Big Banks Pass Muster in Latest Stress Tests (Dealbook)
Some of the 31 banks in this year’s test would emerge from the theoretical shocks with significantly less capital than others. Under the tests, Goldman Sachs fell very close to a minimum requirement for one measure of capital. This may put the firm in the awkward position of having to reduce the amount of money that it had planned to pay out to its shareholders this year. Zions Bancorporation, a regional bank that fared poorly in last year’s tests, also fell very close to a minimum level. Bank of America was well above all the minimum requirements, putting it among Thursday’s clear winners. Unlike last year’s test, this one showed no bank with capital below the minimum, a result that might provide comfort to the Fed as it seeks to make the financial system stronger.
What Is the Next ‘Next Silicon Valley’? (NYT)
The three large counties showing the strongest gain in tech jobs from 2009 to 2013 were San Francisco, Santa Clara and San Mateo — the three counties at the core of Northern California’s tech industry cluster. Orange County, Fla., which contains Orlando, scored 89th out of 214. (The index compares tech jobs added to the overall job base, so it doesn’t discriminate in favor of places with high total populations.) But let’s look at the place that scored fourth on P.P.I.'s list: Utah County, Utah, whose largest city is Provo. In February, The New Yorker proclaimed that Utah is “the next Silicon Valley.” That’s hyperbole, but Provo (population: 116,288) does punch far above its weight; of 73 private venture-funded companies in the world with valuations over $2 billion, according to The Wall Street Journal, Provo is home to two. A large, new National Security Agency facility in the area is adding to the concentration of tech jobs and workers. Provo provides an example of one of two models for competing with Silicon Valley. “There’s a group of people who really want to live there and there’s a really good research university,” says the urban theorist Richard Florida. He’s referring to Brigham Young University and the opportunity to live among a large Mormon community.
Where millionaires are moving—and fleeing—around the world (CNBC)
According to the study, they're leaving China in the largest numbers, with 76,200 Chinese millionaires exiting the country between 2003 and 2013. That's 15 percent of its total millionaire population, according to the report. The second largest millionaire loser is India, which saw 43,400, or 27 percent of its millionaires, leave the country in those 10 years. France ranked third, losing 31,700, or 13 percent of its total. And while Russia gets most of the attention for exiled oligarchs, it ranked fifth, losing 17 percent, or 14,000 millionaires. The country did, however, rank first for the percentage of millionaires who plan to permanently change their country of residence. The most popular place for millionaires to land is the United Kingdom. According to the study, the U.K. gained 114,100 millionaires between 2003 and 2013, making up 14 percent of the country's millionaire total. Singapore gained 45,000, or 20 percent of its total, while the U.S. gained 42,400, representing 1 percent of its millionaires. Australia gained 22,200, or 14 percent.
U.S. Sanctions Over Ukraine Hit Two Russian Banks Hardest (WSJ)
Banks controlled by three billionaire friends of Russian President Vladimir Putin have seen about $640 million of assets frozen in the U.S. as retaliation for the Kremlin’s actions in Ukraine, according to U.S. government records. The figures, not previously reported, show the surprising extent to which the economic sanctions imposed by the U.S. have pinched the pockets of some of Russia’s most politically connected firms.
Emu on the loose in North Carolina (UPI)
Melvin Smith of Greene County said the emu -- a large, flightless bird native to Australia -- jumped a fence on his property and ran off about 4 p.m. Tuesday when the bird was startled by the noise from a loud piece of farming equipment. Sheriff's deputies have been on the lookout for the female emu and some neighbors reported seeing what they thought was an ostrich looking into their windows Wednesday morning. Smith said he has been spreading food around his property in an attempt to lure the emu home.
Elaine Wynn Launches Bid for Board Seat (WSJ)
It is the latest power struggle at Wynn, which in 2012 forcibly bought out the then-largest shareholder, Kazuo Okada, by redeeming his 20% stake at a 30% discount and removing him from the board. Mr. Okada is fighting to get the shares back. Ms. Wynn, the former wife of CEO Steve Wynn, is the third-largest shareholder, with a 9.4% stake, and has served on the board since 2002. The board decided not to renominate Ms. Wynn, whose term expires April. 24. But on Thursday Ms. Wynn filed with the U.S. Securities and Exchange Commission preliminary proxy materials nominating herself to be re-elected.
Apple Pay Stung By Low-tech Fraudsters (WSJ)
The Apple Pay system itself hasn’t been penetrated by hackers. Rather, fraudsters are entering stolen card data into phones, which can then be used to make purchases without a physical card being present.
It Makes More Sense to Lease a Rolls-Royce Than to Buy One (Bloomberg)
Rolls dealers in Southern California—the nation’s largest luxury car market—even go so far as to advertise lease specials on their website. A 2015 Ghost: 60-month lease, $30,000 due at signing, $2,699/month.
Peter Madoff’s Former Home Sells for $3.5 Million (NYT)
The Long Island estate of Peter B. Madoff, the younger brother of Bernard L. Madoff, has been sold for several million dollars less than its original asking price, after years of efforts to find a buyer. The four-acre property, at 34 Pheasant Run in Old Westbury, N.Y., sold for $3.5 million on Wednesday, according to the United States Marshals Service, which took possession of the home in 2013 after Peter Madoff pleaded guilty to crimes related to his brother’s enormous Ponzi scheme. The younger Mr. Madoff, who first listed the property for $6.5 million in 2011, was sentenced to 10 years in prison in 2012.
NJ cop under investigation for crass Facebook posts about drowned dog (NYDN)
A New Jersey police sergeant is under investigation for posting some callous Facebook comments about a dog that drowned when his owner's truck plunged through river ice, authorities said. "Why didn't the dog do the Doggie Paddle" Seaside Heights Police Sgt. Thomas Yannacone allegedly wrote on his private social media page. "Was his favorite movie Dog Day Afternoon." The dead dog is still at the bottom of Toms River, as is the truck belonging to Andrew Mayer, who has been charged with criminal mischief and reckless driving. Mayer was spinning doughnuts on the frozen river when the ice shattered and his vehicle sank, police said. Yannacone was off duty when the posts went up, according to Det. Steve Korman, the paper reported. His department's Internal Affairs unit is investigating. When his posts started gaining attention, he posted "What, too soon, calm down u animal loving freaks."