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Write-Offs: 11.12.13

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$$$ "I think going forward most investors are not going to be able to produce alpha," Ray Dalio said in an interview during the New York Times' DealBook conference on Tuesday morning. "I think that going forward, most investors are not going to be able to produce alpha. Alpha is a zero sum." [CNBC]

$$$Activist Investor Daniel Loeb Takes FedEx Stake [WSJ]

$$$Winklevii: Bitcoin worth at least 100 times more [CNBC]

$$$Emerging economies to suffer more from U.S. taper: World Bank's Kim [Reuters]

$$$ The man appeared confused and disoriented. His speech was slurred, his eyes were watery and bloodshot and he smelled of alcohol. He said he was “drunk,” he had “a lot” of alcohol and urinated on himself. His blood-alcohol level at the police station was 0.24 percent, above the state’s 0.17 percent super-drunk standard. The man’s car was impounded. While he was being booked, he said he drank so much because he was upset that the University of Michigan’s football team lost 29-6 at Michigan State University the day before. He said he also was upset with the play-calling of Offensive Coordinator Al Borges, whose Wolverines rushed for a negative-48 yards, the worst ground performance since the school started playing football in 1879. [P&G]

$$$Obama to Nominate Massad to Head CFTC [WSJ]

$$$China Endorses 'Decisive' Role for Markets [WSJ]

$$$Wisconsin Man Called 911 Because Sex Partner Was "Snoring Like A Train" In His Bed [TSG]

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$$$ Schaeuble Declares Markets Wrong As Europe Heads To Vacation [Bloomberg] $$$ Don't Force Banks Into 'Draconian' Breakups: Whitney [CNBC] $$$ Morgan Stanley Stock May Be Worth $32 In Breakup, Mayo Says [Bloomberg] $$$ The Merkley plan to refinance underwater mortgages sounds pretty good [Reuters / Felix Salmon] $$$ Outspoken Analyst Kinnucan Pleads Guilty in Insider Case [WSJ] $$$ Man who rescued a 17-pound lobster "felt the nearly 100-year-old crustacean did not deserve to die with its parts soaked in butter. 'If he was 100, he saw World War I, World War II, man on the moon,' he said. 'Being in New England, he even saw the Red Sox win the World Series. So, he didn’t deserve the boiling water.'" [CBS] $$$ Due to recent regulatory requirements, a top bank in Charlotte is looking for a counterparty credit risk manager to be a Basel expert [DBCC] $$$ Libor scandal makes it more costly for bankers to get insured [Reuters] $$$ Europe Aims to Make Rate Manipulation a Criminal Offense [DealBook] $$$ Fund managers to lose securities lending profits [FT] $$$ The Securities and Exchange Commission drew sharp criticism from a federal judge who said they have failed to properly oversee a $55 million investor education fund created by a nearly decade-old settlement with Wall Street banks. The fund had been created as part of a roughly $1.5 billion regulatory accord in 2003 with Citigroup Inc, Goldman Sachs Group Inc, JPMorgan Chase & Co and other banks accused of publishing biased analyst research. U.S. District Judge William Pauley in Manhattan said the SEC has shown a "lack of oversight" and "indifference" toward how a nonprofit organization charged with distributing the money has been managed. ... Pauley pointed as an example to a two-year, $91,500 grant to the Genesee District Library in Flint, Michigan, that appeared to have resulted in just two events, one of which concerned "spending, sharing, and saving" for children ages two to five. "While there may be benefits to starting investor education early, toddlers seem beyond the pale," the judge wrote in an order issued Wednesday. [Reuters] $$$ Mitt Romney would restore 'Anglo-Saxon' relations between Britain and America [Telegraph]

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