Opening Bell: 12.13.11

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Moody's Puts Spanish Banks On Review (WSJ)
The negative review covered Banco Cooperativo; Banco de Sabadell SA; Bankia SA and its holding company, Banco Financiero y de Ahorro; Bankinter SA, CaixaBank SA and holding company La Caixa; Confederacion Espanola de Cajas de Ahorro, or CECA; Caja Rural de Granada; Ibercaja Banco SA; and Lico Leasing...The ratings service said an earlier reassessment of the banks' financial strength led it to expect higher losses from businesses exposed to Spain's commercial real-estate sector. "The indicators of asset quality in the real-estate segment just keep deteriorating, and what's worse, there are no signs that the pace of the deterioration is easing," said Alberto Postigo, one of the analysts who wrote the report. Moody's said that the non-performing loan rate among real-estate developers already exceeded the level reached in the crisis of the early 1990s.

Top MF Global Execs Say They Don’t Know How Funds Went Missing (Bloomberg)
Three of MF Global Holdings Ltd.’s top executives said they didn’t know what happened to as much as $1.2 billion in client funds that went missing in the days before the New York-based brokerage filed for bankruptcy. Henri Steenkamp, chief financial officer of MF Global, and Bradley Abelow, the firm’s president and chief operating officer, said in testimony prepared for a Senate Agriculture Committee hearing today that they still don’t know the location of the funds. Jon S. Corzine, former chairman and chief executive officer of the broker, is scheduled to testify at the same witness table, after telling U.S. House lawmakers last week that he never intended to authorize any misuse of client money. “I do not know why these funds cannot be accounted for, but based on the fact that no shortfalls had been reported to me previously, it appears that any irregularities were likely caused by events that occurred shortly before the bankruptcy filing,” Steenkamp said in the testimony.

WaMu Ex-Officials Settle FDIC Lawsuit (WSJ)
Three former executives of Washington Mutual Inc. have agreed to settle a civil lawsuit stemming from the biggest-ever U.S. bank failure for less than 10% of the $900 million that was sought by federal regulators, according to people familiar with the situation. The deal would mark the latest setback for the government in a high-profile, financial-crisis-related case. The lion's share of the payout, which is expected to total less than $75 million, would come from insurers and the bank's estate—not from the pockets of the former executives.

German Economic Expectations Improve (WSJ)
German economic expectations improved as optimism grew that the euro-zone's sovereign-credit crisis will eventually see some resolution following the European Union leaders' decision last week in Brussels. The widely-watched ZEW index rose, after declining for nine consecutive months, to minus 53.8 in December from November's minus 55.2, the Center for European Economic Research, or ZEW, said Tuesday. While experts keep expecting a "very bad first quarter," the specter of a full-blown recession in Germany has receded as economic performance is forecast to pick up in the second quarter of next year, ZEW expert Michael Schroeder said.

MBIA to Pay Morgan Stanley $1.1 Billion to Settle Legal Battle (WSJ)
Talks that spanned the past two months between Morgan Stanley, MBIA and New York's top financial regulator, Benjamin M. Lawsky, culminated late Monday night in a settlement that resolves about $4 billion in insurance contracts Morgan Stanley bought from MBIA before the financial crisis, according to the person. Under the agreement, the insurance contracts Morgan Stanley bought from MBIA will disappear, ending the New York securities firm's costly entanglement with the insurer.

Mitt Romney Loves Border Patrol Humor (Morning Money)
"There are more Republicans here than my whole state," Romney said at a fundraiser in New Jersey hosted by Chris Christie. "I’ve watched Chris Christie from afar just in awe of his accomplishments...This guy’s just amazing. The whole nation’s watching this guy...I noticed you have a problem with Border Security here. There are people from New York." [Points out that Jets Owner Woody Johnson, a Romney fundraiser, is here.]

Cash-Poor Mets Given $40 Million Bank Loan (NYT)
The owners of the Mets, needing cash and unable to turn to Major League Baseball for more financial help, received a $40 million loan from a major bank in the past six weeks. The team described the arrangement as a bridge loan, meant to aid the team as it tries to raise money through the sale of minority stakes in the club. The loan marks the second time in a year that the Mets have received an infusion of cash. A year ago, the team’s owners, Fred Wilpon and Saul Katz, received a $25 million loan from Major League Baseball, but they have not been able to repay it. Meanwhile, Sandy Alderson, the club’s general manager, said last week that the organization had lost $70 million in 2011 alone.

Bewildered bear saunters into downtown Vancouver (TGM)
For reasons known only to itself, the small black bear surfaced on the back of a dumpster truck on Monday afternoon as workers prepared to drive away to the dump...“We were tipping a bin into the dumpster and a guy across the street yelled out that a bear just fell out into the dumpster,” said Bret Dougherty, owner of MiniBins. “Then the bear crawled up onto the edge of the dumpster, trying to decide what to do next.” Police quickly roped off the streets and summoned B.C. conservation officer Alex Desjardins, who dispatched the bewildered bear into slumber land with a few tranquilizers. “The bear was sitting on top of the truck like he was king of the world,” Mr. Desjardins said. He used a hand-held tranquilizer gun and a “jab pole” with a syringe at the end. “It was pretty textbook. There were hundreds of people looking on and I got big round of applause.”

Fed May Revise Zero-Rate Vow as Bond-Buying Need Fades (Bloomberg)
The Federal Reserve will probably revise its pledge to keep interest rates close to zero through mid-2013 as the need for large scale asset purchases diminishes, according to economists in a Bloomberg News survey. The Fed will alter the interest rate commitment before June, according to 64 percent of economists surveyed, with 51 percent saying the central bank will abandon the option of a third round of buying bonds, or so-called QE3.

Top Earners Not So Lofty in the Days of Recession (NYT)
The share of income received by the top 1 percent — that potent symbol of inequality — dropped to 17 percent in 2009 from 23 percent in 2007, according to federal tax data. Within the group, average income fell to $957,000 in 2009 from $1.4 million in 2007. Analysts say the drop largely reflects the stock market plunge, and most think top incomes recovered somewhat in 2010, as Wall Street rebounded and corporate profits grew.

Fightin' Falcone (NYP)
New York billionaire Phil Falcone’s beleaguered wireless startup, LightSquared, came out kicking and screaming yesterday over leaked test results questioning the wireless network’s compatibility with costly navigation equipment. The leaked results were a “distortion of the truth” intended to “prejudice the public,” angry LightSquared executives said during a conference call. The company’s chief executive, Sanjiv Ahuja, called for an investigation into the leak by the US Department of Defense and the US Department of Transportation. On Friday, it was reported that a draft of a highly anticipated government-sponsored test conducted on LightSquared’s high-speed wireless service showed “harmful interference” on 75 percent of receivers tested.

BlackRock To Reduce San Francisco Jobs (Bloomberg)
BlackRock plans to eliminate 59 jobs in San Francisco starting at the end of January. The company disclosed the cuts in a Dec. 7 state filing in California.

Woman caught smuggling 1.5kg of cocaine in her dreadlocks on flight to Bangkok (DM)
South African Nobanda Nolubabalo, 23, was arrested and held in Thailand's capital yesterday after customs officers allegedly noticed a suspicious white substance in her hair. Officials later carried out a search and discovered she had allegedly matted the Class A drug into her dreadlocks before boarding a flight from Brazil. Thailand's Bangkok Post reported that the smuggled cocaine had a street value of £93,000 (4.5 million baht).

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Opening Bell: 03.29.12

Facebook Targeting May IPO (WSJ) The Menlo Park, Calif., social network halted trading of its shares on the secondary market this week, as it sets about nailing down its shareholder count, according to a person familiar with the matter...It's unclear which week in May Facebook is aiming to go public, cautioned the person, and the timing may still change. The timing depends in large part on the SEC and isn't in Facebook's control, this person added. Jobless Claims Near Four-Year Low (WSJ) Initial jobless claims fell by 5,000 to a seasonally adjusted 359,000 in the week ended March 24, the Labor Department said Thursday. Economists surveyed by Dow Jones Newswires had forecast that claims would increase by 2,000. Morgan Stanley’s Jennings Asks Court to Dismiss Stabbing Case (BusinessWeek) The motion to dismiss the case was filed yesterday in state court in Stamford, Connecticut, said Jennings’s lawyer, Eugene Riccio. “The motion speaks for itself,” Riccio said in a phone interview. “There are serious deficiencies in the application for the arrest warrant.” Jennings, 45, is accused of attacking the driver, Mohamed Ammar, on Dec. 22 with a 2 1/2-inch blade and using racial slurs after a 40-mile ride from New York to the banker’s home in Darien, Connecticut. SEC Said to Review Credit Suisse VIX Note (Bloomberg) U.S. Securities and Exchange Commission investigators are reviewing a Credit Suisse Group AG (CSGN) exchange-traded note that became unhinged from its benchmark and whipsawed investors, a person familiar with the matter said. The VelocityShares Daily 2x VIX Short-Term ETN (TVIX), which seeks to provide twice the daily return of the VIX volatility index, climbed almost 90 percent above its asset value after the Zurich-based bank stopped issuing shares in February. The value of the note, which had risen to almost $700 million from about $163 million at the end of 2011, plunged last week when Credit Suisse said it would begin creating shares again. Stock Market Flaws Not So Rare, Data Shows (NYT) The communication breakdown that blocked trading on parts of the BATS exchange for more than an hour has been seen in at least 110 instances across the nation’s 13 stock exchanges over the last year, a review of data from Nasdaq shows. That number has gone up every year since 2007. In one instance in January, BATS said it was unable to trade with the New York Stock Exchange for nearly 30 minutes. Meanwhile, exchanges have halted trading in company shares after sudden spikes or falls, as happened Friday with Apple, at least 265 times over the last year — more than one for every day of trading, according to data analyzed by the Tabb Group, a market research firm. These circuit breakers kick in after stocks experience 10 percent swings in a short period of time and can be caused by a technical error or waves of electronic trading on news developments. Espirito Santo Among Five Portugal Lenders Downgraded by Moody’s (BW) Espirito Santo, Portugal’s largest publicly traded bank by market value, had its debt rating lowered one level to Ba3, Moody’s said yesterday in a statement. It took the same action for Caixa Geral de Depositos SA and Banco BPI SA. (BPI) Banco Internacional do Funchal was downgraded to B1 from Ba3. Mark Zuckerberg meets Japan's prime minister (AP) Facebook CEO Mark Zuckerberg says Japan’s massive tsunami inspired him to seek more ways for his social network to help people hit by natural disasters. Zuckerberg, who is visiting Japan, told Prime Minister Yoshihiko Noda that he believes Facebook can be used to help people in disasters keep in touch and provide them with crucial information. He did not go into details during the brief meeting Thursday. Noda expressed his appreciation and said he felt odd meeting the young entrepreneur after seeing the hit movie “The Social Network,” which was based on Zuckerberg’s life and the legal problems he had with others during Facebook’s early days. Laughing, Zuckerberg said the Hollywood portrayal of him wasn’t completely on target. “Very different,” he said. What To Do After You Hit The Megamillions Jackpot (AP) "Q: Whom should I tell first? A: Contacting a lawyer and a financial planner would be a lot wiser than updating your Facebook status. Make sure it's someone you can trust and, it's hoped, dealt with before. If you don't have anyone in mind, ask a close family member or friend. Oklahoma City attorney Richard Craig, whose firm has represented a handful of lottery winners, says it's essential to assemble a team of financial managers, tax experts, accountants and bankers." Eddie Lampert quietly shopping Lands End (NYP) Lampert, who inherited Lands’ End when he took control of Sears in 2005 by merging it with Kmart, has approached a handful of private-equity firms as he looks to raise as much as $2 billion in cash, sources said. SocGen To Rejig Investment Bank (WSJ) Société Générale aims to better integrate the investment bank's different teams as it shifts its business model toward originating loans that it will then move off its balance sheet by selling to investors, a person said. French banks have traditionally kept the loans they issue on their books, but in light of new capital demands from regulators, they are moving toward selling them to investors to prevent them from swelling their balance sheets. Charlie Sheen saying 'sorry' to America for troubled time (NYP) Despite his fresh start, Sheen admitted that he still has "a little bit" of bitterness towards "Two and a Half Men," but he says he "just [has] to work through that." "I wish they'd taken better care of the child left behind," he said.

Opening Bell: 05.24.12

Europe Plans Girds Greece Exit (WSJ) Emerging from Wednesday night's informal European Union summit, Italian Prime Minister Mario Monti said most leaders had backed issuing common debt, or euro-zone bonds, to help support troubled members. But Germany and others opposed them and demanded Greece do more. "We want Greece to remain in the euro zone," German Chancellor Angela Merkel told reporters after nearly eight hours of talks. "But the precondition is that Greece upholds the commitments it has made." Citi: Greek To Exit Euro, New Currency To Fall 60% (CNBC) Greece will leave the euro zone next year and the country's new currency will "immediately fall by 60 percent," according to Citi chief economist Willem Buiter. "The elections (on June 17th) will not produce a viable government that can follow the troika plan, leading to a stalemate between the Greek government and official creditors, and to the suspension of EFSF-IMF funding,” Buiter wrote in Citi's latest Global Economic Outlook. Slim Family Sees European Crisis As Good Time To Invest (Bloomberg) Carlos Slim sees Europe’s debt crisis as a “good moment” to apply his strategy of investing in times of turmoil, said the billionaire’s son, America Movil SAB Co-Chairman Carlos Slim Domit. America Movil, controlled by the elder Slim, announced a $3.4 billion bid to increase its stake in former Dutch phone monopoly Royal KPN NV earlier this month. While the acquisition would be Slim’s first major European foray, it follows a longstanding pattern, his son said. America Movil tries to stay as efficient and financially sound as possible so that it can quickly capitalize on fresh opportunities, he said. “When hard times come, you can look at opportunities in a very agile way,” Slim Domit, 45, said in an interview this week in Mexico City. “Europe is in a good moment.” After Facebook Fiasco, NYSE-Nasdaq Rivalry Heats Up (WSJ) "In the short term, if I'm deciding which platform to go with, I'd think twice at this point" before choosing Nasdaq, said Sang Lee, managing partner with Aite Group, a consultancy that researches exchanges. Investors Leery Of Paulson's Big Gold Bet (NYP) Investors are upset over Paulson’s huge gold positions — specifically, his outsize holding of AngloGold Ashanti, down 20 percent this year. That has dragged down two of Paulson’s funds. “I would be happier if he cut the gold position in half,” says one investor who put in a notice to take his money out of the fund in June. “He would have been up 4 percent in the first quarter if it weren’t for the goddamned gold.” Auction Of Ronald Reagan's Blood Stirs Debate (WSJ) Since his death in 2004 at age 93, President Ronald Reagan's popularity has only increased. Republican candidates invoke his name and policies. About 400,000 visitors a year flock to his hilltop museum outside Los Angeles, where a gift shop sells biographies, photos and his favorite jelly beans. Many people, it seems, want a piece of Mr. Reagan. But now, the sale of a very personal effect of the late president is stirring a controversy. Bidding for a vial purported to hold Mr. Reagan's blood topped $14,000 Wednesday in an online auction scheduled to end Thursday—if the Ronald Reagan Presidential Foundation doesn't try to block the sale first. PFC Auctions, based in the British Channel Islands, is offering the vial, said to have been obtained from a Maryland laboratory after the failed assassination attempt on Mr. Reagan in 1981. The sample was sent to the lab to test Mr. Reagan's blood for lead. A lab employee kept the vial as a memento and later passed it on to her adult child, according to the auction site. The head of the Reagan Foundation, a nonprofit group, called the sale "a craven act" and is fighting to stop it. It is uncertain what claims, if any, the foundation may have on the vial, which appears to contain dried blood residue, as depicted in a picture on the auction site...The seller, an admirer of Mr. Reagan's free-market policies, said in comments on the auction page, "I was a real fan of Reaganomics and felt that Pres. Reagan himself would rather see me sell it rather than donating it." Morgan Stanley, Others Make Profit of $100 Million Stabilizing Facebook (WSJ) These gains are expected to be offset somewhat by losses associated with reimbursing clients who lost money because of technology snafus at the Nasdaq Stock Market in Facebook's first day of trading, one of these people added. The Next Treasury Secretary (NYT) On the Democratic side, possibilities include Laurence D. Fink of BlackRock, the asset manager; Erskine Bowles, who served on President Obama’s National Commission on Fiscal Responsibility and Reform; Daniel K. Tarullo, a member of the Federal Reserve Board; and Roger C. Altman, the investment banker. For the Republicans, the front-runners include Robert B. Zoellick, the head of the World Bank; John B. Taylor, the Stanford economist; Glenn Hubbard, the head of Columbia Business School and a Mitt Romney adviser; and Kevin Warsh, a former member of the Federal Reserve Board. Spain To Recapitalize Bankia (WSJ) The Spanish government will provide about €9 billion ($11.4 billion) to cover Bankia SA's provisioning needs, Finance Minister Luis de Guindos said Wednesday, in the latest sign that Spain's economic deterioration is forcing authorities to inject more public funds to bail out ailing banks. Since Bankia won't be able to meet provisioning and capital needs, Spain's Fund for Orderly Bank Restructuring will be ready to inject capital into Bankia's unlisted parent company, Banco Financiero & de Ahorros SA, which holds the company's most toxic real-estate assets, Mr. de Guindos told legislators in Parliament. Indian State OKs Shooting Tiger Poachers On Sight (AP) A state in western India has declared war on animal poaching by allowing forest guards to shoot hunters on sight in an effort to curb rampant attacks on tigers and other wildlife. The government in Maharashtra says injuring or killing suspected poachers will no longer be considered a crime. Forest guards should not be "booked for human rights violations when they have taken action against poachers," Maharashtra Forest Minister Patangrao Kadam said Tuesday. The state also will send more rangers and jeeps into the forest, and will offer secret payments to informers who give tips about poachers and animal smugglers, he said.

Opening Bell: 02.15.13

SEC Looks At Trades A Day Before Heinz Deal (NYT) Regulators are scrutinizing unusual trading surrounding the planned $23 billion takeover of the food company H. J. Heinz, raising questions about potential illegal activity in one of the biggest deals in recent memory, a person briefed on the matter said. The Securities and Exchange Commission opened an insider trading inquiry on Thursday as Berkshire Hathaway and the investment firm 3G Capital agreed to pay $72.50 a share for Heinz, this person said. Regulators first noticed a suspicious spike in trading on Wednesday. Deferred Pay Draws Fed's Scrutiny (WSJ) U.S. banks and securities firms would have to step up their compensation disclosures under rules being considered by the Federal Reserve, said a person familiar with the central bank's regulatory efforts. The rules are in the formative stages and wouldn't take effect for some time. But an early draft has circulated internally at the Fed, this person said, marking a step on the path toward a public proposal. The Fed's push ultimately could give investors sheaves of new data on how and when companies pay their employees—including scarce numbers on how much compensation has been promised but not yet paid out. Shifting Blame Muddles S&P Suit (WSJ) The Delphinus deal, which means "dolphin" in Latin and is the name of a small constellation in the Northern Hemisphere, was one of more than 30 CDOs included in the federal government's lawsuit against Standard & Poor's Ratings Services last week. Federal prosecutors say that S&P, a unit of McGraw-Hill Cos., disregarded its own standards when rating Delphinus and the other CDOs, misled investors and should cover losses suffered by federally insured banks and credit unions that bought the securities, which included bundles of subprime mortgages. The discrepancy could give S&P a way to counterattack the Justice Department as the two sides gird for a battle that legal experts say will be grueling. U.S. Attorney General Eric Holder is seeking more than $5 billion in damages from S&P, which claims the allegations are "meritless." The U.S. government's conflicting opinions about the Delphinus deal might be a problem if the civil-fraud suit goes to trial. The ratings firm probably will argue that "these banks aren't victims," says Samuel Buell, a former federal prosecutor who now is a law professor at Duke University. Ackman: Herbalife Short Unaffected By Icahn Stake (CNBC) In his first public comments following the disclosure of activist investor Carl Icahn's stake in Herbalife, hedge fund manager Bill Ackman, who made $1 billion short bet against the stock, told CNBC he remains convinced that "Herbalife is a pyramid scheme." Ackman's statement read, "We invest based on a careful analysis of the facts. After 18 months of due diligence, we have concluded that it is a certainty that Herbalife is a pyramid scheme. Our conclusions are unaffected by who is on the other side of the investment. Our goal was to shine a spotlight on Herbalife. To the extent Mr. Icahn is helping achieve this objective, we welcome his involvement." G-20 Seeks Common Ground on Currencies After Yen Split (Bloomberg) Group of 20 finance ministers and central bankers begin talks in Moscow today with investors seeking clarity on how comfortable they are with a sliding yen. Questions are being asked after the Group of Seven united around a pledge not to target exchange rates only to divide over its meaning for Japan. “We have to get to the bottom of this, of course, listen to our Japanese colleagues and how they explain this and what decisions they will take and what exchange-rate policy they will follow,” Russian Finance Minister Anton Siluanov said in an interview yesterday before hosting the meeting. He said the G-20 should adopt more “specific” language opposing exchange-rate interference in a statement to be released tomorrow. Corvette's stick shift thwarts Orlando man (OS) Orlando police said the 20-year-old tried to carjack a man inside a Corvette near Orlando Regional Medical Center late last month, but couldn't steal the car because he didn't know how to use the clutch or stick-shift. He and his accomplice ran away from the car, but not before stealing the victim's wallet and cell phone, police said. Soon after the failed carjacking, the victim's credit card was used at a McDonald's on Kirkman Road. Surveillance video inside the restaurant showed Sayles at the register, placing an order at about 12:15 a.m. Jan. 28. Not long after, the stolen cellphone's internal GPS registered with the phone company. Authorities tracked the phone to a home on Grandiflora Drive in a neighborhood off Kirkman Road. On Feb. 8, police went to the home, and Sayles answered the door. Officers noted in their arrest report that they immediately recognized him from the surveillance video inside the McDonald's. When asked why the victim's stolen cellphone would detect at his house, the report said, Sayles said a lot of people come to his residence and they could have brought it. One-Man Bank Keeps German Village Business Running (Reuters) The Raiffeisen Gammesfeld eG cooperative bank in southern Germany is one of the country's 10 smallest banks by deposits and is the only one to be run by just one member of staff. Small banks like this dominate the German banking landscape. Rooted in communities, they offer a limited range of accounts and loans to personal and local business customers. While numbers have shrunk from around 7,000 in the 1970s to around 1,100 now, cooperative banks like Raiffeisen Gammesfeld provide competition for Germany's two largest banks - Deutsche Bank and Commerzbank. A typical day's work for Breiter involves providing villagers with cash for their day-to-day needs and arranging small loans for local businesses. Not to mention cleaning the one-story building that houses the bank, which is 200 meters from his own front door. Moving from a bigger bank, where it was all "sell, sell, sell", Gammesfeld-born Breiter says taking up this job in 2008 was the best decision he ever made. The advertisement required someone to work by hand, without computers. The typewriter and the adding machine bear the signs of constant use, although Breiter, in his standard work outfit of jeans and jumper, does now have a computer. "It's so much fun," Breiter, a keen mathematician, says as he deals with a steady stream of lunchtime customers. He knows his customers by name and regularly offers advice on jobs, relationship and money woes. Ex-Analyst At SAC Felt Pressured For Tips (WSJ) The Federal Bureau of Investigation and the Manhattan U.S. Attorney's office now are using the statements from the analyst to try to build a case against the SAC portfolio manager, Michael Steinberg, and others that could result in charges in the coming months, these people said. Authorities currently are preparing to present evidence to a grand jury against Mr. Steinberg, according to a person familiar with the investigation. The development ramps up the legal pressure on the big hedge fund, highlighting that the previously reported insider-trading investigation of SAC and its founder, Steven A. Cohen, is proceeding on multiple fronts. Blackstone Keeps Most Of Its Money With SAC (NYT) The Blackstone Group, the largest outside investor in the hedge fund SAC Capital Advisors, said it would keep most of its $550 million with the hedge fund for three more months while it monitors developments in the government's insider trading investigation. Performance Tops Pedigree in Money Managers’ Fortunes (Bloomberg) Virtus Investment Partners Inc. and Artio Global Investors Inc. set out on their own in 2009 within nine months of one another. The paths of the two money managers couldn’t have been more different. Virtus, which started as a virtually unknown money manager, has surged 18-fold since its public debut as assets have soared, with its shares hitting a record on Feb. 14. Artio, which listed in September 2009 after spinning out from Switzerland’s 122- year-old wealth manager Julius Baer Group Ltd., saw its life as an independent firm come to an abrupt end with its Feb. 14 acquisition by Aberdeen Asset Management Plc after assets slumped and shares plunged about 90 percent. Banks Warned Not To Leave Libor (WSJ) The Financial Services Authority recently sent letters to a handful of major banks—including France's BNP Paribas SA and the Netherlands' Rabobank Group—warning them not to pull out of the panel that sets the London interbank offered rate, or Libor, these people said. The letters came after executives at those banks privately informed the British Bankers' Association, the trade organization that oversees Libor, that they planned to exit the rate-setting panel. Australian couple get married in IKEA (DM) Lynne said: 'We wanted to get married in IKEA for a very simple reason - we adore IKEA. 'It felt right to be able to show our commitment to one another by getting married somewhere we both love and to show the world that romance can be alive anywhere, even in the aisles of IKEA. Our visits to IKEA over the years have actually brought the two of us closer!' Every element of the special day featured IKEA products handpicked by the happy couple, including crockery, lighting, dining furniture, decorations, glassware and meatballs.

Opening Bell: 02.29.12

David Loeb, a Goldman managing director who acts as a middleman between the Wall Street firm and some of its most important hedge-fund clients, is the latest Goldman official to be investigated in the insider-trading probe. As a senior Goldman salesman, Mr. Loeb deals with many technology hedge-fund employees...Known at Goldman and among clients as self-deprecating and colorful, Mr. Loeb sometimes signs his emails "cbf," for "chunky but funky."