Steven Paul Jobs, 1955-2011 (WSJ)
Those who knew Mr. Jobs say one reason why he was able to keep innovating was because he didn't dwell on past accomplishments and demanded that employees do the same. Hitoshi Hokamura, a former Apple employee, recalls how an old Apple I that was displayed by the company cafeteria quietly disappeared after Mr. Jobs returned in the late 1990s. "Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose," Mr. Jobs said in a commencement speech at Stanford University in June 2005, almost a year after he was diagnosed with cancer.
Fans Worldwide Mourn Passing Of Steve Jobs (Bloomberg)
Steve Somerstein, who says he met Jobs several times since 1986, recalled the time when he bumped into Jobs while apartment hunting in Palo Alto. “He was just a regular guy,” said Somerstein, who was at the Palo Alto Apple store last night. “I congratulated him on the company and hoped it was going to do well. I didn’t even own an Apple at that point. He was about 10 years younger than me and just a nice kid.” Ron Kent, a food-truck owner who was at the Palo Alto store, likened Jobs to Michelangelo, the renaissance-era artist who painted the frescoes in the Sistine Chapel in the Vatican. “He’s the visionary of our time,” Kent said.
Twitter reaction to Steve Jobs's death hits record (TheAge)
The death of Steve Jobs has provoked the biggest online reaction of any event in recent history, with social media monitoring firm SR7 expecting official Twitter figures to come in at 10,000 tweets per second. The huge reaction eclipses the previous biggest event, Beyonce's performance at the MTV Video Music Awards, where it was revealed that she was pregnant, which generated a record 8868 tweets per second.
The Jobs Phone Calls (AllThingsD)
"I never knew Steve when he was first at Apple. I wasn’t covering technology then. And I only met him once, briefly, between his stints at the company. But, within days of his return, in 1997, he began calling my house, on Sunday nights, for four or five straight weekends. As a veteran reporter, I understood that part of this was an attempt to flatter me, to get me on the side of a teetering company whose products I had once recommended, but had, more recently, advised readers to avoid. Yet there was more to the calls than that. They turned into marathon, 90-minute, wide-ranging, off-the-record discussions that revealed to me the stunning breadth of the man. One minute he’d be talking about sweeping ideas for the digital revolution. The next about why Apple’s current products were awful, and how a color, or angle, or curve, or icon was embarrassing. After the second such call, my wife became annoyed at the intrusion he was making in our weekend. I didn’t."
Morgan Stanley Stresses Its Safety (WSJ)
FYI: In late 2008, Morgan Stanley nearly collapsed because many of the hedge funds that used the company's prime-brokerage business simultaneously wanted to take their money and run. That won't happen again, Morgan Stanley is telling investors, despite swirling speculation that the New York investment bank is vulnerable to Europe's woes.
Anti-Wall Street Protests Spread From New York (Bloomberg)
Larry Fink, chief executive officer of BlackRock, said he understands the concerns of the protesters. “These are not lazy people sitting around looking for something to do,” Fink, 58, said yesterday during an event in Toronto. “We have people losing hope and they’re going into the street, whether it’s justified or not.”
NYPD Hit Reports And Protestors With Mace, Batons (Fox)
"In the evening, crowds surged past barriers and NYPD officers moved in to contain the protesters. By many accounts, mayhem broke out. Officers, many wearing white shorts indicating supervisor rank, swatted protesters with batons and sprayed them with mace, video from the scene showed. Fox 5's Isen and Brennan were there and witnessed the chaos. At one point, Brennan was hit in the abdomen by a police baton and Isen got irritant in his eyes. Both journalists were alright and continued to cover the protests and arrests."
IMF Considers Plans To Purchase European Bonds (Reuters)
The idea for the IMF to step into the bond markets—probably via a separate legal vehicle created especially for the purpose—would address the other leg of the crisis: the risk of more countries facing financing problems because of rising borrowing costs. It would complement a plan by euro-zone governments to allow the euro-zone's bailout fund to buy government bonds.
Volcker Rule Draft Puts Short-Term Trades Under More Scrutiny (BW)
U.S. banks seeking to gain from or hedge against short-term price movements in securities and derivatives markets would face restrictions under a proprietary- trading ban, according to a draft of the so-called Volcker rule...The financial regulators didn’t define short-term in the draft, writing that “it is often difficult to clearly identify the purpose for which a position is acquired or taken and whether that purpose is short-term in nature.”
Banks Repay TARP With Funds Meant To Spur Small Business Loans (WSJ)
Of 332 banks that received cash through the lending fund, 137 used at least a portion—totaling $2.2 billion—to pay off their TARP obligations, Treasury Department data reviewed by The Wall Street Journal show. The fund began lending to small banks three months ago, and the program concluded last week. Of the total $30 billion available in the fund, only $4 billion in loans to banks were approved.
Strategists See Biggest S&P 500 Gain Since ’98 (Bloomberg)
Wall Street strategists say the Standard & Poor’s 500 Index, after falling within 1 percent of a bear market this week, will post the biggest fourth-quarter rally in 13 years even after they cut forecasts at a rate exceeded only during the credit crisis.
Steve Jobs, Apple Co-Founder, Is Dead (WSJ)
Mr. Jobs's pursuit of aesthetics sometimes bordered on the extreme. George Crow, an Apple engineer in the 1980s and again from 1998 to 2005, recalls how Mr. Jobs wanted to make even the inside of computers attractive. On the original Macintosh PC, Mr. Crow says Mr. Jobs wanted the internal wiring to be in the colors of Apple's early rainbow logo. Mr. Crow says he persuaded Mr. Jobs it was an unnecessary expense.