$$$Government authorities are planning to arrest two former JPMorgan Chase employees suspected of masking the size of a multibillion-dollar trading loss, a dramatic turn in a case that tarnished the reputation of the nation's biggest bank and spotlighted the perils of Wall Street risk-taking. The arrests are expected to take place in London in the coming days, according to people briefed on the matter. The action, the people said, would come on the heels of a federal grand jury voting to indict the employees on criminal fraud charges. The employees — Javier Martin-Artajo, a manager who oversaw the trading strategy from London, and Julien Grout, a low-level trader responsible for recording the value of the soured bets — could ultimately be extradicted under an agreement with British authorities. [NYT]

$$$SAC Deal Puts Restrictions on Nearly $6 Billion of Firm's Money [WSJ]

$$$Icahn's Dell Challenge Goes To Court [WSJ]

$$$Obama Compares Russia’s President Putin to a Bored Kid [Bloomberg]

$$$Houston woman arrested for allegedly slapping HPD horse [Chronicle]

$$$Sard Verbinnen, Wall Street's Go-To Crisis PR Firm [BusinessWeek]

$$$"Mike is working tirelessly to save this company, and it is despicable of Ackman to leak a letter asking for his removal," said Howard Schultz, the chief executive of Starbucks Corp., on whose board Mr. Ullman sits. "The irony is that Ackman himself has every step of the way severely damaged this company." [WSJ]

$$$Fight at McDonald's drive-thru leads to stabbing [WTSP