Corzine Resigns From MF Global (DealBook)
“I feel great sadness for what has transpired at MF Global and the impact it has had on the firm’s clients, employees and many others,” Mr. Corzine, 64, said in a statement. “I intend to continue to assist the company and its board in their efforts to respond to regulatory inquiries and issues related to the disposition of the firm’s assets.”
Job report hints at some improvement (Reuters)
U.S. employment rose less than expected in October, but a drop in the jobless rate to a six-month low of 9.0 percent and upward revisions to prior months' job gains pointed to underlying strength in the labor market. Nonfarm payrolls rose 80,000 last month, the Labor Department said on Friday, missing economists' expectations for a gain of 95,000. However, figures for August and September were revised to show 102,000 more jobs than previously reported.
MF Global Masked Debt Risks (WSJ)
For the past two years, MF Global Holdings Ltd. may have disguised its debt levels to investors by temporarily slashing the debt it was carrying before publicly reporting its finances each quarter, according to an analysis by The Wall Street Journal. The activity, referred to in the financial industry as "window dressing," suggests that the troubled financial firm was shouldering more risk and using more borrowed funds to facilitate its trading than investors could easily detect from the firm's regulatory filings.
Groupon Prices at $20 a Share; More Than 10x Oversubscribed, So It Adds 5M More Shares (AllThingsD)
Groupon has priced its public offering at $20 a share, several dollars above the expected price range of $16 to $18. That will garner $700 million for the start-up, which is only several years old, at a valuation of close to $13 billion. The offering for the Chicago-based daily deals site — which has had a controversial IPO process — was well upward of 10 times oversubscribed.
Italy accepts IMF monitoring, EU looks for support (Reuters)
Italy, under fierce pressure from financial markets and European peers, agreed to have the IMF monitor its progress with long delayed reforms of pensions, labor markets and privatization, senior EU sources said on Friday. Prime Minister Silvio Berlusconi, his government close to collapse, agreed to the step in late-night talks with euro zone leaders and U.S. President Barack Obama on the sidelines of a G20 summit in Cannes.
Hey, Bro, That's My Little Pony! Guys' Interest Mounts in Girly TV Show (WSJ)
Bronies—a mash-up of "bro" and "ponies"—established a quarterly New York convention, called BroNYCon, this year. They've spawned at least two Pony-themed websites and enjoy a thriving subculture of artists whose creations include Pony-inspired music and their own writings about Twilight Sparkle and the gang. ... Mr. Subhani tried to get his rock-band mates to play some Pony-inspired covers. They declined, so he formed a new band of bronies called Neighslayer, in which he plays guitar-heavy renditions of such "My Little Pony" songs as "Art of the Dress."
KKR Posts $592 Million Quarterly Loss as Market Declines Prompt Writedowns (Bloomberg)
Pretax economic net income, a measure of profit excluding some costs, swung to a loss of $592.1 million, or 91 cents a share, from a profit $317.3 million, or 39 cents, a year earlier, New York-based KKR said today in a statement. Results were better than the average loss of $1.02 a share estimated by 12 analysts in a Bloomberg survey. KKR wrote down the value of its private-equity holdings by 8.5 percent, reflecting declines in global equities markets in the quarter and leading to negative investment income of $688.5 million.
Confusion Still Prevails Over Greek Leadership (CNBC)
The high-stakes poker game at the top of the Greek parliament will continue Friday as the country braces itself for the outcome of a key confidence vote later in the day. Greek Finance Minister Evangelos Venizelos confrmed Friday that the government has dropped its plans to hold a controversial referendum. When Prime Minister George Papandreou called the referendum on Monday, it plunged his government into chaos. ... On Thursday, a flurry of will-he-won't-he headlines from Athens had Papandreou in and out of office like a jack-in-the-box.
Cautious Hedge Funds Lag Markets in October (II)
The first handful of hedge funds to report October results have lagged the broader market. Not that they're apologizing for it. This is because many of them had their portfolios structured very conservatively and not to fully benefit from a straight upward move in the markets.
Deranged homeless man goes on violent rampage in Zuccotti Park (NYP)
The only thing that could stop Jeremy Clinch from his Godzilla-like rampage was a left hook to the face delivered by a paranoid fellow protester who claimed to be an ex-Turkish diplomat -- and charged that his assailant was carrying out a plot hatched by Mayor Bloomberg.
Snake slithers out of ATM (UPI)
Authorities in Spain said a man was shocked when a snake slithered out of an ATM while he was withdrawing money. Police in Llodio said the man was withdrawing money around 8 a.m. when the snake slithered out of the Caja Madrid bank ATM and attempted to attack him, Euro Weekly News, Costa del Sol, Spain, reported Thursday. ... Police said the snake may have come from the nearby countryside or it may have been placed in the machine as a prank.Investigators did not say whether the snake was venomous.