New York Fed Forms Team Focused on Cybersecurity Threats (Bloomberg)
In her speech, Sarah Dahlgren, the New York Fed’s head of supervision, called cybersecurity the biggest threat to financial stability that keeps her “awake at night,” saying it would command a lot of attention in the foreseeable future.
Sex-Bias Trial Takes Big Toll on Kleiner (WSJ)
Mr. Doerr, 63, and more than a half-dozen current partners at Kleiner were called to testify, including Mr. Komisar, who was pressed on the stand to justify his decision to give Ms. Pao a book of poetry for Valentine’s Day that contained erotic illustrations. Mr. Komisar said it was an innocent gift from his wife and related to the fact that he and Ms. Pao shared an interest in Buddhism.
Google poaches Morgan Stanley's CFO (Reuters)
Google Inc hired Morgan Stanley Chief Financial Officer Ruth Porat as its own finance chief, a sign Google is aiming to rein in costs as it invests in new businesses such as self-driving cars and internet-connected eyeglasses.
Morgan Stanley nurtures new brood of bankers in CEO succession plan (Reuters / Lauren LaCapra)
Colm Kelleher and Paul Taubman, who jointly ran investment banking and trading, are involved with long-term succession planning within their respective businesses, and aware that neither may be the next CEO of Morgan Stanley, a person familiar with the matter said. They still play important roles because if the unexpected happens - if Gorman becomes ill or gets injured or cannot continue in his role for some reason - either would be qualified to take his place immediately.
Wall St. Stars Join Silicon Valley Gold Rush (Dealbook)
Silicon Valley has been drawing much of its most valuable new talent from Wall Street. A top banker at Goldman Sachs, Anthony J. Noto, moved west last year to become the chief financial officer at Twitter. Less than a decade ago, Wall Street firms were the premier destination for young college graduates and talented executives. More recently, though, the financial industry has been struggling to keep growing as it faces a raft of new regulations and a lack of public confidence as a result of the financial crisis.
Utah restaurant's well-endowed bull statue irks neighbors (UPI)
A Utah restaurant owner whose sign bearing a bull statue with large male genitalia is proving controversial said there is a "conspiracy" against his business. The well-endowed bull sculpture prompted complaints from the public and an online petition after it was installed March 14 outside Barista's Restaurant in Hurricane. A Change.org petition, which had more than 500 signatures Tuesday, calls on the city of Hurricane to refuse to renew the business license for the restaurant. Stephen Ward, owner of the eatery, said he is planning a lawsuit against the city after officials refused in January to upgrade his limited liquor license. "They hate me and alls I've done is bring this town movie stars and quality and class, and there has been a conspiracy from the mayor to the police station to the council to all the haters in this town to disrupt, destroy and cause harm and disrespect my business," Ward told the St. George News. "We're crooks [and] we're criminals because we're not $3.99 and Mormon and I'm not fat and I don't eat at Alberto's," Ward said. "Because I'm strong and powerful and organic. And they picked a fight with the wrong guy."
Mary Callahan is the new queen of Wall Street (NYP)
Mary Callahan Erdoes, JPMorgan Chase’s asset management division CEO, is likely to emerge as the most powerful US woman in banking once Ruth Porat leaves Morgan Stanley to run Google’s finances. Erdoes oversees about $1.7 trillion in assets, JPM said. Only 47, Erdoes, who named one of her daughters Morgan, made $16.3 million in compensation last year, up 9 percent from 2013 — as CEO Jamie Dimon’s total for 2014 stayed flat.
How to Invest in a Racehorse for as Little as $10,000 (Bloomberg)
Herbert, who started Highclere Thoroughbred in 1992, cautions that owning a piece of a racehorse isn’t about getting a return on your money, as only about 20 percent of his syndicates have made a profit or broken even. “It’s not an investment,” he says. “Quite the contrary! This is to enjoy the horses and the experience.” Shareholders, he points out, also gain access to the exclusive world of English racing, including badges for access to the Parade Ring at Royal Ascot.
The Tiny Broker Who Won on the Swiss Franc Shock (Bloomberg)
Small or not, Maly says his firm saw the Swiss shock coming and prepared for the worst. The week before, it doubled the amount of collateral its clients must put up against their trades. “I can’t say luck wasn’t part of the game,” Maly, 33, said in an interview on March 23. But X-Trade also has a strong record in forecasting European exchange rates. Recently it was near the top of the class for predicting the Russian ruble, Hungarian forint and Turkish lira, according to Bloomberg Rankings.
Man Arrested For Skipping Jury Duty 11 Times (AP)
A Pennsylvania man who skipped out on jury duty 11 times in the last two years has been arrested inside a courthouse while seeking relief from a child support ruling. Somerset County Judge D. Gregory Geary told 32-year-old Owen Fazenbaker III on Monday that he found it "ironic" that Fazenbaker could find his way to court for that but not for jury duty. Fazenbaker promised to serve on future juries if the judge would not impose a $500 fine and 10 days in jail for each time he has missed jury duty.