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Opening Bell: 11.16.10

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General Motors Raises IPO Price to $32-$33 a Share (CNBC)
Previously, the company had estimated the price range for the offering of 365 million shares of common stock within the range of $26.00 to $29.00 per share. The company also increased the size of its Series B mandatory convertible junior preferred stock offering to $4 billion from $3 billion...A source familiar with the matter told CNBC Monday that after ten days of investor presentations and a growing sense of optimism about the offering, the underwriters opted to raise the price range high above its original level.

Fed officials defend $600bn stimulus (FT)
The Federal Reserve has deployed two of its most senior officials to defend its new $600bn round of quantitative easing in rare on-the-record interviews that reveal the bank’s concern over domestic and international criticism of the policy. Janet Yellen, Fed vice-chair, and William Dudley, president of the New York Fed, dismissed concerns that quantitative easing was aimed at weakening the dollar or that it could ignite inflation. Mr Dudley dismissed concerns that the Fed’s policy could lead to inflation, saying that the central bank has the tools to withdraw the additional stimulus if it needs to. “We are very, very confident that those tools will be completely effective at keeping inflation in check,” Mr Dudley told the New York Times. “We are completely willing to use those tools, when the time comes, to prevent an inflation problem. Higher inflation is not a way out. It is not a solution.” Ms Yellen also said the Fed was not trying to generate above-target inflation. “I am not happy to see us caught up in a political debate. But Congress has assigned us tasks which we need to carry out as best we can. To fail to take action that is in our power that we, in our best judgment, believe to be helpful to the economy – that would be political,” she told the Wall Street Journal.

China's 'State Capitalism' Sparks Global Backlash (WSJ)
Charlene Barshefsky, who as U.S. trade representative under President Bill Clinton helped negotiate China's 2001 entry into the World Trade Organization, says the rise of powerful state-led economies like China and Russia is undermining the established post-World War II trading system. When these economies decide that "entire new industries should be created by the government," says Ms. Barshefsky, it tilts the playing field against the private sector.

Paulson Trims Bank Of America, Entire Goldman Stake (Bloomberg)
Paulson sold 30 million Bank of America shares in the quarter, or about 18 percent of his stake, according to a regulatory filing yesterday. The billionaire’s position in the Charlotte, North Carolina-based bank was valued at $1.8 billion as of Sept. 30. Bank of America shares fell 8.8 percent in the quarter...Paulson’s fund also cut its Citigroup stake by 16 percent, yesterday’s filing showed. The firm still owned $1.7 billion in shares of the New York-based bank. Paulson trimmed his Wells Fargo stake by 11 percent, holding 15.5 million shares in the San Francisco-based bank valued at $389 million as of Sept. 30. He cut his position in JPMorgan Chase & Co. by 29 percent, keeping a $190 million stake in the New York company, and sold his entire holding in New York-based Goldman Sachs, valued at about $144.4 million at midyear.

Morgan Stanley's Net `Queen' Meeker Predicts Mobile-Web Boom (Bloomberg)
Mary Meeker will predict a $50 billion online advertising boom in an address at the annual Web 2.0 Summit in San Francisco today. The Morgan Stanley analyst will say as well that mobile commerce may gain market share faster than traditional online retailing.

UBS May Lose $41 Billion Deposits Over Tax Deals (AP)
UBS says customers from Germany, France, Italy, Austria and Britain made net withdrawals worth 20 billion francs over the past years. The bank said Tuesday that "15-40 billion francs are still at risk as a result of changes in the tax regulations."

Prince William To Marry Girlfriend Kate Middelton (Reuters)
William, 28, the elder son of heir-to-the-throne Prince Charles and the late Princess Diana, and Middleton, 28, daughter of self-made entrepreneurs, became engaged while on holiday in Kenya last month. The wedding will take place in the spring or summer of 2011, in London...William, who is currently serving as a helicopter search-and-rescue pilot in the Royal Air Force, met Middleton when they shared a house at university in Scotland in 2001. They split up in 2007 because, newspapers said, Middleton, who has been dubbed "waity Katie" by the British tabloid press, was getting fed up of waiting for William to propose, but they soon got back together.

Bailout Panel Warns of Bank Mortgage Losses, Urges Stress Tests (Bloomberg)
“If document irregularities prove to be pervasive and, more importantly, throw into question ownership of not only foreclosed properties but also pooled mortgages, the result could be significant harm to the financial stability,” the Congressional Oversight Panel for the Troubled Asset Relief Program said in a report today. “Bank regulators should also conduct new stress tests on Wall Street banks to measure their ability to deal with a potential crisis,” the report continued.

Securitization Industry Set To Defend Practices (WSJ)
The American Securitization Forum, a trade group for the securitization industry, is set to release on Tuesday a 28-page defense of widely used practices for bundling mortgages into securities. The securitization process and foreclosure-documentation practices are likely to face criticism from lawmakers at a Senate Banking Committee hearing Tuesday.

Bond Market Defies Fed (WSJ)
"The recent run-up in bond yields is worrying to many," said Dan Greenhaus, chief economic strategist at Miller Tabak, a New York trading firm, but "you need to keep it in context of what happened before the Fed moved."



Opening Bell: 11.6.17

Goldman goes east; Saudi prince's arrest impacts Citi, Twitter investments; Wilbur Ross has a Putin problem; William Dudley to retire; and more.

By Sadie Hernandez [CC BY 2.0], via Wikimedia Commons

Opening Bell: 8.17.16

Brevan Howard, Tudor hit hard; Steve Cohen settles with CFTC; Pokémon Go players hit with a laser attack by pig-masked couple having public sex in Sweden; and more.

Opening Bell: 03.26.13

Bailout Strains European Ties (WSJ) Several officials familiar with talks in Nicosia and Brussels over the €10 billion ($13 billion) rescue for the island described more than a week of chaotic negotiations. European officials cited Cypriot foot-dragging, reversals and dropped communications, a situation one European Union official called "terrifying." Cypriot officials described their European opposites as demanding and inflexible. Big Cypriot Bank Depositors Could Lose 40%: Minister (Reuters) "It could be in that neighborhood but I do not want to anticipate it," Sarris told BBC radio, adding the exact figure was yet to be decided. "But what I have seen suggests a number in that neighborhood." Sheik Spars With UBS Over $20 Million Fee (WSJ) A Kuwaiti sheik alleges that a senior executive at Switzerland's UBS offered $20 million to get the bank an advisory role on one of the biggest-ever acquisitions in the Middle East, but the bank later backed out of the deal, according to the sheik's testimony in a Dubai court case. Sheik Meshal Jarah Al Sabah said in sworn testimony that UBS offered the commission in 2009 to derail a bid by the French media group Vivendi SA for the African telecommunications assets of Zain, Kuwait's biggest mobile-phone company, and to get UBS a lead role finding a different buyer. Sheik Meshal sued UBS last year in the Dubai International Financial Centre courts, where UBS has offices, claiming he wasn't paid his fee. The written submission, which was reviewed by The Wall Street Journal, is his first direct testimony in the case. UBS denies the allegations and said in a statement that it is "vigorously defending this claim." Spain's Deficit Woes Seen Lingering (WSJ) In a report Tuesday, including economic projections for the next two years, the Bank of Spain said the economy will remain in recession, on average, this year, and contract around 1.5%—three times bigger than the government's own official projection. The discrepancy is because an economic uptick expected later this year is likely to be weaker than hoped. Atlantic City's Revel Casino Files for Bankruptcy (Reuters) Morgan Stanley originally owned most of Revel Entertainment Group, which began building the casino, but sold its stake at a $932 million loss in February 2011 to investors led by Kevin DeSanctis. The new owners then obtained a tax package of roughly $261 million from New Jersey and lined up $1.15 billion of financing to help complete the project. DeSanctis resigned earlier this month as Revel's chief executive. Hartmann, the interim chief executive, is a former chief executive of the Mohegan Sun casino in eastern Connecticut and has more than 20 years of experience in the gaming industry. Backers had hoped Revel would become the next Borgata, a joint venture between Boyd Gaming and MGM Resorts International that opened in 2003 and became Atlantic City's top-grossing casino. UBS: $62 million from Nasdaq is paltry compensation for Facebook IPO debacle (NYP) Nasdaq got approval from regulators yesterday to pay out $62 million to trading firms hurt by Facebook’s botched share sale — but UBS is having none of it. The Swiss bank giant has already filed an arbitration demand against Nasdaq, saying the payout doesn’t begin to cover the $356 million it lost because of the exchange’s “gross mishandling” of the IPO. Blackstone Ups Heat On Dell (WSJ) On Monday, a special committee of Dell board members said it viewed a Blackstone proposal as potentially superior to the $24.4 billion take-private offer from Silver Lake Partners and founder and Chief Executive Michael Dell. Investor Carl Icahn, who separately is pursuing the Round Rock, Texas, company, said on Monday he would review Blackstone's offer and may attempt to join forces with the New York firm. Fed Banker Backs Dialing Down Easy Money (WSJ) William Dudley, president of the Federal Reserve Bank of New York, said in a speech the Fed "should calibrate" how much U.S. debt and mortgage-backed securities it buys each month "by allowing the flow rate of purchases to respond to material changes in the labor market outlook." 'Stripper' in Jensen Beach arrested (TCPalm) St. Lucie County Sheriff's deputies March 10 went to the area of the 100 block of North El Mar Drive in Jensen Beach after a report of a woman in her underwear yelling profanities at a neighbor. They found Lisa Marie Paras, 29, in an "underwear like or bikini dress" drinking a Michelob Ultra at the end of a driveway, an affidavit states. A deputy told her to put down the beer. She said she was wearing a bikini. She also said she'd been yelling across the street because the folks there are "(rectal orifices)," an affidavit states. When a deputy tried to get more information, Paras said she's a "stripper and wanted to make me her witness," the affidavit states. Paras put her hands on the deputy's shoulders, and he told her she shouldn't touch him. Described as "obviously intoxicated," Paras tried to explain she faces trespassing charges because of her neighbors. She also thought her landlord stole cash from her bedroom. Meanwhile, the neighbors told investigators Paras came out to the road and started yelling obscenities at them as they cooked steaks on the grill. Paras, they said, was in her undies and drinking beer. Paras reportedly told a deputy she'd had eight to 12 beers. She said the people across the street are "(rectal orifices)" and are "(fornicated) up," an affidavit states. Paras, whose occupation is listed as a dancer, tried to hug a deputy when he asked her to confirm some contact information.

Not the victim in question By Niels de Wit from Lunteren, The Netherlands (1981 MOWAG B 300) [CC BY 2.0], via Wikimedia Commons

Opening Bell: 8.19.16

Credit Suisse CEO vs Credit Suisse bankers; Washington insider is subject of trading probe; Police say Ohio man tried to have sex with a red van; and more.

Opening Bell: 3.12.15

D*ck-pic messaging service valued at $15 billion; White-Collar Felon Registry; "'Suspicious' Avocado Shipment Turned Out To Contain A Literal Ton Of Weed"; AND MORE.

Opening Bell: 4.14.15

JP Morgan earnings; Wells Fargo earnings; Blythe Masters is hiring; 'Nam vet denied 69 license plate; and more.