Opening Bell

  • 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
  • ubsairship

    Opening Bell

    Opening Bell: 11.15.13

    UBS Still In Revamp Mode (WSJ) UBS says it has long since finished restructuring its investment-banking arm. Behind the scenes, though, the Swiss bank recently toyed with potentially far-reaching alternatives for the unit. As recently as September, UBS held talks with Japan’s Sumitomo Mitsui Banking Corp., a unit of Sumitomo Mitsui Financial Group Inc., about […]

    / Nov 15, 2013 at 9:30 AM
  • The-Hunger-Games-Premiere-Jennifer-Lawrence-3

    Opening Bell

    Opening Bell: 11.14.13

    JPMorgan Twitter Hashtag Trends Against Bank (Bloomberg) JPMorgan Chase, the target of at least eight Justice Department investigations, was mocked and taunted by Twitter users after asking followers to send questions to an executive using the hashtag #AskJPM. The online forum, which the bank canceled late yesterday, was intended in part to give college students […]

    / Nov 14, 2013 at 7:22 AM
  • american-crocodile_219_600x450

    Opening Bell

    Opening Bell: 11.13.13

    Mozambique Tuna Bonds Fund Anti-Pirate Fleet to Banks’ Surprise (Bloomberg) Two months ago, Credit Suisse Group AG and VTB Capital Plc financed a flotilla of tuna boats for Mozambique, then packaged the debt into notes for overseas investors. It turns out the fleet also includes anti-pirate patrol boats, according to the French Foreign Trade Ministry. […]

    / Nov 13, 2013 at 9:30 AM
  • robfordtoronto

    Opening Bell

    Opening Bell: 11.12.13

    Cyber attack ‘war game’ to test London banks (Reuters) Thousands of staff across dozens of London’s financial firms will be put through a “war game” scenario on Tuesday to test how well they can handle a major cyber attack. In one of the largest exercises of its kind in the world, the test dubbed “Waking […]

    / Nov 12, 2013 at 7:16 AM
  • inflatablepumpkin

    Opening Bell

    Opening Bell: 11.11.13

    Big Banks May Block Traders From Chat Rooms (WSJ) JP Morgan and Credit Suisse are discussing internally whether to disable computerized chat rooms that electronically link traders across multiple banks and are used by tens of thousands of employees globally, according to people familiar with the discussions. Royal Bank of Scotland Group, Barclays, UBS, and […]

    / Nov 11, 2013 at 7:07 AM
  • photo credit: @brigidbergin

    Opening Bell

    Opening Bell: 11.08.13

    Payrolls Jump 204,000 as U.S. Economy Weathers Shutdown (Bloomberg) The addition of 204,000 workers followed a revised 163,000 gain in September that was larger than initially estimated, Labor Department figures showed today in Washington. The median forecast of 91 economists surveyed by Bloomberg called for an increase of 120,000. The jobless rate rose to 7.3 […]

    / Nov 8, 2013 at 9:30 AM
  • twitter-bird

    Opening Bell

    Opening Bell: 11.07.13

    Wall Street Bonus Outlook Is Mixed Bag (WSJ) Year-end bonuses among 18 large banks, securities firms and asset managers could rise 5% to 10% this year, paced by higher payouts for asset-management and wealth-management employees, according to an analysis by compensation consultant Johnson Associates Inc. The mood may be more subdued on bond-, currency- and […]

    / Nov 7, 2013 at 7:03 AM
  • hooters-girl

    Opening Bell

    Opening Bell: 11.06.13

    Dimon Says Keep Higher Standards in Warning to Staff on E-Mails (Bloomberg) “Don’t exaggerate, don’t ruminate, don’t bullshit,” Dimon, 57, told employees at a town hall meeting at the bank’s office in London’s Canary Wharf last week, according to an attendee who asked not to be identified because they weren’t authorized to speak publicly. “I’m […]

    / Nov 6, 2013 at 9:30 AM
  • Bill-Gross-001

    Opening Bell

    Opening Bell: 11.05.13

    J.P. Morgan Talks With Justice Department Gain Momentum (WSJ) Talks between J.P. Morgan Chase and the Justice Department are heating back up after several disagreements threatened to scuttle a landmark pact between the two last month, people close to the talks said. Comprehensive final terms haven’t been reached, but several people said it was possible […]

    / Nov 5, 2013 at 7:03 AM
  • elvis

    Opening Bell

    Opening Bell: 11.04.13

    BlackBerry Takeover Bid Collapses; CEO Heins Ousted (Bloomberg) Fairfax Financial Holdings, BlackBerry’s largest investor, walked away from its bid for the company, opting instead for a $1 billion bond deal and a management shakeup. Fairfax will invest $250 million in the convertible debentures, according to a statement today. CEO Thorsten Heins will step down, while […]

    / Nov 4, 2013 at 9:30 AM
  • vernondavis

    Opening Bell

    Opening Bell: 11.01.13

    Credit Suisse Dismisses London Trader Over ‘Unusual Trading’ Losses (WSJ) Credit Suisse said a London trader within its investment bank racked up nearly $6 million in losses that haven’t previously been made public. The incident has sparked an investigation and attracted scrutiny from British regulators, according to people familiar with the matter. The losses were […]

    / Nov 1, 2013 at 7:11 AM
  • bacon

    Opening Bell

    Opening Bell: 10.31.13

    Wall Street Firms Poised to Disappoint Bankers on Bonuses (Bloomberg) Goldman Sachs, along with the investment-banking divisions of six of its biggest U.S. and European rivals, allocated a collective 39 percent of revenue for compensation in the first nine months, down from 42 percent a year earlier and the 50 percent some firms earmarked before […]

    / Oct 31, 2013 at 9:30 AM
  • roshenchocolate

    Opening Bell

    Opening Bell: 10.30.13

    BlackRock’s Fink Says There Are ‘Bubble-Like Markets Again’ (Bloomberg) “It’s imperative that the Fed begins to taper,” Fink said Tuesday at a panel discussion in Chicago, referring to the central bank’s $85 billion in monthly bond purchases. “We’ve seen real bubble-like markets again. We’ve had a huge increase in the equity market. We’ve seen corporate-debt […]

    / Oct 30, 2013 at 7:17 AM
  • deutschebanklogocupcakes

    Opening Bell

    Opening Bell: 10.29.13

    Deutsche Bank Profit Falls 94% on 1.2 Billion Euro Charge (Bloomberg) Net income in the three months through September dropped to 41 million euros from 747 million euros in the year-earlier period, the Frankfurt-based bank said in a statement on its website today. That missed the 430 million-euro average estimate of 12 analysts surveyed by […]

    / Oct 29, 2013 at 9:30 AM

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