Goldman says Google has blocked email with leaked client data (Bloomberg)
Goldman Sachs Group on Wednesday said Google Inc has blocked access to an email containing confidential client data that a contractor sent to a stranger's Gmail account by mistake, an error that the bank said threatened a "needless and massive" breach of privacy. The breach occurred on June 23 and included "highly confidential brokerage account information," Goldman said in a complaint filed on Friday in a New York state court in Manhattan. Goldman did not say how many clients were affected. It has been seeking a court order compelling Google to delete the email, which it said on Wednesday had yet to occur. “Google complied with our request that it block access to the email,” Goldman spokeswoman Andrea Raphael said. “It has also notified us that the email account had not been accessed from the time the email was sent to the time Google blocked access. No client information has been breached.” A Google spokeswoman declined to comment. According to Goldman, the outside contractor had been testing changes to the bank's internal processes in connection with reporting requirements set forth by the Financial Industry Regulatory Authority. Goldman said the contractor meant to email her report, which contained the client data, to a "gs.com" account, but instead sent it to a similarly named, unrelated "gmail.com" account.
Exclusive: SEC official dissented on BNP Paribas waiver (Reuters)
An official at the U.S. Securities and Exchange Commission (SEC) broke ranks with other commissioners, and voted against granting BNP Paribas a critical waiver to continue operating several investment advisory units in the United States. Kara Stein, a Democratic SEC commissioner who has recently demanded more accountability for big banks who break the law, was the sole dissenting vote on Monday on the temporary waiver, according to a document made public this week. BNP's application was granted the same day that BNP, France's largest bank, pleaded guilty to criminal charges it violated U.S. sanctions. The temporary waiver will become permanent, unless an "interested person" in the matter is granted a hearing. The deadline for requesting a hearing is July 25.
Barclays Probe Casts Ugly Light on Dark Pools (BusinessWeek)
The ultimate promise of a dark pool, however, was that no matter who was invited inside, prices weren’t immediately reported—in theory, at least, limiting the impact a large trade can have on the market. In public exchanges, by contrast, bids and offers are displayed (often at varying speeds depending on which feeds you buy) and prices are reported immediately after a trade is executed. This information can create ripples across the market, allowing faster firms to trade ahead of a big order and make a profit. This was the problem that dark pools sought to fix. By keeping orders in the dark, effectively blinding traders to what was happening around them, there were no ripples. Or if there were, they went unnoticed. The picture Schneiderman paints is much worse. There’s still a room filled with blindfolded traders buying and selling to each other. But now there’s a speed trader or two lurking in the corner, secretly watching everything that’s going on.
JPMorgan Investors Show Support for Dimon in Cancer Fight (Bloomberg)
The bank has deep contingency and succession plans, and Dimon’s illness may serve as no more than a valuable “fire drill,” said Michael Farr, president of Farr Miller & Washington LLC, a Washington-based asset manager that oversees more than $1.1 billion, including JPMorgan shares. “The good news is that every indication is that they will never be needed and that Jamie Dimon has many years to work and that he’ll retire on his own schedule as a much older man,” Farr said. “It feels unfair to watch someone who has really been through so much have to suffer through this.”
Owners send dogs to ‘fat farms’ as more pets become obese (AP)
Growing rates of obesity in pets have led to the emergence of fat farms offering ‘‘pawlates,’’ ‘’doga’’ and ‘‘Barko Polo,’’ doggie versions of Pilates, yoga and Marco Polo to help slim down man’s best friend. In the U.S., 53 percent of dogs are overweight or obese, up from 45 percent four years ago. In cats, the figure is almost 58 percent, said Dr. Ernie Ward, a veterinarian and founder of the Association of Pet Obesity Prevention in Calabash, North Carolina. Overweight pets can suffer diabetes, joint problems, heart disease and decreased life expectancy, just like obese people, he said. Most luxury pet hotels and spas nationwide will customize a fitness program for a pudgy dog or cat, but only a few facilities have fat camps for large groups. For golden retriever Ceili, it was easy to fatten up when living with a boy who pushed tasty morsels over the edge of his high chair. The extra weight led Eileen Bowers of Bedminster, New Jersey, to sign up the more than 100-pound pooch for a five-day fitness camp last month at Morris Animal Inn. Besides the ‘‘pawlates,’’ the camp was filled with swimming, nature hikes, treadmill trots, facials, massages and healthy treats like organic granola, string beans and carrots. It was designed to give Ceili and 40 other dogs a head start on a healthier life, said Debora Montgomery, the New Jersey facility’s spokeswoman...the ‘‘Barko Polo’’ pool game varies from its human inspiration: A staffer will shout ‘‘barko’’ and whichever dog-paddling pooch yelps first gets a toy.
Pimco suffers 14th month of withdrawals (FT)
Investors withdrew money from Bill Gross's Pimco Total Return fund, the world's largest fixed income mutual fund, for the 14th consecutive month in June, as Mr. Gross vowed to put "fear on our competitors' faces again." Morningstar, the research firm, estimated the latest monthly outflow at $4.5bn, taking the total withdrawn since April 2013 to more than $64bn.
Narrowed Insider Trading Case to Go to Jury Next Week (Dealbook / Matthew Goldstein)
Judge Buchwald said after a hearing on Wednesday morning that she would let the jury decide whether Rengan Rajaratnam was guilty of trying to conspire with his brother to get inside information on stocks. But during the hearing, the judge made no secret of her displeasure with some aspects of the prosecution’s case. At one point, Judge Buchwald chided prosecutors working for Preet Bharara, the United States attorney for Manhattan, and said some of their legal arguments “don’t make any sense at all.”
Here’s how incredibly quiet stocks are right now (CNBC)
On Wednesday, the S&P 500 [was] trading in a mere 0.2 percent range. If that sounds small, it is. In fact, according to technician Jonathan Krinsky of MKM Partners, this range ties Dec. 30, 2013, for the title of narrowest S&P 500 range going back to 1992.
Man Ran Strip Club Out Of Barber Shop: Police (HP)
Undercover agents working for the Metropolitan Bureau of Investigation conducted a months-long investigation of Super Fades barber shop before finally raiding the place early Sunday morning. MBI investigator Lt. Mike Gibson said the agents visited the barbershop by day and saw it turn into an illegal strip bar every Saturday night. “On each and every occasion they were serving alcohol and they had strippers. And, not strippers following local law, but strippers that went completely nude,” Gibson told WFTV TV. Along with the barber pole in front of Super Fades, there was a stripper pole installed inside the establishment.