Opening Bell

  • philandlisafalcone

    Opening Bell

    Holiday Bell: 12.27.13

    Falcone Regains Upper Hand In LightSquared Bid (NYP) Phil Falcone is taking what likely is one last shot to save his biggest investment, and his Harbinger hedge fund. On Christmas Eve, he met the 5 p.m. deadline — by four minutes — to present a new restructuring plan to hold onto his bankrupt telecom provider, […]

    / Dec 27, 2013 at 10:13 AM
  • santabeach

    Opening Bell

    Holiday Bell: 12.26.13

    Bond Downgrades Escalate With Leverage Highest Since 2007 (Bloomberg) Credit quality for U.S. companies is showing signs of weakening as issuers from Verizon Communications Inc. (VZ) to Apple Inc. borrow unprecedented amounts of money to expand and reward shareholders. A total of 223 companies had their bond ratings cut by Moody’s Investors Service in the […]

    / Dec 26, 2013 at 12:04 PM
  • wolfofwallstreet

    Opening Bell

    Holiday Bell: 12.24.13

    Big Rally to Pump Up Wall Street Bonuses (WSJ) A strong rally in financial markets over the past two months is expected to add a last-minute boost to bonus packages for Wall Street’s traders and investment bankers, partially offsetting an otherwise grim year. The winners in financial firms this year are likely to be equity […]

    / Dec 24, 2013 at 7:00 AM
  • lloydblankfeingarycohn

    Opening Bell

    Opening Bell: 12.23.13

    Goldman Real-Estate Play Skirts Volcker Ban (WSJ) The Volcker rule prohibits banks from owning more than 3% of a hedge fund or private-equity portfolio. So why did Goldman Sachs Group Inc. tell would-be investors that it would contribute up to 20% in a new fund that makes loans backed by office buildings, hotels, shopping centers […]

    / Dec 23, 2013 at 7:00 AM
  • stevecohenzbt

    Opening Bell

    Opening Bell: 12.20.13

    Steve Cohen’s Frat Star Days (NYP) A classmate from the University of Pennsylvania at Wharton, from which the hedge-fund tycoon graduated in 1978, shared this photo from the Zeta Beta Tau fraternity, where Cohen was treasurer…Cohen donated $2 million to the fraternity four years ago, but he has declined to give a dime to Wharton, […]

    / Dec 20, 2013 at 7:00 AM
  • warrenbuffett

    Opening Bell

    Opening Bell: 12.19.13

    Traders Seek Edge With High-Tech Snooping (WSJ) A helicopter lifted off recently from an airfield in this remote oil town, scudded low across the flat industrial landscape and trained a heat-sensitive camera at the huge storage tanks below. Its mission: Gather intelligence for Wall Street. The grainy, infrared reconnaissance images betrayed how much oil was […]

    / Dec 19, 2013 at 7:00 AM
  • lloydblankfeingarycohngoldmansachs

    Opening Bell

    Opening Bell: 12.18.13

    Goldman Dances to the New Street Beat (WSJ) The Wall Street company, which clung to its trading roots even after a regulatory overhaul drove rivals to change course, is now reining in riskier activities, shrinking its balance sheet and steering clear of trades that don’t produce the double-digit-percentage returns its shareholders crave, Goldman executives and […]

    / Dec 18, 2013 at 7:00 AM
  • Chocolate_Fountain

    Opening Bell

    Opening Bell: 12.17.13

    Volcker Rule Shows Its Wide Reach (WSJ) Unforeseen consequences of the Volcker rule already are rippling into the furthest corners of the economy and financial markets. Financial institutions and investors are scrambling to line up a new way to finance municipal-bond investments, with the week-old rule set to curtail banks’ dealings in so-called tender-option bonds—a […]

    / Dec 17, 2013 at 7:00 AM
  • Kweku_Adoboli_-_UB_1998662c

    Opening Bell

    Opening Bell: 12.16.13

    Germany Appears To Backtrack On EU Banking Deal (WSJ) EU finance ministers have promised to agree on a so-called single-resolution mechanism—consisting of more centralized decision-making and financing for the shuttering or downsizing of failing banks—before the end of the year. But a letter sent by Wolfgang Schäuble to some of his counterparts sets clear limits […]

    / Dec 16, 2013 at 7:00 AM
  • phil-falcone

    Opening Bell

    Opening Bell: 12.13.13

    Traders Losing $1 Million Build EU Case for Bitcoin Regulation (Bloomberg) Trading Bitcoins could bleed you dry, the European Union’s top banking regulator said as it weighs whether to regulate virtual currencies. Thefts from digital wallets have exceeded $1 million in some cases and traders aren’t protected against losses if their virtual exchange collapses, the […]

    / Dec 13, 2013 at 9:26 AM
  • gingerbread-man1

    Opening Bell

    Opening Bell: 12.12.13

    Banks Speeding Asia Promotions Doubles Rate of Pay Raises (Bloomberg) Ang Eng Siong, 33, has been promoted every year since he completed Oversea-Chinese Banking Corp.’s management associate program in 2010, when he was put in charge of two older, higher-ranked colleagues. “My team members were all a lot more experienced in that particular role,” said […]

    / Dec 12, 2013 at 7:15 AM
  • shia-labeouf-premiere-lawless-03

    Opening Bell

    Opening Bell: 12.11.13

    Deal Brings Stability to U.S. Budget (WSJ) House and Senate negotiators, in a rare bipartisan act, announced a budget agreement Tuesday designed to avert another economy-rattling government shutdown and to bring a dose of stability to Congress’s fiscal policy-making over the next two years. Sen. Patty Murray (D., Wash.) and Rep. Paul Ryan (R., Wis.), […]

    / Dec 11, 2013 at 7:15 AM
  • Kingpin1

    Opening Bell

    Opening Bell: 12.10.13

    Companies, Activists Declare Truce in Boardroom Battles (WSJ) Activist investors are increasingly encountering an unusual reception when approaching corporate targets: an open door. Instead of pulling up the drawbridge as activists approach, corporate executives and directors more often are engaging, concluding that it is easier and cheaper to negotiate rather than resist and risk a […]

    / Dec 10, 2013 at 7:15 AM
  • berniemadoffdancing

    Opening Bell

    Opening Bell: 12.09.13

    Deutsche Bank creates new post to tighten controls (Reuters) Deutsche Bank on Monday named 43-year-old Thomas Poppensieker as head of a new effort to tighten controls at Germany’s flagship lender, reporting directly to co-Chief Executives Juergen Fitschen and Anshu Jain. The move comes as Deutsche Bank pursues an ambitious cultural transformation plan led by Fitschen […]

    / Dec 9, 2013 at 9:28 AM
  • Mike-tyson_532_1484772a

    Opening Bell

    Opening Bell: 12.06.13

    Bankers Balk at Bitcoin as Obstacles Mount (Bloomberg) “Banks are scared to deal with Bitcoin companies, even if they really want to,” said Stephen Pair, co-founder and chief technical officer of BitPay Inc., an Atlanta-based company that processes payments for merchants in Bitcoin. Pair said BitPay has relationships with banks in the U.S., Canada and […]

    / Dec 6, 2013 at 7:57 AM
  • Opening Bell

    Write-Offs: 12.05.13

    $$$ Ex-Dell employee avoids prison for help in insider trading probe [Reuters] $$$ BofA: Bitcoin can become ‘major means of payment’ for e-commerce [CNBC] $$$ Poker-playing hedgie may have overplayed hand [NetNet] $$$ Securities trade group urges hardware revamp after Nasdaq August halt [Reuters] $$$ Shareholders, say Icahn, deserve a bigger share. And Cook, he […]

    / Dec 5, 2013 at 6:07 PM
  • joey-puppy

    Opening Bell

    Opening Bell: 12.05.13

    Grant Hill’s Wall Street Whirlpool Chats Pave Way to John Mack (Bloomberg) Grant Hill spent much of his tenure with the Orlando Magic in the trainer’s room, where to the chagrin of him and teammate Pat Garrity, control of the television remote was governed by majority rule. “Most of the guys wanted to watch SportsCenter […]

    / Dec 5, 2013 at 11:31 AM
  • saccapitalfleece

    Opening Bell

    Opening Bell: 12.04.13

    Wall Street Sweats Out Volcker Rule Impact on Revenue (Bloomberg) Wall Street banks, which already shut proprietary trading units that helped fuel record profits, are girding to learn next week how much revenue the Volcker rule may cut from the $44 billion they say comes from market-making. With U.S. regulators scheduled to vote Dec. 10, […]

    / Dec 4, 2013 at 9:30 AM
  • brucelee

    Opening Bell

    Opening Bell: 12.03.13

    SAC’s Cohen Didn’t Know About Source of Dirty Tips, Analyst Says (Bloomberg) SAC Capital Advisors LP fund manager Michael Steinberg told the analyst who gave him inside tips on Dell Inc. that the fund’s founder, Steven A. Cohen, wasn’t aware they were obtained illegally. Steinberg concealed the true source of the tips, Jon Horvath, the […]

    / Dec 3, 2013 at 9:30 AM
  • eliotspitzerthumbs-260x389

    Opening Bell

    Opening Bell: 12.02.13

    Diverse Menu of Bonds Is Served Up to Investors (WSJ) With corporate-debt issuance racing toward a record, some large companies are rolling out unusual offerings in a bid to serve the bond market’s every nook and cranny. Recent weeks have brought a $500 million “green bond” from Bank of America Corp., which has pledged to […]

    / Dec 2, 2013 at 7:00 AM
  • blackfriday

    Opening Bell

    Holiday Bell: 11.29.13

    Citigroup Attempts to Sing Itself to Public Approval (WSJ) The banking industry has spent countless hours and dollars trying to make up for the damage done by the financial crisis. Banks have run feel-good advertisements, waged aggressive lobbying campaigns, apologized to the public, tried to lend more, even sponsored public bike-rental programs in cities such […]

    / Nov 29, 2013 at 12:06 PM
  • menurky

    Opening Bell

    Opening Bell: 11.27.13

    London Gold Fix Calls Draw Scrutiny Amid Heavy Trading (Bloomberg) Every business day in London, five banks meet to set the price of gold in a ritual that dates back to 1919. Now, dealers and economists say knowledge gleaned on those calls could give some traders an unfair advantage when buying and selling the precious […]

    / Nov 27, 2013 at 9:30 AM
  • pileofcrocs

    Opening Bell

    Opening Bell: 11.26.13

    Men’s Wearhouse Offers to Buy Jos. A. Bank (Bloomberg) Men’s Wearhouse Inc., which less than two weeks ago let a takeover bid from Jos. A. Bank Clothiers Inc. expire without entering discussions, today offered to buy its smaller rival for about $1.54 billion. The proposal of $55 a share is 8.7 percent higher than Jos. […]

    / Nov 26, 2013 at 9:30 AM
  • swissflag

    Opening Bell

    Opening Bell: 11.25.13

    Former Treasury chief nixed BlackRock offer (NYP) Tim Geithner passed up a chance to work at mega-fund manager BlackRock, according to sources. Geithner, who has landed a plum private-equity gig with Warburg Pincus, opted against joining CEO Fink’s BlackRock — with $4 trillion in assets under management — because he wanted to have a more […]

    / Nov 25, 2013 at 9:30 AM
  • chickens1

    Opening Bell

    Opening Bell: 11.22.13

    SAC’s Steinberg went bad as income plunged: prosecutors (NYP) As Steinberg’s total pay sank to that level in 2008 from about $5 million the prior year, the 41-year-old hedgie started using illegal insider tips to score some very profitable trades, a federal court jury was told Thursday. Steinberg used illegal tips on Dell in 2008, […]

    / Nov 22, 2013 at 9:30 AM
  • bitcoins

    Opening Bell

    Opening Bell: 11.21.13

    Goldman Sachs burned by bad currency bets in third quarter (Reuters) Goldman Sachs Group Inc lost more than $1 billion on currency trades during the third quarter, recent regulatory filings show, offering some insight into why the firm, considered one of Wall Street’s most savvy traders, reported its worst quarter in a key trading unit […]

    / Nov 21, 2013 at 7:00 AM
  • tombradyref

    Opening Bell

    Opening Bell: 11.19.13

    JPMorgan Said to Agree to Details of $13 Billion Accord (Bloomberg) JPMorgan Chase & Co. has resolved the last obstacles to a record $13 billion settlement of civil state and U.S. probes over the sale of mortgage bonds, clearing the way for a deal today after months of negotiations, two people briefed on the matter […]

    / Nov 19, 2013 at 9:27 AM
  • bit070213e

    Opening Bell

    Opening Bell: 11.18.13

    Treasury Arm Gets Earful From Asset Managers (WSJ) Large firms such as BlackRock Inc., Pacific Investment Management Co. and Fidelity Investments are blasting a report by the Office of Financial Research that found asset managers could pose risks to the broader financial system. The finding is significant because it is among the criteria a group […]

    / Nov 18, 2013 at 9:30 AM

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