Opening Bell

Opening Bell: 05.29.14

Ackman Plans Public Hedge Fund (Dealbook)
While hedge funds typically raise funds privately, the founder of the $13 billion Pershing Square Capital Management is planning to tap the public stock market. Mr. Ackman is aiming to raise billions of dollars for a closed-end fund that could list on the London Stock Exchange as soon as this summer, according to three people briefed on the matter but not authorized to discuss it. Mr. Ackman, 48, was in London in late April to drum up support among European investors for the fund, according to two of the three people who were briefed.

Snapchat CEO ‘Mortified’ by Leaked Stanford Frat E-Mails (Bloomberg)
Snapchat Inc. Chief Executive Officer Evan Spiegel apologized for e-mails he sent during his fraternity days that celebrated getting drunk and convincing sorority women to perform sexual acts. The profanity-laced e-mails were published Wednesday by Gawker Media LLC’s Valleywag blog and mostly related to Spiegel organizing Stanford University fraternity parties for Kappa Sigma in 2009 and 2010. In one missive, Spiegel recounts being so drunk he peed on a woman in bed with him. “I’m obviously mortified and embarrassed that my idiotic e-mails during my fraternity days were made public,” Spiegel said in an e-mailed statement. “I have no excuse. I’m sorry I wrote them at the time and I was jerk to have written them. They in no way reflect who I am today or my views towards women.”

Goldman blames economy for trading slide (FT)
Gary Cohn, president of Goldman Sachs, blamed the world economy rather than regulation for sharp declines in trading volumes at his bank and across Wall Street, but said “we’re not just waiting for things to get better”. In remarks to a Sanford Bernstein conference on Wednesday, Mr Cohn said regulation and fiscal and monetary policy played a role in the slide in overall fixed income volumes this year. He added: “We firmly believe that economic fundamentals more than any other factors are responsible for the current operating environment.” But Mr Cohn also sought to combat the perception that Goldman executives were sitting around waiting for an upturn. Headcount in fixed income trading, the misfiring engine of investment bank profits, has been reduced by 10 per cent since 2010, he said, while risk-weighted assets in fixed income, currencies and commodities had dropped by $90bn since June 2012.

Rio Jilts World Cup as $11 Billion Bill Sours Brazil (Bloomberg)
Almost every one of the 12 stadiums being built or remodeled for the event has cost more than anticipated and several promised urban mobility projects have either been scrapped or delayed. During the Confederations Cup, a warm-up event held last year, more than a million people took to the streets in the biggest protests in a generation. They demanded schools and hospitals reach the same standards as stadiums being created to meet soccer governing body FIFA’s criteria. “Tourists: Don’t get sick. We have stadiums but we don’t have hospitals,” reads graffiti across the street from the Pedro Ernesto hospital just 800 meters (2,600 feet) from from the Maracana stadium.

Ziffs Shut Down Hedge Fund, Shift Way Wealth Is Managed (WSJ)
The billionaire Ziff brothers are shutting down the last multibillion-dollar hedge fund that invests their family fortune, one of the biggest such pots of money in the U.S. The three brothers, heirs to the wealth created by their grandfather’s magazine-publishing empire, are shutting the second of their two hedge funds and stepping away from the one-for-all, all-for-one investing style they followed for more than two decades, according to people familiar with their plans. Dirk, Robert and Daniel Ziff, ages 50, 47 and 42 years old, respectively, are closing their London-based hedge fund after its veteran portfolio manager, David Fear, decided to strike out on his own, the people said.

Apollo Uses Wedge Maneuver to Save Caesars (WSJ)
In its efforts to salvage the $1.7 billion-plus it has invested in Caesars Entertainment Corp., Apollo Global Management is employing a tactic often used by the Roman emperor of the same name: divide and conquer. Turf wars between owners and creditors often flare up over financially troubled firms, but in this case Apollo co-founder Marc Rowan and his team are aligning with some funds that have bought into Caesars’s roughly $23 billion of debt and is clashing with others. Some creditors snapped up Caesars debt at discount prices and hope to take away control of the casino company from Apollo if Caesars files for bankruptcy protection.

Molly Schuyler downs two 72oz steak meals in under 15 minutes (TDC)
A mother of four and competitive eater consumed a 72oz steak and all the sides — twice in under 15 minutes. According to The Big Texan Steak Ranch restaurant in Amarillo, Texas, Molly Schuyler, of Bellevue, Nebraska, ate the first meal in under five minutes and the second in just under 10. Schuyler, who was listed as being 5 feet 7 inches and weighing 125 pounds at an eating contest in January, said she rushed to consume the first medium-rare steak and its sides, which including a baked potato, shrimp, a salad and a bread roll, but slowed down on the second meal, the Amarillo Globe News reported. “We witnessed history,” Big Texan co-owner Danny Lee told reporters. “If there’s a zombie apocalypse, I want to stay away from this girl.” The previous record was held by competitive eater Joey Chestnut. Schuyler told the newspaper that she plans to return to the Big Texan with the goal of eating three of the steak dinners in one sitting. Read more »

Opening Bell: 05.28.14

Ex-Goldman Sachs Trader Tourre Says He Won’t Appeal (Bloomberg)
“While my lawyers have advised me there are strong grounds to appeal, I prefer to move forward with my education and close this difficult chapter of my life,” Tourre said in a statement today. “I look forward to finishing my Ph.D. in economics and to making meaningful contributions to my field.”

Banks Raise Caution Flag on Trading (WSJ)
Citigroup Chief Financial Officer John Gerspach told investors the bank expects the slide it has reported in markets revenue to deepen in the second quarter. “People lack direction,” Mr. Gerspach said, speaking about investor behavior at the conference sponsored by Deutsche Bank AG. “People are uncertain. There just isn’t a lot of movement.” His words echoed the comments of J.P. Morgan Chase & Co.’s head of investment banking, Daniel Pinto, who said volatility levels were at 10- to 15-year lows. He said that even if trading volumes rise, it is hard to make money if volatility is low. “If the market doesn’t move, it’s really difficult,” he said.

Draghi Expresses Concern Over Lasting Low Inflation (AP)
…the European Central Bank president, said on Tuesday that he was mindful of the danger of inflation remaining low in the 18-country euro zone and was committed to bringing it back to more tolerable levels. The bank is widely expected to offer some monetary stimulus at its next policy meeting on June 5 to support the European recovery and nudge inflation higher.

A Few CEOs Dominate Pay Ranking (WSJ)
The Wall Street Journal’s annual compensation survey found that, for all the debate around high CEO pay, the biggest rewards go to a relative handful of executives at the very top, and that their pay doesn’t necessarily correlate to their company’s size or results…The three highest-paid CEOs— Oracle Corp.’s Larry Ellison, CBS Corp.’s Leslie Moonves and Liberty Global’s Michael T. Fries —made a total of $188 million, more than the combined pay of the 50 CEOs at the bottom of the same list.

Judge arrested on DUI charge in courthouse parking lot (SS)
Circuit Judge Lynn Rosenthal was arrested Tuesday, accused of driving to work at the Broward County courthouse while under the influence of drugs, striking a patrol car and repeatedly hitting the gate of the judges’ parking lot with her BMW, according to the Broward Sheriff’s Office. The judge was also accused of driving into a concrete median on Interstate 595 shortly before her arrest. Deputies said Rosenthal admitted to taking an Ambien pill Monday night and did not appear to have been drinking alcohol. The arrest happened around 8:45 a.m., when Rosenthal’s BMW SUV struck a parked Sheriff’s Office vehicle in the parking lot, Keyla Concepcion, a spokeswoman for the agency said…According to an arrest report, Rosenthal struck the parked patrol car with the passenger side of her SUV, then continued toward the security gate of the judges’ parking lot. She struck the gate, put her vehicle in reverse, then struck the gate several more times before a deputy at the scene stopped her, according to the report. Read more »

Opening Bell: 05.27.14

BofA Error Confirmed by a Devil in the Detail (WSJ)
A change in wording on Federal Reserve forms earlier this year helped Bank of America Corp. verify that it had made a $4 billion error in calculating its capital, according to a person familiar with the matter, jeopardizing its plans for a long-awaited stock buyback and dividend increase. The Charlotte, N.C.-based bank disclosed the mistake late last month. BofA staffers began to suspect the bank had been miscalculating its regulatory capital when they prepared the bank’s first-quarter Securities and Exchange Commission filing in April, the person said. After those suspicions arose, they learned of the Fed’s wording change—a revision to instructions on computing regulatory capital that clarified which kinds of losses on debt securities a bank shouldn’t exclude from its calculations. That change confirmed for BofA that it had inadvertently been reporting an inflated amount of capital to regulators, the person said. BofA isn’t blaming its error on the Fed’s wording, said the person, who added the wording change just helped confirm for the bank that it was in error.

Canada Offers Incentives to Lure Startups Across the Border (WSJ)
Adam Adelman, co-founder of Mighty Cast, a startup working on a new kind of wearable technology, recently told me the Canadian government is paying almost 80% of his developers’ salaries. And that’s not a tax credit. It’s a rebate, a check he gets from the government whether or not his startup makes money…So far, it’s mostly established U.S. companies taking advantage of these incentives. In 2013 Cisco signed an agreement with the government of Ontario pledging up to $4 billion in investment over the next 10 years in exchange for $220 million in incentives. Seven of the 10 largest tech companies in the world have outposts in Canada, including Google, Siemens and IBM, and startups like Square are setting up offices in the Waterloo region, where tech employers tend to concentrate. But if you’re a small startup looking to take full advantage of these incentives, there’s a catch: You have to become Canadian. You don’t have to give up your current citizenship to get all the benefits, but your company must be majority controlled by person(s) who are residents of Canada (a different status than full citizenship). Companies merely setting up a satellite in Canada can still get 50% of the salary reimbursement a fully “Canadian” company would.

Finance heavyweights checking out Sag Harbor restaurant (NYP)
It will likely be a masters of the universe, model magnet crowd in the Hamptons, where Notar has a license to stay open until 4 a.m. “Maybe one or two nights we’ll have a few parties. It’ll be good, but it will be civilized fun. It’s not spraying champagne on you and people falling into the ocean,” said Notar, who worked at Studio 54 in its heyday before launching his restaurant empire.

When Cannabis Goes Corporate (NYT)
Clinical, climate-controlled rooms with artificial sunlight house rows upon rows of plants at various stages of growth. In the “mother room,” horticulturalists use cuttings to start new plants. The “flowering rooms” are flooded with intense light 12 hours a day to nurture nearly grown plants in strains with vaguely aristocratic names like Argyle, Houndstooth and Twilling. The new owner of this factory, at 1 Hershey Drive, is Tweed Marijuana. It is one of about 20 companies officially licensed to grow medical marijuana in Canada. A court ordered the government to make marijuana available for medicinal purposes in 2000, but the first system for doing so created havoc. The government sold directly to approved consumers, but individuals were also permitted to grow for their own purposes or to turn over their growing to small operations. The free-for-all approach prompted a flood of complaints from police and local governments. So the Canadian government decided to create an extensive, heavily regulated system for growing and selling marijuana. The new rules allow users with prescriptions to buy only from one of the approved, large-scale, profit-seeking producers like Tweed, a move intended to shut down the thousands of informal growing operations scattered across the country. The requirements, which went into effect in April, are giving rise to what many are betting will be a lucrative new industry of legitimate producers.

Macaulay Culkin’s band storms off stage after being booed, covered in beer (NYDN)
The actor and his comedy cover band, Pizza Underground, performed at the Dot to Dot Festival Sunday, but instead of applause they were met with boos from the audience, who also threw beer at them, reports the Nottingham Post. “Why are you throwing those?” the “Home Alone” star asked when the band dodged pints of booze being thrown from the crowd after performing a cover of Lou Reed’s “Perfect Day,” which they called “It’s a Pizza Day.” “I’d rather drink them,” he said. Culkin, 33, and his New York City-based band, which remakes classic rock songs in order to celebrate pizza, tried to take it in stride and continued the performance. They reportedly got through three songs before calling it quits after being drenched with booze. “That’s the end of the show,” he said. “Goodnight.” Read more »

Opening Bell: 05.22.14

BofA Scrapping Market-Making Unit Amid Trading Scrutiny (Bloomberg)
Bank of America Corp. is dismantling an electronic market-making unit created last year to serve the lender’s Merrill Lynch wealth-management division, said two people with knowledge of the decision. Increased regulatory scrutiny of U.S. equity markets and managers’ concerns for the potential perception of a conflict of interest killed the project, said the people. The desk advanced to a testing phase before being abandoned in recent weeks and two executives hired to run it, Jonathan Wang and Steven Sadoff, were told to seek new jobs within the firm, the people said, requesting anonymity because the matter is private.

Deutsche Bank to defend capital increase at annual meeting (Reuters)
Germany’s largest bank launched the capital increase in a surprise move only weeks after first hinting that it was unable to retain enough profit to fortify its finances ahead of a regulatory health check slated for later this year. Shareholder approval is not required but some investors will express anger with the issue and with the lack of progress on resolving a long list of investigations that has dogged the bank since the 2008-2009 financial crisis.

Wall Street Finds New Subprime With 125% Business Loans (Bloomberg)
Subprime business lending — the industry prefers to be called “alternative” — has swelled to more than $3 billion a year, estimates Marc Glazer, who has researched his competitors as head of Business Financial Services Inc., a lender in Coral Springs, Florida. That’s twice the volume of small loans guaranteed by the Small Business Administration.

Hedge Funds Are Betting The Roomba Will Short Circuit (BFB)
A new report from Spruce Point Capital Management issued Tuesday questions the accounting and corporate governance practices at iRobot, the company that manufactures the Roomba, the Scooba and other robotic home cleaning products. The report also claims competition from cheaper, comparable robotic cleaners means iRobot will face mounting financial obstacles to maintaining its growth.

How Old People and Pricey Shrimp Turned Red Lobster Into a Castoff (BusinessWeek)
Seafood sellers have been whacked over the past year by the surging cost of shrimp due to acute hepatopancreatic necrosis syndrome. Billions of young shrimp have died from the disease, which was first detected in farm-raised populations in Asia. Shrimp prices hit a 14-year high earlier this year. Adding insult to injury, Red Lobster was widely known for its $15.99 “Endless Shrimp” promotions designed to get people into the restaurant…Beyond the expenses of procuring shrimp, Red Lobster also attracts an oversize share of older diners who don’t eat out frequently, while younger and spendier patrons eat their fish at more upscale restaurants—places that can cover rising costs better.

Houston Str!pper Sued For Harry Potter DVDs (HP)
Wallace, a Houston-based software developer, thought he was in a “dating relationship” with exotic dancer Nomi Mims. He loaned her $2,000, a laptop and his precious collection of movies based on the J.K. Rowling books, KRIV-TV reports. When the alleged relationship ended May 3, Wallace hoped Mims would return the items. She hasn’t so now he says he’s suing her to get the money, laptop and Harry Potter DVDs. Fat chance, according to Mims. She says she never dated Wallace and that the items were gifts he gave to her. “I don’t believe in loans because I don’t want to pay anybody back,” she said, according to RawStory.com. “I’ve given him gifts too. You know, how do I get my b00ty and b00bs back?” Although Wallace claims the two were intimate and “building a life together,” Mims says they were never more than friends. She concedes that it is unfortunate that she may have given him the wrong impression, MyFoxPhilly.com reports. Read more »

Opening Bell: 05.21.14

U.S. Said to Seek More than $5 Billion in BNP Settlement (Bloomberg)
U.S. authorities are seeking more than $5 billion from BNP Paribas SA (BNP) to settle federal and state investigations into the lender’s dealings with sanctioned countries including Sudan and Iran, according to a person familiar with the matter. The amount sought to resolve the investigation has escalated and now far exceeds the $2.6 billion that Credit Suisse AG (CSGN) agreed to pay in a settlement with the U.S. for helping Americans evade taxes. Discussions are continuing and the final number could change, the person said. Last week, four people familiar with the matter told Bloomberg News that U.S. authorities were asking for at least $3.5 billion to settle the BNP case. As they did with Credit Suisse, U.S. prosecutors are seeking a guilty plea from BNP, which said last month it may need more than the $1.1 billion it has set aside to settle the case.

BlackRock’s Fink Says Housing Structure More Unsound Now (Bloomberg)
“We’re more dependent on Fannie and Freddie than we were before the crisis,” Fink said Tuesday at a conference held by the Investment Company Institute in Washington, noting that he was one of the first Freddie Mac bond traders on Wall Street.

Pot Bust: The SEC Issues a Warning on Marijuana-Related Investments (BusinessWeek)
The securities watchdog has temporarily suspended shares of five companies that claim to be operating in the cannabis industry over questions about the accuracy of their public statements and potentially illegal sales of securities and market manipulation, according to an SEC notice published last week. One of the companies suspended…Denver-based FusionPharm, sells a line of cultivation containers called PharmPods, touted as a “plug and grow” solution for cannabis. Information that FusionPharm disclosed on its assets, revenue, financial statements, business transactions, and current financial condition may be inadequate or inaccurate, according to the SEC’s suspension order, which lasts until May 30. FusionPharm didn’t immediately respond to a telephone message left with its sales and marketing department.

The Cheap Pimco Fund That Has Gross Reaching for His Wallet (Bloomberg)
Gross has been adding to his personal holdings this year in Pacific Investment Management Co.’s $1.5 billion Dynamic Income fund as demand picks up for an asset class that was left for dead in 2013, data compiled by Bloomberg show. The closed-end credit fund is up 16.6 percent in 2014 as the discount between its share price and the assets the fund owns has disappeared. Most other such funds are still inexpensive by this measure because they haven’t yet generated enough demand to close the gap between their share prices and the value of the assets they own. The funds — which raise a fixed amount of money through public offerings and typically use leverage to amplify bets — tanked last year as the Federal Reserve signaled it would start tapering its stimulus.

Why Do Americans Name Babies After Kale and Other Foods? (Bon Appetit)
Kale (2013: 257 boys, 5 girls) Looks like kale has been America’s darling for longer than we originally thought—the name was first used in 1962. And while we were not surprised to learn that the highest concentration of little Kales can currently be found in California (#agriculture), we were intrigued to learn that the first baby Kale was born in Kansas. It’s been gaining popularity since 2005—quite possibly due to the leafy green’s parallel rise to prominence. Can Watercress and Mizuna be far behind? Chai (2013: 8 boys, 7 girls) Fewer folks preferred their babies’ tea-related names to be of the specific variety: Chai was first used as a girl’s name in 1989 and as a boy’s name in 1984 (both in California), but each year produced fewer than 10 little Chais. It’s possible the name’s popularity has something to do with the introduction of Starbucks’s chai tea drinks, but based on that logic we should be seeing a lot of little Pumpkin Spices running around, so we’re still investigating this one. Tamari (2013: 14 boys, 26 girls) Although people have been eating fermented soybean product for centuries, Tamari as a baby name didn’t appear in the U.S. until 2006—with five female Tamaris. Science may be on the fence about soy’s health benefits, but sushi (and all of its accoutrements, like wasabi and soy sauce) have been taking the nation by storm in the last few decades. Miso, however—from which tamari is traditionally made—is missing from the SSA database. Read more »

Opening Bell: 05.20.14

EU Files Formal Charges Against Three Banks Over Interest-Rate Cartel (WSJ)
The move comes five months after EU authorities fined six banks €1.71 billion ($2.3 billion) for colluding to manipulate key benchmark interest rates, representing the EU’s largest ever penalty in a cartel case. Three banks— Crédit Agricole, HSBC, and JP Morgan —didn’t settle with regulators in December over a cartel to rig the pricing of interest rate derivatives denominated in euros. It is those banks that have now been sent a so-called statement of objections, which outlines the European Commission’s concerns. The EU in December settled with four other banks— Barclays, Deutsche Bank, RBS, and Société Générale —which admitted involvement in the cartel, and had their fines reduced by 10% for agreeing to settle.

Princeton’s Top Money Managers Get 46% Pay Raise in 2013 (Bloomberg)
Andrew Golden, the president of Princeton University Investment Co., the company known as Princo that manages the school’s $18.2 billion endowment, collected $3.9 million in total compensation last year. The 55-year-old’s remuneration included a 94 percent increase in retirement and deferred compensation and a 48 percent jump in bonus pay, according to the university’s latest tax return.

Ackman takes aim at Allergan CEO (NYP)
Activist investor Bill Ackman alleged in a letter Monday that Allergan Chairman and CEO David Pyott has been conducting “one-on-one” meetings with the Botox maker’s largest shareholders while refusing to allow independent directors to talk with them. Allergan last week rejected a hostile takeover bid valued at $50 billion by Valeant Pharmaceuticals, supported by Ackman, whose Pershing Square hedge fund holds a 9.7 percent stake in Allergan. The activist investor, in his letter, said Pyott has a “disabling conflict of interest” because he will likely lose his CEO position if the merger goes through. The letter was addressed to Michael Gallagher, Allergan’s lead independent director, who refused to have a private conversation with Ackman.

Swiss Face Conundrum as ECB Signals Further Stimulus (Bloomberg)
Swiss policy makers are under increasing pressure to come up with a contingency plan to curb gains in the franc that would likely result from a fresh round of stimulus from the European Central Bank next month. The Swiss National Bank already has a zero interest-rate policy, in part to keep the nation’s currency from rising beyond the 1.20 franc-per-euro cap in place since 2011. It would need to take steps to defend that level if the ECB cut rates or broadened asset purchases, according to 52 percent of respondents to a Bloomberg News survey this month.

Man Wearing “It’s All Fun & Games Until The Cops Show Up” T-Shirt Is Arrested When The Cops Show Up (TSG)
The 35-year-old bank robbery suspect was wearing a t-shirt declaring “It’s all fun & games until the cops show up” when police showed up yesterday morning and arrested him as he exited an Idaho motel. Fisher and Jennifer Balfe, 19, were collared in connection with Friday’s robbery of a U.S. Bank branch in Cottonwood (pop. 900). They were each jailed on robbery, burglary, and grand theft counts. Investigators reportedly got on Fisher’s tail after receiving an anonymous tip that a man matching the suspect’s description had been spending wads of cash at a local casino. Read more »

Opening Bell: 05.19.14

Deutsche Bank Plans to Raise $11 Billion (WSJ)
The German lender will issue a total of 360 million new shares, the person said. The Qatari royal family has agreed to buy 60 million of the shares, valued at €1.75 billion, via its investment vehicle Paramount Holdings. The remaining €6.25 billion will be sold to existing investors via a so-called rights offering, the person said.

Former SocGen Trader Returns to France to Face Jail (WSJ)
Former Société Générale trader Jérôme Kerviel ended a monthslong hike through Italy on Sunday by walking across the French border, where police immediately whisked him off to prison to serve a three-year sentence for making billions in unauthorized trades. The final leg of the former trader’s journey capped what he has described as a pilgrimage of “protest against the tyranny” of financial markets. Mr. Kerviel began the trip with a brief meeting with Pope Francis in Vatican City, drawing television cameras and journalists as he made his way up the Italian peninsula with a backpack slung over his shoulder. “I’m respecting the decision of my country,” Mr. Kerviel told a clutch of TV cameras moments before police placed him in an unmarked car and drove off.

Facebook working on video app to take on Snapchat (FT)
Facebook has been working for several months on the app, known internally as Slingshot, with a simple and speedy user interface, said people familiar with its plans. Mark Zuckerberg, Facebook’s chief, has been overseeing the top-secret project after failing to woo Snapchat’s creators Evan Spiegel and Bobby Murphy with a $3 billion takeover offer late last year.

Lesser role for Fannie, Freddie not opposed: Regulator (Reuters)
Watt said last week, in his first public speech since taking office, that he did not want to shrink Fannie and Freddie’s footprint, marking a sharp departure from his predecessor. “It’s not that I’m opposed to it and we will certainly allow it to happen,” he told C-SPAN’s “Newsmakers” program, when asked about the prospect of shrinking the lenders’ activities. “But if the private sector is not ready to step into the space, and you shrink what Fannie and Freddie are doing, you do damage to housing finance in this country and that does damage to the economy and that does damage to the possibility of affordable housing and home ownership.”

How Barry Rosenstein rose from Asher Edelman underling to activist leader (Barron’s)
Rosenstein’s operating style isn’t as in-your-face as some of his peers — at least not publicly. “If Carl Icahn is coming at it with a hammer, Barry has velvet gloves on,” says an executive at a fund-of-funds firm that invests in Jana. Says Rosenstein: “I always say to the CEO, ‘You could take our ideas and make them your own and be the change agent. The alternative is you could fight us, but you’re going to end up in the same place anyway.’ ”

Fed’s Rate-Change System Up for Revamp (WSJ)
The Fed’s old system for moving interest rates up or down looks increasingly unsuited for the postcrisis financial system, so officials are rewriting their strategy for replacing it. But first they need to resolve big questions with implications for $2.6 trillion that banks have parked at the Fed, trillions sitting in money-market mutual funds and trillions more at stake in derivatives contracts.

British man spends $16G to turn spare bedroom into a replica Boeing 737 cockpit (NYDN)
The homemade flight simulator allows Richard Hutchinson to “take-off” from any airport in the world and the middle-aged Brit regularly “visits” exotic locations. He told The Mirror: “The conditions are about 99% realistic. I have never flown a plane before but I think if I needed to, I could land a 737.” Read more »