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 sustained late last year, but Credit Suisse this week dismissed an exchange-traded-funds trader, Rohit Jha, in connection with the money-losing positions, these people said. The Swiss bank in January suspended his boss, Matthew Tagliani, who oversaw the bank’s London ETF-trading desk, which does business across Europe, the Middle East and Africa, these people said. While the losses aren’t considered financially material, Credit Suisse is continuing to investigate how the positions went undetected by its safeguarding systems—and weren’t reported to supervisors—for 16 business days last December, according to the people familiar with the matter. At issue is whether other trades that could be more damaging are being properly monitored, the people said.

Second NFL Stars Signs IPO Deal (NYP)
Sports branding upstart Fantex Inc. has struck a second deal to sell shares in the financial future of an NFL star. Fantex, which last month said it would sell shares of Arian Foster, on Thursday said it would do the same with San Francisco 49ers tight end Vernon Davis. Under the Fantex deal, Davis, 29, would relinquish 10 percent of his future brand income for life. Fantex put the value at $4 million.

CFTC Backs Off, Lacking Funding (WSJ)
The Commodity Futures Trading Commission is so cash-starved that the agency is being forced to delay cases, shelve certain probes and decided not to file charges against two former traders over J.P. Morgan Chase’s “London whale” trading mess, a top official said. In an interview, David Meister, who stepped down this week as the CFTC’s enforcement chief, said the agency is “absolutely undersized” for the sprawling futures and options markets it must police. “We will do everything we can…but we have limited staff and limited resources,” Mr. Meister said. “Ultimately, it comes down to the math.”

Jos. A Bank won’t go hostile in Men’s Wearhouse bid (NYP)
Jos. A. Bank says it won’t make a hostile bid for Men’s Wearhouse after all — a tricky gambit that could put even more heat on the latter in the coming weeks. Jos. A. Bank Chairman Bob Wildrick delivered an ultimatum to the board of rival Men’s Wearhouse, signaling that he would drop a $2.3 billion takeover bid if he doesn’t get a response by Nov. 14.

J.P. Morgan, Regulators Wage War of Wording (WSJ)
In the frenzied final hours before J.P. Morgan Chase acquired the banking operations of failed thrift Washington Mutual Inc., the bank’s lawyers tangled with regulators over the wording of the 39-page purchase agreement. Five years later, J.P. Morgan and the Federal Deposit Insurance Corp. are still fighting over the meaning of those words. The question of who bears responsibility for Washington Mutual’s legal liabilities is taking on increasing urgency as J.P. Morgan negotiates a pact with the Justice Department that would end probes of soured mortgage bonds issued by J.P. Morgan and Washington Mutual during the housing boom. The Justice Department is trying to insert language into the settlement stipulating that none of the costs the bank pays regarding Washington Mutual will be passed to the FDIC, said people close to the talks. J.P. Morgan wants the ability to recover costs associated with Washington Mutual from the FDIC receivership that liquidated the thrift in 2008. The settlement talks are at risk of falling apart over this and other disagreements, said people close to the talks.

Bikini-clad Hillbilly Hotties coffee workers arrested for lewdness in Wash.: cops (NYDN)
A trio of bikini baristas has been arrested for allegedly serving up more than just coffee at Washington state espresso stands. The scantily clad women, who worked at Hillbilly Hotties in Everett, were jailed Wednesday following a surprise bust by police carrying out a search warrant after rising complaints by residents. “Body parts were being shown; inappropriate things were being done at the location,” Officer Aaron Snell told KOMO. The hot-pink stand, which celebrates “wet t-shirt Wednesdays” and “pasty Fridays,” boasts “tasty treats” with scandalous photos of its baristas wearing barely-there bikinis on the company Facebook page. A photo of a brunette named Tasia stretching back in red and black lingerie reads: “Hurry in she needs you!” Other photos also pair sexually suggestive captions with provocative poses. Authorities, who are not identifying the women by name, charged two of them, ages 20 and 21, with violating the city’s adult cabaret law prohibiting performing in public while either unclothed or exposing private parts. The third woman, age 33, was arrested on suspicion of lewd conduct after an unrelated investigation at a different coffee stand, according to police. Read more »

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 the financial crisis. Goldman Sachs’s 41 percent ratio so far this year is its lowest nine-month figure as a public company. Rising revenue at many banks is stoking employees’ hopes for larger bonuses, after year-end payouts were cut in the wake of the financial crisis and packed with restricted stock, which vests over time. Firms instead are preparing to shrink compensation for individuals amid investor pressure to improve return on equity. The measure of profitability stands at 10 percent or lower at each of the five biggest Wall Street banks – - less than half the levels that preceded the credit crisis. “Someone’s going to be disappointed,” said Joe Jolson, co-founder and chief executive officer of JMP Group Inc. (JMP), the San Francisco-based investment bank. It will be “bankers that haven’t really been paid any real cash bonuses for five years, or the shareholders of these companies.”

Germany Hits Back At US Over Economy (WSJ)
Germany hit back Thursday at U.S. criticism of its export-led economic policies, describing it as “incomprehensible.” [...] “The U.S. government should critically analyze its own economic situation,” said Michael Meister, a senior lawmaker and close ally of Chancellor Angela Merkel, criticizing the high debt level in the U.S., which “doesn’t just unsettle [the U.S.], but has negative effects on the global economy.”

Greek Recovery Makes Stocks World’s Best as Paulson Buys (Bloomberg)
Since June 5, 2012, two weeks before MSCI Inc. gave notice it may reclassify Greece as an emerging market, the country’s ASE Index (ASE) has surged 146 percent, trimming the decline from its 2007 peak to 79 percent. The gains topped all 94 national benchmarks globally in the period, except Venezuela, according to data compiled by Bloomberg. Yields on Greece’s 10-year government bonds have dropped to 8.31 percent from a peak of 33.7 percent in March 2012. Paulson & Co. and JPMorgan Chase & Co. have bought shares as emerging-market funds including Renaissance Capital Holdings Ltd. and Templeton Emerging Markets Group expressed interest.

Euro-Zone Inflation Near Four-Year Low (WSJ)
The euro zone’s inflation rate fell to its lowest in almost four years in October, raising pressure on the European Central Bank to ease the money supply and support the region’s fragile economy at its rate decision next week. The annual rate of consumer price rises fell to 0.7% in October, the lowest rate since November 2009, from 1.1% in September, according to preliminary figures from Eurostat, the European Union’s statistics agency. Data from individual countries this week have shown falls in inflation rates across the region. Price growth slowed in Germany, Italy and Belgium, as well as in Spain, where annual inflation in October was just 0.1%.

Gross Says America’s Privileged 1% Should Pay Higher Taxes (Bloomberg)
“If you’re in the privileged 1 percent, you should be paddling right alongside and willing to support higher taxes on carried interest, and certainly capital gains readjusted to existing marginal income tax rates,” Gross wrote in his monthly investment outlook posted on Newport Beach, California-based Pimco’s website today. “Stanley Druckenmiller and Warren Buffett have recently advocated similar proposals. The era of taxing ’capital’ at lower rates than ‘labor’ should now end.”

Woman says she’ll hand out ‘fat letters’ to kids instead of Halloween candy (NYDN)
A North Dakota woman is taking it upon herself to school the parents of trick-or-treaters by denying Halloween candy to kids she feels are too chubby. Instead, she says, she’ll give them a note informing parents their “obese” child should lay off the sugar. As public schools in some states debate sending home “fat letters” to kids with high body mass indexes, “Cheryl,” of Fargo, N.D., sees nothing wrong with taking the controversial practice into her own hands, she told local radio station Y-94. By passing out candy on Halloween, “I’m contributing to their health problems, and really their kids are everybody’s kids. It’s a whole village,” Cheryl, whose last name was not given, told the station on Tuesday, according to Valley News Live. The letter, adorned with a smiling pumpkin graphic, begins “Happy Halloween and Happy Holidays Neighbor!” and goes on to say: “Your child is, in my opinion, moderately obese and should not be consuming sugar and treats to the extent of some children this Halloween season. “My hope is that you will step up as a parent and ration candy this Halloween and not allow your child to continue these unhealthy eating habits.” Cheryl called the radio station “out of the blue” because she “really wanted to voice her opinion about obesity,” the station’s program and music director told Valley News Live. Read more »

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 spreads narrow dramatically.”

Japan Widens Probe Into Mob Loans by Big Banks (Bloomberg)
Japan’s financial regulator plans to inspect the nation’s three largest lenders, widening a probe into credit given to gangsters to include Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc. The inspections are to determine whether their banking units are complying with rules including those meant to curb transactions with criminal organizations, Hiroki Kato, an official at the Financial Services Agency, said by telephone yesterday. The reviews will start Nov. 5, another FSA official said, declining to be identified because of the agency’s policy.

The Most Powerful Person in the Office (WSJ)
If D’Andra Galarza were to come face to face with death, she knows whose life would flash before her eyes: the life of her boss, a president at NBCUniversal Inc. After 10 years as Edward Swindler’s executive assistant, waking up at 4 a.m. to ensure he makes an early morning flight and keeping the office stocked with his favorite snacks—oyster crackers, peppermint Life Savers and Honey Nut Cheerios—Ms. Galarza says she’s under no illusions about whose needs come first. “You work very, very hard…so that they can shine and they can do their best,” she says. “You’re kind of the stage mom.” The schedulers, gatekeepers and caretakers of the corporate world are rarely seen, but they have a profound effect on the daily lives of the executives they serve. They do everything from booking business trips, ordering anniversary gifts and arranging pet care to attending high-level meetings and deciding who can and can’t meet with their boss. The work can be thankless and often comes at a cost to their own personal lives, but these workers wield subtle influence at a company’s highest levels–and no small amount of power…Now, a new networking group aims to emphasize the “executive” in executive assistant, pampering and pumping up these right-hand workers with nightclub parties, spa sessions and Behind Every Leader, a conference series that is coming next month to Newark, N.J. Among the scheduled sessions: “Yoga & Meditation for the Executive Assistant” and a boss’s recounting of how his EA saved the company after superstorm Sandy. Victoria Rabin, the 28-year-old founder of the Executive Assistants Organization and a former assistant at a London hedge fund, says the job deserves some cachet because assisting is an “incredible career” that only a “certain breed” can do…Anikka Fragodt is considered a celebrity in the realm of executive assistants. Until last March, she was Mark Zuckerberg’s right-hand woman. For more than seven years, she planned everything from a toga party for 350 people with 48 hours’ notice to Mr. Zuckerberg’s secret wedding to Priscilla Chan in 2012.

Chocolate Factory, Trade War Victim (NYT)
The output of the sprawling brick factory, formerly known as the Karl Marx chocolate works, has never before been so hard to sell in Russia. Since July, when Russian regulators banned all chocolate, cake, cookie and candy imports from its Ukrainian parent company, Roshen, ostensibly over health concerns, production at the plant here has plummeted 14 percent. “It’s not pleasant at all to be in this situation,” Viacheslav Moskalevskyi, the president of Roshen, Ukraine’s largest confectionery company, said in an interview. The Ukranian chocolate factory shares a problem with many businesses in the countries that lie between the European Union and Russia. It is caught in a no-man’s land for trade, a place increasingly precarious as each side tries to recruit countries into exclusive trade deals. The European Union wants Ukraine and Moldova to sign so-called Association Agreements while Russia wants these nations in its Customs Union.

Sex-Related Injury Not Compensable, Australia Court Rules (Bloomberg)
An Australian government employee who was injured while having sex on a work-related trip doesn’t qualify for workers’ compensation, the nation’s highest court ruled. The High Court of Australia today overturned a federal appeal court ruling that the woman was hurt during a work interlude and entitled to compensation from Comcare, the country’s work safety agency that pays for medical expenses and time missed from work as a result of injury. The woman, whose name can’t be published and who is referred to in court papers as PVYW, was in her late 30s when she sought compensation from Comcare, according to court documents. While engaged in sexual intercourse with an acquaintance, she claimed a glass light fitting above her bed was pulled from its mount and struck her in the face, causing nose, mouth and psychological injuries. The human relations worker at a federal government agency wasn’t encouraged to have sex by her employer and as a result isn’t eligible for work-related compensation, the majority of the High Court said in a summary of the ruling on its website. “The circumstances in which the employee was injured must be connected to an inducement or encouragement by the employer,” the court’s majority said in the summary. Read more »

Opening Bell: 10.28.13

Man Making Ireland Tax Avoidance Hub Proves Local Hero (Bloomberg)
Google Inc., Facebook Inc. and LinkedIn Corp. wound up in Ireland because they could reduce their tax bills. Their success is leading European and U.S. politicians to label the country a tax haven that must change its ways. The grand architect of much of that success: Feargal O’Rourke, the scion of a political dynasty who heads the tax practice at PricewaterhouseCoopers in Ireland. He advises both multinational companies and the government on tax policy and has emerged as his country’s leading defender. “Under no circumstances is Ireland a tax haven,” O’Rourke said recently at his corner office on the River Liffey in Dublin, a ritual stop for many tech companies in their Irish quest. “I’m a player in this game and we play by the rules.”

JP Morgan’s Subprime Troubles Ran Deep (WSJ)
J.P. Morgan sidestepped many of the subprime-mortgage problems that bedeviled rivals during the financial crisis, and avoided much of the postcrisis scrutiny that dragged down others on Wall Street. But now its own behavior during the housing boom is coming under close examination as investigators work through a backlog of cases. The bank dealt with some of the biggest subprime lenders of the time, including Countrywide Financial Corp., Fremont Investment & Loan and WMC Mortgage Corp., a former unit of General Electric, according to the Federal Housing Finance Agency complaint. J.P. Morgan’s relationship with New Century, a subprime lender that went bankrupt in 2007 and later faced a Securities and Exchange Commission investigation and shareholder suits, shows that the New York bank was part of the frenzied push to package mortgages for investors at the end of the housing boom.

Hedge Fund Chief Set On Selling NY-Based Satellite Company (NYP)
Rachesky, who is Loral’s chairman and biggest shareholder with a 38 percent stake, is putting the New York satellite company on the block, sources told The Post. The 55-year-old investor has recently put out feelers to potential suitors, a source close to the situation said. While Rachesky, a medical doctor and a former protégé of Carl Icahn, is set on selling Loral, a holding company whose biggest asset is a 62.8 percent stake in Telesat, a Canadian satellite company, he has not yet hired a sell-side banker, a source said. Some investors are hoping Rachesky’s tough negotiating tactics don’t foil any potential sale. In 2011, the investor rejected a $6 billion offer for Telesat, calling it too low. The auction was then canceled, sources said. Private equity firms Carlyle, KKR and Providence Equity Partners each has bid for Telesat. The Ottawa-based company owns a fleet of 13 in-orbit satellites that offer telecommunication services to the private sector and government from perches 22,000 miles above Earth.

At Fed, Some Want A Rule For When To Act (WSJ)
The Federal Reserve has struggled to communicate clearly about its plans for winding down its $85 billion-a-month bond-buying program. Some Fed officials think they’d have an easier time if they established a rule to determine when and how to trim the purchases. With the Fed unlikely to change the program at its policy meeting Tuesday and Wednesday, discussion is likely to focus on issues such as this. Some members of the Fed’s policy-making committee want to clearly define when they will start scaling back the program—also known as quantitative easing, or QE—perhaps when the unemployment rate reaches a certain point. But others worry that firm rules could limit their options as they navigate unknown territory or be hard to follow when circumstances change.

Georgia Man Runs Into Burning Home To Save Beer (ABC)
The flames broke out while six adults and two young children were watching TV. Everyone quickly made it outside safely. But then Walter Serpit, who walks with a cane, rushed back into the burning building to save something near and dear to him. “I told them to get the kids out and everything, and me myself, being an alcoholic, I was trying to get my beer out,” he said. “You feel me?” Serpit managed to rescue several cans of beer from the fire without getting burned. Firefighters say you should never go back into a building that’s on fire. Read more »

Opening Bell: 10.25.13

Abe Says Japan Ready To Counter China’s Power (WSJ)
Japanese Prime Minister Shinzo Abe said he envisions a resurgent Japan taking a more assertive leadership role in Asia to counter China’s power, making Tokyo a representative in the region for countries nervous about Beijing’s military buildup and a possible U.S. pullback. “I’ve realized that Japan is expected to exert leadership not just on the economic front, but also in the field of security in the Asia-Pacific,” Mr. Abe told The Wall Street Journal, referring to his meetings with the region’s leaders at a series of summits earlier this month.

Norway’s Sovereign Wealth Fund Shuns Stocks (Bloomberg)
Norway’s sovereign wealth fund, the world’s largest, warned that stock market gains may reverse as Europe’s biggest equity investor said it won’t use new inflows to buy more shares. “Our share in the stock market has been stable or falling even though markets are rising, and that means in practice that we’re not using inflows to buy stocks,” Yngve Slyngstad, chief executive officer of Norges Bank Investment Management, said at a press conference today in Oslo. The fund is preparing for a “correction” in stock prices, he said.

Twitter IPO Pegs Valuation At Modest $11 Billion (Reuters)
Seeking to avoid a repeat of Facebook Inc’s much-maligned public debut, Twitter Inc revealed more modest ambitions, saying its initial offering would raise up to $1.6 billion and value the company at up to about $11 billion. The valuation was more conservative than the $15 billion some analysts had expected for the social media phenomenon, potentially attracting investors who might consider the money-losing company’s listing price a better deal, with room to rise.

Consumer Sentiment in U.S. Fell to 10-Month Low in October (Bloomberg)
The Thomson Reuters/University of Michigan final consumer sentiment index decreased to 73.2, the weakest this year, from 77.5 in September. The median estimate in a Bloomberg survey called for a decline to 75 compared with a preliminary reading of 75.2.

Chicken Decoy Helps Police Nail 31 Drivers In Lake Elsinore (Patch)
A member of the Lake Elsinore Police Department dressed up as a chicken Thursday as part of a law enforcement crackdown aimed at drivers who don’t yield to pedestrians in crosswalks. The department conducted the crosswalk enforcement operation at five different locations in the city; two spots were located in close proximity to Lake Elsinore schools. There have been numerous complaints from the community about unsafe drivers near local schools. Lake Elsinore motor officers monitored crosswalks as the decoy walked through, explained the department’s Sgt. Peter Giannakakos. In total, officers ended up citing 31 drivers for failing to give way to a pedestrian in a crosswalk as well as one citation for speeding, the sergeant reported. Read more »

Opening Bell: 10.24.13

Credit Suisse revamps rate trading after income slide (Reuters)
Credit Suisse said it would restructure its interest rate trading activities following a third-quarter slide in revenue at its investment bank. The Swiss bank said overall net profit rose on the year to 454 million Swiss francs ($509.1 million) from the year-ago period, where charges linked to its own debt ate into profits. The profit missed by far analyst estimates, which averaged 705 million francs. “Credit Suisse is restructuring and simplifying its rates business in order to increase returns,” in a bid to lower risky assets and leverage, the Swiss bank said in a statement on Thursday.

Icahn Pushes Apple For $150 Billion Buyback (WSJ)
Activist investor Carl Icahn has boosted his investment in Apple by about 22% to 4.73 million shares, and continued to push for a massive $150 billion buyback at the company, according to a letter he sent to Apple Chief Executive Tim Cook. The billionaire investor suggests the company use a self-tender offer to buy back the stock, and pledges that he himself wouldn’t sell the stock and take profits. “There is nothing short term about my intentions here,” he said.

Fed Proposes Stricter Liquidity Rules for Largest U.S. Banks (WSJ)
The proposal outlined by Fed officials goes beyond international agreements, requiring the largest banks to hold enough safe assets—such as cash or those easily convertible to cash—to fund their operations for 30 days if other sources of funding aren’t available. The rules are intended to prevent a repeat of the 2008 financial crisis, when financial markets froze due to a lack of liquidity. The proposal would ensure banks had access to cash and other assets in times of market dislocation.

Hamptons Sales Surge Fuels High-End Home Tear-Downs (Bloomberg)
Hamptons real estate deals are surging, fueling a boom in knockdowns, expansions and quick resales in the beachfront towns favored by Wall Street financiers and celebrities. Home purchases in the three months through September jumped 32 percent from a year earlier to 534, the most for a third quarter since 2005, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report today. “Because of the scarcity of land in the Hamptons on which you can build there today, the land is worth more than the house,” said Mitchell Pally, chief executive officer of the Long Island Builders Institute, a regional trade group. “In most places, the bigger the house, the harder it is to sell. In the Hamptons the bigger the house, the easier it is to sell.”

Hedge fund mogul in nasty divorce battle with ex (NYP)
James Dondero, co-founder and president of the $18 billion asset manager Highland Capital Management, claimed in court that despite allegedly earning more than $36 million in 2010, several pending lawsuits against the firm have rendered him insolvent under the court’s accounting rules. The bitter, two-year divorce battle — which has seen his one-time partner testify for the 33-year-old wife, Rebecca Dondero — went to trial Wednesday. The battle has captured the attention of hedge-fund titans from coast to coast, not only because Dondero refused to settle short of a trial and risk embarrassing testimony in court — but because a casual conversation between him and Patrick Daugherty, the former partner, resulted in Dondero getting slammed at a hearing last year. Daugherty testified for the wife that Dondero told him he planned to try and hide assets just to stiff Rebecca on the pre-nup. Daugherty also claims in court papers that Dondero asked him to lie at an earlier hearing and tell the court Dondero was not hiding assets. “Dondero [attempted] to help Daugherty remember how he should testify regarding his wife, suggesting that it was Daugherty’s idea that he pay his wife nothing and that Daugherty referred to Dondero’s wife as a whore,” court papers claim. Daugherty hung up on Dondero when he made the request, court papers claim. Read more »

Opening Bell: 10.23.13

Draghi Says ECB Won’t Hesitate to Fail Banks in Stress Tests (Bloomberg)
“Banks do need to fail” to prove the credibility of the exercise, Draghi said in a Bloomberg Television interview with Francine Lacqua in Frankfurt, after the ECB published plans for its bank-asset check. “If they do have to fail, they have to fail. There’s no question about that.”

U.S. SEC releases long-awaited ‘crowdfunding’ rule (Reuters)
Entrepreneurs and start-up companies looking for backing will be able to solicit small investments over the Internet from the general public under a new proposal unveiled by U.S. regulators on Wednesday. The Securities and Exchange Commission’s “crowdfunding” plan is a requirement in the Jumpstart Our Business Startups (JOBS) Act, a 2012 law enacted with wide bipartisan support that relaxes federal regulations to help spur small business growth.

Third Point To Return $1.4 Billion To Investors (NYP)
Dan Loeb has joined the ranks of big money managers to scale back their business by returning capital to investors. Loeb plans to return around $1.4 billion to his Third Point investors at the end of the year, he told investors in his third-quarter letter dated Oct. 22. Third Point’s assets have grown to $14 billion since 2009. Loeb is up 24 percent on an annualized basis since then, far outdoing most of his peers, and is up 18 percent this year through September. But Loeb has met resistance with two of this year’s activist plays, Sony and Sotheby’s, which implemented a “poison pill” shareholder plan to thwart his moves. He also announced a new equity position in Nokia, the Finnish cell phone maker, in the investor letter.

Michael Jackson Is Top-Earning Dead Celebrity (NYP)
Jackson surpassed long-time pal Elizabeth Taylor as the top-earning dead celebrity, with his postmortem empire pulling in $160 million in the past year, according to Forbes. Jackson, who died of an overdose in 2009, took the honors thanks to two Las Vegas shows, Cirque du Soleil’s “Immortal” and “One,” that pay tribute to the Gloved One. Jackson’s estate raked in more than any pop star — living or dead — and easily beat Madonna, who ranks as the top earner on the magazine’s annual Celebrity 100 list…Jackson also far outstrips his nearest deceased rival, Elvis Presley, who came in at No. 2 with earnings of $55 million — a figure that’s been relatively static the past few years. Read more »