Opening Bell: 4.16.15

Goldman and Citi beat estimates; Ben Bernanke works for Ken Griffin now; Schwarzman describes Blackstone as "earnings machine"; Stripper School shutdown; and more.
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Goldman Profit at Five-Year High as Every Business Tops Estimate (Bloomberg)
Goldman Sachs Group Inc. posted the highest earnings per share in more than five years as all of its major businesses topped analysts’ estimates and the firm paid out a smaller portion of revenue to compensate employees. Net income surged 40 percent to $2.84 billion, or $5.94 a share, from $2.03 billion, or $4.02, a year earlier, the New York-based company said Thursday in a statement. That was higher than all 26 estimates in a Bloomberg survey of analysts.

Citigroup Beats Estimates as Cost Cuts Cushion Trading Slump (Bloomberg)
First-quarter net income jumped 21 percent to $4.77 billion, or $1.51 a share, the firm said Thursday. Excluding accounting adjustments, earnings per share were $1.52, surpassing the $1.39 average estimate of 27 analysts surveyed by Bloomberg.

Former Fed Chief Ben Bernanke to Advise Hedge Fund Citadel (WSJ)
Mr. Bernanke will consult on developments in monetary policy, financial markets and the global economy, Citadel said in a release. “His insights on monetary policy and the capital markets will be extremely valuable to our team and to our investors,” said Citadel founder and chief executive Ken Griffin in the statement.

School For Strippers Closes Due To Noise Complaints (AP)
"If they had flown under the radar, they'd still be in business," said Hillsborough sheriff's deputy Phil Acaba, who investigated the events at the mansion. "The noise was the issue that brought their downfall." The owner of the school billed it as an agency for "top earning exotic dancers and models." The mansion is owned by Pink Tati LLC, but the principal owner is Canadian millionaire Gordon Lownds. In an interview Monday, Lownds told the newspaper he has ceased all commercial activity at the 12,000-square-foot house, shutting down its modeling school for exotic dancers.

IMF knocks Greek debt rescheduling hopes (FT)
Greek officials have made an informal approach to the International Monetary Fund to delay repayments of loans to the international lender, highlighting the parlous state of Greek finances, but were told that no rescheduling was possible. According to officials briefed on the talks by both sides, Athens was persuaded not to make a specific request for a delay to the Fund, which is owed almost €1bn in two separate payments due in May.

Netflix Stock Soars to All-Time High as Customers Top 62 Million (Bloomberg)
U.S. subscribers jumped by 2.28 million in the first quarter, while international accounts rose 2.6 million, Netflix said Wednesday on its website. Both figures beat its Jan. 20 forecast. Sales grew 24 percent to $1.57 billion, matching analysts’ projections.

Japan Tops China as Largest U.S. Creditor (WSJ)
Japan dethroned China as the top foreign holder of U.S. Treasurys for the first time since the financial crisis, following a wave of purchases by buyers shifting money to the U.S. as Japan’s economic policies push down interest rates there.

Blackstone CEO: We're an 'earnings machine' (CNBC)
Blackstone reported much better-than-expected quarterly results on Thursday, prompting Chairman and CEO Steve Schwarzman to declare his private equity firm an "earnings machine." "We are the most profitable money manager in the world," boasted the co-founder of Blackstone, which has $310 billion in assets under management. "We just have an economic model that doesn't depend on a [particular] quarter's earnings." Blackstone reported economic net income of $1.37 a share—well above expectations of $1.04 a share. Revenue for the latest quarter was $2.51 billion, beating estimates of $2.09 billion.

California barber cuts hair into Mayweather/Pacquiao portrait (UPI)
Derek Hernandez, 23, a barber at Ajja's in Antioch, is drawing national attention for his ability to cut and color realistic portraits including Golden State Warriors star Stephen Curry into the hair on customers' heads. Hernandez, aka Derek the Barber or DTB, said his latest creation, the heads of boxers Floyd Mayweather and Manny Pacquiao to promote their upcoming fight, took about two hours to complete and cost $150.

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Opening Bell: 6.23.15

Ben Bernanke says keep Hamilton on 10 dollar bill; Ackman launches $1B bond; Short sellers are lonely; P. Diddy beats son's coach with a kettlebell; and more.

Opening Bell: 03.12.13

Apple To Announce Plans For Cash Hoard (WSJ) Apple will outline what it plans to do with a growing pile of cash by next month, according to Howard Ward, chief investment officer at Gamco Investors Inc. Apple, which has been grappling with investor criticism over the handling of its $137.1 billion in cash and investments, will add $42 billion in earnings to that sum in 2013, Ward said. Greenlight Capital Inc.’s David Einhorn has been urging Cupertino, California-based Apple to issue high-yielding preferred shares to spread the funds among investors. Investors are also urging Apple to consider a higher dividend payout. “We’re going to get an announcement from the company as to how they intend to reallocate some of their cash,” Ward said in an interview today on Bloomberg Radio’s “Surveillance” with Tom Keene. “They will put a floor under their stock at a higher price than it is today.” AIG shareholders win class-action status in lawsuit versus U.S. (Reuters) Two groups of American International Group shareholders won class-action status from a federal judge on Monday in a $25 billion lawsuit by former Chief Executive Maurice "Hank" Greenberg over alleged losses caused by the U.S. government's bailout of the insurer. U.S. Court of Federal Claims Judge Thomas Wheeler also appointed Greenberg's lawyer, David Boies, of Boies, Schiller & Flexner LLP, as lead counsel for the classes. Greenberg's Starr International Co, once AIG's largest shareholder with a 12 percent stake, sued the United States in 2011 over what eventually became a $182.3 billion bailout for the New York-based insurer. It said that by taking a 79.9 percent AIG stake and then conducting a reverse stock split without letting existing shareholders vote, the government conducted an illegal taking that violated the 5th Amendment of the U.S. Constitution. Citing Boies' estimate that "tens of thousands" of shareholders might be affected, Wheeler said "class certification is by far the most efficient method of adjudicating these claims." Both Sides Of SEC Nominee Face Heat (WSJ) In one version, Ms. White is a no-holds-barred crime fighter known for stretching the law to jail mob bosses and international terrorists. In another, Ms. White is a friend of Wall Street who worked for the past decade for the law firm Debevoise & Plimpton LLP, where she represented giant banks such as J.P. Morgan Chase. Blackstone: We're Betting Big On Residential Real Estate (CNBC) "Blackstone is now the largest owner of individual houses in the United States," Schwarzman told CNBC's "Squawk on the Street" Monday, pointing to his company's $3 billion portfolio of residential real estate. But given the nascent recovery in the housing market, they're not buying and selling them quickly but rather renting them out. "It's a good business for us. It's a new thing, but it's also good for America," he said. Icahn Gets Confidential Look At Feds Books (Reuters) Dell Inc has agreed to give Carl Icahn a closer look at its books, less than a week after the activist investor joined a growing chorus of opposition to founder Michael Dell's plan to take the world's No. 3 personal computer maker private...A source with knowledge of the situation said Icahn's and Dell's confidentiality agreement does not have a contractual "standstill" obligation - meaning he is not obligated to stop trading stock in the company. But the activist investor would not be able to trade the stock while he is privy to non-public information in any case, the source added. Phoenix society gives gator happier life with prosthesis (AZC) The alligator is Mr. Stubbs, who is part science project, part human endeavor, and much more. He’s also half-gator, half-rubber. The 11-year-old crocodilian now sports a 3-foot-long prosthetic tail, attached firmly with nylon straps. It replaces the original, which was bitten off more than eight years ago. As far as anyone at the Phoenix Herpetological Society knows, Mr. Stubbs is the first alligator to tolerate, if not sport, a prosthesis. It will take months, however, before Mr. Stubbs learns how to properly use the tail. For now, handlers are happy with smaller milestones. “The fact he doesn’t try to bite it (the tail) is a good sign,” said Russ Johnson, president of the Phoenix Herpetological Society. “Learning how to use it is going to take a lot of training.” The months-long project was overseen by someone well-versed in anatomy. Marc Jacofsky is executive vice president of research and development at the CORE Institute in Phoenix, which specializes in orthopedic care — for humans. While visiting the Herpetological Society, Jacofsky was asked if it would be possible to make an artificial tail for Mr. Stubbs. “I looked and saw there was enough there that we could probably do something that wouldn’t involve surgery,” Jacofsky said. “I also liked the idea because it would improve his life. Our motto at the CORE Institute is ‘Keep life in motion,’ and this certainly fit in with that. I was on board.” Jacofsky estimated the project has cost the Core Institute about $6,000 in donated labor and materials. Mr. Stubbs had been a project since shortly after arriving at the center in May 2005. The then-3-year-old gator was one of 32 confiscated from the back of a truck pulled over near Casa Grande, Johnson said. Officers called in the Arizona Game and Fish Department as soon as the cargo made its presence known. “Scared the heck out of the officer,” Johnson said. “No one expects to find alligators when you look into the back of a truck.” Greece Faces 150,000 Job-Cut Hurdle to Aid Payment (Bloomberg) Greece is locked in talks with international creditors in Athens about shrinking the government workforce by enough to keep bailout payments flowing. Identifying redundant positions and putting in place a system that will lead to mandatory exits for about 150,000 civil servants by 2015 is a so-called milestone that will determine whether the country gets a 2.8 billion-euro ($3.6 billion) aid instalment due this month. More than a week of talks on that has so far failed to clinch an agreement. Failed Sale Of Gleacher Is A Warning For Directors (WSJ) The Dell drama is still unfolding, but for a cautionary tale of how boards, even when they may be well-intentioned, can harm investors of a takeover target, take Gleacher. Shares in the small investment bank have lost more than 60% in the past year as the prospects for a deal evaporated, business dwindled and star traders left. Ironically for a firm that bears the name of Eric Gleacher, who made his name advising on big deals in the 1980s, the company failed to sell itself. At least as some critics see it, its independent directors are to blame. SEC Says Illinois Hid Pension Troubles (WSJ) For years, Illinois officials misled investors and shortchanged the state pension system, leaving future generations of taxpayers to foot the bill, U.S. securities regulators allege. The Securities and Exchange Commission on Monday charged Illinois with securities fraud, marking only the second time the agency has filed civil-fraud charges against a state. Bernanke Provokes Mystery Over Fed Stimulus Exit (Bloomberg) When Ben S. Bernanke asserted last month that the Federal Reserve doesn’t ever have to sell assets, he raised questions about how the central bank can withdraw its record monetary stimulus without stoking inflation. The Fed may decide to hold the bonds on its balance sheet to maturity as part of a review of the exit strategy Bernanke expects will be done “sometime soon,” he told lawmakers in Washington on Feb. 27. This would help address concerns that dumping assets on the market will lead to a rapid rise in borrowing costs. It also allows the Fed to avoid realizing losses on its bond holdings as interest rates climb. Man shot in buttocks at Calle Ocho Festival unaware he was wounded (Miami Herald) The shooting occurred around 4:30 p.m. as the man walked along Southwest Eighth Street and 11th Avenue, part of the throng of revelers who gather annually at the street festival in Little Havana. It’s unclear if something sparked the violence between the two men, or if the shooting was unprovoked. At first the victim did not realize he had been shot and kept strolling along the festival route. “He discovered later that he was bleeding and then passed out,” said Miami police spokesman Sgt. Freddie Cruz. The victim, who was hit in the left buttocks, was taken to Jackson Memorial Hospital, where he is in stable condition and expected to recover.

Opening Bell: 04.19.12

Morgan Stanley Beats Estimates as Trading Gain Tops Peers (Bloomberg) The net loss of $94 million, or 6 cents a share, compared with profit of $968 million, or 50 cents, a year earlier, the New York-based company said today in a statement. Excluding accounting charges tied to the firm’s own credit spreads, profit was 71 cents a share, topping the 44-cent average estimate of 17 analysts surveyed by Bloomberg. Fixed-income trading revenue surged 34 percent, surpassing the 19 percent gain at Citigroup Inc. and Goldman Sachs Group Inc.’s drop of more than 15 percent, excluding accounting adjustments. Morgan Stanley Chief Executive Officer James Gorman, 53, has set a goal of 15 percent return on equity after lingering pressures from the financial crisis held that measure below 10 percent for five straight years. First-quarter return on equity was 9.2 percent. BofA Profit Falls But Beats Estimates (WSJ) The bank reported a profit of $653 million, compared with a year-earlier profit of $2.05 billion. Per-share earnings, which reflect the payment of preferred dividends, fell to three cents from 17 cents a year ago. The latest quarter included, among other items, a $4.8 billion pretax hit tied to changes in the value of the bank's debt. Excluding accounting changes related to the bank's debt, BofA reported profits of 31 cents per share, compared with the 12 cents estimated by analysts polled by Thomson Reuters. Blackstone First-Quarter Profit Falls on Performance Fees (Bloomberg) Economic net income, a measure of earnings excluding some costs tied to the firm’s 2007 initial public offering, dropped to $432.3 million, or 39 cents a share, from $571 million, or 51 cents, a year earlier, New York-based Blackstone said today in a statement. Analysts had expected earnings of 40 cents a share, according to the average of nine estimates in a Bloomberg survey. Fitch Analyst Reportedly Warns on Dutch Rating (Reuters) "The Dutch are on the edge of a negative rating action," the Telegraph quoted Fitch analyst Chris Pryce, the rating agency's expert on the Netherlands, as saying. Ackman Plans 2013 listing for $4bn fund (FT) Pershing Square is planning a $4bn public flotation for a new fund in January 2013. Bill Ackman intends to float the vehicle, which has already been set up in Guernsey and is known as Pershing Square Holdings, on a "major exchange." PSH will be a shell company and invest all its assets in Pershing Square’s offshore hedge funds. As such, after flotation, it would offer Mr Ackman a source of permanent capital. Man accuses Blackhawks, Cubs of 'stealing his ideas' (Chicago Tribune) Emanuel Kuvakos, 56, was arrested Tuesday night and charged with three counts of misdemeanor harassment by electronic means, police said. Kuvakos sent “a number’’ of emails to Blackhawks CEO John McDonough and to Jim Hendry, the former general manager of the Chicago Cubs, that accused them of “stealing his ideas to win championships,’’ according to a police report. On Saturday, he sent them another email stating that he would keep the Blackhawks from winning the Stanley Cup, police said. While being interviewed by authorities, he claimed he also sent a message to Rocky Wirtz, the Blackhawks owner, saying that if he ever saw Wirtz, he would beat him, according to the police report. Kuvakos, whose nickname is “Mike,” said during a telephone interview with the Chicago Tribune that he has been a freelance sportswriter for 30 years, and claimed he is a sports psychologist and “savant” who works for the Blackhawks, White Sox and the Cubs. Talks With Instagram Suggest a $104 Billion Valuation for Facebook (Dealbook) Facebook bought the photo-sharing service for $1 billion in early April, agreeing to pay roughly 30 percent in cash and 70 percent in stock, according to people briefed on the negotiations who did not want to be identified because the discussions were private. At that level, Facebook is pegging its own stock price at roughly $30 a share. Based on those numbers, the giant social network is valued at north of $75 billion. But Facebook could actually be worth more. During the negotiations with Instagram, the parties framed the deal around a logical assumption: Facebook could soon trade publicly at a much higher market value. As part of the talks, the companies discussed a potential value of about $104 billion for Facebook, these people said. One of Instagram’s founders, Kevin Systrom, first broached the number, one of the people said. At $104 billion, the value is roughly in line with where Facebook has at times traded on the secondary market: shares of the privately held company have been selling for as high as $40. More Americans Than Forecast Filed Weekly Jobless Claims (Bloomberg) Jobless claims fell by 2,000 to 386,000 in the week ended April 14 from a revised 388,000 the prior period that was higher than initially estimated, Labor Department figures showed today in Washington. The median forecast of 47 economists surveyed by Bloomberg News called for a drop to 370,000. KKR's Real-Estate Arm Makes Its First Investment (WSJ) The Yorktown Center mall has 1.5 million square feet of retail space and more than 150 stores including a J.C. Penney and a Victoria's Secret. KKR's co-investor in the deal is YTC Pacific, which will manage the property, these people said. As is typical in a private-equity real-estate investment, KKR plans to improve the look of the mall and increase the occupancy rate with an eye toward reselling the property. Facebook Photo Sinks Man Who Stole Police Gas (TSG) A Kentucky man is facing a misdemeanor rap after he siphoned gasoline from a police car, a theft that came to the attention of cops after the perp posted a Facebook photo memorializing the crime. As Michael Baker, 20, was swiping the gas last month from a Jenkins Police Department squad car, he made sure to flip the bird as his girlfriend snapped a picture. While the siphoning photo has been removed from his Facebook page, Baker yesterday updated his 380 friends on his legal problems. “just got out of jail,” he wrote in one post, adding later that “yea lol i went too jail over facebook.” Responding to a friend who had not seen the image before it was yanked, Baker assured, “yea lol u would just have to seen it it was funny as hell tho.”

Opening Bell: 07.19.12

Morgan Stanley Misses Estimates As Trading Revenue Plunges (Bloomberg) Morgan Stanley reported a 50 percent drop in earnings that was bigger than analysts estimated as revenue from trading stocks and bonds declined the most among Wall Street banks. Second-quarter profit was $591 million, or 29 cents a share, compared with $1.19 billion, or a loss of 38 cents, a year earlier, the New York-based company said today in a statement. Excluding accounting adjustments tied to the firm’s own credit spreads, profit was 16 cents a share, below the 29- cent average estimate of 20 analysts surveyed by Bloomberg. Feeding Frenzy Seen If Wall Street Sues Itself Over Libor (Bloomberg) Goldman Sachs and Morgan Stanley are among financial firms that may bring lawsuits against their biggest rivals as regulators on three continents examine whether other banks manipulated Libor, said Bradley Hintz, an analyst with Sanford C. Bernstein & Co. Even if Goldman Sachs and Morgan Stanley forgo claims on their own behalf, they oversee money-market funds that may be required to pursue restitution for injured clients, he said. Big Banks Prepare Another Round Of Cuts (WSJ) Bank of America and Credit Suisse announced plans Wednesday for new cost cuts following hefty belt-tightening at both institutions last year. Citigroup is on pace to cut an added 2% of securities and banking jobs this year, or about 350 people, after announcing 900 job cuts at the unit last year, said people familiar with the situation. Goldman Sachs Group Inc. GS -0.29% said this week that it aims to save $500 million this year on top of $1.4 billion of reductions since last spring, in large part by keeping younger, cheaper workers at the expense of older, costlier ones. KKR To Launch Two Funds For Individual Investors (WSJ) On Thursday morning, KKR filed registration documents to introduce two funds, each investing in various types of debt, a fitting focus for a firm that has relied on junk bonds for many of its most lucrative leveraged buyouts. For Morgan Stanley's Chief, Brokerage Bet Comes to Fore (WSJ) "I wake up every day delighted that we did" the deal with Citigroup, Mr. Gorman said in an interview with The Wall Street Journal. "I certainly haven't lost any conviction." A Sleepy German Town Is Owed Trillions (TCSM) The sleepy hamlet of Mittenwalde in eastern Germany could become one of the richest towns in the world if Berlin were to repay it an outstanding debt that dates back to 1562. A certificate of debt, found in a regional archive, attests that Mittenwalde lent Berlin 400 guilders on May 28 1562, to be repaid with six percent interest per year. According to Radio Berlin Brandenburg, the debt would amount to 11,200 guilders today, which is roughly equivalent to 112 million euros ($136.79 million). Adjusting for compound interest and inflation, the total debt now lies in the trillions, by RBB's estimates. Town historian Vera Schmidt found the centuries-old debt slip in the archive, where it had been filed in 1963. Though the seal is missing from the document, Schmidt told Reuters that she was certain the slip was still valid. Blackstone Swings to Loss as Performance Fees Drop (WSJ) Total revenue fell 52% to $627.2 million as performance fees slumped 80% to $135.4 million. Management and advisory fees edged down 2% to $488 million. Analysts expected $605 million in total revenue...Blackstone is preparing to unload its portfolio of U.S. office buildings, which analysts have valued as high as $22 billion. The exit could come as early as next year and signals that Blackstone, one of the property sector's most active buyers, is moving into a selling phase as top office markets recover. Peregrine's Struggle to Stay Airborne (WSJ) When the end came for Russell Wasendorf Sr.'s futures brokerage last week, it was quick. But interviews with current and former employees, regulators and others close to the situation, point to increasing signs of strain in Peregrine Financial Group Inc. and Mr. Wasendorf, its founder and chief executive, in the months leading up to the firm's collapse. The company cut back on perks, cut salaries and defaulted on the terms of state loans used to build its $18 million headquarters in Cedar Falls, Iowa. Mr. Wasendorf's behavior became at times erratic, and he got rid of the luxury box he had leased at Chicago's Soldier Field since 2003. Portland's airport stripper John Brennan convinces judge nudity was protest against TSA (OL) ...a Multnomah County judge Wednesday acquitted 50-year-old John E. Brennan of an indecent exposure charge after he stripped naked at Portland International Airport. Brennan's friends packed into the courtroom and erupted in applause andcheers upon hearing the verdict. As they filed into the hallway, they heartily embraced a smiling Brennan. One friend stuck a sticky note on Brennan's chest. It read: "Sir Godiva" -- a reference to the legend of a noblewoman who rode naked on a horse through the streets of England to protest oppressive taxation. Brennan famously shed all his clothes April 17 at an airport security checkpoint. It was 5:30 p.m. and gawkers didn't hesitate to take smart phone photos and offer them up to the media as Brennan stood for about five minutes before police arrived. During a two-hour trial, Brennan testified that he undressed because he was fed up with what he sees as invasive Transportation Security Administration procedures -- including body scans and pat downs. Prosecutors charged Brennan with violating a city ordinance that forbids people from exposing their genitalia in public and in the presence of the opposite sex. The judge sided with the defense, which cited a 1985 Oregon Court of Appeals ruling stating that nudity laws don't apply in cases of protest. "It is the speech itself that the state is seeking to punish, and that it cannot do," Circuit Judge David Rees said.

Opening Bell: 4.18.16

Morgan Stanley beats estimates; Osborne says UK economy faces permanent hit with Brexit; Owl's ring delivery goes spectacularly wrong at Canadian wedding; and more.

(Getty Images)

Opening Bell: 7.19.17

Morgan Stanley beats estimates, Goldman; stocks are weird; hedge funds are winning again, kinda; winter is here for Pornhub; and more.

Opening Bell: 03.01.12

Fast, Furious At MF Global (WSJ) At 4:53 p.m. five days before MF Global Holdings Ltd. collapsed, an employee in its Chicago office asked a co-worker to move $165 million from one of the securities firm's bank accounts to another. "Approved," came the response one minute later, according to an email reviewed by The Wall Street Journal. Within about 15 minutes, the money moved to an MF Global account at J.P. Morgan Chase & Co., internal documents show. Within minutes, though, several MF Global employees realized there was a problem, according to people familiar with the matter. The cash actually had been transferred out of a customer-segregated account, not one of the company's own bank accounts, the documents show. The employees tried to reverse the $165 million transaction but failed. RBS In Initial Pact To Sell Asian Assets (WSJ) CIMB, based in Kuala Lumpur, said Thursday it had signed a memorandum of understanding to acquire certain parts of RBS's cash-equities, equity-capital-markets, and corporate-finance businesses across the Asia-Pacific region. Blackstone Founder Tops Private Equity Pay League (FT) Schwarzman received $74 million in cash distributions from investment funds started before Blackstone’s 2007 New York listing and $134.5 million in dividends from his 21 percent stake in the company, according to regulatory filings. He was also paid a $350,000 base salary and received $4.6 million from the firm’s share of investor profits, known as carried interest. Former Goldman Partner Peter Kiernan Now a Self-Fashioned Political Pundit (NYT) After retiring from the firm in 2001, the former banker headed a movie star’s charity, got a shamrock tattooed on his rear end after losing a bet with his son, adopted a Vietnamese potbellied pig named Mojo and, most recently, published a political best seller with a title that is not quite printable in a family newspaper. Apple Stock to Hit $1,000? Steve Wozniak Believes So (CNBC) "You know, people talk about $1,000 stock price... you know, at first you want to doubt it but I actually believe that and I don't really follow stock markets," Wozniak said. BofA Weighs New Fees (WSJ) The search for new sources of income is especially pressing at Bank of America, where 2011 revenue dropped by $26.2 billion, or 22%, from its 2009 level. Bank of America pilot programs in Arizona, Georgia and Massachusetts now are experimenting with charging $6 to $9 a month for an "Essentials" account. Other account options being tested in those states carry monthly charges of $9, $12, $15 and $25 but give customers opportunities to avoid the payments by maintaining minimum balances, using a credit card or taking a mortgage with Bank of America, according to a memo distributed to employees. Solar storm alert: Scientist finds 12% chance of breathtaking, possibly crippling, northern lights show (NYDN) In the next 10 years, there’s a 12% chance of a northern lights display that’s so grand, people could potentially watch in awe from the sidewalks of Manhattan to the beaches of the Caribbean. The last time the world saw such a widespread aurora borealis was 1859. This future event could well be the event of a lifetime for another, far-less beautiful reason: The solar flare that would set off the dazzling sky display could also leave countless people in the dark by frying power grids, communication networks and crucial satellites. It could add up to trillions of dollars in damage once the sky show is all over, followed by a rough recovery that could take years, according to a 2008 analysis of such an event’s impact. Bernanke Quells Talk Of Fresh Stimulus (Bloomberg) Bernanke, in testimony to lawmakers yesterday in Washington, described “positive developments” in the job market while saying it’s still “far from normal.” He said the inflationary impact of higher gasoline prices is likely to be temporary. Star Scam Condo A Steal (NYP) Kenneth Starr’s swanky Upper East Side condo sold yesterday for $5.6 million — about $2 million less than he paid using money stolen from actress Uma Thurman and heiress Rachel “Bunny” Mellon. The winning bidder at the Treasury Department auction declined to give his name, but said he was a developer who bought the triplex on East 74th Street as an investment. Starr — a money manager whose A-list clients also included Al Pacino and Lauren Bacall — was caught cowering in a closet after his $33 million Ponzi scheme collapsed in 2010. He’s serving seven-plus years in the slammer and facing a divorce from his ex-stripper wife, Diane Passage. Harvard Business School? You'll Go Through Dee Leopold First (WSJ) People overestimate the role the essays play in the application. They're very, very helpful for the candidate, and they're a really good platform for starting a discussion in an interview, but we don't admit people because of an essay. I don't need to have too much of a dramatic arc. There are some essays where I start reading and all of a sudden I feel like I'm in the middle of a very well-written novel. It can get overdone and overcrafted. Sometimes the challenge in the essays is to be honest and to be clear. It may be helpful for someone to say, "I have no idea what you're talking about." Goldman Sachs ExecutiveIn US Insider Probe (Bloomberg) Goldman Sachs said in a Feb. 28 regulatory filing that “from time to time, the firm and its employees are the subject of or otherwise involved in regulatory investigations relating to insider trading, the potential misuse of material nonpublic information and the effectiveness of the firm’s insider trading controls and information barriers.” Eating At Benihana With Tracy Morgan (Grub Street) "I love Benihana like I love my favorite strip club," Tracy Morgan says. "Sue's Rendezvous and Benihana, that's the joint. "This is my family. These people know me. This is fancy, man. They cook the food right in front of you. They might go to Pathmark and buy it, but they're gonna cook it. Fancy. It's romantic. I go up to the hood, get a chicken head, bring her here and I'll wrap her up. It's fancy." Guy at the next table is loving it. "That's my thing, going up there in the hood and getting them chickens pregnant." Tracy's talking directly to the table next to us now. Everyone, about seven strangers,is on the hook. "I'm old-school. I don't be pulling out. I ain't wearing no rubber, either. If you ain't willing to die for it, you didn't really want to have it."