Regulators Ready Fines Over London Whale Case (WSJ)
JP Morgan Chase & Co.'s penalties for the "London whale" trading fiasco are expected to total $500 million to $600 million as part of a far-reaching settlement that could wrap up as soon as next month, according to people close to the situation.
Currency Spikes at 4 P.M. in London Provide Rigging Clues (Bloomberg)
In the space of 20 minutes on the last Friday in June, the value of the U.S. dollar jumped 0.57 percent against its Canadian counterpart, the biggest move in a month. Within an hour, two-thirds of that gain had melted away. The same pattern -- a sudden surge minutes before 4 p.m. in London on the last trading day of the month, followed by a quick reversal -- occurred 31 percent of the time across 14 currency pairs over two years, according to data compiled by Bloomberg. For the most frequently traded pairs, such as euro-dollar, it happened about half the time, the data show...fund managers and scholars say the patterns look like an attempt by currency dealers to manipulate the rates, distorting the value of trillions of dollars of investments in funds that track global indexes.
Fed Candidates Worth Millions (WSJ)
Janet Yellen, the No. 2 at the Fed's Board of Governors, and her husband—Nobel Prize-winning economist George Akerlof—had assets such as stocks, bond-fund shares and bank accounts valued at roughly $4.8 million to $13.2 million in 2012, according to financial disclosures released by the Fed on Tuesday. The disclosure forms use ranges rather than specific amounts. Former Treasury Secretary Lawrence Summers, 58 years old, is also wealthy. As a private citizen, he doesn't have to publicly disclose his current net worth, but he had assets valued at roughly between $7.9 million and $31.7 million when he joined the Obama administration in 2009, according to a disclosure released by the White House that April. Mr. Summers also reported receiving about $5.2 million of compensation from hedge fund D.E. Shaw & Co. in 2008 and 2009, and a further $2.7 million in speaking fees in 2008. Since leaving the government, he has earned hefty fees for speeches and has served as a paid consultant to a number of financial firms.
Mongolia Warms To Foreign Investors (WSJ)
Under the changes, the landlocked Asian nation would lower barriers for foreign investors in "strategic" sectors including mining, telecommunications and finance—though it would still closely scrutinize deals involving government-controlled companies such as China's big state-owned enterprises.
Brothels In Nevada Shrivel As Web Disrupts Oldest Trade (Bloomberg)
In a dim parlor furnished with red velvet couches and a stripper pole, Brooke Taylor is having a sale on herself. “I offer a lot more specials and discounts and incentives for people to come in to see me,” said Taylor, 32, a brunette prostitute in a short, green dress at the Moonlite Bunny Ranch outside Carson City, Nevada. “People are looking for deals.” Nevada’s legal brothels, which took root in the mid-1800s silver-mining boom, are dwindling, down to about 19 from roughly 36 in 1985, according to George Flint, an industry lobbyist. Many have been the highest-profile businesses in their sparsely populated regions, and their decline hurts already-stretched county budgets and marks the end to local institutions -- though not the universally beloved sort. The state’s flagging economy, decreased patronage by truckers squeezed by fuel costs and growing use of the Internet to arrange liaisons are to blame, managers say...Susan Austin, who said she became a prostitute at 49 before becoming a madam, said the Mustang Ranch is seeing fewer clients than five years ago, though she wouldn’t provide figures. “They’re getting less services because they’re paying less, but they’re still seeing their favorite ladies,” Austin said in the brothel’s Italian suite, which features a four-poster bed, tiger-print carpet and hot tub. “It’s like anything: When the economy takes a dive, you just live with less frills.”
Swiss Give Nod To Possible Tax Deal With US (Reuters)
The government said on Wednesday the signing of the joint statement should enable Swiss banks to resolve the dispute with the United States while complying with existing Swiss laws. It gave no further details.
Regulators To Fine JP Morgan $80 Million Over Consumer Dealings (Reuters)
The regulators are investigating reports that the bank sold an identity-theft protection with false promises to credit card customers through a third-party vendor, the paper reported. In another set of actions, the regulators are targeting the bank for flooding state courts with lawsuits that used faulty documentation to substantiate the amount owed by consumers, the people told the paper.
Nasdaq Left SEC In The 'Dark' (NYP)
The soon-to-be No. 3 exchange irked regulators at the Securities and Exchange Commission for not immediately tipping its top officials to the technical glitch that forced an unprecedented three-hour freeze last week, sources tell The Post. SEC higher-ups, several sources tell The Post, are unhappy with CEO Bob Greifeld’s lack of promptness in informing Chairman Mary Jo White that its computers were starting to face a systemwide meltdown.
In Oklahoma, Sculptor Has High Hopes For 'The American' (WSJ)
Mr. Gray, a 57-year-old sculptor of Osage tribal heritage, is on a quixotic quest to erect a 217-foot-high bronze rendering of a Native American warrior with an eagle perched on his arm. Titled "The American," the colossal work would be considerably larger than the Statue of Liberty, the nation's tallest statue, which is about 151 feet from torch to toes, not counting her pedestal...Mr. Gray aims to awe with sheer scale. The outer skin of "The American" would be composed of 3,600 bronze panels weighing in total more than 350,000 pounds. The eagle alone would have a wingspan of 103 feet. Visitors would be able to enter at the base, board an elevator and ascend the sculpture. Herds of live buffalo would surround it.
Alec Baldwin gets into street scuffle with NY photographer, pins man against hood of car (NYDN)
“Alec didn’t want them taking any more pictures, so he went over and confronted him,” said Erick Nguyen, 46, who manages Saigon Market, across the street from the faceoff on University Place. “They were jawing,” Nguyen added. “Baldwin grabbed him and threw him against the car.”