Point72 Expands as Firm Denies Move to Run Others’ Money (Bloomberg)
In the past year, the $11 billion Point72 has been in growth mode, adding a big-data research unit, a multistrategy fund and hiring 100 investment professionals, mostly analysts with no more than five years of experience. [President of Point72 Doug] Haynes said the new openness and strategies don’t mean Point72 is gearing up to manage money for outsiders. “We have zero plans to accept outside capital,” he said. “We don’t even talk about it.”
A Debt-Ratings Rift Rattles Chicago (WSJ)
The world’s two largest ratings firms are divided in their view of Chicago’s fiscal health as the city grapples with a $20 billion pension hole, a potential preview of battles expected to break out around the U.S. as retirement obligations mount. Moody’s Investors Service lowered Chicago’s bonds to junk status last week while rival Standard & Poor’s Ratings Services settled on an investment-grade A-minus rating , a more optimistic view of the nation’s third-largest city. As recently as five years ago, both firms gave Chicago the same grade of double-A-minus.
Bharara undeterred after convictions are overturned (NYP)
With several of his more than 80 insider-trading convictions at stake, Bharara is playing hardball with those who are trying to wriggle out of their convictions on the basis of a recent appeals court decision that threw out two of them. “[The feds] played the whole game and they won,” said white-collar defense lawyer Stuart Slotnick. “They don’t want to give the ball back.”
At Zappos, Banishing the Bosses Brings Confusion (WSJ)
Employees say the new system has been confusing and time-consuming, especially at first, sometimes requiring five extra hours of meetings a week as workers unshackled from their former bosses organize themselves into “circles” and learn the vocabulary of Holacracy. Created by a former software executive, the philosophy is spelled out in a 30-page “Constitution” where doing a job is called “energizing a role,” workplace concerns are “tensions” and updates are made at “tactical meetings.”
Michigan woman who bit off part of ex-boyfriend's ear avoids jail (NYDN)
A Michigan make-up artist who bit off part of her ex-boyfriend's ear during an argument over bills has been spared jail — but ordered to attend anger management classes for two years. Danielle Nebelung savagely assaulted Anthony Caruso at their Macomb County home last March after a debate about money turned seriously ugly, reports The Macomb Daily. The 32-year-old jumped on the 37-year-old's back and chomped down on his ear "like a dog would," according to court reports. Nebelung was initially charged with domestic violence and felony assault with intent to maim.
Fed Minutes Show Policy Makers Lean Toward a Rate Rise After June (Dealbook)
Surveys of analysts show that most believe the Fed, which sets monetary policy through a committee consisting of as many as seven Washington-based officials and presidents of the 12 regional Fed banks, will start raising rates in September, though some do not expect an increase until next year.
Deutsche Bank’s Jain to Lead Strategy as Three Deputies Exit (Bloomberg)
Jain takes over the strategy and organizational development unit that had reported to Stefan Krause, the Frankfurt-based bank said late Wednesday in a statement. Krause, who is also stepping down as chief financial officer, will assume responsibility of the global transaction banking business from Jain and the non-core operations unit from co-CEO Juergen Fitschen.
UBS Shielded From Charges in U.S. Precious-Metals Probe (Bloomberg)
The Swiss bank’s main UBS AG unit won’t be charged by the department’s criminal division for information the firm disclosed to prosecutors about precious-metals transactions, according to the company’s plea agreement released on Wednesday to resolve a probe into interest-rate manipulation.
Jobless Claims in U.S. Fall Over Past Month to 15-Year Low (Bloomberg)
The four-week average for jobless claims decreased to 266,250 in the period ended May 16 from 271,750, a Labor Department report showed Thursday in Washington. The figure corresponds to the week the government surveys employers to calculate the monthly payroll data. On a weekly basis, applications rose by 10,000 to 274,000.
Teacher accused of allowing students to have sex in classroom (NYP)
An Atlanta-area teacher has been arrested after a parent complained he allowed middle school students to have sex in a storage unit in his classroom. Multiple news outlets report 25-year-old Quentin Wright, a math teacher at The Champion School in Stone Mountain, was taken into custody Tuesday. He has been charged with four misdemeanor counts of contributing to the delinquency of a minor. An arrest warrant says Wright arranged times with students when the classroom would be empty and gave them condoms.