Opening Bell

Opening Bell: 03.27.14

S&P wants to split up $5 billion U.S. ratings lawsuit (Reuters)
Standard & Poor’s asked a federal judge to split up the U.S. government’s $5 billion civil fraud lawsuit accusing it of lying about its credit ratings, saying it would be unfair to have to defend against a case of such “unmanageable scope” all at once. In a court filing on Tuesday, the McGraw Hill Financial Inc unit proposed holding a trial in two phases, with the first focusing on just the 17 securities where Citigroup Inc is alleged to have suffered losses. S&P said this would cover over 30 percent of alleged losses suffered by financial institutions on the 158 securities in the February 2013 lawsuit, and limit the risk of juror confusion. In contrast, a single trial would force jurors to balance government claims that S&P’s ratings lacked “independence” and “objectivity” against “an overwhelming amount of information regarding the actual securities at issue and the detailed process by which S&P determined its ratings,” S&P said.

Activist Investors Often Leak Their Plans to a Favored Few (WSJ)
Shares of Rino International Corp. sank 28% in the two days after investment firm Muddy Waters LLC put out a report attacking the Chinese company’s accounting. Three investment firms were ready for the news. The firms had been tipped beforehand by Muddy Waters about the scathing November 2010 report, according to a person close to the matter, who said one of them made a bet against Rino stock that produced a $1 million-plus profit. “We sold advance copies of our report,” said Muddy Waters’s founder, Carson Block, adding that since then he has tried to limit advance knowledge of his firm’s research. For a new breed of “activist” investors, tipping other investors is part of the playbook. Activists, who push for broad changes at companies or try to move prices with their arguments, sometimes provide word of their campaigns to a favored few fellow investors days or weeks before they announce a big trade, which typically jolts the stock higher or lower. In doing so, they build alliances for their planned campaigns at the target companies. Those tipped—now able to position their portfolios for price moves that often follow activist investors’ disclosures—benefit in a way that ordinary stockholders who are still in the dark don’t.

Citigroup’s Mexico situation ‘a horror show’: Dick Bove (CNBC)
“The situation in Mexico is, in my view, a horror show because basically, at this stage, seven years after the big crisis which almost—which did make them bankrupt—this company finds that it doesn’t have controls in Mexico and lets $400 million walk out the door,” he said. “This company is not a ‘buy.’ I don’t care what the price to tangible book is. It is not a ‘buy.’ ”

White House’s Sell Russian Stocks Recommendation Flopping (Bloomberg)
White House press secretary Jay Carney’s debut as a short-selling tout is off to a rough start. Since Carney said March 18 that the only investments worth making in Russian equities are wagers the market will decline, short sellers have been pulling out as the Micex gauge rebounded 1 percent. The percentage of borrowed shares in the biggest U.S. ETF tracking Russia’s market — a barometer of short selling — has fallen to 14 percent of the total stock, from 17 percent the day Carney spoke and a record 21 percent on March 3, according to financial data provider Markit.

Ergen says LightSquared could be worth $8.9 billion (Reuters)
LightSquared, owned by Phil Falcone’s Harbinger Capital Partners, went bankrupt in 2012, when the Federal Communications Commission revoked its license to operate spectrum out of concern it could interfere with GPS systems. Ergen then acquired about $1 billion of the company’s senior loan debt, giving him a controlling stake in LightSquared’s capital structure.

North Korean men must get Kim Jong Un’s haircut (NYDN)
Supreme Leader Kim Jong-Un, in a bizarre bit of tonsorial tyranny, decreed that his 12 million countrymen adopt his decidedly retro high-and-tight ’do. The diminutive despot delivered his “fashion guideline” about two weeks ago, likely ensuring that Dennis Rodman and his multi-hued mop will never return to the nation. The “Un and only” haircut, once popularized by ’90s boy bands, was unimaginatively dubbed “The Dear Leader Kim Jong-Un” — more of a mouthful than “a little off the sides.” The 31-year-old’s look is simple: Short and slicked back on top, buzzed to the skin above both ears. North Korea’s citizens were not too keen on the government-ordered grooming, griping that it’s not the right look for everyone. “Our leader’s haircut is very particular, if you will,” one source told the Korea Times. “It doesn’t always go with everyone since everyone has different face and head shapes.” Read more »

Opening Bell: 03.26.14

King Raises $500 Million in ‘Candy Crush’ Maker’s U.S. Offering (Bloomberg)
King and shareholders Apax Partners LLP and Index Ventures sold 22.2 million shares for $22.50 each, according to data compiled by Bloomberg, after offering them for $21 to $24. The IPO price values King at $7.09 billion.

ECB Mulls Bolder Moves to Guard Against Low Inflation (WSJ)
European Central Bank officials sent strong signals Tuesday that they are willing to consider dramatic steps to guard against dangerously low inflation, suggesting the bank is prepared to shed some of its traditionally cautious approach. The possible tools, cited by some top policy makers from different parts of the euro zone, include effective negative interest rates—meaning rates so low that commercial banks would essentially pay the ECB to park their extra cash overnight. They also include purchases of government or private-sector debt to hold down long-term rates and spur lending.

Facebook to Buy Virtual Reality Firm Oculus for $2 Billion (WSJ)
Facebook made its second blockbuster acquisition of the year, agreeing Tuesday to acquire Oculus VR Inc., a 20-month-old maker of virtual-reality goggles, for $2 billion in cash and stock. Like Facebook’s $19 billion purchase last month of text-messaging service WhatsApp, the deal is part of the social-networking company’s vast ambition to connect people across all kinds of devices and modes of communication. The deal also highlights the intense competition among big technology companies for promising startups, even when those startups, like Oculus and WhatsApp, have little revenue. Oculus’s headset, called Rift, today is a visual device for playing videogames. But Facebook Chief Executive Officer Mark Zuckerberg said on Tuesday that the social network has bigger plans for it. “We’re going to make Oculus a platform for many other experiences,” Mr. Zuckerberg said in a statement.

BlackRock’s Fink Sounds the Alert (WSJ)
In a shot across the bow of activist investors, BlackRock Inc. BLK +1.66% Chief Executive Laurence Fink has privately warned big companies that dividends and buybacks that activists favor may create quick returns at the expense of long-term investment. In so doing, the head of the world’s largest money manager by assets lent his voice to a popular criticism of activist investors, even as his firm sometimes aligns with and may benefit from their efforts. “Many commentators lament the short-term demands of the capital markets,” Mr. Fink wrote in the letter reviewed by The Wall Street Journal, sent to the CEO of every S&P 500 company in recent days, according to BlackRock. “We share those concerns, and believe it is part of our collective role as actors in the global capital markets to challenge that trend.”

Former Co-op bank boss recounts ‘hellish’ months after drugs revelation (Guardian)
Paul Flowers, the former Co-operative Bank chair and methodist minister exposed last year for allegedly taking drugs and booking male prostitutes, has spoken publicly for the first time about his addiction – revealing he spent a month in a rehab clinic, and describing the storm around his private and professional life in recent months as “hellish”. Flowers said he spent 28 days before Christmas at a well-known hospital tackling his drug habit, and he was still making weekly visits for treatment. He said that while still chairman of the bank, he had come under “considerable pressure” from ministers to conclude the Co-operative’s much-publicised agreement to buy 600 branches from Lloyds.

Ukrainian women launch sex boycott against Russian men (NYP)
The sex boycott is called “Don’t Give It to a Russian,” and organizers are calling on Ukraine’s “female heroes [to] fight the enemy by whatever means.” The campaign was named after a line from a poem by Ukrainian national hero Taras Shevchenko called “Kateryna” that reads “Fall in love, O dark-browed maidens, but not with the Moskaly [Russians].” Katerina Venzhik, an editor of the Russian news Web site Delo.UA who lives in Kiev, said the no-sex pledge was deadly serious. “We’ve used this campaign to draw attention to the chaos done by the Russians in Crimea: kidnapping, limiting the rights of people, preventing journalists from doing their work. And yes, Ukrainian women prefer Ukrainian men,” she told The Independent. Read more »

Opening Bell: 03.25.14

Loneliness of Kiev Bond Trader Shows Market Was Wiped Out (Bloomberg)
Not long ago, Ukraine was one of the hottest spots in emerging markets, posting returns of 24 percent on its dollar-denominated notes in 2012 and luring foreign firms led by Franklin Resources Inc. Those returns turned negative last year as the tug of war between Russian President Vladimir Putin and the West for control of Ukraine began to take shape amid the protests. The value of stocks traded on the Ukrainian Exchange has dropped 27 percent this year to 970 million hryvnia ($91 million), according to data on the bourse’s website. The benchmark equity gauge is up 9.3 percent over the past year after tumbling 69 percent the previous two years.

Morgan Stanley investors await Fed’s buyback blessing (Reuters)
Morgan Stanley shareholders will find out this week whether the U.S. Federal Reserve will allow the bank to start returning capital to shareholders in a meaningful way for the first time since the financial crisis. But even if the Wall Street bank gets the Fed’s blessing to buy back more shares and potentially raise its dividend, it is unlikely to hit a shareholder return target Chief Executive James Gorman set out for this year, analysts and investors said.

S&P Downgrades Brazil Credit Rating, Citing Weak Growth (WSJ)
The downgrade marks a turnaround from 2008, when Brazil’s bonds were awarded investment-grade status amid the global financial crisis. The South American nation seemed to shrug off much of the global downturn, spurring an investor frenzy for Brazilian securities. Brazil soared to 7.5% growth in 2010.

SEC Is Probing Dealings by Banks and Companies in Loan Securities (WSJ)
The Securities and Exchange Commission is investigating whether a Wall Street boom in complicated bond deals is creating new avenues for fraud, according to people close to the probes. SEC investigators are looking at whether banks and companies are using the bond deals to hide certain risks illegally, said the people close to the probes. A number of likely cases in that area are in the pipeline, one of the people said. Separately, the government has expanded an inquiry into how Wall Street banks sell the deals, the people added. The securities being examined aren’t traded on any exchanges or open platforms, and their prices are negotiated privately between buyers and sellers.

For Power Suits in Executive Suites, the Latest Accessory Is Rainbow Loom (WSJ)
Until his grandchildren got Rainbow Loom kits, Ralph Fatigate had never owned a bracelet. Now he has nine, all made of tiny colored rubber bands. He wears them to meetings with bankers around the world. Still, enough is enough. “I will wear no more than four at a time,” said Mr. Fatigate, a former New York state banking regulator. Rainbow Loom bracelets are all the rage among the tween set, and now they are gaining favor among businessmen who can’t say no to a handmade gift from their kids—or their grandchildren…Attorney Greg Keating has an even larger bracelet collection, with about 20 pieces he can choose from when getting dressed for work. Mr. Keating represents companies in employment litigation as a shareholder at law firm Littler Mendelson PC in Boston. His 11-year-old daughter Caroline started working with a looming kit last August. Now Mr. Keating said “she’s probably approaching a black belt in Rainbow Loom” and recently made her dad a bracelet of glow-in-the-dark bands. Now he’s noticing that other men in the workplace are wearing these bracelets, too: He’s spotted them in his office elevator, at business meetings and even in the courtroom…During trials, lawyer Donald Migliori, a member at firm Motley Rice, wears two Rainbow Loom bracelets made by his children. He said he is reluctant to wear other kinds of jewelry that might distract jurors, but the loom bracelets are a welcome reminder of his kids during the more than half of the year he spends on the road for work. His 7-year-old daughter, Gloria, made him a purple, yellow and red Rainbow Loom ring recently. That’s where Mr. Migliori, who has been involved in major litigation involving terrorism and tobacco, had to draw the line. The rubber accessories “are beautiful and meaningful,” Mr. Migliori said. “But the ring is so thick that I can’t even close my hand with it on.” Still, he added, “it makes a nice little keychain.” Read more »

Opening Bell: 03.21.14

Icahn may add reps to Herbalife board but won’t add to stake (NYP)
The billionaire investor was approached by Herbalife after it learned it was the subject of a regulatory probe and asked him to add more of his people to the board, according to sources. While Herbalife said in a regulatory filing that talks between it and Icahn over an added board seat were ongoing, it was not known that the Los Angeles company had approached Icahn about the issue soon after it learned of the Federal Trade Commission probe. While Icahn, who has a 17 percent stake in the distributor of weight-loss shakes, has not made up his mind yet on whether he will name an added board member, he has determined he will not buy more Herbalife shares as part of that deal, sources said.

Regulators Fine Former Credit Suisse Trader (WSJ)
British authorities accused a former senior Credit Suisse AG trader of trying to sell the Bank of England more than £1 billion worth of government bonds whose price he had driven up during a spate of fervent buying, an affair the regulator described as a brazen, if unsuccessful, attempt to rip off taxpayers. The U.K.’s Financial Conduct Authority deemed the trading abusive and fined the trader, Mark Stevenson, £662,700 ($1.1 million). It is the first time it has imposed a penalty for manipulation in U.K. government-bond markets.

Airbnb Is in Advanced Talks to Raise Funds at a $10 Billion Valuation (WSJ)
Airbnb Inc., which once sold novelty cereal boxes to stay afloat before emerging as a threat to the hotel industry, is close to becoming one of the world’s most valuable startups. The online service that lets people rent their homes to travelers is in advanced talks to raise capital that would value it at about $10 billion, according to people familiar with the matter. Private-equity firm TPG and boutique investment firm Dragoneer Investment Group are leading the funding round, which could total between $400 million and $500 million, these people said. Mutual funds including T. Rowe Price Group Inc. are expected to be part of the investment group, the people said. Fidelity Investments is also in discussions to join the group, the people said.

…despite orgy fiasco (NYP)
Earlier this week, Airbnb found itself in a hot mess when Ari Teman discovered that his apartment, which had he had listed on Airbnb, had hosted a wild sex party advertised on Twitter as a “XXX FREAK FEST.” Teman thought he was renting the pad to someone who was going to use it to host some wedding guests. Airbnb has since put Teman up in a hotel and banned the party planner from its website. It is also discussing reimbursing him for the damage to his home. “Airbnb has been responsive, and we are still in talks,” Teman told The Post about the bizarre episode, which he said left his furniture unusable and his clothes mysteriously damp.

$80 Million for 6 Weeks for Cable Chief (Dealbook)
Robert D. Marcus became chief executive of Time Warner Cable at the start of the year. Less than two months later, he agreed to sell the company to its largest rival, Comcast, for $45 billion. For that work, he will receive nearly $80 million if the deal closes, a severance payment that amounts to more than $1 million a day for the six weeks he ran the company before agreeing to sell. “It’s not unprecedented, but it is rare and troubling,” said Robert Jackson Jr., an associate professor at Columbia Law School. “There’s something stunning about such big paydays for such a small amount of work.”

McDonald’s Patron Pointed Gun At Drive-Thru Worker Over Missing French Fries (Or Dipping Sauce) (TSG)
Oklahoma cops are searching for a McDonald’s patron who pointed a gun at a teenage drive-thru worker after discovering that his order was missing an item. A female cashier told police that a vehicle came through the drive-thru late Tuesday night and the driver picked up an order. But after discovering that the McDonald’s bag was short an item, a male passenger became upset, according to police in Chickasha, a city 40 miles southwest of Oklahoma City. At that point, the suspect, who was in the vehicle’s back seat, pointed a gun at the employee and warned, “Don’t make me use this” and “Don’t let it happen again.” Cops received conflicting accounts over what item was reportedly missing from the order. The cashier said that the customer complained that dipping sauce was not included in the order, while another witness said the dispute involved french fries. Read more »

Opening Bell: 03.20.14

French Court Upholds Prison Sentence for Rogue Trader at Société Générale (WSJ)
PARIS—France’s highest appeals court on Wednesday said former Société Générale trader Jérôme Kerviel must serve the three-year prison sentence handed to him for his wayward bets but it overturned an award of €4.9 billion ($6.37 billion) in civil damages that was to be paid to the bank.

U.S. Alleges Inside Traders Used Spycraft, Ate Evidence (WSJ)
The scheme involved an elaborate attempt at cloak-and-dagger tradecraft, prosecutors said. According to the criminal complaint, the middleman usually met Mr. Eydelman, who lives in Colts Neck, N.J., by the large four-face clock at Grand Central. There, he would flash a piece of paper with the stock trading symbol of the company in question and then chew it up after the stockbroker committed the information to memory. Throughout the alleged scheme, Mr. Metro and the middleman intentionally limited telephone calls and texts to seemingly innocuous statements, such as “let’s meet for coffee,” but then would meet to exchange inside tips, with Mr. Metro allegedly pointing to stock ticker symbols on his smartphone, according to a related civil complaint by the SEC. Mr. Eydelman knew the source of his customer’s information was a friend who worked at a law firm and was referred to once by the middleman as the “boy at the law firm,” according to the SEC complaint. Mr. Eydelman, who traded on the inside information for himself and others, covered his tracks with a “paper trail of false and contrived emails” citing market research and other rationales intended to serve as legitimate bases for the illegal trading, according to the SEC complaint. Mr. Metro, who is from Katonah, N.Y., saw little immediate benefit from his part in the alleged scheme, because his share of the profits—originally about $7,000—was rolled over into subsequent trades that increased his take to about $168,000, according to the criminal complaint. Last fall Mr. Metro told the cooperating witness that he wanted to cash out his share. The request prompted Mr. Eydelman to say to the middleman in January, “Sooo, we got to figure out a way to get [him] some cash, right?” according to the complaint.

Bitcoin firms explore U.S. rules for derivative exchanges (Reuters)
“Let me tell you, (if) they’ve got a derivatives contract, we have jurisdiction… and we should regulate it,” Bart Chilton, a member of the Commodity Futures Trading Commission told Reuters in an interview.

Amish Buggy Driver Sought In Hit-And-Trot (TSG)
Pennsylvania cops are hunting for the driver of an Amish buggy that was involved in a hit-and-gallop accident Sunday evening. According to state troopers, victim Michelle Cooper, 36, was driving her Honda CRV on a Mercer County road when an “unknown actor driving an Amish buggy” damaged the vehicle “by running into it twice.” “The Amish buggy drove away from the scene” and was last spotted “near Orchard Road and #8 Rd,” a police report notes. While the left side of Cooper’s car was damaged by the buggy, she was not injured during the collisions. Police have classified the buggy accident as a criminal mischief incident, so it appears unlikely that the perp would face an additional charge of trotting from the scene of a crime. In a TSG interview, Cooper said she was at a stop sign waiting to make a turn when she spotted the buggy “flying like a bat out of hell” down the road. As the buggy turned alongside her vehicle–which carried Cooper’s two young sons and a 10-year-old nephew–it struck the side of the 2009 Honda. After pursuing the buggy for about a minute, Cooper pulled in front of it and exited her car to confront the driver, whom she described as a “young kid” with “no beard.” The driver, Cooper said, “threw his hands in the air” and drove on, striking the Honda’s open driver’s door (which Cooper could not subsequently get to close). Read more »

Opening Bell: 03.19.14

Short Sellers Target Chinese Developers as Rout Deepens (Bloomberg)
Short interest in Evergrande Real Estate Group Ltd. (3333), the nation’s fourth-largest developer by market value, was at 8.4 percent of shares outstanding on March 17, up from 3.2 percent a year ago, according to data compiled by Bloomberg and Markit Group Ltd. It touched a record 8.6 percent on March 4. Wagers against Guangzhou R&F Properties Co. (2777) and Agile Property Holdings Ltd. (3383) have both reached the highest since December 2012.

Apple CEO Tim Cook: New book on company is ‘nonsense’ (CNBC)
Here is the full statement: “This nonsense belongs with some of the other books I’ve read about Apple. It fails to capture Apple, Steve, or anyone else in the company. Apple has over 85,000 employees that come to work each day to do their best work, to create the world’s best products, to put their mark in the universe and leave it better than they found it. This has been the heart of Apple from day one and will remain at the heart for decades to come. I am very confident about our future. We’ve always had many doubters in our history. They only make us stronger.” The book, written by former Wall Street Journal technology reporter Yukari Iwatani Kane, examines the company’s performance since Jobs’ death and claims that Apple’s best days are behind it.

A Prison Life: Ex-Banker Struggles (WSJ)
Mr. Farkas is still fighting his 2011 conviction for masterminding a $2.9 billion fraud that contributed to the 2009 collapses of Taylor, Bean & Whitaker Mortgage Corp., his lending firm in Ocala, Fla., and the Alabama-based Colonial Bank. According to court documents and evidence presented at trial, he personally misappropriated more than $38.5 million from Taylor Bean and Colonial Bank to finance his lifestyle, including purchasing multiple homes, scores of cars, a jet and a seaplane. Mr. Farkas says he did some “things that were not really smart” but never anything illegal. “I wasn’t the kind of guy they painted a picture of, big high-living,” he says. “Among my peer group, I was a pauper.”

Clashing Over Office Clutter (WSJ)
All nine employees of TheSquareFoot.com in New York City have neat, clean desks—except one. Co-founder Jonathan Wasserstrum’s desk and the floor around it are strewed with paper, files, tech gear and old boxes. “I like being near my stuff rather than fishing for it in a cabinet somewhere,” he says. Being near Mr. Wasserstrum’s stuff is harder for Justin Lee, the company’s other co-founder. At times, “some of his crud will spill over onto my desk,” Mr. Lee says. Other co-workers at the online commercial real-estate leasing and brokerage company sometimes print new copies of documents to avoid handling food-smeared paperwork from Mr. Wasserstrum’s desk.

Michigan Teacher Gives Fifth-Graders Non-Alcoholic Beer (AP)
A Michigan teacher made a poor choice by giving non-alcoholic beer to a class of fifth graders in a history lesson, a school official said. Superintendent Ed Koledo said the teacher allowed Hyatt Elementary students in Linden to sample O’Doul’s that had been brought to school by a student March 6 to represent ale common in the 1700s. The students were told that many people drank ale at the time because water was sometimes dirty or unhealthy. “We talked to the teacher and said this was an inappropriate choice,” Koledo said. “There were a lot better choices to represent a colonial-era drink than what was chosen here.” The students were allowed a small taste but none were forced to try the non-alcoholic beer, school officials said. Koledo, who didn’t identify the teacher, said allowing non-alcoholic beer into the classroom and allowing students to drink it was a mistake.

How Masters of the Universe Select Final Four Teams (BusinessWeek)
Here are the picks: Read more »

Opening Bell: 03.18.14

Wall Street Trains Fire on Idea of a Bank Tax (WSJ)
Bank of America Corp., Citigroup Inc., Goldman Sachs Group Inc., J.P. Morgan Chase & Co. and other big banks are marshaling opposition on Capitol Hill to kill a proposal by House Ways and Means Committee Chairman Dave Camp (R., Mich.) to tax the nation’s largest financial firms, according to people familiar with the efforts. The companies are curtailing financing for GOP lawmakers and warning of an economic hit, these people say. Goldman Sachs, which was in discussions to hold a fundraiser for the National Republican Congressional Committee, recently opted not to move forward because of concerns about Mr. Camp’s bank-tax proposal, according to people familiar with the plans.

Investment Banking Drives Jefferies to Strong Results (WSJ)
For the quarter ended Feb. 28, Jefferies recorded net earnings of $112.4 million on revenue of $899 million. Jefferies had preliminarily forecast earnings of $105 million on revenue of $875 million. A year earlier, the bank earned $80.1 million profit on revenue of about $818.5 million. The quarter’s bottom-line growth was driven by a 44% rise in investment banking revenue to $414.3 million, on the back of strength in both the capital markets and advisory businesses. Jefferies had previously reported preliminary investment banking revenue of $410 million.

BlackRock Says Bears Blundering by Exiting Emerging Markets (Bloomberg)
Investors “are selling emerging markets which have very low valuations, significant dividend yields but have underperformed in recent times,” Vecht, London-based portfolio manager at BlackRock Emerging Europe Trust Plc, said in e-mailed comments yesterday. In exchange, they’re buying assets in the developed world, “which has relatively high valuations, potentially limited long-term earnings growth and where markets have just gone up rather fast.”

Bristol man gets revenge by texting works of Shakespeare to rogue internet seller (BP)
A Bristol graphic designer who was ripped off by an internet seller has turned to Shakespeare to get his revenge. Edd Joseph, 24, who lives in the city with his girlfriend, was furious when he bought a PS3 games console for £80 and the seller failed to deliver the goods. So Edd decided to take his revenge by sending him the entire works of the Bard – by text. Edd discovered he could copy the words from the internet and paste them into a text message – without costing him a penny on his unlimited mobile phone package. He sends it as one text but his victim can only receive them in 160 character chunks – meaning the 37 works of Shakespeare will buzz through in 29,305 individual texts. So far Edd has sent 22 plays including Hamlet, Macbeth and Othello which have been delivered in 17,424 texts. He reckons the remaining 15 works will take another few days to send – meaning his adversary’s phone will have been constantly beeping for nearly a week. Edd said: “I was really annoyed and I was trying to think of ways of being more in the position of power because I felt so helpless about it. “My first thought was that I could try and pretend I had found out where he lived but it was all a bit of a cliche and it wasn’t going to worry him really. Read more »