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Opening Bell: 07.08.14

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At Goldman, Board Samples New Guard (WSJ)
Goldman Sachs Group Inc. has stepped up its efforts to groom a new generation of leaders, as it broadens the list of executives who could eventually run the Wall Street firm. As part of those plans, Lloyd Blankfein, Goldman's chairman and chief executive, has been arranging private dinner meetings between younger managers and the firm's directors, according to people familiar with the matter. The gatherings, which began last year, are designed to showcase the executives' expertise on a variety of topics that fall outside formal reviews of their businesses and share the firm's views on important issues, the people said...The push comes as Mr. Blankfein, who took over in 2006 when Henry Paulson became Treasury secretary, has shown no interest in stepping down soon. "A job like this is hard to come by," Mr. Blankfein, 59 years old, said in November at an industry conference. "I'll be slow to get out of it." Were Mr. Blankfein to retire suddenly, Gary Cohn, the firm's 53-year-old president, remains the board's choice for the top job, people familiar with the matter said. But the open-ended nature of Mr. Blankfein's commitment increases the chance that Mr. Cohn's window to run the firm will close before a successor is needed, current and former Goldman executives said...The board dinners thus far have featured leaders of the firm's major divisions, including Pablo Salame, co-head of Goldman's securities arm, as well as others such as Paul Russo, co-COO of equities, and Anthony Noto, a technology banker who left the firm in June and was recently named finance chief at Twitter Inc., a former client, the people said.

Returns From Activist Hedge Funds Are Causing a Stir (WSJ)
Activists are once again at the top of the hedge-fund heap, after a profitable stretch of clashes with companies around the world. Activist managers gained 6.5% in the first half of the year, almost double the total for the average hedge fund, according to data to be released this week by research firm eVestment. Activist investing, in which managers buy stakes in companies and then agitate for changes in the form of buybacks, divestitures or management shakeups, was also the top-performing strategy among hedge funds in 2013. The fund managers could earn millions for themselves—and billions for their investors—if the gains stick through the end of the year.

Soros Hedge Fund Sued by Ex-Manager Seeking Back Fees (Bloomberg)
George Soros’s hedge fund was sued by a former portfolio manager who claims the firm wrongfully withheld at least $19.5 million in unpaid fees after firing him without explanation eight months into the job. Aaron Cowen, who joined Soros Fund Management LLC in 2010 after serving as portfolio manager and chief investment officer at SAC Capital Advisors LP, had a “stellar” track record at Soros’s firm before being terminated in November 2011, according to a complaint in Manhattan state Supreme Court. “Shockingly, Cowen’s employment was terminated despite his positive returns, when other Soros portfolio managers were failing,” according to the complaint filed July 3 and made public today. Soros, 83, invited Cowen to his home in South Hampton, New York, days after the termination and told the former employee during a 30-minute conversation that he didn’t know why he’d been fired, according to the complaint.

American Apparel, Charney Sued Over Alleged Misconduct (Bloomberg)
American Apparel Inc. (APP) and ousted Chief Executive Officer Dov Charney were sued by shareholders over claims directors ignored Charney’s misconduct that violated the company’s sexual harassment and discrimination policies. The lawsuit cites a June 18 letter by directors suspending Charney as CEO and describing how he authorized severance packages to former employees, and raises and bonuses for current employees, in exchange for agreements protecting him from personal liability for sexual misconduct. American Apparel, a Los Angeles-based maker of casual clothing, has racked up about $270 million in net losses since 2010 and had to raise capital several times. The removal of Charney, who has grappled with sexual-harassment allegations and drawn flak for suggestive advertising, has added to the turmoil.

The Letters That Warren G. Harding’s Family Didn’t Want You to See (NYT)
in 1964, after the historian Francis Russell gained access to letters from Harding to his longtime mistress, Carrie Fulton Phillips, the Harding family sued to halt their publication. Rumors of the affair were not new, but the letters — written between 1910 and 1920, before Harding assumed the presidency — confirmed the infidelity in startling detail. The Harding family feared that publishing them would further tarnish Harding’s legacy and hurt the entire family...In 106 letters, many written on official Senate stationery, Harding alternates between Victorian declarations of love and unabashedly carnal descriptions. (While Phillips’s notes and some drafts of her letters have been preserved, her actual replies were not.) The president often wrote in code, in case the letters were discovered, referring to his penis as Jerry...Sept. 15, 1913: "Wouldn’t you like to get sopping wet out on Superior — not the lake — for the joy of fevered fondling and melting kisses? Wouldn’t you like to make the suspected occupant of the next room jealous of the joys he could not know, as we did in morning communion at Richmond?...Oh, Carrie mine! You can see I have yielded and written myself into wild desire. I could beg. And Jerry came and will not go, says he loves you, that you are the only, only love worthwhile in all this world, and I must tell you so and a score or more of other fond things he suggests, but I spare you."

Banks' Cuts Fall Short as Growth Stays Tepid (WSJ)
The biggest Wall Street banks have slashed tens of thousands of jobs and pruned all manner of expenses since the financial crisis. But expanding pay packages and the rising cost of complying with government regulations have neutralized those efforts. With revenue pinched by a slowdown in trading and tepid loan demand, profits are coming under pressure this year. The squeeze is leading banks to look for new ways to save. Cost-cutting "is something that we need to continue to focus on and drive because the recovery…has obviously taken longer than what we all would have expected," Bruce Thompson, chief financial officer of Bank of America Corp., said at a recent investor conference.

Coconut Water Beats Out Hedge Funds, Luring Ex-Trader (Bloomberg)
When former hedge-fund trader Jane Gottschalk went back to work in Hong Kong after having five children, the finance world wasn’t her top pick. Her more-dynamic choice: coconut water. Jing Holdings Ltd., the company she founded with her husband and two Hong Kong-based businessmen, attractedElton John as a shareholder and now sells its Jax Coco brand of coconut water in 30 markets worldwide. After debuting in June 2012 in London’s Harvey Nichols department store and Hong Kong’s City’super markets, Jax Coco can be found in Whole Foods Market Inc. (WFM) in the U.S., the first-class lounge of Eurostar trains, a Nobu restaurant in London and the Upper House, Peninsula and Four Seasons hotels in Hong Kong.

Argentina asks mediator for stay on U.S. court debt ruling (Reuters)
Argentina's economy minister on Monday told a mediator in the country's dispute with holdout investors that the U.S. court ruling against the country is "impossible" to fulfill and a stay is necessary in order to reach a solution for all creditors. The country needs to make a deal with the holdouts who rejected debt restructurings after its 2002 default if it is to avoid a new default just as it struggles with recession and dwindling reserves. Kicillof spent four hours hashing through the case in New York on Monday with the special master, Daniel Pollack, who was appointed by U.S. District Judge Thomas Griesa to find common ground in the years-long dispute. The minister re-iterated that Argentina could not carry out Griesa's ruling to immediately pay $1.33 billion plus accrued interest to the group of holdouts led by Elliott Management Corp and Aurelius Capital Management, according to a ministry statement.

Inside the brain of a trader: A biomarker for irrational exuberance (CNBC)
Certain areas of the brain associated with reward and response to gut feelings have shown links to trading behavior and success, according to research published Monday in the journal Proceedings of the National Academy of Sciences. The study shows that activity in one area of the brain actually tracks price bubbles—and that higher earners get signals from a different area that are associated with selling before a price bubble peaks. The work, done by researchers at the California Institute of Technology and Virginia Tech, sheds light on what goes on in the brains of traders in periods of irrational exuberance—that time of extreme market enthusiasm that can precede a bubble. It also showed more successful traders got brain signals that told them to listen to their gut and sell before a bubble burst.

Escaping, Literally, in Budapest and Beyond (NYT)
There are now somewhere around 50 room-escape games scattered throughout the Hungarian capital. The quality and settings vary dramatically, but all share a premise: Lock a small group in a room or rooms filled with clues and obstacles, and see if, through deductive logic, teamwork and a bit of luck, they can figure their way out. In other words: a live-action video game. “Have you heard of flow theory?” Attila Gyurkovics asked. It’s an unlikely explanation for the games’ appeal, but coming from a former social worker who created ParaPark, Budapest’s first room escape, it makes sense. “You lose yourself,” Mr. Gyurkovics said. “You’re not standing outside yourself saying, ‘Oh, I have to call my mom’ or ‘My boss is watching over me.’ You become completely absorbed by the game.” Mr. Gyurkovics got the idea for ParaPark from his work in team-building. He had originally thought of building a kind of rope course to help businesses and schools foster collaboration. But a Big Fish video game made him think there was a better option. “At first, people looked at me like I was crazy: ‘You want to open a place where you lock people inside?’ ” he recalled. But with a clear vision, and the help of some family money, he opened ParaPark late in 2011. Today, Mr. Gyurkovics has four games in two locations in Budapest, and has franchised several more elsewhere in Hungary and abroad. The oldest takes place in a pair of crumbling windowless rooms not far from the Nyugati rail station in Budapest. Locked inside its rough walls are ruined furniture and dozens of curious objects (wooden puzzles, a scary jack-in-the-box, a computer monitor that mysteriously turns itself on) that may or may not contain clues.

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Goldman Names New Finance Chief (WSJ) Mr. Viniar has told colleagues he wants to spend more time at his home in Santa Barbara, Calif., where he often returns on the weekends. His thrice-weekly basketball game has been on hold since he underwent knee-replacement surgery this year. Goldman's New CFO Harvey Schwartz to Receive $1.85 Million in Annual Salary (Reuters) Schwartz's predecessor is among the best-paid executives on Wall Street. He earned $15.8 million last year and held 1.8 million shares of Goldman as of March 26, according to a proxy filing. In 2007, he made $58.5 million. Mary Schapiro May Be Heading For Exit (NYP) Sources say that Schapiro is chafing under the political gridlock in Washington that she feels has stymied a number of her initiatives. “Part of the problem for [Schapiro] is that the tone in Washington has been so partisan,” said Christopher Whalen, of Tangent Capital Partners. The chairwoman’s recent handling of talks surrounding new rules governing money-market funds, some detractors say, has also created bad blood within the SEC. “She’s just frustrated,” Whalen noted. However, Schapiro’s critics say she hasn’t cracked the whip hard enough on Wall Street bad guys. One former Washington insider said that Schapiro is liked by President Obama and would stay on until a replacement is named, should he win re-election. One possible early front-runner to replace Schapiro may be FINRA CEO Richard Ketchum, sources speculate. For Superfast Stock Traders, A Way To Jump Ahead In Line (WSJ) Haim Bodek was a Wall Street insider at Goldman Sachs and UBS before launching his own trading firm. Now he is taking on the financial establishment that spawned him. Mr. Bodek approached the Securities and Exchange Commission last year alleging that stock exchanges, in a race for more revenue, had worked with rapid-fire trading firms to give them an unfair edge over everyday investors. He became convinced exchanges were providing such an edge after he says he was offered one himself when he ran a high-speed trading firm—a way to place orders that can be filled ahead of others placed earlier. The key: a kind of order called "Hide Not Slide." The encounter set off an odyssey for Mr. Bodek that has fueled a sweeping SEC inquiry into the activities of sophisticated trading firms and stock-exchange operators—including Nasdaq OMX Group Inc., NYSE Euronext, Direct Edge Holdings LLC and BATS Global Markets—according to exchange and other officials, and lawyers with knowledge of the inquiry. Vulture Funds Seek Fresh Meat (WSJ) “There hasn’t been a big bankruptcy in the last six to nine months,” said a hedge fund investor. “More stuff is coming out of distress than is going in.” US corporate bankruptcy filings peaked in the second quarter of 2009, at around 16,000, and have been trending downward ever since. In the first quarter of 2011, they hit about 11,000, according to the American Bankruptcy Institute. Silver Point co-founder Edward Mulé is optimistic the feast will continue. The $6.7 billion firm has had one of the best performances of distressed funds. It gained 10.36 percent this year through August and is up 98.6 percent since January 2009. “The tail of the 2008/2009 distressed credit cycle, coupled with weak global growth and de-leveraging, will continue to generate a steady stream of interesting opportunities,” said Mulé in a recent investor letter. Inside The Dark World Of Online Sugar Daddies (BuzzFeed Shift) Shortly after my profile's approval, emails started flooding my new fake account. One was from "International Finance Don Juan." He wrote: "You look hot. Let's meet." He claimed he was exotic and athletic, over six feet and an independent stockbroker on his profile. After some small talk, he asked to meet me at the W — a "cool" luxury chain where seemingly all these guys wanted to meet or get a hotel room. “Don Juan” had sent a face shot of himself. It was cropped and a little blurry, but I had a general idea of what he looked like. When he walked in to the lobby bar, though, instead of "athletic," he looked as if he could have checked off "more to love." I guess all that matters is that these guys have the cash they say they have...He asked what I'd like to drink. I said I liked pinot noir or champagne. "Oh, Prosecco is basically the same thing," he said, and ordered me one. I had made up a story that I was a graduate student in literature at Sarah Lawrence so I was only in the city once or twice a week to see friends. He wasn't trying to feign interest, but was looking my body over in a conspicuous way. "You've got an amazing ass," he said. "I looked when we were walking in. I hope you don't mind." He attempted to wink, but it seemed more like a tic. I said thanks in the most convincing way I could to a sweaty, slobbering guy with the most repugnant perpetual hard-on visible through his khakis. "You like me?" he asked. "You seem very nice. I'm just, I'm just suddenly not feeling well," I blurted out. "You feel sick, or you're not into me?" he asked. "You know, if you want, I live close. You could come and lie down and I can give you a massage. Since it's our first time meeting, once you're better, you could just give me a blow job. How about $550? Probably the quickest $550 you'll ever make, huh?" Soros Fund Invests in Mozambique Ethanol Project (WSJ) The Soros Economic Development Fund on Wednesday said its investment will give it a 19% stake in the $20 million project, started by food-and-energy company CleanStar Mozambique. Executives say the investment is in line with the fund's aim of backing businesses that provide a return on capital and spur broader economic development. US Fiscal Cliff Trumps EU Crisis as Top Worry (CNBC) A looming fiscal problem in the U.S. is now identified as the top tail risk for investors, marking the first time in 17 months that Europe’s debt crisis was not seen as the biggest concern for fund managers, a monthly survey by Bank of America/Merrill Lynch shows. The U.S. “fiscal cliff,” a combination of tax hikes and spending cuts set to come into force in January 2013, was identified by 35 percent of respondents as the largest risk going forward, up from 26 percent in August. In contrast, 33 percent of the respondents rated the euro zone debt crisis as their biggest concern, down from 48 percent in August. The survey of 186 fund managers, who oversee a combined $524 billion, was conducted from Sept. 7 to 13. BOE Looks Set For More Stimulus (WSJ) Rate-setters think the annual rate of inflation will take longer to fall to its 2% target than they thought last month because of rising commodity prices and an increase in companies' labor costs, according to the minutes of the September meeting of the central bank's Monetary Policy Committee, published Wednesday. Annual inflation was 2.5% in August. Lindsay Lohan arrested in New York after striking pedestrian outside nightclub (NYDN) Lohan was arrested early Wednesday in New York after hitting a pedestrian with a Porsche, police said. The troubled actress was maneuvering around a crowd of people in an alley between the Dream Downtown, a hotel and nightclub in the Meatpacking District, and the Maritime restaurant. "She's driving in this freight area, going very slow," a police source said. "She's hitting her horn because there's a lot of people in the area. The crowd moves but she kind of brushes against this one guy. Lohan was driving a 2010 black Porsche Carrera, not hers, when the incident occured around 12:30 a.m. Lohan and friends went inside the club, and the man — who hasn't been named but is 34 — called police. Lohan was later arrested about 2:30 a.m. and booked for leaving the scene of an accident with an injury. She was issued a desk appearance ticket. Her lawyer took the car after the arrest.

Opening Bell

Opening Bell: 03.12.12

Greek Bailout Payment Set to Be Approved by Euro Ministers After Debt Deal (Bloomberg) Ministers from the 17 nations that share the euro will gather in Brussels today to sign off on the 130 billion-euro ($170 billion) second package for Greece after bondholders agreed last week to take a loss on the country’s debt. They’ll also focus on Spain’s budget-cutting efforts and Portugal’s aid program, underscoring their desire to prevent contagion. MF Global Bonuses Under Fire (WSJ) In a letter to former Federal Bureau of Investigation Director Louis Freeh, Sen. Jon Tester (D., Mont.) said it would be "outrageous" to proceed with a proposal to a bankruptcy judge that could result in payouts of several hundred thousand dollars each for MF Global's chief operating officer, finance chief and general counsel. The size of the bonuses would depend on their job performance in helping Mr. Freeh maximize value for creditors of the company. Pandit Pay Climbs as Citigroup Revenue Slumps (Bloomberg) Pandit’s $15 million pay package for 2011 and a multi-year retention package announced in May could total $53 million, based on regulatory filings and an analyst’s estimate. The CEO also received $80 million last year from the New York-based firm’s purchase of his Old Lane Partners LP hedge fund in 2007. Latest Stress Tests Are Expected to Show Progress at Most Banks (NYT) In another milestone in the banking industry’s recovery from the financial crisis, the Federal Reserve this week will release the results of its latest stress tests, which are expected to show broadly improved balance sheets at most institutions...The examination is not merely an intellectual exercise. If institutions fall short, they could be required to raise billions in new capital, depressing their shares. If they pass, dividend increases and stock buybacks by the strongest institutions will follow as they did after the second round of tests a year ago, pleasing investors whose banks’ stocks still trade at levels far below where they where before the collapse of Lehman Brothers in September 2008. Mortgage Deal Is Built On Tradeoffs (WSJ) Banks agreed to cut loan balances, a step they had long resisted, but they won't only get credit against their shares of the $25 billion settlement for reducing balances of loans they own. In some cases, they can receive partial credit if investors shoulder the cost of writing down loans the banks service. The banks also will receive credit for some steps they are already taking, such as approving short sales, where a home is sold for less than the amount owed, according to draft settlement documents reviewed by The Wall Street Journal. The Unravelling Of A Casino Marriage (WSJ) Messrs. Wynn and Okada, both known for their big, demanding egos, were something of an odd couple. Mr. Wynn is famous for a Cheshire-cat grin and smooth, grandiose soliloquies. Mr. Okada, a former engineer who had specialized in vacuum tubes, was sometimes seen as sullen and withdrawn by company outsiders. Born the same year, 1942, Mr. Wynn and Mr. Okada became "completely and totally bonded," Mr. Wynn said after they were introduced by a mutual friend. Mr. Wynn was hunting for investors who would give him leeway to create resorts that might take years to design and build. Mr. Wynn came of age during an era when casino operators were emerging from the industry's mob-infested roots. He hobnobbed with such celebrities as Steven Spielberg and Clint Eastwood. Mr. Okada, though often ranked among the richest people in Japan, largely stayed out of the spotlight. Missing Hiker Cuddled With Cat (AP) Snuggling in a blue sleeping bag, Margaret Page and her cat survived 3 1/2 weeks in a rugged New Mexico national forest, even though temperatures dropped below freezing nearly every night...The area had seen average highs reach around 60 degrees with evening lows in the 20s. It didn’t see much rain or snow, but there were some high winds...Relying on a creek for drinking water, Page and her cat named Miya lived on just a handful of supplies, rescue workers said Friday. Wells Fargo Poised to Lead Payouts Higher (Bloomberg) Wells Fargo and Citigroup may join banks unleashing more than $9 billion in dividend increases and share buybacks if they get passing grades this week on the Federal Reserve’s annual stress test. Thirteen of the 19 largest U.S. lenders may say they’ll pay out $3.79 billion in extra dividends this year and buy $5.52 billion of additional shares, according to estimates of six analysts compiled by Bloomberg. That’s 30 percent more than they spent last year. San Francisco-based Wells Fargo probably will offer the biggest difference at a combined $4.16 billion, followed by Citigroup with $2.92 billion. SEC Probes Operators’ Use of Multiple Markets (FT) According to people familiar with the probe, SEC officials are focusing on whether operators use multiple exchanges to appease customers which provide large order flows. At Lunch, Bloomberg And Obama Discuss Future (NYT) Mr. Bloomberg’s precise response is unknown. But their meeting a few weeks ago, confirmed by aides to both leaders and previously undisclosed, was potentially significant for both men, as Mr. Obama seeks support for his presidential campaign and Mr. Bloomberg ponders his post-mayoral career. Soros-led hookup may save American Apparel (NYP) George Soros has found a new financial disaster from which to profit: American Apparel. The billionaire octogenarian — who, like American Apparel’s controversial CEO Dov Charney, has lately been entangled in lawsuits with young, beautiful women — is backing a firm that’s in talks to extend a credit line worth as much as $80 million to the cash-strapped clothing chain, The Post has learned. The credit facility from Crystal Financial, a Boston-based firm that boasts Soros’ hedge fund as its lead investor, will immediately replace and expand a $75 million revolving credit line from Bank of America that matures in July, sources said. How To Become A Skeeball Master (YG) Not all skeeball machines are created equal. Between the shape of the ramp, the geometry of the backboard, and the precise characteristics of the rolling surfaces, each skeeball machine plays slightly differently -- and those variations can throw you off your game. If you're getting settled into a serious practice session, stock up with plenty of tokens and don't step away from your chosen spot....many skeeball aficionados prefer to kneel down to play. Maybe the lower stance helps them line up their shot, or perhaps being closer to the action helps them judge their throwing power a little more accurately. Whatever the reason, it's a tried and true technique for expert skeeball players -- and it might work for you, too. If you're struggling to settle into a comfortable throw, give it a try.

Opening Bell

Opening Bell: 09.29.14

Opening Bell

Opening Bell: 3.26.15

3G, the company orchestrating the Kraft/Heinz merger with Warren Buffett, makes employees "get permission to make color photocopies"; Greece is still screwed; Dov Charney is being investigated by the SEC; "I Drank So Much Soda as a Child That My Veins Collapsed"; and more.

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Opening Bell: 07.31.12

RBS Braces Itself For Libor Deal (WSJ) RBS stands apart from the other banks caught up in a trans-Atlantic probe of the rate misdeeds because of the U.K. government's 83% stake in the lender. That has put U.K. authorities in an awkward position: They are under intense pressure to get tough on wayward banks but also are eager to protect the value of a taxpayer asset. Defendant in Insider Case: I Was Just Doing My Job (WSJ) Doug Whitman, a former hedge-fund manager, doesn't deny that he probed public companies for nonpublic information. But his criminal-defense team plans to argue that its client was doing exactly what he was supposed to do when he persuaded employees of public companies to give him information that those companies' top brass didn't want getting out. Mr. Whitman "was doing what every diligent, competent fund manager and analyst should do—checking up on companies' management to make sure they are being forthright with their investors," said David Anderson, Mr. Whitman's lead defense attorney, in an email. Tiger Management Helps Next Generation Funds (NYT) In a relatively young industry where stars can quickly fade, Tiger Management — and its myriad affiliates like Falcon Edge — is the closest thing to a hedge fund dynasty. After a brief career in finance, Mr. Robertson started Tiger in 1980 with seed money from friends and family. He regularly racked up double-digit returns by taking big positions in companies with good long-term growth prospects and aggressively betting against those stocks poised to fall. Mr. Robertson trained his young protégés — the so-called Tiger cubs — in the same tradition, creating the next generation of hedge funds stars. After leaving Tiger in 1993, Lee Ainslie started Maverick Capital, which currently manages roughly $10 billion. Stephen F. Mandel Jr. began Lone Pine Capital in 1997. Two years later, Andreas Halvorsen opened Viking Global. “We really gravitated to young people, and that was a great deal of our success,” said Mr. Robertson, 80, who often hired people in their 20s. “I was just an old goat with all these young geniuses around.” As the first wave of Tiger cubs age, they are breeding new funds, too. Blue Ridge Capital, where Mr. Gerson honed his skills, has been a particularly good incubator for talent. While Blue Ridge has subscribed to the long-term strategy of Tiger, the founder, Mr. Griffin, has infused the firm with his own philosophy. As a proponent of behavioral finance, he trained analysts like Mr. Gerson to identify how ego and emotion can affect the market and stock performance. Biggest Chapter Yet For A Poison Pen (WSJ) Daniel Loeb isn't one given to half-measures. The hedge-fund manager competes in triathlons, never, ever drinks from a plastic water bottle and is unsparing at times in his criticism of corporate executives. That is exactly how his investors like him. "I didn't give him the money to have a mellow Dan Loeb," said Hugh F. Culverhouse, a Miami investor whose family once owned the Tampa Bay Buccaneers football team. "If I want a mellow Dan Loeb, let me redeem."...The Yahoo campaign signals a new phase in Mr. Loeb's career. Until now, he was perhaps best-known for his poison-pen letters, in which he has scolded executives for everything from keeping relatives on the payroll to socializing at the U.S. Open tennis tournament. Armed with a much bigger war chest—Third Point managed just $1.7 billion as of April 2009—Mr. Loeb can now aim for bigger targets. Mr. Loeb and his investors have a lot riding on a Yahoo revival. "If he makes money on his position, it will be good," said David Tepper, a fellow hedge-fund manager who has known Mr. Loeb for years. "If he doesn't make money, what is the point?" British man rescued off French Atlantic coast after being overcome with Olympic mania and trying to swim to America (DM) The unnamed 34 year old holidaymaker told his friends on the beach at Biarritz that he was off to New York to carry the Olympic spirit across the Atlantic. They thought he was joking but knowing that he was a strong swimmer decided to let him go telling him that a boat would come to rescue him if he got into difficulty. The man swam well beyond buoys 300 yards out to sea marking legal limits for bathing. Then, watched by lifeguards on the shore, he continued swimming until he was out of sight on his 3,594-mile journey. The lifeguards called out a helicopter and a diver dropped into the sea and explained to the man that it was not a good idea to swim across the Atlantic and advised him to head back towards France. He replied that he was a strong swimmer and felt up to it. At the same time lifeguards arrived in a rescue dinghy and threw the eccentric a line before towing him back to the beach. Laurent Saintespes, senior officer at Biarritz airbase told Agence France Presse, ‘He was a bit naive. But at a time when the Olympics are taking place in London you have to see the funny side of things’. Billionaire Jeff Greene On Democracy (NYM) Lately—like at a recent lunch with Steve Schwarzman, who has likened Obama to Hitler—Greene’s been trying another tactic. “Now I appeal to them selfishly,” he says. “ ‘Don’t you realize that if you don’t take care of this kid when they are 10 years old, you’ll take care of them when they are 20 and 100 instead? We just have to pay a little more taxes. It’s not going to kill us. You buy car insurance. Why not buy some democracy insurance?’ People think that Obama is this leftist, socialist guy,” he says. “But I don’t think they understand what people can go for when they are at the end of their line.” South Korean Youth Eschew Samsung Jobs For Facebook Dreams (Bloomberg) Not so long ago, South Korean students dreamed of lifetime jobs at Samsung Electronics Co. Now, many are shunning the juggernaut, intent on trying to emulate the likes of Facebook’s Mark Zuckerberg. Sim Cheol Hwan, 27, is typical of the trend. He wants to take a break from college in Seoul to set up a company rather than line up for job interviews at Asia’s biggest electronics company paying an average of 77.6 million won ($68,300) a year. So he’s set himself up in his own business making apps for Samsung and Apple phones. “I don’t want to get a job at a top 10 Korean company,” said the Hanyang University engineering student, who spent two years in the military. “Zuckerberg’s success proves that there is a lot of money to be made” in startups. Regulators Target Day-Trading Firm (WSJ) In the Romanian city of Cluj-Napoca, inside a garret up a narrow wooden staircase, four young men in T-shirts spend the day moving rapidly in and out of stocks, trying to ride their shifting momentum for profits. "It's very stressful," says one, dressed in a green T-shirt, blue shorts and Adidas sneakers. "The market is very hard to figure out." The four traders are part of a world-wide network initially set up by a Toronto-owned firm called Swift Trade Inc. Swift's founder, Peter Beck, turned it into one of the largest day-trading operations in the world over the past decade by aggressively expanding into far-flung locations, from China to Nicaragua to Romania, where he could recruit traders on the cheap. Mr. Beck also took an aggressive stance toward the law, say regulators in several countries where his firm has traded. The Financial Industry Regulatory Authority is expected on Tuesday to announce a settlement with Mr. Beck and an in-house brokerage unit for not establishing a supervisory system to prevent "a pattern of manipulative trading activity," according to a copy of the settlement reviewed by The Wall Street Journal. The Best CFOs: A Wall Street Journal Ranking (WSJ) #16: Ann Marie Petach, BlackRock. Chewbacca costume head from ‘Star Wars’ sold for $172K (NYDN) A Chewbacca headpiece used in the original "Star Wars" trilogy sold for a whopping $172,200 at a movie memorabilia auction this weekend. The loyal and lovable walking carpet swept the competition, which included an "Edward Scissorhands" costume worn by Johnny Depp that sold for $86,100 and an Everlasting Gobstopper used in the 1971 movie "Willy Wonka & The Chocolate Factory" that sold for $49,200. The Chewie mask was described by auctioneer Profiles in History as the "finest full costume headpiece of Chewbacca from the original trilogy in private hands," and "the finest screen-correct Chewbacca costume head from the Star Wars trilogy known to exist." The eyes are actual casts of Chewbacca actor Peter Mayhew's closed eyes, the auctioneer said. The expected price for the well-liked Wookie was between $60,000 and $80,000, plus fees and taxes, according to the auction catalog...Four years ago, someone spent a reported $240,000 to get the lightsaber prop used by actor Mark Hamill in the first two movies.