Opening Bell: 4.27.15

Greece may demote finance minister Yanis Varoufakis in talks; Deutsche Bank to cut $3.8 billion in costs; Flash Crash investigators probably missed a lotta clues; "Teen Suspended For Bomb-Themed 'Promposal' Calls Punishment 'Racist'"; and more.
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Greeks Add Pressure on Tsipras to Compromise as Talks Resume (Bloomberg)
Two opinion polls published over the weekend showed a continuing drop in support for the government’s confrontational stance in talks with the euro area and the International Monetary Fund. More than half of respondents in an Alco survey in Proto Thema newspaper said the government should compromise even if creditors reject Greek demands.

Greece Shuffles Bailout Negotiations Team (WSJ)
Greece has shuffled the team involved in bailout talks with the country’s international creditors, a senior government official said Monday, in a move that may reduce the influence outspoken Greek finance minister Yanis Varoufakis has on the slow-moving negotiations.

‘Flash Crash’ Investigators Likely Missed Clues (WSJ)
Investigators overlooked evidence given to them just hours after the 2010 “flash crash” that could have enabled them to uncover the strategies of Navinder Sarao, the trader now accused of helping cause the violent selloff in stocks that day, according to members of a committee that oversaw the investigation. As a result, it took five years to find the traces of manipulation that authorities now say contributed to the wild swings in the U.S. futures market and the ensuing panic, the committee members said.

Deutsche Bank To Cut $3.8 Billion In Costs (Bloomberg)
Deutsche Bank AG’s plan to cut costs by selling Postbank and shrinking the securities business is leaving investors cold as the overhaul pushes back targets that management has failed to deliver. The stock fell the most in Frankfurt trading since October after Germany’s biggest bank lowered its profitability target under a new five-year plan announced Monday. The company didn’t provide details of how it will achieve additional annual cost savings of 3.5 billion euros ($3.8 billion) while it aims for a lower measure of financial strength than the current level.

Teen Suspended For Bomb-Themed 'Promposal' Calls Punishment 'Racist' (HP)
A Washington state high school student was suspended this week for wearing a fake bomb in the cafeteria to help him ask a girl to prom, and he believes the punishment he received was unjust. Ibrahim Ahmad, 18, carried a sign reading “I Kno it’s A little late, But I’m kinda… THE BOMB! Rilea, Will U Be My Date To Prom?” “I’m Middle Eastern, and I thought the bomb was kind of funny and clever,” Ahmad, a senior at La Center High School, told The Columbian. “I wasn’t wearing the vest for more than, like, 20 seconds. I asked her, took a picture, took it off, and then the school got upset.”

Fitch Downgrades Japan Over Fiscal Concerns (WSJ)
Fitch downgraded Japan’s long-term foreign and local credit issuer rating by one notch to A from A-plus, citing a lack of effort on behalf of the Japanese government to tackle fiscal consolidation in the budget for the current fiscal year.

More central banks meet, but ability to pilot economies in doubt (Reuters)
Most central banks have been easing policy since the start of the year and are set to do more, but it still isn't clear whether that new activism, which has pushed stock markets to record highs, will help the global economy much.

Jay Z Counters Reports of Struggles at Tidal Music Streaming Service (NYT)
Jay Z took to Twitter on Sunday to defend his new streaming music service Tidal, after news reports suggested that the app was slipping into early oblivion. In more than a dozen messages posted in rapid succession, Jay Z, the rap star and entertainment mogul, defended Tidal’s performance. “Tidal is doing just fine,” he wrote, noting that the company has “over 770,000” subscribers. “We have been in business for less than one month.”

Porsche Officials Said Unlikely to Testify in Hedge-Fund Case (Bloomberg)
Hedge funds waging an uphill legal fight against Porsche Automobil Holding SE seemingly notched a victory when a court asked 21 people, including company officials, to testify. The catch is most won’t talk.

Mystery Artist Wanksy Paints Penises Around Potholes To Get Them Fixed (HP)
Armed with a can of washable spray paint, an artist in Greater Manchester, England, has embarked on a worthy crusade: to rid the region of potholes… by drawing penises on them. The anonymous artist, who goes by the name “Wanksy,” told the Manchester Evening News that he decided to draw attention to the “appalling” pothole-ridden streets after some of his cyclist friends were badly injured on the roads. “I wanted to attract attention to the pothole and make it memorable. Nothing seemed to do this better than a giant comedy phallus,” he said.

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Opening Bell: 4.25.15

Flash crash trader: it was reflexes; EU chiefs describe Greece's Varoufakis as a total amateur; Nasdaq riding high; Don't buy condoms on Groupon; and more.

Opening Bell: 4.22.15

Flash Crash trader fighting extradition; Greece is good on cash 'til June; BNY profit rises; "An enraged Colorado man shot his computer multiple times for failing to work properly"; and more.

By Apavlo at English Wikipedia (Transferred from en.wikipedia to Commons.) [Public domain], via Wikimedia Commons

Opening Bell: 10.7.16

Pound flash crash; Twitter's no good very bad day; Qatari hearts Deutsche Bank; Vanilla Ice vows to ride out Hurricane Matthew; and more.

Opening Bell: 07.12.12

Fed Weighs More Stimulus (WSJ) A few Fed officials were ready to move aggressively when the Fed met in June and several others said they might want to take new measures if the recovery loses momentum or their growth and employment forecasts are cut once again. That is according to minutes of the central bank's June 19-20 meeting, which were released Wednesday with their usual three-week lag. Gold to Hit $2,000 by Year-End on More Fed Easing: Merrill (CNBC) "We think that $2,000 an ounce is sort of the right number,” Francisco Blanch, Head of Global Commodity & Multi-Asset Strategy Research at the investment bank, said Thursday. Regulators’ Shake-Up Seen as Missed Bid to Police JPMorgan (NYT) After the financial crisis, regulators vowed to overhaul supervision of the nation’s largest banks. As part of that effort, the Federal Reserve Bank of New York in mid-2011 replaced virtually all of its roughly 40 examiners at JPMorgan Chase to bolster the team’s expertise and prevent regulators from forming cozy ties with executives, according to several current and former government officials who spoke on the condition of anonymity. But those changes left the New York Fed’s front-line examiners without deep knowledge of JPMorgan’s operations for a brief yet critical time, said those people, who spoke on the condition of anonymity because there is a federal investigation of the bank. Forced to play catch-up, the examiners struggled to understand the inner workings of a powerful investment unit, those officials said. At first, the examiners sought basic information about the group, including the name of the unit’s core trading portfolio. Neb. Man Jailed for Bomb Threat on Job Application (AP) the Legacy 272 Lounge employee who reviewed 38-year-old Jason Dornhoff's application last Thursday called police when he read the threat that closed with: "If you be quiet and help me, you won't die." Police arrested Dornhoff, of Heartwell, Neb., at gunpoint and searched his truck, but didn't find any bomb. Court documents say Dornhoff told police he uses methamphetamines and went to the restaurant hoping to find a way to fulfill his sexual fantasies. Clock Is Ticking On Crisis Charges (WSJ) Federal laws under which the Securities and Exchange Commission usually goes after alleged fraud and other misdeeds have a five-year statute of limitations. The five-year limit is causing SEC officials to race to file lawsuits in some cases and ask lawyers representing the targets of certain investigations to give the agency more time, according to people close to the investigation. The SEC intends to file charges against firms and people involved in the creation of a $1.6 billion mortgage-bond deal called Delphinus CDO 2007-1, people close to the investigation said. Credit Suisse Clients Targets Of Tax Probe (WSJ) German tax inspectors in recent weeks have been raiding the homes of Credit Suisse Group AG clients suspected of evading taxes, according to bank and German government officials. The investigation is centering on about 5,000 clients who between 2005 and 2009 allegedly bought insurance policies at a Bermuda-based subsidiary of the Swiss bank. In These Knife Fights, Only Pride Gets Wounded (WSJ) Donavon Phillips windmilled his arms. He hopped a few times to get the blood flowing in his legs. A light sweat formed under his black-and-red jersey—just the right dew. "You can't go into this cold, because it's an all-out sport," said Mr. Phillips, pulling his right arm across his chest. He was warming up for a cutthroat event: the 10th annual World Championship Cutting Competition. It takes razor-sharp focus to be a cutting champ, along with a blade that resembles a bulkier, sharper version of a kitchen meat cleaver. Mr. Phillips is one of a few who have helped make a sport out of demonstrating they can swiftly, flawlessly slice through a dozen water bottles or chop a rolling tennis ball in half. Having won the national title in May, he is a favorite on the cutting circuit. SEC Votes To Require Consolidated Audit Trail For Markets (Bloomberg) “A consolidated audit trail that accurately tracks orders throughout their lifecycle and identifies the broker-dealers handling them will provide us with an unprecedented ability to effectively oversee the markets we regulate,” said SEC Chairman Mary Schapiro. The rule is a “great leap forward,” she said. BofA Execs Dodge A Bullet (NYP) Bank of America won a federal court ruling dismissing claims against former Chief Executive Officer Ken Lewis and others in a securities-fraud lawsuit over the bank’s use of an electronic mortgage registry. Buffett: US Economic Growth Slowing, US Slipping "Pretty Fast" (CNBC) Despite the slowdown, Buffett says the U.S. economy is still doing better than "virtually any other big economy" around the world. New York Fed to Release Libor Documents Friday, Official Says (Reuters) The Federal Reserve Bank of New York will release on Friday documents showing it took "prompt action" four years ago to highlight problems with the benchmark interest rate known as Libor and to press for reform, an official at the regional U.S. central bank said on Wednesday. 'Con artists' scammed Hamptons homeowners by turning rentals into teen party pads: officials (NYP) Two real-estate con artists made hundreds of thousands of dollars by renting homes in the Hamptons and using them as post-prom and graduation-party crash pads for raucous teens, authorities said. Officials and outraged homeowners said the front man, 25-year-old Lee Hnetinka, of Jericho, would rent the mansions saying he intended to use them for his own family reunions. “He said it was his aunt having a party at his house,” said Lucy Sachs, 64, who rented her family’s East Hampton home to Hnetinka for $30,000 a month. When a neighbor called on June 8 to tell her that a “party bus with a disco ball had arrived” at Sachs’ place in the middle of the night, she rushed over, confused. What Sachs found was a houseful of nearly 100 teens smoking and drinking in the century-old building. Hnetinka allegedly teamed up with Leslie Jennemann (both inset), a Hamptons real-estate agent who in 2002 was convicted of running over and killing a migrant potato picker on her way home from a party, Southampton officials said...The suspects charged students $355 each for three days at the house, homeowners said. Scarlato estimated that the pair brought in $60,000 to $80,000 a weekend and had as many as 10 rentals. Another East Hampton homeowner, Eli Braha, rented to Hnetinka and became suspicious after a landscaper called to ask about all the trash and as many as 30 inflatable beds in the home.

Opening Bell: 4.28.15

Flash crash trader fails to make bail; Tsipras says Greeks will have to give final say on deal; Apple Apple Apple; Mac and cheese causes evacuation; and more.

Opening Bell: 4.23.15

Alexis Tsipras and Angela Merkel to meet; Deutsche Bank to pay $2.14 Billion over Libor; Flash crash trader spurs debate about spoofing; "New York's 'noisiest lovers' revealed"; and more.

GoldfishBitcoin

Opening Bell: 1.11.18

Korea sparks crypto flash crash; underdog Apple catches lucky Trump tax break; China spooks bond market; Ikea's new urine-powered ad campaign; and more!

Opening Bell: 5.8.15

UBS wants to be an investment bank again; Flash crash trader likely headed to Chicago; Who wants to buy Yelp?; "Calgary Airbnb 'Orgy' Was Financed With Stolen Credit Cards"; and more.