Ex-Morgan Stanley Broker Fired for Helping Feds Investigate Fraud, Suit Says (WSJ)
A former Morgan Stanley broker has filed a suit accusing the firm of firing him for being a whistleblower who had raised allegations of insider trading involving its Knoxville, Tenn., branch and had helped federal authorities uncover fraud at a truck-stop chain. The broker, John Verble, says in his filing that he wore a wire to help the Federal Bureau of Investigation investigate the fraud case, and that a superior at the Morgan Stanley office physically threatened him when his efforts became known. “As a direct result of plaintiff’s involvement in assisting the FBI to investigate violations...plaintiff was retaliated against, discriminated against and illegally discharged from his position in violation of numerous federal statutes,” the complaint said. Mr. Verble, now a financial adviser at Raymond James Financial Inc., wants either to return to his old job or damages equal to double his roughly $360,000 salary until he reaches 68 years of age, according to the complaint. He is now in his mid-50s, his lawyer’s office says.
Greece readies reform promises (Reuters)
Greece's government prepared reform measures on Sunday to secure a financial lifeline from the euro zone, but was attacked for selling "illusions" to voters after failing to keep a promise to extract the country from its international bailout. Leftist Prime Minister Alexis Tsipras has insisted Greece achieved a negotiating success when euro zone finance ministers agreed to extend the bailout deal for four months, provided it came up with a list of reforms by Monday.
Apple’s ‘Project Titan’ could reshape the auto world (NYP)
With reports last week that Apple hopes to bring a car to market in five years, every motorist who remembers the pre-iPhone era of smartphones must be feeling like their new car will go the way of BlackBerry, Nokia or Palm Pilot. Currently, at a secret location near its Cupertino, Calif., headquarters, Apple is said to be working on a car design — code-named “Project Titan” — at breakneck speed. While auto companies can take as long as seven years to develop a car, Apple is said to be hoping to start shipping its vehicles in five years — or as early as 2020.
Ellen Pao Suit Against Kleiner Perkins Heads to Trial, With Big Potential Implications (NYT)
...in a high-profile suit set to go to trial this week, a jury will pass judgment about whether one woman suffered discrimination. The proceedings could resonate widely: A guilty verdict will be billed as a sweeping indictment of the high-tech world, while a dismissal might supply ammunition to those who feel gender issues are being overplayed. The accuser is Ellen Pao, who worked at one of the valley’s most prominent venture capital firms, Kleiner Perkins Caufield & Byers. At the center of the suit is John Doerr, a legendary investor who was Ms. Pao’s boss and, according to court papers, practically a father to her. How the man with the Midas touch let his very proud, very image-conscious shop become embroiled in scandal is a question lurking behind the suit. Ms. Pao says a married colleague pressured her into an affair and then retaliated against her when she broke it off. When she complained, she says she was discriminated against and got poor reviews, resulting ultimately in her dismissal. She accuses Kleiner of treating her “despicably, maliciously, fraudulently and oppressively” from “an improper and evil motive amounting to malice.”
Man Consumes 182 Slices To Earn Bacon-Eating World Record (WOKV)
Competitive eater Matt 'Megatoad' Stonie set the bacon-eating world record by consuming 182 slices of bacon in five minutes. Stonie, one of Major League Eating's top two eaters in the world, estimated that he ate about six pounds of cooked bacon. That amount contains over 28,000 milligrams of sodium, according to Smithfield, the event's sponsor. Stonie told The Huffington Post that he didn't feel that bad after the competition. The bacon was cooked a bit crispy which is Stonie's preference during competitions because he doesn't like to have to chew. Stonie claims that despite the massive bacon consumption, he will never lose his love of the pork product.
Valeant Pharmaceuticals to Buy Salix for About $10 Billion (WSJ)
Valeant Pharmaceuticals International Inc. said Sunday it would buy Salix Pharmaceuticals Ltd. for about $10 billion, a return to its big deal-making ways after a failed bid for Botox maker Allergan Inc. last year.
New Cancer Technology Gives Investors a Shot in the Arm (WSJ)
George Soros , Michael Milken and David Bonderman are among marquee investors benefiting from early bets on a red-hot sector: young companies developing drugs that fight cancer by using the body’s immune system. Interest in the nascent approach, known as immunotherapy, has taken off following the success of Yervoy and Opdivo, a pair of drugs developed by giant Bristol-Myers Squibb Co. The treatments could generate $8.5 billion in annual revenue by 2020, Credit Suisse predicts, or more than half the New York company’s 2014 revenue of $15.9 billion.
Gold Fever Fades: $4 Billion Erased From Funds (Bloomberg)
Judging by the barometer of hedge-fund interest, there’s less to get excited about in gold these days. Even as Greece battled with its creditors to avoid default and keep the euro zone intact, speculators retreated from the metal used as a haven from economic and political upheaval. Money managers cut their net-long wagers by the most in 15 weeks, U.S. government data show.
Lawmakers Clash Over Easing Rules for Smaller Banks (WSJ)
Lawmakers, who have been receptive to arguments from small and midsize banks to reduce the regulatory burden of stress tests, mortgage restrictions and other new rules, are now at odds about how far to take those efforts.
Carlyle Hedge-Fund Unit Has Big Outflow (WSJ)
Investors have pulled about $2.5 billion since October from a hedge-fund firm owned by Carlyle Group LP after an outsize bet on mortgage giants Fannie Mae and Freddie Mac led to steep losses last year, people familiar with the matter said.
Slumping Oil Prices Hit Calgary Housing (WSJ)
Many companies, including some of the region’s largest employers, have slashed budgets, cut wages and frozen hiring, and some have started to announce layoffs. Those jitters are starting to affect the housing market there.
College dean gets box of fake IDs meant for student named Dean (UPI)
Police said an 18-year-old college student named Dean ordered a box of fake IDs and had them shipped to his campus address. What the student probably didn't think about was he shared the same name with a dean at his school. The package was delivered to the administrator, who open the box and found eight realistic looking IDs, one complete with the student's real name. "You can't make this up," Radnor Police Superintendent William Colarulo told the Philadelphia Inquirer. Police linked the fake IDs to four 18 year-old men, but would not identify the men or the college. Local schools include Villanova University, Cabrini College, Eastern University and Valley Forge Military Academy and College. Police tracked the package to Guangzhou, China, and said it is part of a larger problem with fraudulent identification. The cards are easy to get and can be used for far more than sneaking into bars.