Opening Bell

Opening Bell: 05.02.14

Criminal Charges Against Banks Risk Sparking Crisis (Bloomberg)
Stung by lawmakers’ criticism that multibillion-dollar settlements have done too little to punish Wall Street in the wake of the financial crisis, prosecutors are considering indictments in probes of Credit Suisse Group AG and BNP Paribas SA, a person familiar with the matter said. Even after talking with financial regulators about ways to mitigate damage — such as ensuring banks keep charters — prosecutors might not fully understand consequences for the market, according to industry lawyers and bankers who are following the case. Bank clients — including trustees, fiduciaries and pension funds — could be forced to cut ties with a financial institution labeled a criminal enterprise, the lawyers and bankers said, asking not to be named because they weren’t authorized to talk publicly. Counterparties also might think twice before entering into billion-dollar transactions with such firms. Damaging a bank’s business could lead to broader fallout across the financial industry, just as Lehman Brothers Holdings Inc.’s collapse in 2008 prompted investors to withdraw from other firms on concern its exit would set off a wave of losses.

U.S. Looks Into Wagers, Pro and Con, on Herbalife (Dealbook)
Three federal agencies and one billionaire hedge fund manager have placed Herbalife under the microscope, scrutinizing whether the diet-supplements company is a pyramid scheme. But Herbalife is not the only one under investigation. Some federal authorities are pursuing other inquiries that might expand the regulatory gaze from Herbalife to the traders who traffic in the company’s stock. The authorities have trained their focus on traders with contrasting views of Herbalife, according to people briefed on the matter who spoke only on condition of anonymity. As one group wagered that Herbalife was a pyramid scheme — William A. Ackman, the billionaire hedge fund manager, has staked a $1 billion bet on that belief — other investors expected the company to emerge unscathed. Neither side has been accused of wrongdoing. Still, a number of well-timed bets for and against Herbalife caught the eye of the Securities and Exchange Commission and the F.B.I., the people briefed on the matter said, raising questions about possible insider trading, disclosure violations and market manipulation.

Yellen’s Fed Resigned to Diminished Growth Expectations (Bloomberg)
Federal Reserve Chair Janet Yellen and her colleagues have lowered their sights on how fast the economy needs to expand to meet their goal of cutting unemployment. No longer are they saying growth must accelerate from the 2 percent to 2.5 percent pace it has generally averaged since the recession ended. Instead, they are stressing the importance of preventing the expansion from faltering. Exhibit number one: the Fed chief herself. Yellen said on April 16 that a key question facing the central bank is what “may be pushing the recovery off track.” Contrast that with her comments on March 4, 2013, of the importance of seeing “a convincing pickup in growth.”

EBay Settles No-Poaching Antitrust Case (NYT)
The deal, announced by the Justice Department on Thursday, follows the pattern of the department’s 2010 settlement against Google, Apple, Intuit and other Silicon Valley companies over similar accusations. Like those companies, eBay is prevented from entering into anticompetitive hiring agreements for five years. A related case against eBay filed by the California attorney general’s office was also settled. EBay agreed to pay $3.75 million to the state, a sum it said would cover civil penalties, lawyers’ fees, administration of the settlement and compensation to those who worked at eBay and Intuit. Secret deals not to hire a competitor’s employees were common in Silicon Valley in the latter part of the last decade, and Steve Jobs of Apple was a major instigator and enforcer of the agreements. EBay is not a competitor of Intuit, which develops tax preparation software, but both embraced a hands-off relationship.

Macquarie Group Profit Jumps 49% as Trading Revenue Climbs (Bloomberg)
Profit for the year ended March 31 rose to A$1.27 billion ($1.17 billion), the Sydney-based firm said in a statement today. That beat the gain of as much as 45 percent the firm forecast on March 24 and compared with profit of A$851 million a year earlier. The bank’s shares fell the most in two weeks as it forecast similar earnings for the year to March 2015.

T0pless Woman Dances With 12,000 Bees (HP)
The Portland, Oregon-based beekeeper describes her bee dances as “a duet among many.” “These 12,000 bees push with their powerful wings from each side of my body, I resist and then I let go and flow and move with them,” she writes on her website.” It is a deep meditation and I feel the hive mind surround me, hold me, and expand my body on a cellular level.” In order to attract the bees to her topless body, Mapelli anoints her body with a special pheromone oil that is equivalent to the scent of 100 queen bees. The bees usually stay on her body for about two hours at a time. Mapelli says she’s been stung more than 100 times since her first bee dance in 2001, but that doesn’t bother her. “I just want people to understand that they don’t need to fear nature,” she said. Read more »

Opening Bell: 05.01.14

Fed Cuts Bond Buys, Sees Growth Pickup (WSJ)
The Federal Reserve said Wednesday it would reduce its bond purchases to $45 billion a month and it was starting to see a growth pickup in recent weeks after a harsh winter that hit the U.S. economy. The Fed is effectively in watch, wait and plan mode. The $10 billion cut in monthly bond purchases, the fourth this year, was widely expected by investors and represents a continuation of the policy strategy laid out in the past few months by Fed Chairwoman Janet Yellen, who took over in February, and former Chairman Ben Bernanke.

U.S. Economy Starts Year With a Whimper (WSJ)
Gross domestic product, the broadest measure of goods and services produced across the economy, grew at a seasonally adjusted annual rate of 0.1% in the first quarter, the Commerce Department said Wednesday. It marked the second-worst quarterly performance since the recession ended in mid-2009…Harsh weather likely slowed first-quarter business investment and discretionary consumer spending. It could have even blocked exports—which notched their sharpest decline since the recovery began—from reaching ports.

Moguls Winfrey, Geffen, Ellison Weigh Bid for Clippers (Bloomberg)
Winfrey, the former talk-show host turned network owner, is discussing a joint bid for the Clippers with fellow billionaires David Geffen, the ex-music industry executive, and Oracle Corp. Chief Executive Officer Larry Ellison. Earvin “Magic” Johnson, the Hall of Fame basketball player and part owner of baseball’s Los Angeles Dodgers, said he was interested. “I will be owning an NBA team at some time,” Johnson said yesterday at the Milken Global Conference in Beverly Hills, California. “It has to be the right situation. Is the Clippers the right situation? Of course, it’s one of the premier franchises. Despite what we think of him, he’s done a good job with the business,” Johnson said of team owner Donald Sterling. “So we’ll just have to see.”

Buffett Pressures Coca-Cola Over Executive Pay (WSJ)
Coca-Cola likely will revise its executive-compensation plan before it goes into effect next year, bowing to pressure from billionaire investor Warren Buffett, according to people familiar with the matter. The potential changes come as a surprise after voting shareholders approved Coke’s plan last week—and Mr. Buffett declined to vote against it. Mr. Buffett aired his reservations about the plan privately in recent weeks to Coke Chief Executive Muhtar Kent in three conversations, including at a dinner in Mr. Buffett’s hometown of Omaha, Neb., according to some of the people familiar with the matter.

Accounting Group Taps Michael Bloomberg, Mary Schapiro (WSJ)
The Sustainability Accounting Standards Board, which sets voluntary accounting standards for publicly traded companies, is expected to announce the appointments Thursday. Mr. Bloomberg will serve as chair of its board and Ms. Schapiro as vice chair.

Mayor Rob Ford ‘ready to take a break’ (Toronto Sun)
Mayor Rob Ford says he’s “ready to take a break” from the mayoral election campaign to “go get help.” The decision to immediately step away from the campaign — while staying on the ballot — came after the Toronto Sun exclusively obtained a new raunchy audio recording of Ford ranting and swearing in an Etobicoke bar. The Globe and Mail also published a report that a new video surfaced of Toronto Mayor Rob Ford smoking what has been described as crack-cocaine early Saturday morning. Ford told the Sun columnist Joe Warmington that he realizes “it’s time” and that he “wants” to “deal with his issues.” He said he is being urged to not leave the mayoral race by people around him. The audio recording, covertly taped by a patron of Sullie Gorman’s Monday night, captures the mayor being unruly as he’s ordering booze at the Royal York Rd. bar, complaining about his wife Renata and making lewd comments about mayoral contender Karen Stintz. “I’d like to f—–g jam her (Stintz), but she doesn’t want … I can’t talk like this…I’m so sorry,” Ford is heard saying on the recording. “I forgot there’s a woman in the house.” According to one witness, Ford was seen buying shooters and tequila and trying to fight with patrons Monday. “He was really wasted,” said the witness. “And he was acting like a real ass.” [...] The mayor said he didn’t recall saying any of the things on the recording, but confirmed he was at Sullie Gorman’s that night. “I wouldn’t say that — I wouldn’t say the word, ‘jam,’ — that’s not my terminology,” he said in a phone interview with Warmington Wednesday afternoon. “I am appalled (at what I said). I’d like to verify this (audio) first. Of course, I’m just joking around. Clearly, that’s what I mean.” [...] Ford is heard using threatening language: “Give me a shot right now or I’ll f—–g break your legs. I want another one.” A few moments later, he says, “If you don’t give me a shot I’m going to knock your f—–g teeth out.” Read more »

Opening Bell: 04.30.14

Barclays Said to Name Bommensath to Oversee ‘Bad Bank’ (Bloomberg)
Barclays is planning to move its commodities division into a so-called bad bank of unwanted assets and units to be overseen by Eric Bommensath, according to a person familiar with the plan. Tom King, 53, co-head of the corporate and investment bank with Bommensath, will become its sole leader, the person said yesterday, asking not to be identified because the change hasn’t been made public. Bommensath will oversee businesses that the London-based firm previously designated as part of its “exit quadrant,” according to the person.

McGee Exiting Barclays Shows Lehman Legacy Fading Away (Bloomberg, related)
When Barclays Plc announced yesterday that McGee is stepping down from that role at the end of the month, it meant the London-based firm will lose a banker seen by U.S. colleagues as their advocate for risk, pay and aggressiveness. His departure is another step away from a pre-crisis Lehman culture whose competitiveness was written into the firm’s code of ethics. Almost six years after Barclays bought parts of the company, which filed the biggest bankruptcy in history, and following its own scandals from interest-rate rigging to selling insurance customers didn’t need, the lender is cutting jobs, rebuilding relationships with regulators and facing shareholder pressure to curb bonuses. “Barclays has to have its own identity and has to do its own thing, and I think it’s evolving to that now,” said American International Group Inc. General Counsel Tom Russo, a former Lehman vice chairman. “I think it’s becoming extraordinarily cost-conscious. It’s shrinking a bit.” McGee, 54, said in an e-mailed statement that he’s leaving because the job has changed. “My focus has always been on clients, but given the need for Barclays leadership to focus on regulatory issues for the foreseeable future, I have decided that it is time for me to move on to new challenges,” he said.

Third Point Asks Judge To Delay Sotheby’s Annual Meeting (Law360)
Third Point LLC asked a Delaware Chancery judge Tuesday to postpone Sotheby’s upcoming shareholder meeting, saying the auction house is improperly using a poison pill to thwart activist investor Daniel Loeb’s proxy fight for three board seats.

Twitter’s Stock Sinks Despite Growth in Revenue, Users (WSJ)
While Twitter has proven to be a powerful communications tool for celebrities, activists, marketers and journalists, it hasn’t caught on with mainstream users. Facebook, meanwhile, has become a required place to share photos and life’s daily happenings. Twitter reported Tuesday it added 14 million monthly active users in the first quarter, up 5.8% to 255 million from the previous three months. That growth was better than in the fourth quarter but failed to impress some analysts. Today one in five Internet users in the U.S. log into to Twitter once a month, and its global user base is about one-fifth the size of Facebook’s.

‘Dark Wallet’ for Managing Bitcoin Arrives This Week (Digits)
Last year, the Journal told readers about Cody Wilson’s efforts to take the virtual currency off the grid through a project called Dark Wallet, the 26-year-old’s latest effort to use technology to sidestep the government. Mr. Wilson is most famous for creating the first working gun made by a 3-D printer. After months of programming, Wilson and his partner, British anarchist Amir Taaki, also 26, are releasing an early version of the software for free download. It will work as an add-on for Google’s Chrome browser….Among other things, Dark Wallet is designed to encrypt bitcoins as they’re spent, making it difficult to see who is buying what. Think of it as throwing a ball into a spinning lottery tumbler and picking out a different ball. If more people use Dark Wallet, the theory goes, more people put balls in the lottery tumbler and make it harder to determine which belongs to whom.

Cronut Chef Creates the Waffogato (Time)
Dominique Ansel, creator of the infamous cronut, is at it again. And this time, he’s taking on the waffle. Well, sort of. The New York-based chef has created a waffle made out of ice cream and topped with a maple syrup espresso, which will make its debut at a hunger relief fundraiser in New York City Monday night. Ansel’s waffogato, a breakfast-themed take on the Italian dessert of ice cream topped with espresso, will be available in his Soho bakery starting May 9. The vanilla ice cream “waffle” is laced with Belgium waffle bits and set in a cup where warm, maple syrup espresso is poured on top. “It’s a little like a milkshake at the end,” Ansel told the Wall Street Journal. If history tells us anything, it’ll likely spark flocks of New Yorkers and tourists to stand in line for hours for the latest Ansel concoction, much like the waffogato’s predecessor the cronut did. Not even a mouse infestation could dim the hype over the part-donut, part-croissant pastry. The waffogato could even spawn another underground pastry economy, though that could be tricky logistically—the chef told the Wall Street Journal that his latest creation is best eaten right away. Read more »

Opening Bell: 04.28.14

Ackman Documentary Stars Alleged Herbalife Victims (NYP)
In his quest to bring down Herbalife, activist investor Bill Ackman will publicly showcase a documentary about former Herbalife distributors who say they were defrauded by the company. Ackman, who has bet more than $1 billion that Herbalife’s stock will collapse, is offering the film as his latest evidence that the controversial nutrition products company is a pyramid scheme. He said his Pershing Square hedge fund commissioned the 15-minute documentary last year to get alleged victims before regulators and the public. Herbalife has denied it is a pyramid scheme. The documentary will be shown at an event Friday in New York City. Members of the press, government, community and consumer organizations are invited to attend the showing, which will be simultaneously webcast. The specific time and place is undisclosed to prevent any interference at the actual event, according to Ackman.

Treasuries Irresistible to America’s Banks Awash in Record Cash (Bloomberg)
After culling Treasuries and bonds issued by federal agencies last year for the first time since 2007, commercial lenders such as Bank of America Corp. (BAC) have boosted their holdings every month this year, Federal Reserve data compiled by Bloomberg show. Banks now own $1.85 trillion of the debt, within 2 percent of the record amount held at the end of 2012.

Finra investigating E*Trade for potentially rigged markets (NYP)
Finra opened the probe well before the latest public flare-up over high-frequency trading, or HFT, but the investigation hits many of the same hot buttons. Finra is determined to find out how E*Trade has priced and electronically routed customer orders to G1 Execution Services, a business it bought for a reported $173 million and sold this year to Susquehanna for about $75 million. “Finra notified E*Trade Securities LLC and G1 Execution Services LLC that it is conducting a probe of both firms’ routing practices,” E*Trade disclosed in a footnote in its latest 10-K annual regulatory filing.

Happy Birthday To Greenwich’s Richard ‘Dick’ Severin Fuld Jr. (GDV)
Fuld, who has owned a home in Greenwich, turn[ed] 68 on Saturday. The banker was born April 26, 1946, in New York City. His first career as an Air Force pilot came to an end when he got into a fistfight with a commanding officer. He then began his career with Lehman Brothers in 1969, as a commercial paper trader and rose rapidly.

Flight crews can’t stop taking mile-high selfies (NYP)
Sexy flight attendants across the world have started an underground network of mile-high selfies that they post on Instagram. In one photo, five beautiful Emirates Airlines attendants are seen in uniform draped over each other inside an aircraft in the style of a Vanity Fair spread. “Best crew ever #galley #cabincrew #airhostess #flightattendant #emiratescrew #emiratescabincrew #crewlife #flight” reads the picture’s tag line. Another selfie features an exotic-looking airline hostess posing in a crew locker room, wearing a pilot’s hat and with her lips puckered, with the tagline “#flywithme.” Some flight attendants say the photos create camaraderie and allow them to keep up with one another. “Aviation is a very close-knit community,” said flight attendant and “Rants of a Sassy Stew” blogger Shawn Kathleen, who doesn’t use her last name. “We get each other, because we’re living the same lifestyle.” Kathleen said she’s in the process of trademarking the phrase #crewlife. She’s already encouraged other flight attendants to vent their frustrations at passengers who behave badly by posting embarrassing photos of the fliers with the hashtag #passengershaming. Read more »

Opening Bell: 04.25.14

Alibaba Puts IPO Record in Sight (WSJ)
No final decision has been made, but the addition of new Alibaba shares could help push the IPO beyond $20 billion, potentially topping Agricultural Bank of China Ltd.’s record $22.1 billion offering in Shanghai and Hong Kong in 2010, according to Dealogic, which tracks IPO data. The largest IPO in the U.S. was Visa Inc.’s $19.7 billion offering in 2010.

Former KPMG Partner Scott London Gets 14 Months for Insider Trading (WSJ)
Federal prosecutors argued Mr. London’s actions weren’t purely to help a friend, but also for personal gain. The judge said the amount of that gain – about $70,000 — was “a drop in the bucket” relative to Mr. London’s $900,000 annual salary. But Assistant U.S. Attorney James Bowman emphasized what he said was the serious nature of the crime, saying “any time you’re a vice president of KPMG and you’re on a street corner accepting bags of cash you’re part of a corrupt arrangement.”

KKR and Nasdaq Plan Market to Trade Shares in Private-Equity Funds (WSJ)
KKR & Co. plans to allow its investors to sell portions of their stakes in buyout funds through a private market run by Nasdaq OMX Group Inc., thought to be the first time pieces of these exclusive vehicles have been traded this way in the U.S., said people familiar with the matter.

Tech giants settle wage-fixing allegations for a reported $324M (Reuters)
Four major tech companies including Apple and Google have agreed to pay a total of $324 million to settle a lawsuit accusing them of conspiring to hold down salaries in Silicon Valley, sources familiar with the deal said, just weeks before a high profile trial had been scheduled to begin. Tech workers filed a class action lawsuit against Apple Inc, Google Inc, Intel Inc and Adobe Systems Inc in 2011, alleging they conspired to refrain from soliciting one another’s employees in order to avert a salary war. They planned to ask for $3 billion in damages at trial, according to court filings. That could have tripled to $9 billion under antitrust law.

Woman Jailed In Altercation Over Corn Dogs (HP)
Workers at a Midland, Texas business said Charmelle Henry threw 75 cents at them and demanded a corn dog, according to News West 9. When the 45-year-old wasn’t happy with the corn dog she received, she threw that at them as well and demanded a dog that was not microwaved. After giving her a second corn dog, the workers noticed that Henry had a knife in her hand. She allegedly told the workers that she would “stab [them] in cold blood” unless she got another corn dog. She also began stabbing the counter with her pocketknife, according to an arrest report obtained by MRT.com. One employee called police, who subdued the “extremely agitated” woman with a K-9 unit after she refused to follow their orders. Read more »

Opening Bell: 04.24.14

‘Flash Boys’ Resonates as Survey Finds High-Frequency Concerns (Bloomberg)
More than two-thirds of financial industry participants, 70 percent, say the U.S. equity markets aren’t fair for all, according to a survey conducted by ConvergEx Group LLC, which provides brokerage and trading-related services. Just over half, 51 percent, also said high-frequency trading is harmful or very harmful.

Facebook CFO Ebersman to Step Down Two Years After IPO (Digits)
Mr. Ebersman is leaving June 1 and being replaced by David Wehner, who joined Facebook in 2012 from Zynga to become the company’s vice president of corporate finance and business planning. Mr. Ebersman joined Facebook in 2009, leading the company into its initial public offering in May 2012. The former Genentech finance chief says he is returning back to the healthcare industry, without disclosing where.

Ratings Firms Ride Bond Resurgence (WSJ)
Six years after getting a failing grade for their role in the financial crisis, credit-rating firms are at the top of the class. Riding a global bond boom, the two biggest U.S. firms, Standard & Poor’s Ratings Services and Moody’s Investors Service, this month are expected to post record first-quarter profits. Fitch Ratings said in its annual filing this month that 2013 was “one of its best years ever.”

Investors Embrace ‘Catastrophe Bonds’ (WSJ)
With the U.S. hurricane season about a month away, insurers are issuing “catastrophe bonds” at the fastest clip since before the financial crisis. Insurers sell the bonds to help cover potential claims from hurricanes, tornadoes, earthquakes and other major insured risks. While losses on so-called cat bonds have been rare over the years, investors can forfeit both interest payments and their principal if disaster costs exceed designated levels, which gives insurers the right to tap the funds. The bonds have floating interest rates and are usually paid off upon maturity in three or four years. Cat-bond issuance in the first quarter more than doubled from the year-earlier period, to $1.2 billion, and second-quarter issuance is expected to hit an all-time high above $3.5 billion, according to Willis Capital Markets & Advisory. More than $2 billion of deals have closed or been announced this quarter, Willis said.

America’s First Cat Café is Popping Up in NYC This Week (Eater)
Pet food brand Purina ONE is opening a pop-up cat café at 168 Bowery this Thursday. For those unfamiliar, a cat café is a coffee shop populated with cats for customers to play with. It’s all the rage in Japan and Europe, and enterprising cat-lovers in San Francisco, Oakland, Portland, LA, Vancouver, and Toronto are racing to open cafés of their own. But with this pop-up, New York will become the very first North American city to actually get a cat café. Read more »

Opening Bell: 04.23.14

Judges Consider What Defines Insider Trading (WSJ)
Federal prosecutors were peppered with tough questions Tuesday on the legal underpinnings of their near-perfect record in insider-trading cases, raising the prospect that some convictions could be overturned. In an hourlong hearing in Manhattan, judges of the U.S. Court of Appeals for the Second Circuit signaled that federal prosecutors may have taken too broad a view of insider trading, saying Wall Street needs more of a “bright line” about what constitutes a crime. At issue is whether a trader, to be guilty of insider trading, must have known a tip was illegally disclosed in exchange for a reward. Prosecutors have argued they need only show that people who used insider information knew it had been disclosed in breach of a fiduciary duty.

Numericable Set to Issue Record Junk Bond (WSJ)
A French cable operator is preparing what could be the largest junk-bond sale in history—a sign of investors’ ravenous appetite for risk in an era of low rates and a mark of the profound shift in bond financing on a continent that had long borrowed heavily from its banks. Bankers working on the deal say Numericable Group SA NUM.FR +3.93% was expected to raise the equivalent of €8.4 billion ($11.6 billion) from the bond sale Wednesday, about €2 billion more than initially planned. The Numericable deal would clobber the current record junk-bond sale, the $6.5 billion issue last year by U.S. telecommunications provider Sprint Corp. So big is the Numericable offering that it was being parceled into several chunks and issued in both dollars and euros. According to a banker working on the deal, the chunks will yield between about 5% and 6.5%.

Flurry of Allergan Trading Preceded Offer (WSJ)
Investors made outsize bets on Allergan Inc. stock in the 10 days during which activist hedge-fund manager William Ackman was privately accumulating a stake in the Botox maker, according to a Wall Street Journal analysis. Mr. Ackman’s Pershing Square Capital Management LP said Monday after the close of trading that it had bought a 9.7% stake in Allergan and had joined with Valeant Pharmaceuticals International Inc. to buy Allergan. Mr. Ackman and Valeant unveiled the offer, valued at roughly $46 billion, on Tuesday, and Allergan’s stock surged 15%. Even after stripping out Mr. Ackman’s buying, the volume of stock trading in Allergan during the 10-day period before Monday’s announcement was 86% higher than its average over the previous year, according to the Journal analysis, based on trading data provided by research firm S&P Capital IQ. There is no indication investors were tipped off about Pershing’s and Valeant’s offer. And other traders could have bought based on the higher volume. But such a significant surge in trading suggests that information about the potential buyout bid could have leaked to other investors, analysts said.

Russian bank launches post-Crimea bond (FT)
A Russian bank in the oil-rich region of Tatarstan has become the country’s first lender to issue a dollar-denominated bond since Moscow’s official annexation of Crimea and the subsequent tension with western governments. Tatfondbank, which has branches across Russia, raised $70m on Tuesday through a three-year bond priced to yield 11 per cent for investors. The issue, which was privately placed, was led by Bank of America Merrill Lynch along with two Russian banks, Region Broker Company and Otkritie Capital, part of Nomos Bank. According to bankers the bond issue could indicate a thawing in Russia’s debt capital markets, which have been largely put on hold as global political discord over Ukraine escalates. Nick Darrant, head of emerging markets syndicate at BNP Paribas, said the deal showed an uptick in demand for Russian debt remained in spite of the political risks.

Einhorn Shorting Tech as ‘Cool Kid’ Stocks Show Bubble (Bloomberg, earlier)
“There is a clear consensus that we are witnessing our second tech bubble in 15 years,” the New York-based firm said in a quarterly letter to clients.

Florida Man Catches 800-Pound Shark, Fries It Up (HP)
Joey Polk landed an 805-pound mako shark while fishing off the Florida panhandle last Tuesday. Video of the epic haul captured the moment Polk and his cousins pulled the giant fish ashore — and then took the remains home to eat. The 29-year-old, who lives in Milton, Fla., told WKRG that he’d prefer to keep a low profile, and doesn’t want any unnecessary attention paid to land-based shark fishing…”The funny thing is, as I left the house to go out that night, I kissed my son and said ‘Daddy’s gonna catch up a big, big fish tonight,’ but I didn’t think it would be this big,” Polk said, according to SFGate. Polk said he doesn’t want people to get the impression that gulf waters are teeming with sharks, and he doesn’t want people to go rushing out to the beach to try and land the big fish either. He said it’s all about the sport. According to Polk, the majority of the sharks he pulls in get tagged and released. But after an exhausting, hour-long fight, Polk said that the 11-foot mako shark couldn’t be saved. “We release about 98% of what we catch… we only bring in the ones too injured to swim away,” Polk said, according to SFGate. “We tried to revive the fish and send him back out, but he was too worn out to swim.” The website reports that Polk butchered the shark and cooked it for his community. He said it fed about 250 people. Read more »