JPMorgan presses Bloomberg on reporters' access to data (Reuters)
The largest U.S. bank is seeking logs for five years of what precisely Bloomberg journalists accessed concerning the use of terminals by JPMorgan employees, a bank official said. Bloomberg has about 2,400 journalists worldwide. JPMorgan said it is also seeking "confirmation" of controls that Bloomberg has put in place to stop future breaches.
JPMorgan Shareholders Are Denied Access to Results (DealBook)
The firm that is providing tabulations of the JPMorgan vote stopped giving voting snapshots to the proposal’s sponsors last week. The change followed a request from Wall Street’s main lobby group, the firm says. ... Lyell Dampeer, a senior executive at Broadridge, said his firm was required to give real-time results to companies, and for years Broadridge gave that same information to proposal sponsors. But late last week, he received a call from an employee of the Securities Industry and Financial Markets Association, Wall Street’s main lobby group, requesting that Broadridge cut off access to organizations that are sponsoring proposals, he said. Sifma represents JPMorgan and other big banks and brokerage firms.
What's a CEO Worth? More Firms Say $10 Million (WSJ)
Compensation awarded to CEOs of 300 U.S. companies rose a median 3.6% to $10.1 million, the analysis found. The total includes salary and annual bonuses, plus the value of restricted stock and stock options at the time they were granted. The companies surveyed, all of them public, with revenue exceeding $7.5 billion, were the largest to file proxy statements between May 1, 2012 and April 30, 2013. ... Last year's relatively modest increase in CEO compensation followed a 2.3% bump in 2011.
Hedge Funds Dump Apple, Jump into Hess, Dell Fights in Q1 (CNBC)
Yesterday was 13F day.
Funds bet Greece will survive and thrive (FT)
This further fuelled an already eye-catching rally in Greece’s restructured bonds, sending the 10-year bond yield tumbling 74 basis points to well below the 9 per cent mark, the lowest in three years. The Athens stock exchange rallied to the highest since August 2011. The Greek debt management agency is even talking of issuing bonds next year, a prospect that not so long ago would have seemed highly optimistic. Now bankers and investors say selling shorter-term bonds would be feasible.
Wife of ‘Rain Man’ Libor Trader Starts to Talk on Twitter (WSJ)
Tom Hayes, the former UBS and Citigroup trader known to colleagues as “Rain Man” for his brainy but socially awkward demeanor, has been mostly silent since the U.S. Justice Department charged him last December with trying to manipulate Libor. ... Recently, though, someone in Mr. Hayes’s corner has started speaking up: his wife, Sarah Tighe Hayes. A few days ago, she started tweeting under the handle @SarahTigheHayes. Mixed in with tweets about soccer and child-care are a handful of posts in which she has shared with her eight followers her thoughts about Libor and what she sees as the U.S. justice system’s propensity for overkill.
Twitter CEO Costolo on Improv, VCs and Burritos (PEHub)
“Out in the Midwest, you don’t have to worry about ‘I have to get them better burritos or they’re going to go somewhere else,” he says. “You have to worry about that stuff here.” ... As for venture capitalists, another group disproportionately represented in Silicon Valley, Costolo was decidedly tongue-in-cheek. Asked what he likes most about VCs, Costolo replied: “They pick up the check at dinner.” Asked what he likes least about VCs, he had a one-word answer: “Dinner.”
Flurry of Fed Speakers to Guide Markets (CNBC)
Philadelphia Fed President Charles Plosser speaks at 3:45 a.m. ET in Milan on the economic outlook, while Boston Fed President Eric Rosengren speaks at 7:45 a.m. on the impact of austerity on monetary policy, also in Milan. Dallas Fed President Richard Fisher speaks at 9 a.m. at the NABE energy conference in Houston, and Fed Gov. Sarah Bloom Raskin speaks on the prospects for recovery at 12:30 p.m. San Francisco Fed President John Williams speaks at 2:30 p.m. on the economy in Portland, Ore.
Japan's first-quarter growth beats forecasts as first stimulus effects felt (Reuters)
Gross domestic product (GDP) rose 0.9 percent from the previous quarter, against the median forecast of 0.7 percent expansion in a Reuters poll of analysts. The growth translated into an annualized 3.5 percent, compared with 2.5 percent for the United States in the same quarter. The data -- which covers the first full quarter since Abe's return to power in late December -- is viewed as the first comprehensive report card on his plan to revive the world's third-largest economy. Solid readings will help Abe keep high support until the upper house poll in July.
Glencore Xstrata chairman ousted in surprise coup (Reuters)
Glencore Xstrata Chairman John Bond surprised investors on Thursday by announcing he had been voted out of the top job at the miner and trader at the group's first annual shareholders' meeting. Bond gave no explanation, but as the meeting began in Zug, Switzerland, he handed responsibility for chairing the gathering to former BP boss Tony Hayward, the company's senior independent director.
Executives at Chinese reverse merger company settle with US SEC (Reuters)
A husband and wife executive team at a China-based company agreed to settle civil charges on Wednesday alleging they overstated revenue and used some of the money for personal expenses, the U.S. Securities and Exchange Commission said. The SEC's case against RINO International Corp's Chief Executive Officer Dejun "David" Zou and Chairman Jianping "Amy" Qiu marks the latest in an enforcement crackdown by the agency on disclosure and accounting irregularities at U.S.-listed Chinese companies.
Big Banks Get Break in Rules to Limit Risks (DealBook)
In the aftermath of the crisis, regulators initially planned to force asset managers like Vanguard and Pimco to contact at least five banks when seeking a price for a derivatives contract, a requirement intended to bolster competition among the banks. Now, according to officials briefed on the matter, the Commodity Futures Trading Commission has agreed to lower the standard to two banks. About 15 months from now, the officials said, the standard will automatically rise to three banks.
Challenging domination of oil’s powerful few (FT)
According to Platts, its daily assessment of dated Brent, as the physical North Sea oil market is known, is the reference price for 60 per cent of crude traded worldwide. Dated Brent also underpins exchange-traded derivatives used by airlines to hedge prices and, along with taxes, Platts’ crude and product prices determine the price of petrol at the pump. The power of Platts has not gone unnoticed. “Some market participants expressed frustration that there is no one to whom they can appeal when they believe a PRA’s judgment is wrong,” IOSCO, the umbrella body for global regulators said in a report to G20 finance ministers in 2011.
I Got Monograms on My Shirts. Am I a Jerk? (Slate)
Is the monogram the mark of a douchebag? No, let’s not use that word in this instance, lest we leach it of meaning. The shirt detail most identifiable as an element of the douchebag’s workday uniform is the white collar on a blue shirt. Let’s instead declare the monogrammed cuff an unfortunate signifer of social anxiety. ... A conspicuous monogram is classy only in the sense of business-classy, bespeaking time lost loitering at the SkyMall which invites the striver opportunities to attach his initials to golf bags and playing cards and coolers that convert into portable stools. The people most likely to be impressed by the embroidery are by definition allergic to the ideas that elegance is restraint and discretion the better part of not looking goofy.