Opening Bell: 03.30.10

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RBS Fined for Breaching Competition Law (WSJ)
£28.59 million ($42.8 million) for colluding with Barclays on loan pricing, in one of the largest U.K. fines against a single company and the largest for a bank.

The Issue of Liquidity Bubbles Up (NYT)
Andrew Ross Sorkin ate cookies with Tim Geithner on Friday and they talked about liquidity.

Hawaii takes steps toward legalizing cockfights (NYDN)
Just putting it out there.

RBC Capital Aims To Be Among Top Ten US Investment Banks (Bloomberg)
“Our goal over the next two to three years is to be top 10 in the U.S. market,” said Blair Fleming, who heads the U.S. investment-banking unit of Royal Bank of Canada in New York.

Elizabeth Warren: Half of Commercial Mortgages to Be Underwater (CNBC)
As a result, the economy will face another “very serious problem” that will have to be resolved over the next three years, she said, adding that things are unlikely to return to normalcy in 2010.

RNC Fires Staffer Over Bar Tab (WSJ)
Apparently this sort of thing is frowned upon: "The Republican National Committee said Monday that it had fired an employee involved in running up a bar tab of nearly $2,000 at a risqué Los Angeles-area nightclub that was later charged to the committee. The announcement came after a political Web site reported that the RNC's February financial filing showed it had paid the bar bill at the club, Voyeur. The item in The Daily Caller caused a small tempest and threatened to become a distraction for RNC Chairman Michael Steele, whose leadership and spending decisions have been criticized by party officials and rank-and-file members."

Lehman: Creditor Claims Should Be Cut (Reuters)
Lehman Brothers Holdings aid on Monday it believes claims from creditors against its bankruptcy estate should be cut to $605 billion, according to a document filed with the U.S. Securities and Exchange Commission. The bankrupt investment firm has been contending with more than 64,000 claims from creditors. Last November, Lehman Chief Executive Bryan Marsal said the claims had a face value of more than $820 billion and that it was possible the claims could reach $1 trillion.

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Opening Bell

Opening Bell: 04.04.12

Chinese Premier Blasts Banks (WSJ) In an evening broadcast on state-run China National Radio, Mr. Wen told an audience of business leaders that China's tightly controlled banking system needs to change. "Let me be frank. Our banks earn profit too easily. Why? Because a small number of large banks have a monopoly," said Mr. Wen, according to the transcript of the program on the broadcaster's website. "To break the monopoly, we must allow private capital to flow into the finance sector." Regulators Expected to Penalize JPMorgan Over Lehman Collapse (NYT) The Commodity Futures Trading Commission is expected this week to file a civil case against JPMorgan. The bank is expected to settle the Lehman matter and pay a fine of approximately $20 million...The Lehman action stems from the questionable treatment of customer money — an issue that has been at the forefront of the recent outcry over MF Global. JPMorgan was also intimately involved in the final days of that brokerage firm. The trading commission is expected to accuse JPMorgan of overextending credit to Lehman for two years leading up to its bankruptcy in 2008, the people briefed on the matter said. Fitch Ditched in Bond Dispute (WSJ) Fitch Group's new chief executive said Credit Suisse Group AG CSGN.VX -1.61% dropped the firm's rating from a mortgage-backed security because Fitch took a harsher view than two rivals that assigned triple-A ratings to the deal. "It was an 11th-hour thing when they decided which agency it would be to publicly rate it," said Paul Taylor, who took over this week as chief executive of Fitch Group, in an interview. "We had a materially different take." Mr. Taylor said Fitch Group, which includes credit-rating firm Fitch Ratings, had been compensated for its rating on the mortgage-backed deal. Fitch shared its differing view with investors after the deal closed Friday, publishing a report critical of Standard & Poor's Ratings Services and DBRS Ltd. for issuing triple-A ratings on the residential-mortgage-backed security issued by Credit Suisse. Fed Signals No Need for More Easing Unless Growth Falters (Bloomberg) “A couple of members indicated that the initiation of additional stimulus could become necessary if the economy lost momentum or if inflation seemed likely to remain below” 2 percent, according to minutes of their March 13 meeting released today in Washington. That contrasts with the assessment at the FOMC’s January meeting in which some Fed officials saw current conditions warranting additional action “before long.” Spanish Bond Sale Fizzles (WSJ) Spain sold a total of €2.589 billion ($3.43 billion) of the 4.4% January 2015, 4.25% October 2016 and 4.85% October 2020 bonds, against its €2.5 billion to €3.5 billion target. Wednesday's sale, brought forward by one day due to a national holiday on Thursday, brought Spain's 2012 bond issuance completion to almost 46% of the €86 billion gross bond issuance target. ‘Apple Fever’ Prompts Predictions of $1 Trillion Value (Bloomberg) “Apple fever is spreading like a wildfire around the world,” Brian White, the Topeka analyst, said in a report that initiated coverage of the company with a buy recommendation. White’s new 12-month target of $1,001 is the highest among the 45 analysts tracked by Bloomberg and represents a 59 percent increase over today’s closing price. He said Apple’s market value will eventually top $1 trillion. £200,000 bar bill trader, arrested in FSA probe (CityAM) Alex Hope, the 23 year-old trader who hit the headlines after spending £125,000 on a single bottle of champagne, has been arrested on suspicion of being involved in an unauthorised foreign exchange trading scheme. Hope, who claims to be a self made foreign exchange trader, became infamous when he ran up a £125,000 bar bill in one evening at a Liverpool nightclub. Most of this was spent on a single 99lb bottle of champagne...Hope's publicist last night confirmed that he had been arrested but said that he denies all allegations. His personal website describes him as “a name to watch out for in the city” and “an expert in the UK economy” who regularly "trades millions." It calls him a “talented, charismatic and thoroughly likeable man." SEC Puts Exchanges on Notice Over Computer-Driven Trades (Bloomberg) “The consequences of a big failure are so severe that the SEC should be paying close attention to these issues,” James Angel, a finance professor at Georgetown University’s business school in Washington, said in an e-mail. “No human system is perfect and eventually something will happen, so they also want policies and procedures in place for catching problems quickly and cleaning up the mess afterwards.” Ready for a rumble: Falcone vs. Icahn (NYP) Falcone, who has funneled a whopping $2.9 billion into LightSquared, is desperate to salvage his shaky investment amid a battle with federal regulators over building out the wireless network. Falcone has said both publicly and privately that bankruptcy is not an option. However, some LightSquared creditors, including Icahn, would rather put the company into bankruptcy as part of a plan that would give them equity stakes in the company and greater control over its future, sources said. The deadline for creditors to decide is fast approaching. Icahn and other owners of LightSquared’s $1.6 billion loan due 2014 have given the company until the end of April before they decide whether to put LightSquared into default for breaching some loan covenants tied to its customer contracts. ADP: 209,000 Jobs Added (WSJ) Private businesses hired at a modest rate in March close to what economists expected, according to a report released Wednesday. Private-sector jobs in the U.S. increased 209,000 last month, according to a national employment report published by payroll processor Automatic Data Processing Inc. and consultancy Macroeconomic Advisers. The gain was just above economists' median expectation of 200,000 contained in a survey done by Dow Jones Newswires. Occupy London Hinders Burrito Sales More Than Banker Bonuses (Bloomberg) The protesters were evicted from St. Paul’s on Feb. 28 and at least one restaurant found its bookings jump back to pre- occupied levels. Sales were down 40 percent to 50 percent while the camp was at St. Paul’s, resulting in two or three staff members losing their jobs, said Pollie Hall, events manager at the Paternoster Chop House. “This isn’t the corporate fat cats they were affecting, it was average working Joes,” said Hall, who said her customers were verbally abused by protesters and she was called a “devil- worshipping mason.” A wedding scheduled at the restaurant on the first day of the protest had to be moved. Mega ‘winner’: $105M tix stashed in this McDonald's (NYP) The Baltimore woman who claims to have one of three winning Mega Millions tickets now says it’s hidden somewhere in the McDonald’s restaurant where she works. Marlinde Wilson, 37, coyly wouldn’t reveal whether she had stashed the slip of paper behind the McFlurry machine or under the all-beef patties. “I’m waiting for things to calm down so I can go back to McDonald’s and get it. The people [at McDonald’s] are too excited. I want their heads to cool down before I go back,” she said.

Opening Bell

Opening Bell: 03.27.13

Cyprus Sets Bank Restructuring (WSJ) Cyprus's central bank chief said Tuesday that large depositors at the island's biggest lender, Bank of Cyprus Pcl, could lose as much as 40% on their deposits. In a television interview later, the finance minister said large uninsured deposit holders at the second-biggest, Cyprus Popular Bank Pcl, might only see one-fifth of their money returned and could wait several years before being paid back. Central banker Panicos Demetriades said at a news conference that a special administrator would be appointed to oversee both the winding down of Cyprus Popular, also known as Laiki, and the merger of its healthy assets with Bank of Cyprus. Plans for the move prompted Bank of Cyprus Chairman Andreas Artemis to submit his resignation earlier in the day. UK Banks Facing Capital Shortfall (WSJ) U.K. banks must come up with £25 billion in fresh capital by the end of the year to start plugging an estimated £50 billion ($75.8 billion) capital shortfall across the sector, the Bank of England's Financial Policy Committee said Wednesday. Banks Looking At $100 Billion Legal Tab (WSJ) The largest U.S. banks—Citigroup, J.P. Morgan Chase & Co., Bank of America Corp. and Wells Fargo—together have paid $61.3 billion to settle credit-crisis and mortgage claims over the past three years, according to SNL Financial, Charlottesville, Va. Research firm Compass Point Research & Trading LLC estimates that U.S. banks will wind up owing a further $24.7 billion related to the repurchase of faulty mortgage loans. From Finance to Sex Therapy: London Bankers Escape (CNBC) Mike Lousada, an investment banker turned sex therapist, told CNBC that City workers should "follow their passion" and find an interest they could even develop into their own business. Having worked for two decades at Nomura, JP Morgan, Barclays and Societe Generale "amongst others," Lousada told CNBC that his change of career from banking to sexual healing was a life choice. "I felt my City career no longer had meaning for me and I wanted to pursue something which gave my life meaning and purpose. As I grew, emotionally, I realized how unfulfilled I felt and I knew that there was something else calling me which would be more fulfilling," he told CNBC. Called the "orgasm guru" among London's chattering classes, Lousada has built up a reputation as a talented sex therapist with a long waiting list of clients paying 300 pounds ($454) for a therapy session with him. Woman Attempts To Hide Tadpoles In Her Mouth At The Airport (UPI) When airport security found a bottle of liquid in the woman's carry-on luggage, they informed her that she'd either have to immediately drink or dispose of the liquid. The woman tipped back the small bottle and drank its contents, but security became suspicious when she refused to swallow. The woman eventually spit out was she was holding in her mouth: tadpoles. Lehman plans to distribute $14.2 billion to creditors (Reuters) The distribution includes about $9.4 billion to third-party creditors and affiliates, $4.4 billion among other debtors, and $370 million for newly-allowed claims. Berkshire Set To Get Big Goldman Stake (WSJ) The billionaire chief executive of Berkshire Hathaway accepted the stake in exchange for giving up his company's right to purchase a larger number of Goldman shares at a below-market price, according to terms of the deal announced Tuesday. The pact, worth about $1.5 billion after Tuesday's close, puts an exclamation point on the Omaha, Neb. company's financial-crisis lifeline to Goldman. Berkshire's realized and paper winnings on the 2008 preferred-stock investment now exceed $3 billion, making it one of Mr. Buffett's most lucrative bets in recent years. G4S Readies Guards as Cypriot Banks Prepare to Open (Reuters) The world's largest security firm, G4S, moves cash and will provide guards for Cypriot lenders including Bank of Cyprus and Cyprus Popular Bank, the two biggest, which are to be combined and see large depositors' accounts frozen under a bailout agreed at the weekend. Cypriot banks have been shut for more than a week while the government worked out the bailout and will stay closed until Thursday to prevent a run. Meanwhile, Cypriots have been queuing to withdraw cash from automatic teller machines, with limits at some shrinking down to 100 euros a day. John Arghyrou, managing director of the Cyprus business for G4S, said its 750 employees have been working through the night, going out to replenish cash machines with police guard. Licensing rules prevented the firm from bringing in extra staff to handle the unprecedented workload. Man charged with assault after roommate drew on him (WJLA) A 31-year-old Arlington man is in jail after he was accused of assaulting his roommate when he realized he had drawn male genitalia on him. The alleged assault happened at about 5:30 a.m. Saturday inside a home in the 3100 block of North 17th Street. The accused, James Denham Watson, woke up to find that his roommate drew on his face. Watson then allegedly assaulted his roommate, leaving him with serious, extensive injuries to the face. He was taken to Virginia Hospital Center to be treated for his injuries. The suspect was subsequently arrested and charged with malicious wounding. He's being held without bond. The drawing on Watson's face was still present when he was booked.

Opening Bell

Opening Bell: 4.5.16

Goldman's profit estimate cut; Ex-State Street exec charged with defrauding clients; There’s a secret ‘sex island’ for married people who just want to cheat; and more.

Opening Bell

Opening Bell: 05.06.14

Opening Bell

Opening Bell: 03.14.13

US Probes Gold Pricing (WSJ) The Commodity Futures Trading Commission is examining the setting of prices in London, in which a handful of banks meet twice daily and set the spot price for a troy ounce of physical gold, the people said. The CFTC is looking at issues including whether the setting of prices for gold—and the smaller silver market—is transparent. No formal investigation has been opened, the people said. US And UK Tussle Over Trader (WSJ) Officials in the U.S. Justice Department and the U.K. Serious Fraud Office clashed late last year in their mutual pursuit of Tom Hayes, the former UBS trader who is viewed by prosecutors in both countries as a ringleader of banks' attempts to rig the London interbank offered rate, or Libor, these people said. While jurisdictional disputes among law enforcement agencies aren't unusual, some U.S. officials worry that the friction on this case will jeopardize trans-Atlantic cooperation on future financial-fraud investigations. The spat revolves around a sequence of events that played out in rapid succession last December. The trouble began, the people said, when the U.K. government unexpectedly blocked a Justice Department request to interview Mr. Hayes, who is British and lives outside London. Then, without notifying the U.S., British fraud prosecutors on Dec. 11 arrested Mr. Hayes and two others in connection with their own probe—infuriating American officials, according to people familiar with the U.S. investigation. The U.S. prosecutors punched back the next day by filing sealed criminal fraud charges against Mr. Hayes. Banks Bow To New York On Clawbacks (WSJ) Three more top banks, including Citigroup, will broaden their clawback policies to cover more executives, increase disclosures or add potential triggers. The moves increase to six the number of leading financial companies that have bowed to pressure from the New York City's Comptroller's Office. Lehman Judge Allows 'London Whale' Subpoena in JP Morgan Fight (Dow Jones) A judge on Wednesday said Lehman Brothers Holdings Inc. creditors can subpoena Bruno Iksil in its lawsuit against J.P. Morgan, ensuring the phrase "London Whale" will stay in the lexicon for at least a bit longer. Judge James Peck of U.S. Bankruptcy Court in Manhattan said Mr. Iksil, who is in France, can be questioned over the alleged mismarking of $273.3 million in derivatives when he worked at J.P. Morgan in the days leading up to Lehman's bankruptcy. "I consider it inappropriate except for in a clear case of abuse to cut off discovery of a witness that has fingerprints all over a transaction," Judge Peck said. "And in this case, Mr. Iksil's fingerprints are on the $273.3 million transaction that took on some significance in the case." Lehman U.K. Wins $1 Billion Appeal on Hedging Contracts (Bloomberg) The ruling may result in London-based Lehman Brothers International Europe and its administrators PricewaterhouseCoopers LLP receiving an extra $1 billion, according to a written decision handed down this morning by Judge Mary Arden in the U.K. Court of Appeals. Jobless Claims Unexpectedly Fall as Labor Market Improves (Bloomberg) First-time jobless claims fell by 10,000 to 332,000 in the week ended March 9, the fewest since mid January, according to data today from the Labor Department in Washington. The median forecast of 49 economists surveyed by Bloomberg called for an increase to 350,000. The four-week average declined to a five- year low. JPMorgan exec sued over 'bullying' behavior (NYP) Plaintiff Walter Suarez, a former financial adviser, was banished to the company’s Delancey Street outpost when he complained about colleague Michael Quach, and the move cost Suarez an $80 million client list, $20 million of which was taken by JPMorgan, his lawyers claim. According to Suarez, Quach was a bully who resorted to physical violence to intimidate colleagues. Suarez, who is Hispanic, says Quach, an Asian-American, got away with the behavior because bosses preferred Asian employees. “Eventually, it got to the point of being ridiculous. This isn’t the corner bodega,” Suarez told The Post. “We’re investment people. This is a professional setting. That’s when I spoke up. “He just wasn’t a very professional person from the get-go, and I don’t think that I was the only person who felt that way.” Suarez told superiors that Quach had manhandled several staffers, including one woman who was “physically assaulted during working hours on the banking floor,” according to the lawsuit filed in Manhattan Supreme Court by attorneys Matthew Blit and Amanda Gudis. Suarez said Quach even threatened to punch him out in front of clients. 'Canada's Warren Buffett' Interested in Greece's Top Bank (Reuters) Greece's biggest lender, National Bank (NBG), said on Wednesday that Canadian investment fund Fairfax Holdings was interested in acquiring a stake in it by taking part in a planned recapitalization. Under the terms of cash-strapped Greece's international bailout, its top four lenders must issue new shares by the end of April to replenish their capital after the losses they suffered in the debt crisis from bad loans and bond writedowns. The European Union and the International Monetary Fund have set aside 27.5 billion euros ($37 billion) in bailout funds to invest in the new bank shares. But private investors must buy at least 10 percent of them or the lenders will be nationalized. NBG said in a bourse filing that Fairfax was among other investors who had expressed an interest, without giving details. Fairfax is controlled by investment guru Prem Watsa, known as the "Warren Buffett of Canada." SandRidge Gives In, Settling Proxy Fight (WSJ) SandRidge Energy agreed to fire its chief executive or give control of its board to an activist shareholder, settling a closely watched proxy battle amid an outbreak of investor unrest in the oil patch. SandRidge, an oil-and-gas producer with a stock-market value of about $3 billion, immediately appointed four directors to its board who were nominated by hedge fund TPG-Axon Capital LP, which owns 7.3% of its shares. Bofa Battles Credit Suisse for 50% Markups on State Loans (Bloomberg) The firms are among at least five lenders in talks to loan five states at least $6.5 billion this year -- more than double last year’s total -- as local governments seek to chop debt costs by replacing loans from a 1997 federal bailout that average 14.4 percent in reais. Credit Suisse is lending Mato Grosso, an agricultural state in western Brazil, $1 billion for 15 years. The loan, with a rate equal to 11.2 percent in reais and guaranteed by Brazil if Mato Grosso defaults, compares with 7.35 percent for yields of similar-maturity government debt. Private Equity Could Trigger Another Crisis: Bank of England (CNBC) The amount of leverage in the U.K. corporate sector poses a risk to the stability of the financial system and could produce the next big financial crisis over the coming years, the U.K.'s central bank has warned. White Rock woman holds 'Lying Cheating Sale' to sell all her husband's stuff while he's 'gone with his floozie' (The Province) A scorned White Rock woman held a yard sale on the weekend to get rid of her husband's stuff while he was "gone with his floozie," according to a Craigslist ad. "Husband left us for a piece of trash, selling everything while he is gone this weekend with his floozie," read the text of the ad, which was posted early Friday afternoon to the free classifieds site. The Province dropped by the yard sale on Saturday and, sure enough, bargain-hunters were sifting through the goods which included office chairs, camping gear and other offerings. The lady in charge of the sale declined to speak on the record. Her colourful Craigslist ad, however, said she was selling everything and moving after 10 years of marriage. The featured items included his favourite red leather reclining theatre-seating sofas, and "lots of tools which he didn't have a clue how to use." "I want the house empty on Monday when he returns because that will be a shock for him to see. So come pick out what you would like Saturday and Sunday at 8 a.m. "Don't come too early (like he did) because I will be thoroughly enjoying some wine with my girlfriends this evening as we clean out all this stuff and likely be nursing hangovers in the morning. So please speak softly to the ladies wearing the sunglasses." The ad discouraged clothes-buyers, "as we will have already burned those in the driveway," but it did offer to let visitors see the pile of ashes.

Opening Bell

Opening Bell: 05.10.13

Opening Bell

Opening Bell: 07.28.14

Opening Bell

Opening Bell: 06.28.12

Interest Rate Probe Escalates (WSJ) Investigators in the U.S., Europe and Asia have been probing alleged wrongdoing in the interest-rate-setting process for about two years. The Barclays settlement marks their biggest win yet. A series of Wall Street Journal articles in 2008 raised questions about whether global banks were manipulating the process by low-balling a key interest rate to avoid looking desperate for cash amid the financial crisis. Emails and instant messages disclosed in the bank's settlement show how Barclays's traders tried to manipulate rates to benefit their own trading positions. "This is the way you pull off deals like this chicken," one trader told another trader in March 2007, according to the U.K. regulator. "Don't tell ANYBODY." Other banks that have disclosed they are under investigation include Citigroup, JPMorgan, Lloyds Banking Group, and RBS. None of these banks have been charged with any wrongdoing in the matter by U.S. or U.K. regulators. Calls for Diamond’s Exit After Barclays ‘Moral Failure’ (CNBC) Lord Oakeshott, a high-profile Liberal Democrat politician, said: "If Bob Diamond had a scintilla of shame he would resign. If Barclays' board had an inch of backbone between them they would sack him." Barclays admitted Wednesday that the actions "fell well short of standards.” Madoff's Brother To Plead Guilty (WSJ) Peter Madoff, 66 years old, is expected to plead guilty to two charges at a hearing Friday in Manhattan federal court, including falsifying the records of an investment adviser and a broad conspiracy count to commit securities fraud and other crimes, according to a letter sent to U.S. District Judge Laura Taylor Swain and filed in court on Wednesday. However, Peter Madoff, the firm's chief compliance officer, isn't expected to admit to knowing about the fraud itself. Instead, he is expected to admit to conduct that enabled the fraud to continue, even if he didn't know new investor money was being used to pay older investors or that no trading was being conducted at the investment firm. JPMorgan Trading Loss May Reach $9 Billion (WSJ) The bank’s exit from its money-losing trade is happening faster than many expected. JPMorgan previously said it hoped to clear its position by early next year; now it is already out of more than half of the trade and may be completely free this year. As JPMorgan has moved rapidly to unwind the position — its most volatile assets in particular — internal models at the bank have recently projected losses of as much as $9 billion. In April, the bank generated an internal report that showed that the losses, assuming worst-case conditions, could reach $8 billion to $9 billion, according to a person who reviewed the report. With much of the most volatile slice of the position sold, however, regulators are unsure how deep the reported losses will eventually be. Some expect that the red ink will not exceed $6 billion to $7 billion. Kerviel ‘Love’ May Not Be Enough To Overturn SocGen Verdict (Bloomberg) Jerome Kerviel’s statement last week that he “loved” Societe Generale may have come too late to help him win a reduced sentence for causing the bank’s 4.9 billion-euro ($6.1 billion) trading loss. Kerviel lawyer David Koubbi may use his client’s remarks during closing arguments in Paris today to offset his own frequent clashes with Judge Mireille Filippini, who threatened to notify the bar about his treatment of witnesses. With Time Running Out California Gorging Itself On Foie Gras (WSJ) California will ban foie gras sales starting Sunday. Meanwhile, goose-liver lovers still have time to enjoy foie gras jelly doughnuts at Umamicatessen in Los Angeles. Chefs there and around the state are counting down their foie gras days by putting it anywhere they can. Some plan foie gras finale feasts on Saturday night. Others offer foie gras in cotton candy, cheesecake, waffles and toffee. "It's a very difficult thing to say goodbye to," says Michael Cimarusti, co-owner and chef at Providence, a celebrated Los Angeles restaurant. He plans to leave a gap on his menu in memory of the dearly departed, with the notation: "formerly a foie gras dish."...At Craftsman & Wolves, a San Francisco bakery, Chef William Werner covers a chunk of foie-gras torchon with a chocolate cremeux that he inserts into chocolate cake batter to create his Devil Inside cake. Some chefs accept the inevitable. Celebrity chef Thomas Keller at Bouchon in Los Angeles recently replaced his foie gras dog biscuits with ones made from chicken livers. Others are looking for ways to duck the ban. Daniel Scherotter, who owns Palio D'Asti in San Francisco, is checking with his lawyer to see whether he can legally give away—rather than sell—a serving of foie gras with a $20 salad. Mr. Scherotter and others expect some restaurants to turn into "duckeasies," where diners can order foie gras using certain code words. They take inspiration from chefs such as Didier Durand, who says that, during a Chicago foie gras ban from 2006 to 2008, he served it at his Cyrano's Bistrot by listing it as potatoes. "People understood that roasted potatoes wouldn't cost $21," he says, but that's what he charged. After two years the ban was rescinded. Merkel Stands Ground Ahead Of Euro Summit (Reuters) EU leaders arrived for a Brussels summit on Thursday more openly divided than at any time since the euro crisis began, with Germany's Chancellor Angela Merkel showing no sign of relenting in her refusal to back other countries' debts. Merkel is being urged at home to hang tough and reject all efforts to make Germany underwrite European partners' borrowing or banks, while her European Union partners say that may be the only way to save the single currency. "Nein! No! Non!" shouted a headline splashed across the front page of the normally sober German business daily Handelsblatt, with a commentary by its editor-in-chief saying Merkel must remain firm at the two-day summit. Lenny Dykstra Takes Plea Deal On Fraud Charges (LAT) Former New York Mets star and self-styled financial guru Lenny Dykstra, already sentenced to three years in state prison for a car scam, has agreed to a plea deal on federal bankruptcy fraud charges after allegedly looting his mansion of valuables as he struggled to battle numerous creditors...According to federal prosecutors, Dykstra sold sports memorabilia and items from his Ventura County mansion, including a $50,000 sink, that were frozen as part of the bankruptcy case. Typically, a person in bankruptcy can't touch assets that are part of the case so that they are available to repay creditors. Dykstra allegedly had dozens of items, including chandeliers, mirrors, artwork, a stove and a grandfather clock delivered to a consignment store, Uniques, on South Barrington Avenue in West Los Angeles. The owner of the store paid him cash for a U-Haul truckload of goods, according to the agent. Manhattan philanthropist behind alleged madam's $250K bond post (NYP) Bonnie Lunt is the mystery hero who put up $250,000 collateral to spring the accused hockey mom madam from Rikers last night, court records show. The 65-year-old Lunt -- a top New York headhunter who has been dubbed the “Jerry Maguire of the communications industry”-- posted her own Upper East Side home to help Gristina make bail, according to bail documents. Lunt’s East 76th street pad is just around the corner from the tiny East 78th Street apartment prosecutors claim Gristina used as headquarters for an alleged multi-million dollar prostitution operation. Miami attacker who chewed man's face was not high on 'bath salts,' officials say (DJ) The Miami "cannibal" who chewed off half of another man's face last month had no drugs in his system other than marijuana, officials said Wednesday, defying suspicions that he was high on "bath salts" during the grisly attack. Rudy Eugene, 31, was shot and killed by police on May 26 after he was found naked and biting into a homeless man's face and eyes beside Miami's MacArthur Causeway. Authorities had suspected Eugene was under the influence of synthetic drugs sold as "bath salts," which have been known to make some users aggressive and behave bizarrely. Witnesses said he had taken off his clothes and was swinging on a light pole before the attack.