Opening Bell: 07.24.14

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SEC Sends McGraw Hill Wells Notice Tied to CMBS Ratings (Bloomberg)
McGraw Hill Financial Inc. (MHFI) said it received a notice from the U.S. Securities and Exchange Commission that the regulator may seek an enforcement action tied to six commercial-mortgage backed securities that its Standard & Poor’s division graded in 2011.

Calpers Pulls Back From Hedge Funds (WSJ)
Public pensions from California to Ohio are backing away from hedge funds because of concerns about high fees and lackluster returns. Those having second thoughts include officials at the largest public pension fund in the U.S., the California Public Employees' Retirement System, or Calpers. Its hedge-fund investment is expected to drop this year by 40%, to $3 billion, amid a review of that part of the portfolio, said a person familiar with the changes. A spokesman declined to comment on the size of the reduction but said the fund is taking more of a "back-to-basics approach" with its holdings. The retreat comes after many pension funds poured money into hedge funds in recent years in hopes of making up huge shortfalls.

Billionaire Ken Griffin files for divorce (Crain's)
Ken Griffin, the billionaire founder and CEO of Citadel LLC, a Chicago-based hedge fund and financial services firm, has filed for divorce from his wife of 10 years, Anne Dias Griffin, a French-born hedge-fund executive. A statement from Ms. Griffin's attorney, Robert Stephan Cohen, indicated the divorce could be contentious: “Ken Griffin unilaterally filed a divorce petition today with no notice to either me or my client, knowing full well that she had just left for summer vacation with their three young children and would therefore be unable to respond. Anne's highest priority remains her family, especially the wellbeing of her children. She is hopeful that this personal matter can be resolved privately and in the best interests of her children. We have no further comment at this time.”

‘Bring It On,’ Frank Tells Dodd-Frank Critics at Hearing
Barney Frank, the panel’s former chairman, returned to Washington Wednesday to sit before the committee and provide a feisty defense of that year’s regulatory overhaul, the Dodd-Frank Act that bears his name. The hearing split along partisan lines in support of and opposition to the wide-ranging law passed in response to the 2008 financial crisis. “I know the chairman said the financial reform bill is as damaging as the health-care bill,” the now-bearded Massachusetts Democrat said, referring to the current Republican chairman, Jeb Hensarling of Texas. “Well my recollection is this Republican Congress votes on a fairly regular basis to repeal the health-care bill. But where’s your bill to repeal the financial reform bill? If you have the courage of your convictions, bring it on.”

U.S. Considers Issuing Debt With Maturities of More Than 30 Years (WSJ)
The U.S. government has asked big banks whether it should issue bonds that mature in more than 30 years, as officials consider tweaking the types of debt they sell. In a questionnaire sent to dealers last Friday, the Treasury Department asked 22 primary dealer banks, which underwrite U.S. government debt sales, about possible demand for ultra-long-term sovereign bonds. A Treasury official cautioned that at this stage, the U.S. wants to get the views of market participants. "We would give significant heads up" if the Treasury decided to sell ultra-long bonds, said the official, adding that nothing is imminent. The Treasury regularly asks primary dealers about auction demand and supply. Selling longer-maturing debt could help the U.S. borrow at low rates for long periods, but it could also be an unreliable type of funding, said analysts and investors.

Moody's downgrades Atlantic City general obligation bonds to junk status (CNBC)
The credit rating service cut the city's underlying rating to "Ba1" from "Baa2." It affects $245 million in outstanding debt. "The downgrade to Ba1 reflects the city's significantly weakened tax base, revenue-raising ability, and broader economic outlook," Moody's said in a statement, adding that its outlook remained negative.

Deep-Fried Doritos Debut at SoCal Fairs (LA Weekly)
Every year, Charlie Boghosian, aka Chicken Charlie, tries to outdo himself with his deep-fried concoctions sold at California fairs. The man began his arterial onslaught modestly several years ago with deep-fried Twinkies and deep-fried Snickers bars. Seeking ever greater challenges, he took on deep-fried Oreos, deep-fried cookie dough, deep-fried Spam, deep-fried Pop-Tarts and of course, the Zucchini Weeni. Many thought he had reached the apex of his hot-grease powers in 2011 with deep-fried Kool-Aid. But that was until a CBS News reporter’s daughter, along for an interview, recently challenged Charlie to deep-fry her bag of nacho cheese-flavored Doritos. “I did and it was delish,” Boghosian told the Weekly. “What's amazing is the deep-frying made it more crunchy.” Boghosian explained his process: “I dipped the chips in a very watered down fish-and-chip batter, and after they were finished frying, I topped them with a season mixture of mine similar to Cajun seasonings.” He quickly added the new deep-fried discovery to his fair-food menu. Now a week and a half into the Orange County Fair, “It has become a fan favorite,” he says...The deep-fried Doritos aren’t the only new addition to Boghosian’s menu this year. Proving that they don’t call him Chicken Charlie for nothing, he's also debuting deep-fried chicken skins. “You know people always say the skin is the best part,” he explains. “I thought one day, let's just get to the best part and not waste any time on the rest of the chicken. It worked. It's amazing and delicious. It's like chicharrones, only better.”

Judge dismisses suit claiming JPMorgan knew of Madoff fraud (Reuters)
The lawsuit filed in February alleged that Chief Executive Jamie Dimon and 12 other current and former executives and directors turned "a blind eye to Madoff's thievery." The claims were based partly on statements Madoff gave in a series of interviews - including conversations with plaintiffs lawyers while in federal prison in North Carolina - about his interactions with the bank. Madoff was an important client of the bank for two decades. Judge Paul Crotty ruled there were not enough specific facts to prove the board breached their duties to shareholders.

American Apparel appoints first woman to board (NYP)
Colleen B. Brown, formerly CEO of Seattle-based TV-and-radio station group Fisher Communications, will take a seat on the retailer’s board as part of a truce that has yet to determine the fate of controversial CEO Dov Charney. Brown is the first woman to serve on the board of American Apparel, whose founder Charney in recent years was dogged by sex harassment suits from female employees...In addition to Brown, American Apparel has named as new directors RadioShack CEO Joseph Magnacca, investor Thomas J. Sullivan and David Glazek, a partner at Standard General LP, according to a securities filing Wednesday.

Chicken sees 'it' moment (CNBC)
...prices for red meat are surging and demand for chicken is benefiting. Chicken's versatile appeal and its perception as a good source of protein that's better for you than red meat are also driving sales, RBC Capital Markets' David Palmer said in a phone interview. "Chicken is really hot right now, and poultry is viewed as a source of protein that's relatively less inflationary," Palmer said. "You're seeing even the pizza players get into chicken."

Cohen’s Point72 Hires Scott Braunstein From JPMorgan (Bloomberg)
Braunstein, 50, joins as a money manager and will work with Anna Yaeger at the firm’s EverPoint Asset Management LLC unit in New York, according to an employee memo sent today. He spent 12 years at JPMorgan Asset Management covering healthcare stocks with a focus on biotechnology and pharmaceuticals. Braunstein is the brother of JPMorgan’s vice chairman and former Chief Financial Officer Doug Braunstein.

Chris Pratt stops interview to French braid an intern’s hair (NYP)
Chris Pratt, star of the upcoming summer blockbuster “Guardians of the Galaxy,” took a break from his interview with “Entertainment Tonight” on Tuesday to French braid an intern’s hair. This was no random request — back in April, the “Parks and Recreation” actor posted a photo to his Instagram account of wife Anna Faris, with the caption, “This is a weird thing to brag about but I did that glorious french braid. #Baller #man #ManBraid #RealMenBraid #isitBrade? #SpellingQuestion #StillBallerTho #WhyIsItFrench??? #ICallItAFreedomBraid #GoUSA.” “You’re a leading man now, you’re a superhero, a great dad, all these manly things, but apparently you’re pretty good at French braiding?” the host asked Pratt during the interview, before inviting “ET” intern Jen onto the set for a once-in-a-lifetime opportunity. “I like the hair, it’s very nice,” Pratt said to Jen, who admitted she’s never had a man braid her hair before. In just four minutes flat, he tied off his finished product using a scrunchie, because “an elastic could damage the hair.”

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Opening Bell: 02.07.13

Credit Suisse Returns To Profit (WSJ) In the fourth quarter, Credit Suisse's net profit was 397 million francs, compared with a net loss of 637 million francs a year earlier when restructuring charges weighed on earnings. Revenue, which includes interest income, fees and trading proceeds, rose 29% to 5.8 billion francs. Analysts had expected a profit of 563 million francs and revenue of 6.14 billion francs. State Lawsuits Could Add To S&P Exposure (WSJ) On Tuesday, the Justice Department sued S&P for allegedly causing some banks and credit unions to lose $5 billion after relying on the company's ratings of mortgage-linked securities. However, the $5 billion claim, which S&P has dismissed as "meritless," is only part of the legal battle being fought by the world's largest credit-ratings firm by number of deals rated. Thirteen states and the District of Columbia have followed in the Justice Department's footsteps, filing separate lawsuits against S&P on Tuesday. The California attorney general alone is suing S&P for about $4 billion to recover funds for two of the country's largest public pension funds, according to its lawsuit. Other states, such as Colorado and Arkansas, are demanding S&P give back the revenue it earned on precrisis ratings of hundreds of securities. State prosecutors allege S&P presented its ratings as based on objective and independent analysis but actually were inflated to cater to the banks that helped arrange and sell the securities. S&P Hires Top Defense Attorney for $5 Billion Lawsuit (Reuters) Standard and Poor's has hired John Keker, one of the country's top white-collar defense attorneys, to help fight the $5 billion lawsuit brought by the U.S. government this week. Keker, who is based in San Francisco and has represented everyone from cyclist Lance Armstrong to Enron's Andrew Fastow, was hired at the recommendation of Floyd Abrams, a prominent New York attorney who also represents the ratings firm. RBS Settles Rate Charges (WSJ) CFTC enforcement chief David Meister said Wednesday that the trading floor was "laden with conflicts of interest," where RBS traders "seized the opportunity to ask colleagues sitting in the next chair for false rate submissions." From mid-2006 to the end of 2010, traders at RBS tried hundreds of times to rig the London interbank offered rate, or Libor, sometimes succeeding, said U.S. and U.K. regulators as they announced a $612 million settlement with the British bank. ‘Historic Winter Storm’ Moving Toward U.S. Northeast (Bloomberg) A “potential historic winter storm” and blizzard may dump 2 feet of snow on Boston and eastern Massachusetts, potentially causing power outages and leaving 10 inches in New York City. Eighteen to 24 inches (46 to 61 centimeters) of snow may fall in Boston, and the city has an 85 percent chance of receiving at least 12 inches from the storm that is expected to arrive in two days, according to the latest forecast from National Weather Service in Taunton, Massachusetts, published at at 4:25 a.m. Eastern Standard Time. “Heavy snow and gusty winds will bring the potential for blizzard conditions. The worst of the storm will be Friday night into the morning,” the weather service said. The storm arrives on almost the 35th anniversary of the Blizzard of 1978, which killed 99 people, destroyed 2,000 homes, drove 10,000 residents into shelters and paralyzed eastern Massachusetts and northern Rhode Island for a week, according to the weather service. Ireland Moves Toward Debt Deal (WSJ) Under Ireland's new proposal, the government will provide a long-term bond to the Irish central bank that replaces the note, the Irish finance ministry said. IBRC will be liquidated and its remaining commercial property assets will be dispatched to Ireland's so-called bad bank, the National Asset Management Agency. Mr. Noonan told lawmakers early Thursday that there was still "no deal," but he needed to announce new powers to liquidate IBRC—the first step toward potentially striking such a debt agreement—to protect the country from unspecified legal challenges. Man Claims IRS Agent Coerced Him Into Sex (CBS) An Oregon man is suing the U.S. Government and a female IRS agent he alleges pressured him into sex, by threatening a tax penalty. Vincent Burroughs, of Fall Creek, Ore., says the harassing relationship began in August of 2011 when Dora Abrahamson, an agent with the Internal Revenue Service, called him and said he would be audited, CBS affiliate KVAL reports. Burroughs says he didn't know Abrahamson, and that he hadn't met her before those calls - nor had he heard that he was being audited by the IRS. "She was sending me texts that she wanted to come out, give me massages because she needed to help me relax," Burroughs said in a phone interview with KVAL News. Over the next two months, Burroughs alleges that Abrahamson sent him several flirtatious text messages - offering to give massages, asking to meet him, and sending racy photos of herself to his cell phone. "She said she knew more than my mother knew about me," said Burroughs. In the lawsuit, Burroughs says in September 2011 Abrahamson came to his home wearing provocative attire. "Next thing I know, she's at my gate, honking...so I opened my gate, she came into my property dressed exactly like [when] she texted me," Burroughs said. The lawsuit states: "She said that she could impose no penalty, or a 40% penalty, and that if he would give her what she wanted, she would give him what she needed." E-Mails Imply JPMorgan Knew Some Mortgage Deals Were Bad (NYT) When an outside analysis uncovered serious flaws with thousands of home loans, JPMorgan Chase executives found an easy fix. Rather than disclosing the full extent of problems like fraudulent home appraisals and overextended borrowers, the bank adjusted the critical reviews,according to documents filed early Tuesday in federal court in Manhattan. As a result, the mortgages, which JPMorgan bundled into complex securities, appeared healthier, making the deals more appealing to investors. The trove of internal e-mails and employee interviews, filed as part of a lawsuit by one of the investors in the securities, offers a fresh glimpse into Wall Street's mortgage machine, which churned out billions of dollars of securities that later imploded. The documents reveal that JPMorgan, as well as two firms the bank acquired during the credit crisis, Washington Mutual and Bear Stearns, flouted quality controls and ignored problems, sometimes hiding them entirely, in a quest for profit. Harvard’s Gopinath Helps France Beat Euro Straitjacket (Bloomberg) When French President Francois Hollande unveiled a plan in November for a business tax credit and higher sales taxes as a way to revive the economy, he was implementing an idea championed by economist Gita Gopinath. Gopinath, 41, a professor at Harvard University in Cambridge, Massachusetts, has pushed for tax intervention as a way forward for euro-area countries that cannot devalue their exchange rates. “Fiscal devaluation” is helping France turn the corner during a period of extreme budget constraints, former Airbus SAS chief Louis Gallois said in a business- competitiveness report Hollande commissioned. Gopinath’s support for the theory took shape through her years teaching at Harvard and the University of Chicago and particularly as a Ph.D. student at Princeton University under the guidance of Kenneth Rogoff, Pierre-Olivier Gourinchas and Ben Bernanke, now chairman of the Federal Reserve. While her earlier work on current accounts and balance of payments garnered praise, it is her recent focus on the 17 euro nations that has national leaders paying action. John Thomas Financial Said To Draw Regulatory Probe (NYP) Wall Street brokerage firm John Thomas Financial, owned by flamboyant founder and CEO Tommy Belesis — who gained more than 15 minutes of fame from his role in Oliver Stone’s “Wall Street: Money Never Sleeps” — is being probed by the brokerage industry, the Securities and Exchange Commission and the FBI, The Post has learned. Agents from the FBI’s New York office have been knocking on doors of people associated with the firm, asking questions about JTF’s business practices, including cold calling by brokers and Belesis’ overseas accounts, sources told The Post. Fewer Workers Filed Claims for U.S. Jobless Benefits Last Week (Bloomberg) Applications for jobless benefits dropped 5,000 to 366,000 in the week ended Feb. 2, Labor Department figures showed today. Economists forecast 360,000 claims, according to the median of 53 estimates in a Bloomberg survey. Big Mac Prices Show Which Euro Zone States Best at Belt-Tightening (Reuter) Economist Guntram Wolff took the data and found that the price rise in Greece, Portugal and Spain has been less than the euro zone average, while in Ireland the price actually fell. These are the main countries undergoing deep economic reform due to the debt crisis. This contrasts with price rises above the euro zone burger average in Germany. Wolff concludes from this that economic adjustment is working. For example, In Ireland, which has made spending cuts after receiving international aid, the burger price has fallen from 3.80 euros to less than 3.50 euros. There is one notable exception, however. Heavily-indebted Italy is the most expensive country in the euro area to buy a Big Mac - 3.85 euros - while it costs just 3.64 euros in Germany. PETA: Naked chicken corpses aren't sexy (CM) The American founder of People for the Ethical Treatment of Animals, president Ingrid Newkirk, criticised a newspaper for running a picture of a raw chicken. "We don't want to see any chickens on display, but instead want them to live natural, happy lives with their families. Sexily displaying the corpse of a chicken who has been bred to grow so big, so quickly, that many collapse under their own weight, is just additionally offensive."

Opening Bell: 2.2.16

Veteran dealmakers turn activist investors; Alphabet profit rises; Citigroup says be cool re China; Domino's Pizza Delivery Man Stabs Customer; and more.

Opening Bell: 10.11.12

Fed Governor: Put Cap On Big Financial Firms (WSJ) In a Philadelphia speech, Fed governor Daniel Tarullo recommended curbing banks' growth by putting a limit on their nondeposit liabilities, which are sources of funding for operations that go beyond consumer deposits. The idea takes direct aim at the biggest U.S. banks, including J.P. Morgan, Bank of America, Goldman Sachs, and Citigroup, all of which rely heavily on such funding. Firms outside of this tier make much greater use of regular deposits. With Tapes, Authorities Build Criminal Case Over JPMorgan Loss (Dealbook) Federal authorities are using taped phone conversations to build criminal cases related to the multibillion-dollar trading loss at JPMorgan Chase, focusing on calls in which employees openly discussed how to value the troubled bets in a favorable way. Investigators are looking into the actions of four people who previously worked for the team based in London responsible for the $6 billion loss, according to officials briefed on the case. The Federal Bureau of Investigation could make some arrests in the next several months, said one person who spoke on the condition of anonymity because the inquiry was ongoing. The phone recordings, which were turned over to authorities by JPMorgan, have helped focus the investigation, the officials said. Authorities are poring over thousands of conversations, in English and French. They are also relying on notes that employees took during staff meetings, instant messages circulated among traders and e-mails sent within the group. Cyber Slips Boost Facebook's Ad Clicks (NYP) Facebook is suffering from fat-finger syndrome. That’s the opinion of one influential Wall Street analyst — bolstered by a growing body of research — who believes that some of the company’s recently touted mobile ad performance can be chalked up to accidental or fraudulent clicks. “Fat fingers” — when people click on an ad as they’re trying to click on something else — is an issue across the mobile Web as users try to navigate smaller screens, according to BTIG analyst Richard Greenfield. “People don’t have trouble with a mouse or touch pads,” Greenfield said yesterday. “But on mobile, when you’re gliding through on a touch screen, everything is touchable, and a lot of mistakes are happening.” JPMorgan CFO To Exit Post (WSJ) JPMorgan's chief financial officer is expected to step down over the next two quarters and is likely to move into a different job at the bank, people close to the company say. Douglas Braunstein, 51 years old, has been finance chief at the largest U.S. bank, by assets, since 2010. Before that, the longtime deal maker ran J.P. Morgan's investment-banking operations in North and South America and was heavily involved in the bank's acquisitions of securities firm Bear Stearns Cos. and the failed banking operations of Washington Mutual. Mr. Braunstein's status was diminished as part of an executive shake-up in July. Since then, he has reported to Matt Zames, 41, the company's co-chief operating officer, rather than Chairman and Chief Executive James Dimon. It isn't clear where Mr. Braunstein will decide to go within the bank, but the possibilities include J.P. Morgan's recently combined corporate and investment bank, these people said. He is expected to make his decision over the next quarter or two. Spain Lowers Rating On S&P (WSJ) The ratings company warned Wednesday that Spain's creditworthiness might continue to deteriorate as Madrid struggles to close a yawning budget gap, and said the Spanish government's "hesitation" to request a bailout from the European Union is "potentially raising the downside risks to Spain's rating." Brazil Cuts Rate for Tenth Straight Time to Bolster Recovery (Reuters) Brazil cut its benchmark interest rate for the tenth straight time to 7.25 percent on Wednesday, injecting extra stimulus into a languid recovery threatened by a worsening global economy. TSA screener accused of intentionally slapping flier's testicles (DJ) "A bulky young TSA agent came over to pat me down," Steven DeForest told the Huffington Post. "He told me to turn around. He was using his command voice, barking orders. I told him that I wasn't comfortable turning away from my luggage, which had already been screened, and wanted to keep it in my sight." According to deForest, the screener knelt down to begin the pat-down procedure before making a shocking move. "As he raised his hands he was looking at me. Then he gave a quick flick and smacked me in one of my testicles," deForest said. The episode left deForest in a state of "humiliation, rage, and frustration," according to the report. DeForest believes the agent slapped his gentials as punishment for refusing to enter the backscatter x-ray machine. "I was deliberately assaulted by someone who knew that he could get away with it," he stated. While the motives of the TSA screener cannot be confirmed, other agents have already admitted to performing invasive pat downs in order to force air travelers to choose the body scanners instead. JPMorgan's Dimon hits back at government over Bear Stearns suit (Bloomberg) During a wide-ranging hour-long discussion that went from the "fiscal cliff" to the impact of regulations, Dimon bristled when a member of the audience asked him if he now regretted participating with the government to rescue Bear Stearns in light of the lawsuit. "We didn't participate with the Federal Reserve, OK?" he said. "Let's get this one exactly right. We were asked to do it. We did it at great risk to ourselves ... Would I have done Bear Stearns again knowing what I know today? It's real close." Dimon went on to recount how he warned a senior regulator at the time of the deal to "please take into consideration when you want to come after us down the road for something that Bear Stearns did, that JPMorgan was asked to do this by the federal government." He added that JPMorgan, which will report its third-quarter earnings on Friday, will come out fine in the end. But if he is ever put in a similar position again, he said he "wouldn't do it." "I'm a big boy. I'll survive," he said. "But I think the government should think twice before they punish business every single time things go wrong." Australians World’s Wealthiest on Housing, Credit Suisse Says (Bloomberg) Australians have the world’s highest median worth and the Asia-Pacific topped Europe as the largest wealth-holding region, according to Credit Suisse. Australians have a median wealth per adult of $193,653, the Credit Suisse global wealth report showed, the highest of 216 countries surveyed. With plentiful land, sparse population, natural resources and high home prices, Australia’s proportion of individuals with wealth above $100,000 is the most of any country and eight times the world average, the report said. USADA says Lance Armstrong's Postal Service cycling team 'ran the most sophisticated, professionalized and successful doping program that sport has ever seen' (NYDN) The report describes an underground network of support staff -- smugglers, dope doctors, drug runners -- who kept Armstrong's illicit program in business. “The evidence is overwhelming that Lance Armstrong did not just use performance-enhancing drugs, he supplied them to his teammates,” USADA says of the embattled cyclist and cancer survivor. “He did not merely go alone to Dr. Michele Ferrari for doping advice, he expected that others would follow,” the report continued, referring to the physician who was banned by USADA for his role in cycling’s steroid scandal. Eleven former Armstrong teammates provided testimony against Armstrong, including respected veteran cyclist George Hincapie, whom Armstrong has described as his "best bro" in the peloton and competed with Armstrong during each of his Tour de France victories. “It was not enough that his teammates give maximum effort on the bike, he also required that they adhere to the doping program outlined for them or be replaced. He was not just part of the doping culture of his team, he enforced it and re-enforced it. Armstrong’s use of drugs was extensive, and the doping program on his team, designed in large part to benefit Armstrong, was massive and pervasive.”

Opening Bell: 4.16.15

Goldman and Citi beat estimates; Ben Bernanke works for Ken Griffin now; Schwarzman describes Blackstone as "earnings machine"; Stripper School shutdown; and more.

Opening Bell: 03.01.12

Fast, Furious At MF Global (WSJ) At 4:53 p.m. five days before MF Global Holdings Ltd. collapsed, an employee in its Chicago office asked a co-worker to move $165 million from one of the securities firm's bank accounts to another. "Approved," came the response one minute later, according to an email reviewed by The Wall Street Journal. Within about 15 minutes, the money moved to an MF Global account at J.P. Morgan Chase & Co., internal documents show. Within minutes, though, several MF Global employees realized there was a problem, according to people familiar with the matter. The cash actually had been transferred out of a customer-segregated account, not one of the company's own bank accounts, the documents show. The employees tried to reverse the $165 million transaction but failed. RBS In Initial Pact To Sell Asian Assets (WSJ) CIMB, based in Kuala Lumpur, said Thursday it had signed a memorandum of understanding to acquire certain parts of RBS's cash-equities, equity-capital-markets, and corporate-finance businesses across the Asia-Pacific region. Blackstone Founder Tops Private Equity Pay League (FT) Schwarzman received $74 million in cash distributions from investment funds started before Blackstone’s 2007 New York listing and $134.5 million in dividends from his 21 percent stake in the company, according to regulatory filings. He was also paid a $350,000 base salary and received $4.6 million from the firm’s share of investor profits, known as carried interest. Former Goldman Partner Peter Kiernan Now a Self-Fashioned Political Pundit (NYT) After retiring from the firm in 2001, the former banker headed a movie star’s charity, got a shamrock tattooed on his rear end after losing a bet with his son, adopted a Vietnamese potbellied pig named Mojo and, most recently, published a political best seller with a title that is not quite printable in a family newspaper. Apple Stock to Hit $1,000? Steve Wozniak Believes So (CNBC) "You know, people talk about $1,000 stock price... you know, at first you want to doubt it but I actually believe that and I don't really follow stock markets," Wozniak said. BofA Weighs New Fees (WSJ) The search for new sources of income is especially pressing at Bank of America, where 2011 revenue dropped by $26.2 billion, or 22%, from its 2009 level. Bank of America pilot programs in Arizona, Georgia and Massachusetts now are experimenting with charging $6 to $9 a month for an "Essentials" account. Other account options being tested in those states carry monthly charges of $9, $12, $15 and $25 but give customers opportunities to avoid the payments by maintaining minimum balances, using a credit card or taking a mortgage with Bank of America, according to a memo distributed to employees. Solar storm alert: Scientist finds 12% chance of breathtaking, possibly crippling, northern lights show (NYDN) In the next 10 years, there’s a 12% chance of a northern lights display that’s so grand, people could potentially watch in awe from the sidewalks of Manhattan to the beaches of the Caribbean. The last time the world saw such a widespread aurora borealis was 1859. This future event could well be the event of a lifetime for another, far-less beautiful reason: The solar flare that would set off the dazzling sky display could also leave countless people in the dark by frying power grids, communication networks and crucial satellites. It could add up to trillions of dollars in damage once the sky show is all over, followed by a rough recovery that could take years, according to a 2008 analysis of such an event’s impact. Bernanke Quells Talk Of Fresh Stimulus (Bloomberg) Bernanke, in testimony to lawmakers yesterday in Washington, described “positive developments” in the job market while saying it’s still “far from normal.” He said the inflationary impact of higher gasoline prices is likely to be temporary. Star Scam Condo A Steal (NYP) Kenneth Starr’s swanky Upper East Side condo sold yesterday for $5.6 million — about $2 million less than he paid using money stolen from actress Uma Thurman and heiress Rachel “Bunny” Mellon. The winning bidder at the Treasury Department auction declined to give his name, but said he was a developer who bought the triplex on East 74th Street as an investment. Starr — a money manager whose A-list clients also included Al Pacino and Lauren Bacall — was caught cowering in a closet after his $33 million Ponzi scheme collapsed in 2010. He’s serving seven-plus years in the slammer and facing a divorce from his ex-stripper wife, Diane Passage. Harvard Business School? You'll Go Through Dee Leopold First (WSJ) People overestimate the role the essays play in the application. They're very, very helpful for the candidate, and they're a really good platform for starting a discussion in an interview, but we don't admit people because of an essay. I don't need to have too much of a dramatic arc. There are some essays where I start reading and all of a sudden I feel like I'm in the middle of a very well-written novel. It can get overdone and overcrafted. Sometimes the challenge in the essays is to be honest and to be clear. It may be helpful for someone to say, "I have no idea what you're talking about." Goldman Sachs ExecutiveIn US Insider Probe (Bloomberg) Goldman Sachs said in a Feb. 28 regulatory filing that “from time to time, the firm and its employees are the subject of or otherwise involved in regulatory investigations relating to insider trading, the potential misuse of material nonpublic information and the effectiveness of the firm’s insider trading controls and information barriers.” Eating At Benihana With Tracy Morgan (Grub Street) "I love Benihana like I love my favorite strip club," Tracy Morgan says. "Sue's Rendezvous and Benihana, that's the joint. "This is my family. These people know me. This is fancy, man. They cook the food right in front of you. They might go to Pathmark and buy it, but they're gonna cook it. Fancy. It's romantic. I go up to the hood, get a chicken head, bring her here and I'll wrap her up. It's fancy." Guy at the next table is loving it. "That's my thing, going up there in the hood and getting them chickens pregnant." Tracy's talking directly to the table next to us now. Everyone, about seven strangers,is on the hook. "I'm old-school. I don't be pulling out. I ain't wearing no rubber, either. If you ain't willing to die for it, you didn't really want to have it."