyen’s sentence should not be seen as a suggestion that insider trading is a minor issue. Instead, he said, it was a reflection of the fact that such prosecutions frequently require cooperation to succeed.

Rex Ryan tells NY Jets players no messing around before Patriots game (NYDN)
Ryan, in a team meeting Wednesday, told the Jets they need to be well-rested when Tom Brady and Co. hit MetLife Stadium on Sunday, and, according to Josh Cribbs, added “Don’t do nothing for your wife.” To defensive lineman Sheldon Richardson, that not only meant avoiding things like taking out the garbage, it also included any activities in the bedroom. “Most definitely,” Richardson told the Daily News with an ear-to-ear grin, when asked if Rex’s message included hanky panky. Richardson’s comments sparked Jet mayhem reminiscent of the good old days, forcing Ryan to come into the press room and tell the gathered media that sex is not part of his no-no list for the weekend. It was good for a few laughs, but the message was clear: focus on the Patriots and nothing else. “He was like … rest your legs, you go home, don’t do nothing for your wife,” Cribbs said. “Say baby, next week. You’ll take out the trash next week. I’ll take the kids to practice next week but I’ve got to rest for this game. I’m going to tell him to put it on paper so when I give it to my wife, I can be like, ‘Rex said that I don’t got to take out the trash.’ So he might get a call.”

After Pause, Resupplying Economic Data (NYT)
The most eagerly awaited number, the update from the Labor Department’s Bureau of Labor Statistics on unemployment and job creation in September, will come out Tuesday, Oct. 22, two and a half weeks after it was originally supposed to be released. And the October jobs report, originally set for a Nov. 1 release, will be delayed until Friday, Nov. 8.

‘Taper talk’ may be dead until next year (CNBC)
“One thing we know for sure, as much as we know anything, is that short-term interest rates are going to stay low for as far as the eye can see,” DoubleLine CEO and chief investment officer Jeff Gundlach said on “Squawk on the Street.” “Quantitative easing is not even going away. It seems with this budget wrangling, it’s going to keep going up.”

Goldman Sachs trims pay pool to $319K per employee (NYP)
The smaller pile of cash is enough to pay each of the firm’s 32,600 employees about $319,755 — down from $336,442 last year through nine month. That’s about $16,700 less per employee.

Illinois biker claims he was speeding to the bathroom — at 140 mph (NYDN)
A Pekin police officer clocked Adam Lester’s motorcycle at 140 mph — not that he needed the radar gun to know the bike was flying. “The blur was the first clue,” Detective Mike Eeten told the Daily News. Lester, 26, and a passenger screamed down the highway, slowing slightly before they blew through a red light and disappeared from sight, police said. The dogged cop kept going and spotted the highway racer and a girl hiding between a bar and a bowling alley, Eeten said. Lester was wearing a woman’s coat, and he told the officer he “had to pee.” “I’d have to go the bathroom, too, if I was going that fast,” Eeten said. The 16-year-old girl reportedly told the officer Lester saw the patrolman on the road before he ducked into his hiding spot. The chivalrous master of disguise then asked her to switch jackets with him, she said.

39 comments (hidden to protect delicate sensibilities)
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Comments (39)

  1. Posted by Old School DB fan | October 18, 2013 at 7:49 AM

    Whoa! Opening Bell is doing London hours today? Congrats on the move!

  2. Posted by Guest | October 18, 2013 at 9:05 AM

    You shouldn't need a letter from your boss to negate garbage duties around the house.

  3. Posted by Yinzer | October 18, 2013 at 9:10 AM

    I feel like Christmas came early. I don't know what to do first.

  4. Posted by Shaz Mom | October 18, 2013 at 9:14 AM

    but what do you do when the garbage comes back and crashes in your basement?

  5. Posted by quant me maybe... | October 18, 2013 at 9:16 AM

    Early opening bell?
    Early indicator that Levine is due back at his desk over at Bloomberg any minute, now.

  6. Posted by SMU Secure | October 18, 2013 at 9:35 AM

    Time to get back to work. Your vacation is over. The rest of us can't pick up your slack anymore.

  7. Posted by GiantChartFan | October 18, 2013 at 9:51 AM

    Pretty sure he's been toiling away on a massive deck showing why Mike Bloomberg should be named the perpetual ruler of the isle of Manhattan.

  8. Posted by Guest | October 18, 2013 at 10:10 AM

    Wall Street Journal Censored by UK Judge

    The WSJ named names yday Time to look at the Wayback Machine…

  9. Posted by It's In the VaR | October 18, 2013 at 10:25 AM

    Ever noticed how the amount of comments per feature on Dealbreaker is generally backwardated each day?

  10. Posted by Guest | October 18, 2013 at 10:27 AM

    On the flip side. Imagine losing 42-0 to the Pats, and then coming home to a house full of garbage and the wife banging the pool guy.

  11. Posted by Hans Kullberg | October 18, 2013 at 10:50 AM

    High flying third year Analysts from Illionis hitting 140 on a crotch rocket purchased off Craigslist, who shots blanks so he just pees on chicks instead, making 16 yr old daughter of MD who doesnt even realize he is about to become an Associate without an MBA is the NKI?

  12. Posted by GiantChartFan | October 18, 2013 at 10:55 AM

    Writing cogent and coherent comments is hard, but don't let that deter from continuing to try to do so.

  13. Posted by guest | October 18, 2013 at 11:02 AM

    You're trying too hard

  14. Posted by guest | October 18, 2013 at 11:03 AM

    This time we will not accept de-feet, the shoe is on the other foot! Time for toe-tal annihilation! As a team we need to heel and move forward by putting one foot in front of the other.

    -R. Ryan

  15. Posted by guest | October 18, 2013 at 11:21 AM

    nope. try again though!

  16. Posted by guest | October 18, 2013 at 11:21 AM

    No. Also, no one knows wtf you're talking about.

  17. Posted by guest | October 18, 2013 at 11:22 AM

    You are not funny. Just thought we should clear that up.

  18. Posted by Urglegroob | October 18, 2013 at 11:29 AM

    When Sexy Rexy rocks he rocks fudge slippers…

  19. Posted by Guest | October 18, 2013 at 11:30 AM

    Crap! I was hoping you died in some horribly painful way.

  20. Posted by Guest | October 18, 2013 at 11:31 AM

    That's just everyday for me.

    -UBS FICC Trader

  21. Posted by #Bess | October 18, 2013 at 11:36 AM

    Thought he was day gaming at the State Fair of Texas trying to the next lucky lady to get an SMU abortion.

  22. Posted by Mexi_Cant | October 18, 2013 at 12:50 PM

    Looks like this may be the first October in 8 years Antonio Cromartie doesn't impregnate somebody

  23. Posted by Guest | October 18, 2013 at 12:52 PM

    You mean the first 2nd week in October?

  24. Posted by jon shaznam | October 18, 2013 at 12:55 PM


  25. Posted by Bob Griffin | October 18, 2013 at 12:55 PM

    Gino smith's a bust.

  26. Posted by guest | October 18, 2013 at 1:10 PM

    Wes from Denver posting on DB I see

  27. Posted by Sniffingly | October 18, 2013 at 1:43 PM

    I don't expect peep show jizz moppers to know wtf I'm talking about. My target audience is made up of the investment bankers and risk managers you serve.

  28. Posted by Noted | October 18, 2013 at 1:45 PM

    You should use ProActive if you want to clear something up.

  29. Posted by Travis Henry | October 18, 2013 at 1:48 PM

    He's the man!

  30. Posted by Twenty second hate | October 18, 2013 at 1:52 PM

    This is the fucking problem with finance these days. Dumbfucks weaned on oversimplified bullshit taught by business school trader wannabes.

    You are not ax'd to anything, basis points are not a fun new way to express percentages, and you are not short things you dislike

    Just shut the fuck up.

  31. Posted by Im_a_Dude | October 18, 2013 at 1:54 PM

    stay off the meth man

  32. Posted by C Quinn | October 18, 2013 at 2:09 PM

    But Mayor Bloomberg IS the perpetual ruler of the isle of Manhattan.

  33. Posted by Banksterrrrrrrrr | October 18, 2013 at 2:25 PM

    We don't care wtf you're talking about.

  34. Posted by Guest | October 18, 2013 at 2:39 PM

    I agree with this 10,000 basis points.

  35. Posted by Go Hans yourself | October 18, 2013 at 2:41 PM

    Ya deez is vet and vild stuff happening in the US and A, ya?

  36. Posted by 0.00 | October 18, 2013 at 2:42 PM

    Well somebody needs to put their foot down. And that foot is me.

  37. Posted by Larry | October 18, 2013 at 2:42 PM

    And your douchebaggery is in contango relative to the the rest of the commenters.

  38. Posted by Costello | October 18, 2013 at 2:50 PM

    No, October's our shortstop.

  39. Posted by A Peterson | October 18, 2013 at 5:04 PM

    No comment…