Bill Gross: 2-4 years to prove he can still beat the market (BloombergTV)
"I wanted to show clients and to show the world, to the extent that they're interested, that I can continue to produce a track record like I did at PIMCO. I won't have five to 10 to 15 years of leeway like I had at PIMCO in terms of proving that. But certainly for the next two, three or four years. I'm a very competitive person and I like to post numbers that are better than the market and better than the competition."
The 15 Most Miserable Economies in the World (Bloomberg)
Inflation is a disease that can wreck a society, Milton Friedman, the late Nobel laureate economist, once said. Add rising unemployment to the diagnosis, and his profession ascribes a rather non-technical term to the debilitating effect on people: misery. That affliction this year will be most acute in Venezuela, Argentina, South Africa, Ukraine and Greece — the five most painful economies in which to live and work, according to Bloomberg survey data that make up the so-called misery index for 2015. (It's a simple equation: unemployment rate + change in the consumer price index = misery.)
Former HP chairman admits 'mistake' in sexism trial (Reuters)
Onetime highflying tech executive Ray Lane testified on Monday during a sex discrimination trial involving his former employer, Kleiner Perkins Caufield & Byers, that he made a mistake in judgment involving the harassment of a female venture capitalist at the firm, and that he feared for the woman's safety. Lane, who previously served as executive chairman of Hewlett-Packard Co and president of Oracle Corp, told the court he erred in not immediately informing others that Trae Vassallo told him about unwanted advances by her colleague, Ajit Nazre, during a 2011 business trip. "I made a mistake," he said. "It was my mistake. I cared more about her feelings than anything else. I thought it should be her choice" whether to tell others at the firm and start an investigation, he said. Eventually, he would have taken action, but at the time, he suggested to Vassallo that she think it over and discuss it with her husband, in part because he "feared somewhat for her safety."
Wynn Resorts Seeks to Block Elaine Wynn From Board (WSJ)
Wynn Resorts Ltd. is seeking to block Elaine Wynn —a major shareholder, longtime director and the former wife of company Chairman and CEO Steve Wynn —from its board, in the latest tussle at the casino operator with resorts in Las Vegas and Macau. The board decided not to renominate Ms. Wynn, who has served for more than a dozen years, once her term expires at the company’s next annual meeting April 24, according to a Friday filing by the company. The board said a committee cited concerns about Ms. Wynn, including: a lawsuit she filed against Mr. Wynn to remove restrictions on her shares; “actual or potential conflicts of interest;” and her “lack of independence under Nasdaq listing standards and resulting inability to serve on key board committees.”
Seattle doctor disciplined for sexting during surgery (Seattle PI)
A Seattle anesthesologist's suspension to practice was indefinitely continued for repeatedly sexting during surgeries and engaging in sexual activity at his workplace, among other activities, according to the state Department of Health. Arthur K. Zilberstein's medical license was first suspended by the state Medical Commission June 5, 2014, documents indicate. A subsequent hearing reviewing the charges led to the indefinite suspension. He worked at Swedish Medical Center. The state says Zilberstein exchanged sexually explicit texts with a patient during surgeries while he served as the responsible anesthesiologist. He also issued unauthorized prescriptions for medications and drugs outside his medical practice without the proper associated treatment plans, diagnoses or medical recordkeeping. He also had sex with the patient he sexted and prescribed her drugs outside the scope of his practice, reports say. The state says Zilberstein sexted during surgeries at least through the period of April to August 2013. He exchanged the explicit messages during child deliveries, labor epidurals and a pediatric procedure. He also allowed the patient he sexted to visit the hospital call room to arrange sexual dalliances during the time he was documented as her treating physician.
Standard Chartered to shrink bonus pool by 9 percent: Sky News (Reuters)
Standard Chartered bank will shrink its bonus pool for 2014 by about 9 percent to around 715 million pounds ($1.1 billion), Sky News reported late on Monday, citing a person familiar with the matter. Sky News said the bonus pool threatens to reignite debate over banking industry bonuses because the decrease is less than the 20 percent drop in pretax profit analysts' forecast for the Asia-focused bank.
Southern Investigative Reporting Foundation Gets Into The Documentary Film Business (Beacon Reader)
SIRF will investigate how elected public finance officials are so often led into disastrous funding schemes whose consequences last for decades. Back SIRF with a donation and we'll answer one of the key questions of American civic life: Why do so many cities lose so much money when they raise money from Wall Street? With documentary filmmaker Nick Verbitsky, we'll show how public finance officials with little training or experience are mired in an incentive network where what's best for the public takes a backseat to what's best for political machines.
Michael Jordan among rookie billionaires on Forbes list (NYP)
His Airness is one of 290 rookie billionaires, according to Forbes. Jordan, who turned 52 last month, gets most of his wealth from his majority stake in the NBA’s Charlotte Hornets, a team worth $725 million, according to the magazine...Jordan’s net worth is $1 billion, according to the magazine.
How Tinder Gets Away With Charging People Over 30 Twice as Much (Bloomberg)
Americans under 30 will be charged $9.99 a month to subscribe to Tinder Plus, the new, paid version of the app that offers unlimited "likes"—which once were free—as well as features that let users undo swipes and connect with people in different locations. Members aged 30 and older must pay $19.99 for the same features. In the U.K., the age-based price disparity is even wider. Those under 28 will pay £3.99 ($6) for the service, while anyone older will be charged £14.99 ($23), almost four times the price. Tinder says it spent several months researching different price points around the world before it introduced the service. "Lots of products offer differentiated price tiers by age, like Spotify does for students, for example," Rosette Pambakian, a spokeswoman for Tinder, wrote in an e-mail. "Tinder is no different; during our testing we’ve learned, not surprisingly, that younger users are just as excited about Tinder Plus, but are more budget constrained, and need a lower price to pull the trigger."
Lumber Liquidators Says Floors 'Completely Safe' (WSJ)
Lumber Liquidators Holdings Inc. fought back against accusations raised on “60 Minutes” Sunday night that the company sold laminate flooring that didn’t meet safety standards, saying the attacks were driven by short sellers who stood to benefit by driving its stock price down. Lumber Liquidators defended its business in a statement Monday, saying its products comply with California standards and that its laminate floors are “completely safe.” Shares plunged 25% Monday. The company questioned the method of testing the laminate in the “60 Minutes” segment and said its suppliers couldn’t verify the identity of the employees who appeared in it.
Motorist, 21, Arrested After Cops Find His Marijuana Stash Inside Sour Cream Container Labeled "Not Weed" (TSG)
Jordan Meier was traveling with three passengers around 9 PM when a Lancaster County Sheriff’s Office deputy pulled over his 2002 Chevrolet Monte Carlo on a Lincoln street for a traffic violation, according to a police report. Meier was subsequently “placed into custody for DUI,” investigators noted. During a post-arrest inventory search of Meier's vehicle, cops located a 16-ounce plastic container (which once held Land O’Lakes sour cream) under the front passenger seat. Meier claimed ownership of the container, which--as seen in the above evidence photo--had the words “Not Weed” written in marker on its lid. But when deputies opened the container, they found more than 11 grams of marijuana inside. As a result, Meier (seen at left) was also cited for pot possession.