Opening Bell

  • Bitcoins

    Opening Bell

    Opening Bell: 01.30.14

    Bitcoin Needs Tighter Rules Than Banks, Say Prosecutors (Bloomberg) “Without stronger government oversight, we are allowing cybercriminals, identity thieves, traffickers of child pornography, and other malevolent actors to operate in a digital Wild West,” Cyrus Vance Jr., the district attorney for Manhattan, said at a hearing yesterday about possible state regulation of digital currencies. Gray […]

    / Jan 30, 2014 at 7:00 AM
  • winkelvosstwins

    Opening Bell

    Opening Bell: 01.29.14

    U.S. Banks Steer Clear of Sensitive Customers (WSJ) JP Morgan Chase & Co. has jettisoned more than 2,000 customers since the New York bank last year decided to reduce its exposure to businesses that could add to its long list of regulatory problems, according to a person familiar with the bank’s operations. Among other things, […]

    / Jan 29, 2014 at 7:00 AM
  • BBQFestivalBeefRibs

    Opening Bell

    Opening Bell: 01.28.14

    Perkins Apologizes for Comparing Attacks on Rich to Holocaust (Bloomberg, earlier) Venture capital pioneer Tom Perkins apologized for comparing today’s treatment of wealthy Americans to the persecution of Jews in Nazi Germany, though he said he stood by his message around class warfare. “I’d deeply apologize to you and anyone who has mistaken my reference […]

    / Jan 28, 2014 at 7:00 AM
  • 10248702_h19685109

    Opening Bell

    Opening Bell: 01.27.14

    ICAP Poised to Lose Central Role in Helping Setting Benchmark Rate (WSJ) Market officials plan as soon as Monday to alter the methodology used daily to calculate the benchmark, known as ISDAfix, cutting London-based ICAP out of its longtime role in helping calculate it, according to people familiar with the decision. The International Swaps and […]

    / Jan 27, 2014 at 7:00 AM
  • jamiedimon

    Opening Bell

    Opening Bell: 01.24.14

    Fined Billions, Bank Approves Raise for Chief (Dealbook) JPMorgan’s board voted this week to increase Mr. Dimon’s annual compensation for 2013, hashing out the pay package after a series of meetings that turned heated at times, according to several executives briefed on the matter. The raise — the details were not made public on Thursday […]

    / Jan 24, 2014 at 7:00 AM
  • Bill-Gross-001

    Opening Bell

    Opening Bell: 01.23.14

    Pimco’s Bill Gross Seeks Push Beyond Bonds (WSJ) A day after his partner at the top of Pacific Investment Management Co. stepped down, Bill Gross said he wants to double down on its efforts to turn into much more than a bond shop. His goal: to reduce the giant asset manager’s reliance on bonds and […]

    / Jan 23, 2014 at 9:30 AM
  • magnumclub

    Opening Bell

    Opening Bell: 01.22.14

    Banks Sit Out Riskier Deals (WSJ) Starting late last summer, the Office of the Comptroller of the Currency and the Federal Reserve sent letters to about a dozen big banks saying they need to comply with the guidance—regulators’ latest effort to reduce risk in the banking industry following the financial crisis. The new push could […]

    / Jan 22, 2014 at 7:00 AM
  • geithner

    Opening Bell

    Opening Bell: 01.21.14

    IMF Raises Global Outlook as Advanced Nations Accelerate (Bloomberg) The International Monetary Fund raised its forecast for global growth this year as expansions in the U.S. and U.K. accelerate, and urged advanced economies to maintain monetary accommodation to strengthen the recovery. The global economy will grow 3.7 percent this year, compared with an October estimate […]

    / Jan 21, 2014 at 9:30 AM
  • jamesgormanmorganstanleytradingfloor-260x143

    Opening Bell

    Opening Bell: 01.17.14

    Morgan Stanley Surpasses Estimates on Record Brokerage Earnings (Bloomberg) Morgan Stanley, owner of the world’s largest brokerage, reported profit that beat analysts’ estimates as equity-trading revenue increased and earnings from wealth management climbed to a record. Fourth-quarter net income fell to $181 million, or 7 cents a share, from $594 million, or 29 cents, a […]

    / Jan 17, 2014 at 9:28 AM
  • GaryCohnLloydBlankfeinGoldmanSachs

    Opening Bell

    Opening Bell: 01.16.14

    Goldman Exceeds Estimates on Stock Underwriting, Pay Costs (Bloomberg) Goldman Sachs, the Wall Street bank with the highest return on equity, reported earnings that beat analysts’ estimates as equity-underwriting fees doubled and full-year compensation costs fell to the second-lowest percent of revenue since the firm went public in 1999. Fourth-quarter net income dropped 19 percent […]

    / Jan 16, 2014 at 9:27 AM
  • Kanye West at Paris Fashion Week

    Opening Bell

    Opening Bell: 01.15.14

    How legal marijuana could be the next great American industry (CNBC) For now, mass cannabis production and scalable business models aren’t as vigorous as they could be because marijuana remains illegal under federal law. Banks and credit card companies are prohibited from processing pot business transactions, according to federal rules. But working within state guidelines, […]

    / Jan 15, 2014 at 7:00 AM
  • shia-labeouf

    Opening Bell

    Opening Bell: 01.14.14

    Witness at Martoma Trial Notes Pressure to Produce at SAC (WSJ) SAC Chief Financial Officer Daniel Berkowitz told jurors that SAC’s employment contracts contain a “down and out” clause that means if managers lose a certain percentage of capital, they can be fired. “If you’re down that amount, you’re out,” Mr. Berkowitz told jurors. While […]

    / Jan 14, 2014 at 7:00 AM
  • What? A lot of politicians make campaign stops at nightclubs.

    Opening Bell

    Opening Bell: 01.13.14

    First Bitcoin ATM To Debut In NYC (NYP) Brooklyn native Willard Ling, 30, is set to introduce the first bitcoin ATM to New York City. After scouting locations, he has chosen the East Village bubble tea shop Just Sweet, on 3rd Avenue and 12th Street. He is now in talks with the owners on a […]

    / Jan 13, 2014 at 7:00 AM
  • Bill-Gross-001

    Opening Bell

    Opening Bell: 01.10.14

    Banks Cuts As Mortgage Boom Ends (WSJ) A sharp slowdown in mortgage refinancing is forcing banks to cut jobs, fight harder for a smaller pool of home-purchase loans and employ new tactics to drum up business. The end of a three-decade period of falling mortgage rates has slammed the brakes on a huge wave of […]

    / Jan 10, 2014 at 7:00 AM
  • leonardo-dicaprio-filming-the-wolf-of-wall-street-01

    Opening Bell

    Opening Bell: 01.09.14

    BlackRock Agrees With N.Y. to End Analyst Survey Program (Bloomberg) BlackRock, the world’s biggest money manager, agreed to end an analyst survey program that New York Attorney General Eric Schneiderman concluded was relied on to execute trades using nonpublic information. BlackRock agreed to discontinue use of the analyst survey program worldwide. It was developed by […]

    / Jan 9, 2014 at 11:33 AM
  • rodman

    Opening Bell

    Opening Bell: 01.08.14

    Federal Probe Targets Banks Over Bonds (WSJ) Federal investigators are probing whether a number of Wall Street banks cheated clients in the years following the financial crisis by deliberately mispricing a type of mortgage bond that was central to the economic turmoil, according to people close to the inquiry. The investigation is a potential blow […]

    / Jan 8, 2014 at 11:28 AM
  • 10248702_h19685109

    Opening Bell

    Opening Bell: 01.07.14

    Yellen Confirmed As Fed Chief (WSJ) Janet Yellen will join the ranks of the most powerful economic policy makers in the world next month, taking the helm of the Federal Reserve at a time when the central bank is assessing its unprecedented steps to buoy the U.S. economy. The 67-year-old Ms. Yellen, currently the vice […]

    / Jan 7, 2014 at 7:00 AM
  • mark-zuckerberg22

    Opening Bell

    Opening Bell: 01.06.13

    High-Speed Traders Form Trade Group To Press Case (WSJ) To counter what they say is the industry’s unfair reputation as a disruptive force in the markets, a group of high-frequency trading firms have hired a pair of heavy-hitting political strategists and formed a trade group to press their case with regulators and lawmakers. The strategists, […]

    / Jan 6, 2014 at 7:00 AM

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