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 »