Opening Bell: 09.26.14 - Dealbreaker

Opening Bell: 09.26.14

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Pimco’s Bill Gross to Join Janus Capital to Manage Bond Fund (!!!) (Bloomberg)
Bill Gross, co-founder and co-chief investment officer of Pacific Investment Management Co., will join Janus Capital Group Inc., the company said. Gross will start Sept. 29 and will start managing the Janus Global Unconstrained Bond Fund starting Oct. 6, according to a press release distributed by BusinessWire today.

Bill Gross Leaves Pimco for Janus (WSJ)
"I look forward to returning my full focus to the fixed income markets and investing, giving up many of the complexities that go with managing a large, complicated organization," Mr. Gross said in a statement released by Janus. "I chose Janus as my next home because of my long standing relationship with and respect for CEO Dick Weil and my desire to get back to spending the bulk of my day managing client assets."

Bill Gross leaves Pimco for Janus (Reuters)
The announcement comes just days after the Wall Street Journal reported that U.S. securities regulators were investigating Pimco and Gross in connection with an exchange traded fund he also managed at Pimco.

Wall Street scared new Attorney General could be Preet (NYP)
Attorney General Eric Holder is heading to the exit door — and that’s making Wall Street nervous. Executives in the financial services industry see Manhattan US Attorney Preet Bharara as a possible successor — and with his tough-on-corporate-crime history believe a renewed focus Wall Street could be coming to Washington. Holder, after six years atop the Justice Department, is seen as not interested in highlighting white collar crimes. “[Holder] was pretty easy on Wall Street,” Marc LoPresti, a corporate and securities lawyer in New York, told The Post...Bharara, who has held his position since 2009, has successfully prosecuted more than 80 insider-trading cases, including former Galleon Group head Raj Rajaratnam, ex-SAC Capital trader Matthew Martoma, and forced a guilty plea from SAC Capital itself.

U.K. Regulators Hold Talks With Banks on Settling Forex-Rigging Probe (WSJ)
FCA officials, including Chief Executive Martin Wheatley, told the bank officials that the regulator's goal is to reach a group settlement with the six banks in the next eight weeks, one person said, although that timetable could be delayed. The FCA told the banks that they should each expect to pay the U.K. regulator more than the £160 million ($261 million) that UBS paid in 2012 to settle the U.K.'s probe into interest-rate rigging, the people said.

Woman Drives 12 Blocks With Traffic Officer On Hood Of Car (HP)
A San Francisco woman faces charges of assault with a deadly weapon and misdemeanor hit and run after she allegedly struck a traffic officer who was issuing her a citation, then drove 12 blocks with the man on the hood of her car. Witness Allison Yates said she snapped a photo of the incident as driver Bo Mounsombath, 33, sped by with the attendant clinging onto her car the morning of Sept. 18..."I saw her go by and realized there was a guy on the hood on his back, hanging on kind of spread-eagled. She turned right from that far left lane across all lanes of traffic," Yates told Hoodline. "She was screaming, he was screaming, it was insane." Yates' photo is outrageous, but so are the details in the case. Police caught up with Mounsombath on Market Street, about a mile from where the incident started. According to KTVU, the officer told investigators that he saw Mounsombath take a street sweeping ticket from another car and place it on hers. He walked up to give her a ticket, then Mounsombath stepped on the gas, striking him and a motorcycle before leaving the lot. The officer held on. Mounsombath told KRON that the officer asked her to "do things instead of getting a parking citation which led me to believe he was posing as a meter maid." The woman told KTVU that the officer had asked for her phone number, felt sexually harassed, and fled out of fear. She said she didn't mean to hit the officer.

Economy in U.S. Grew 4.6% in Second Quarter, Most Since 2011 (Bloomberg)
The U.S. economy expanded in the second quarter at the fastest rate since the last three months of 2011 as companies stepped up investment and households boosted spending. Gross domestic product grew at a revised 4.6 percent annualized rate, up from a previous estimate of 4.2 percent, Commerce Department data showed today in Washington. The increase matched the median forecast of 81 economists surveyed by Bloomberg and followed a 2.1 percent decline in the first three months of the year.

Companies’ Worst Hacking Threat May Be Their Own Workers (Bloomberg)
“The most costly data breaches are usually those that are created by a malicious insider,” said Larry Ponemon, chairman of the Ponemon Institute, an information security research center based in Traverse City, Michigan. “These people normally have access to things external hackers generally don’t have access to.” The FBI this week issued a warning to companies about a rise in hacking by current and former employees. Insider threats, both intentional and accidental, were cited by more than 70 percent of information security managers as their biggest concern in an April survey.

Commodity Outliers Attract Investors (WSJ)
Arabica-coffee futures are up 65% this year, while cocoa is up 23%. Live-cattle futures are up 16%, while futures for younger "feeder" cattle are up more than 38%. Bets by hedge funds and other investors on rising coffee and cocoa prices are near multimonth highs, contrasting with a sharp decline in bullish bets in commodities ranging from soybeans to copper, according to the Commodity Futures Trading Commission.

Valeant’s effort to take over Allergan gets boost from investor (NYP)
Valeant Pharmaceutical’s tortuous effort to bring Botox maker Allergan to the bargaining table got new life Thursday from another hotshot activist investor, ValueAct Capital’s Jeff Ubben. The Canadian drug company said that Ubben was joining its board, which pushed Valeant’s stock up 3 percent on a day when the broader markets sold off sharply. Valeant closed at $127.80, putting the value of its cash and stock offer for Allergan at $178 per share. That’s higher than it has been in weeks, and close to the $180 per share investors wanted. “We are strongly supportive of the Allergan-Valeant combination in light of their perfect strategic fit,” Ubben said in a statement.

'World's Hottest Mugshot' Angela Coates Speaks About Being The 'Female Jeremy Meeks' (HP)
Model Angela Coates has became the latest arrestee to gain attention for her looks when her booking photo went viral after it was posted at GeorgiaArrests.org. Coates, a 22-year-old from Florida who was once Jet Magazine's "Beauty of the Week," was booked for disorderly conduct in DeKalb County, Georgia, Aug. 26 and released the same day, the DeKalb County Sheriff's Office told HuffPost. But that didn't stop admirers from relaying colorful messages of support weeks later...Coates told Inside Edition...that she takes her career seriously and won't be going for any "crime mugshot look." As the social media frenzy escalated, she said she realized, "I'm the female Jeremy Meeks," referring to a criminal suspect who had previously fired up the Internet because of his striking face.

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