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Opening Bell: 03.22.11

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Deutsche Bank Loses Swaps Case (WSJ)
The German Federal Court of Justice ruled that Deutsche Bank inappropriately advised bathroom-supplies company Ille Papier Service GmbH on the risks involved in buying a complex financial derivative known as a "spread-ladder swap," which the company purchased in 2005 to limit interest payments on its loans. The court ruled that Deutsche Bank must pay €541,000 ($769,356), plus interest, in damages.

Steam Rises from Japan Plant; New 6.4 Quake off Coast (Reuters)
According to the U.S. Geological Survey Web site, a 6.4 magnitude earthquake struck near the east coast of Honshu. The earthquake struck at 6.19 pm (0919 GMT) 90 kilometers east of Iwaki, Honshu at a depth of 27 kilometers, the USGS said...Smoke and steam rose from two of the most threatening reactors at Japan's quake-crippled nuclear plant, suggesting the battle to avert a disastrous meltdown and stop the spread of radiation was far from won.

Altman’s Evercore Climbs Wall Street’s M&A Ranks With AT&T Coup (Bloomberg)
The company’s stock jumped 12 percent yesterday as investors anticipated a boost in fee revenue from the firm’s work on AT&T Inc. (T)’s $39 billion takeover of T-Mobile USA, this year’s biggest acquisition. “We are not a small boutique anymore,” Altman, 64, said in an interview. “We now have advised on three of the five largest global merger agreements of 2011.”

Pimco Said to Raise $1.5 Billion for Fund Targeting Bank Assets (Bloomberg)
The Pimco Bravo fund, short for Bank Recapitalization and Value Opportunities, will buy debt such as troubled commercial and residential mortgages, and may invest directly in banks through securities including warrants and convertible debt. Pimco is still accepting money and expects to raise $2 billion to $3 billion in total before a final close later this year.

Goldman Partnership Memo Stirs Succession Talk (Dealbook)
Goldman sent a brief e-mail to employees on Monday announcing that Michael S. Sherwood would succeed the firm’s president, Gary D. Cohn, as chairman of the partnership committee.

Japan Maintains Threat Of Further G-7 Action (WSJ)
Japanese currency officials on Tuesday maintained the threat of further yen-selling intervention by the Group of Seven leading industrialized nations, saying joint action isn't limited to last week's coordinated market intervention.

AIG May Face Rivals in $15.7 Billion Bid for Assets Held by Fed (Bloomberg)
Barclays is among investors considering making a counter offer, the Financial Times reported.
“We have been told that someone else was putting together a bid,” AIG Chief Executive Officer Robert Benmosche, 66, said in an interview. “I think we can offer a little more, but the price we offered is about it. Until I see a competing bid, I’d have to wait and see.”

Man arrives to Sullivan court for DWI hearing drunk, carrying beer (Times Herald)
A Swan Lake man facing a felony driving while intoxicated charge showed up to Sullivan County Court on Monday with a bag full of beer and was promptly thrown in jail without bail. Keith Gruber, 49, had a scheduled 10:30 a.m. pretrial hearing. Gruber came to court about an hour and a half late carrying a black bag that contained four cans of Busch beer. He also was carrying an open can of Busch beer and was drunk, authorities say. He tried to throw away the can.

US Banks Oppose Tighter Money Rules (WSJ)
Even as governments freeze assets tied to regimes in Libya, Egypt and Tunisia, U.S. banks are resisting efforts to tighten international rules to prevent the flow of money from corrupt politicians. The Financial Action Task Force, part of the Organization for Economic Co-operation and Development that sets international standards for money-laundering laws, is conducting a review of its guidelines aimed at closing loopholes.The review, due to be completed later this year, comes amid criticism of banks for holding billions of dollars in assets allegedly belonging to regimes in Libya, Egypt and Tunisia. Swiss bank regulators are looking into whether a dozen Swiss banks followed antimoney-laundering laws in accepting money from officials in those three countries.

Gaddafi Attacks Rebel Towns, US Plane Down (Reuters)
A U.S. Air Force F-15E crashed in Libya overnight and one crewman had been recovered and the other was "in the process of recovery," the U.S. military said. The crash was likely caused by mechanical failure and not hostile fire, it said.

King of Rabbits: Ancient, Gigantic Bunny Discovered (LS)
Just in time for Easter, the skeleton of a giant rabbit has been discovered, one that was once about six times the size of today's bunnies. The fossils of the giant were discovered on the island of Minorca off the coast of Spain, a fact reflected in the rabbit's scientific name, Nuralagus rex, "the Minorcan king of the rabbits."


By Gage Skidmore [CC BY-SA 4.0], via Wikimedia Commons

Opening Bell: 6.13.16

Asian equities desks face the ax; Jennifer Lawrence to play Elizabeth Holmes; Anonymous donor pays $3,456,789 for lunch with Warren Buffett; and more.

Opening Bell: 09.14.12

Trial to Begin for Former UBS Trader Accused of Hiding Huge Loss (Dealbook) UBS will face the harsh glare of the spotlight again on Friday, as opening arguments begin in the trial of a former trader accused of hiding a multibillion-dollar loss at the investment bank. Kweku M. Adoboli, 32, the former trader, faces charges of false accounting and fraud in connection with a $2.3 billion loss at the bank. He has pleaded not guilty. “As uncomfortable as the entire trial will be for UBS, it will show us what the consequences are when misconduct occurs or when individuals do not take their responsibilities seriously,” the bank’s chief executive, Sergio P. Ermotti, said in an internal memo made public by the firm. JPMorgan Erases Stock Drop Fueled by London Trading Loss (Bloomberg) JPMorgan, the lender that plunged as much as 24 percent in the month after disclosing a multibillion-dollar trading loss, has erased that decline. The bank’s stock climbed 3.7 percent to $41.40 yesterday in New York, eclipsing the $40.74 closing price of May 10, when Chief Executive Officer Jamie Dimon announced what was then a trading loss of about $2 billion at the chief investment office in London. The loss this year now stands at $5.8 billion. Dutch and Germans Give European Union Reasons to Cheer (NYT) On Wednesday, the German Constitutional Court found a way to declare that the permanent bailout fund, the European Stability Mechanism, is legal, clearing the way to use it in time to recapitalize troubled banks as well as governments. And the Dutch voted for mainstream parties in a parliamentary election, choosing not to be enticed by parties wanting to leave the euro. Combined with the European Central Bank’s decision to restart its bond-buying program in return for more budget discipline, immediately lowering interest rates on Italian and Spanish bonds, European leaders could begin to feel that perhaps the worst is over in the euro crisis, at least for now. “With the Dutch shying away from anti-European parties the same day the German Constitutional Court rules in favor of the E.S.M., Sept. 12 seems to have been a good day for the euro,” Dimitry Fleming of ING Groep NV said in an analysis via e-mail. Not all is well, of course. Greece remains a mess, and will probably need even more money. A decision keeps being postponed about when, and whether, to grant Athens another big portion of loan money it needs to stay afloat. Deutsche Bank urges rivals to share IT (FT) Deutsche Bank is seeking to convince rival investment banks to share markets and trading software in an effort collectively to lower costs for the financial industry. Sharing software would be an unusual step for investment banks, which have historically closely guarded their technology, much of which is still built in-house at great expense. But Deutsche Bank’s efforts underscore the intense pressure banks are under to cut costs as lower markets activity and new rules eat into their profit margins...Sharing market software, Deutsche says, will save it and other big global banks some of the billions of dollars and euros that they would otherwise have spent building or improving on individual technology systems. Woman Tells Police She 'Accidentally' Stabbed Boyfriend (AZC) Margarita H. Zaragoza told police she and her boyfriend were arguing over alcohol that he poured down the sink when she "accidentally" stabbed him with a steak knife, according to the document. Zaragoza said her boyfriend came up behind her to talk to her while she was washing a knife in the sink, according to police, and that she accidentally stabbed him in the arm when she turned to talked to him. The victim told police his girlfriend became angry after he poured her alcohol down the sink because she is pregnant and isn't supposed to be drinking, the document said. The victim said Zaragoza grabbed a knife while he was getting rid of the alcohol and stabbed him twice in the arm, according to the document. Roger Altman: The US Economy May Surprise (CNBC) Looking out a few years, the Evercore founder said, “We’re going to have a bigger snap-back in housing than people think. The U.S. has undergone a breathtaking revolution in oil and gas production and the growth impact of that is underrated.” Altman also pointed to a bounce-back in lending and strong industrial competitiveness as reasons to be optimistic about the economy longer term. Fed Acts To Fix Job Market (WSJ) "If the outlook for the labor market does not improve substantially, the [Fed] will continue its purchases of agency mortgage-backed securities, undertake additional asset purchases, and employ other policy tools as appropriate until such improvement is achieved in a context of price stability," the Fed said in its postmeeting statement. Berkshire Climbs To Four-Year High On Fed's Action (Bloomberg) So that's nice. Mets fan who rushed Citi Field after Johan Santana's no-hitter slapped with $5,000 fine and 100 hours of community service (NYDN) Rafael Diaz, 32, was hit with the penalties after he pleaded guilty Thursday to interfering with a sporting event. “The defendant’s antics have resulted in a criminal record, the paying of thousands of dollars in fines and civil penalties, and – perhaps the worse punishment for any true Mets fan – precludes him from ever again visiting Citi Field,” Queens District Attorney Richard Brown said. Diaz, of Massapequa, L.I., who joined the celebration on the pitcher's mound June 1, was ordered to hand over $4,000 in civil penalties to the Mets and $1,000 to the city.

Opening Bell: 11.24.15

Stress tests will get harder; Steve Carell, Ryan Gosling talk collateralized debt obligations; Icahn has a new target; "Mansion Owner Claims Airbnb X-Rated Scheme"; and more.