Stephen Cutler is pretty sure a 9-figure settlement is still something. It’s the thought that counts. Read more »
JPMorgan’s Top Lawyer Thinks Government Could’ve Been Just As Happy With $100 Million As It Was With $13 BillionBy Bess Levin
As Luck Would Have It, Goldman Sachs Didn’t Actually Lose $1 Billion On Currency Bets Last Month: Goldman SachsBy Jon Shazar
Or, at least, if it did, the Reuters-reported loss did not take into account “many of the firm’s market-making and client facilitation strategies” which “utilize financial instruments across various product types,” and therefore is “not representative of the way in which the firm manages its business activities.” Read more »
Suspension From Pulpit, Labour Party Deemed Insufficient Punishment For Living Like A ‘Breaking Bad’ CharacterBy Jon Shazar
Paul Flowers, the former Co-operative Bank chairman, local councillor and a sometime-but-not-right-now Methodist minister, has a bit more explaining to do about the crystal meth, crack and ketamine he bought to deal with the shame of having to explain to Parliament how the storied bank got run into the ground under his watch. Read more »
Not Including The Time Last January He Took Part In A CNBC Interview With Bill Ackman Wherein He Likened The Pershing Square Founder To The Little Boys He Used To Beat Up In Queens, Carl Icahn Hasn’t Spoken To Bill Ackman In “Years”By Bess Levin
Pershing Square’s Bill Ackman appeared on Bloomberg Television for an hour today from the Robin Hood Investors Conference in New York, telling Bloomberg TV’s Stephanie Ruhle that he’ll take his Herbalife bet “to the end of the earth” even as he has lost $400-$500 million on the investment. He also said that Herbalife longs are all 80-year old billionaires. Carl Icahn responded to Ackman in a conversation with Bloomberg TV’s Trish Regan, saying: “I fail to understand how Bill Ackman, whom I haven’t spoken to for years, nor do I intend to speak to, would know what I am or am not committed to. I continue to believe Herbalife has a great future, and in my opinion many of the things Ackman says about it are simply the rantings of a sore loser…Interestingly there is something that Ackman and I have in common. Ackman complained at an Oxford conference that every time I went on TV and mentioned Herbalife, the stock went up a few points. Well, that’s also true of him.” Read more »
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, supplied by his analyst Jon Horvath, to score huge profits, the government has charged. SAC’s CFO Dan Berkowitz told the jury in Manhattan federal court that Steinberg’s total pay took a hit in 2008 as Wall Street reeled from the financial crash.
Draghi Makes Case For Low ECB Rates (WSJ)
European Central Bank President Mario Draghi reinforced his message to a German audience Friday that the central bank’s low interest rates help savers by supporting the economy, countering concerns that low rates depress savers’ returns. Mr. Draghi and the ECB have both faced some criticism in Germany, a country with an entrenched belief in sound money and a fear of inflation, since the ECB cut its main interest rate to a record low earlier this month. “It is important to understand that interest rates are low because the economy is weak. If we raised rates, we would further depress the economy, people would lose their jobs, and then their savings would be lower for longer,” Mr. Draghi said in a speech at the European Banking Congress here.
German Business Confidence Increases as Recovery on Track (Bloomberg)
German companies are becoming more optimistic as they invest to take advantage of domestic unemployment near a two-decade low and the end of the euro area’s longest-ever recession. Investor confidence rose to the highest level in four years in November and the Bundesbank said this week that the nation’s economy remains on a “solid growth path.”
IMF Urges Spanish Banks to Raise Capital (WSJ)
The International Monetary Fund recommended Friday that Spanish banks raise more capital and keep their dividend payments capped in 2014 to facilitate lending to an economy constrained by tight credit. A fragile economic environment and small buffers of excess capital underscore “the need for Spanish banks to continue efforts to maintain recently achieved capital levels in ways that do not rely excessively on credit contraction,” the IMF said in a report on the country’s progress in cleaning up its banking industry.
Professional chicken catcher fired over his attitude can’t get jobless aid, Pa. court says (PennLive)
Professional chicken catcher Joshua Spickler was fired in January over what his ex-employer said was a bad attitude. On Thursday, Commonwealth Court concluded that was enough to deny the Northumberland County man unemployment compensation benefits, too, on grounds that his supposed negativity constituted willful misconduct. The state court turned aside Spickler’s arguments that the evidence his attitude had declined to the point where it was negatively affecting co-workers at B&B Catching Services Inc. was nothing but hearsay. According to court filings, Spickler worked at B&B in Dornsife for nearly five years. His former employer claimed his attitude started going downhill after he and co-workers were told in May 2012 that their bonuses would be reduced because of a downturn in business. Spickler’s alleged poor attitude resulted first in his demotion from a crew chief post. His employers claimed he started refusing orders, cut up a company gas card and spoke ill of the firm to fellow employees. He was warned that he could be fired if he didn’t change his ways, B&B officials claimed. Read more »
$$$ Chrysler Banks Said to Mull IPO Valuation Around $10 Billion [Bloomberg]
$$$ Paulson Said to Tell Clients He Wouldn’t Add More to Gold [Bloomberg]
$$$ Dow Closes Above 16000 [WSJ]
If you liked your bonus in 2012, you’ll love what’s coming to you this year. Read more »