$$$ The $9 Billion Witness: Meet JPMorgan Chase’s Worst Nightmare [Rolling Stone]
If yes, he’ll need a few extra bucks to pay for that something.
“Keep in mind that some of our major financial institutions are spending more on cybersecurity each year than our agency’s entire budget,” he said at an industry conference in Chicago.
Bank of America Corp. reduced third-quarter profit by $400 million because of higher litigation expenses related to probes of the firm’s foreign-exchange business. The lender adjusted results for the three months ended Sept. 30 to a net loss of $232 million, or 4 cents a share, Charlotte, North Carolina-based Bank of America said today in a statement…Bank of America, the second-largest U.S. lender, previously said it had $5.6 billion in third-quarter legal expenses, according to an Oct. 15 presentation, with almost 90 percent attributed to the mortgage settlement. The firm had posted a surprise quarterly profit before today’s disclosure. [Bloomberg]
Have you been to Brighton Beach? It’s just like the Crimea, except without the Russian troops. And since the government has declared not-entirely-but-kinda open season on all things Russian, and since the U.S. Attorney for the Eastern District of New York can practically see Little Odessa from her office, why shouldn’t her office be the one to go after one of Vladimir Putin’s buddies for money laundering? Read more »
Herbalife failing to fall off a cliff notwithstanding, the hedge fund manager and his clients have a lot (of money) to smile about. Bonus: it looks like Bill won’t have to bust his ass to find houses to flip in South Florida just yet. Read more »
Wheatgrass Shots At Merrill Lynch Make About As Much Sense To Charlie Gasparino As A Cardio Workout On A Deadlifting DayBy Bess Levin
Charlie Gasparino is an old school kind of guy. He picks up the phone to chase down stories. He keeps in shape with wind sprints and pounding the speed bag. He types with two fingers and celebrates scoops by eating steaks with his hands. He describes public company CEOs looking “like the kind of guy[s] you’d beat the hell out of,” and he has zero qualms about calling people who question his reporting “friggen jerk[s]” and “dope[s],” in addition to telling them to fetch his dry cleaning. In short, he comes from another era, when men were men and women were referred to as broads. He has little time for sensitivity or a workplace that frowns upon pinching secretaries on the ass and so it should probably come as little surprise that a BofA Merrill exec’s new way of doing things at the once-vaunted brokerage does not sit right with CG. Read more »
In addition to what we can only assume was the wild celebration at Chez Singer on Tuesday night, and into yesterday morning, the Elliott Management chief is finding time for lots of things this week. Like, for instance, in-depth analysis of the reaction to the Ebola virus epidemic, and his continuing search for something of Argentina’s that he can seize. That may be plenty to occupy the average hedge-fund billionaire, but not Paul Singer, who in spite of his euphoria over President Obama’s humiliation is still really quite angry about all of the money he didn’t make when AbbVie decided not to buy Shire. Read more »