Yellen Would Bring Tougher Tone To Fed (WSJ)
Ms. Yellen, the Fed vice chairwoman, is highly regarded by many central bank staff members, who call her an effective leader with a sharp mind. But she has clashed with others and left some hard feelings in the wake of those confrontations, according to interviews with more than a dozen current and former staff members and officials who worked with her directly in recent years. Most agree that Ms. Yellen—who has climbed the ranks from Fed researcher to Fed governor and regional Fed bank president, in between stints outside the central bank—is exacting and exceptionally detail-oriented. At Fed policy meetings, Ms. Yellen is courteous, respectful, serious and meticulously prepared, according to officials who have attended meetings with her. She has staked out strong positions in favor of the Fed's easy-money policies that sometimes put her at odds with opponents of the policies, these people said.
Open Government Laws Fuel Hedge Fund Profits (WSJ)
Finance professionals have been pulling every lever they can these days to extract information from the government. Many have discovered that the biggest lever of all is the one available to everyone—the Freedom of Information Act—conceived by advocates of open government to shine light on how officials make decisions. FOIA is part of an array of techniques sophisticated investors are using to try to obtain potentially market-moving information about products, legislation, regulation and government economic statistics. "It's an information arms race," says Les Funtleyder, a longtime portfolio manager and now partner at private-equity firm Poliwogg Holdings Inc. "It's important to try every avenue. If anyone else is doing it, you need to, too."
Merkel wins resounding victory in German election (CNBC)
While it was a stunning victory for Merkel, the election results heightened uncertainty and raised the prospects of a grand coalition between Merkel's center-right group and either the Greens or the SPD. Speaking to her party faithful after the vote, Merkel thanked voters for their trust. "I want to thank people who governed with me, (these) were not easy years," she said.
Hedge Funds Now Free To Advertise (NYP)
The decades-long ban on hedge fund advertising has been lifted effective Monday — thanks to the 2012 Jumpstart Our Business Startups Act, which also allowed Twitter to register confidentially this month for a public stock offering. While the new rules won’t likely lead to traders’ faces plastered on New York City buses or on grocery store shopping carts, it could result in more hedge fund “branding” in sports arenas or other public places deep-pockets people like to congregate, experts forecast. An opera season or art gallery showing by your local friendly hedge fund is not out of the question. It is also expected to lead to more subtle changes, such as fund managers talking openly about their performance to reporters and on television.
Greece and lenders expect 2013 budget surplus: Greek finance ministry source (Reuters)
"I think we are close to converging on a common, realistic estimate that there will be a small, viable primary budget surplus this year," the official said on condition of anonymity, after the first meeting in the latest review of Greece's bailout by its lenders.
Economy Minister Threatens To Quit If Italy Flouts Deficit Limits (Reuters)
Italian Economy Minister Fabrizio Saccomanni will resign if the fragile coalition government flouts European Union deficit spending limits in favor of tax cuts, he told Corriere della Sera newspaper on Sunday.
Terrifying Bride Is Only Joking Except When She's Not (Gawker)
Welcome to my bridal party. I thought today would be a great day to start this chain, as it is officially six months until my wedding day. I just wanted to go over some ground rules: 1. Weigh-ins will begin in 3 weeks. I for one would really like some time after Thanksgiving to make my body forget about what it consumed, so I thought I would give you guys some cushion room 2. No-one can be skinner than the bride. That means Kelly and Lizzie will be on a protein weight gainer diet exclusively until May. I will have the nutritionist call you to discuss diet plans. 3. Bed times leading up to the wedding will be strictly enforced. I absolutely cannot have you all have saggy, baggy eyes. I am sure you all understand. 4. Swimwear attire: I would like everyone to wear matching bikinis that have rhinestones on the tushie spelling out "maids," which brings me to my next point. 5. All bikinis leading up to the wedding must be strapless bandeaus. I cannot have terrible tan lines in strapless dresses. 6. Sunscreen: We need to make sure you ladies look lovely and radiant and not red and reptile like. Pack accordingly. 7. Speeches: We all know what happened at Taylor's wedding. So if you plan to make a toast, please submit it for approval and revision, no later than 4 weeks prior to the wedding.
Houlihan Lokey to Double Team Focused on Illiquid Sales (Bloomberg)
Houlihan Lokey, the closely held investment bank that started advising on secondary sales of private-equity and hedge-fund stakes fours years ago, plans to more than double staff in that unit to 20 professionals or more as it expands into sales of other illiquid assets. Houlihan Lokey created an Illiquid Financial Asset practice to advise on the sales of assets such as stakes in loan pools, life settlements, minority positions, pharmaceutical royalties and operating leases, the Los Angeles-based firm said today in a statement. The unit will also advise private-equity firms on structured deals in situations where they are unable to raise successor funds.
In Icahn Investments, Son Also Rises (NYP)
Carl Icahn, who declined comment for this article, has credited son Brett and David Schechter, 37, with being more tech-adept than he is and with finding investment opportunities in Netflix, Apple and voice-technology company Nuance, as well as Take-Two.
Cocaine stash worth $270 million found on Air France plane in Paris (GP)
French police made one of the biggest cocaine busts in history earlier this month when 1.3 tonnes of the drug was found aboard an Air France cargo flight in Paris. The stash of pure cocaine was found stuffed into 30 suitcases aboard the cargo plane at Paris Charles de Gaulle airport, Interior Minister Manuel Valls announced Saturday.
Chocolate Prices Sore In Dark Turn (WSJ)
The cost of one kilogram of chocolate in the U.S. is expected to hit a record $12.25 this year, a 45% increase from 2007, according to market-research firm Euromonitor International.
Indianapolis man arrested after impersonating officer to get free Applebee's meal (IS)
Philip D. Smith, 46, was charged with one count of theft and one count of impersonating a police officer, both Class D felonies. According to a police report, Smith finished dining at Applebee’s on Richmond’s east side when he told his server that he did not have money to pay his bill. He then allegedly displayed a badge, said he was a police officer and asked to go to an ATM to get money. Authorities said employees at Applebee’s called police to report the incident after Smith failed to return to pay his bill. “(The employees) took down his license plate number before he left and when he didn’t come back, they called and we had officers that were able to locate the vehicle,” RPD Capt. Tom Porfidio said. According to police, the badge that Smith displayed was a security badge and not a police-issued badge.