Opening Bell: 6.10.15
Greek Proposal Not Acceptable, European Officials Say (WSJ)
uropean officials quickly dismissed a Greek compromise proposal meant to help end a standoff over the country’s bailout program, saying on Tuesday that the offer didn’t go far enough in meeting creditors’ demands...Greece’s proposal includes targets for its primary surplus—the excess of revenues over expenditures before interest payments are made—that are lower than the targets presented to Greece last week in a new proposal from the commission, the European Central Bank and the IMF, the three institutions representing Greece’s creditors.
American Billionaire Makes Risky Bet on Greece Debt Deal (Dealbook)
The contrarian American billionaire Wilbur L. Ross Jr. made a bundle betting on the Irish banking system when it was down and out, and a similar wager on Cyprus now looks promising. But Greece may prove to be the toughest test yet of his knack for cashing in on eurozone crisis spots. Mr. Ross, who built his career investing in distressed assets, is the ringleader of a group of investors who last year pumped 1.3 billion euros, or about $1.47 billion, into Eurobank Ergasias, the third-largest bank in Greece.
As Brokerage Preps for IPO, the Negatives Are Lacking (WSJ)
A small New York brokerage planning to sell shares to the public is pitching an unusual business model: It doesn’t allow analysts to issue any negative ratings on the hundreds of stocks they follow. To some, including a former employee who has filed a whistleblower complaint with the Securities and Exchange Commission, Sidoti & Co. Inc.’s business strategy is the latest illustration of how Wall Street research firms may be marred by conflicts of interest and their work influenced by other financial incentives.
Billionaire Jack Ma whines that wealth has made his life ‘tough’ (NYP)
“If I had another life, I would keep my company private,” said Ma, whose stake in Alibaba, which owns a series of Chinese e-commerce site, was valued at $19.1 billion after the initial public offering. Ma’s stake as since grown to $36.9 billion, according to Bloomberg News. “Life is tough when you IPO,” he said in a speech before the Economic Club of New York. “If you have less than $1 million, you know how to spend the money,” he said. But once you top $1 billion, you’re obligated to spend your riches “on behalf of the society.”
Woman Puts Cigarette Out On Reporter's Face (HP)
The alleged assailant, whose name was not reported, was in court to support suspected murderer Stevee Jane Kennedy, Australia's ABC News reports.
Wall St. Courts Start-Ups It Once May Have Ignored (Dealbook)
“Historically, banks have looked at the ‘build versus buy’ decision and have focused on ‘build,’ ” said Stu Taylor, a former banker who co-founded the start-up Algomi, which provides trading tools for banks. Now, Mr. Taylor said, “Not only are there lots of different new entrants in the tech space, the banks are very, very open. You will generally get meetings if you ask for them.”
These Insane, Pimped-Out Vans for CEOs Redefine Commuting (Bloomberg)
...[the] strangest request so far was from the CEO of a NYSE-listed company (which he declines to name) who had moved the firm’s headquarters from one city to another but decided not to move house himself. The corporate relocation added an hour to the executive’s commute each way, squeezing his daily routine so that exercise was almost impossible. “He told me, ‘I can’t imagine living without cardio—can you do an exercise thing for me?’” Becker recalls. So the designer took a recumbent exercise bike and chopped it in half, replacing the standard seat with an alternative that was safety-certified for cars, then wedged the Frankenbike into the back of the SUV. “He could sit back there and pump his little heart out to his heart’s content and still wouldn’t go flying out if there was a front collision.”
How American Apparel Is Taking Sex Out of Its Ads (Bloomberg)
In three slides, American Apparel shows investors exactly how it's ditching the racy ads that were typical under Charney, who was forced out last year and remains at odds with the company he founded in 1989. American Apparel says those kinds of ads went too far in their use of "nudity and blatant sexual innuendo" (indeed, some were banned in the U.K. for being "exploitative" of young women). Instead, the company is now shooting for imagery that's "positive," "inclusive," and "socially conscious."
DoubleLine's Gundlach sees odds of Fed hike by December under 50 percent (Reuters)
The odds of a September interest rate hike "weirdly" have risen, Gundlach said. "I would take the under on that ... I think the odds of raising rates by December is less than 50 percent," he added.
Florida Man Allegedly Threw Hot Slice Of Pizza At Roommate (HP)
Treasure Island man Daniel Allen Plunkett, 50, allegedly threw a slice at his female roommate, "striking her in the left hand," according to an arrest report obtained by The Smoking Gun. "The pizza was hot," according to the June 3 arrest report. Police say Plunkett denied throwing the pizza, despite the fact that he "was not wearing a shirt and had pizza sauce on his chest and shorts," according to the arrest report. Plunkett also claimed the roommate threw pizza at him.
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