Volcker Bank-Risk Rule Set to Start With Little Fanfare (WSJ)
The big banks that fought for years to change the rule have for the most part already fallen in line. Firms such as Citigroup Inc., Bank of America Corp., Morgan Stanley and Goldman Sachs Group Inc. have shed their proprietary-trading desks, pulled money from certain investment funds and ceased other activities that would run afoul of the rule’s restrictions. J.P. Morgan Chase & Co.’s chief financial officer, Marianne Lake, said last week the bank has made sufficient changes that she doesn’t expect the rule “to have a direct impact on near-term trading.”
U.S. Charges Five in Cases Connected to J.P. Morgan Hack (WSJ)
The men were accused of crimes ranging from securities fraud to money laundering—not with anything directly related to the attack on the bank—but U.S. officials confirmed there was a link...The men were charged in a Manhattan federal court Tuesday. Three were accused of running a pump-and-dump scheme to manipulate stock prices, while the other two were accused of operating an illegal bitcoin operation. Separately, the Securities and Exchange Commission filed civil charges against the three related to the alleged stock manipulation.
Greek PM Tsipras rallies Syriza backing before bailout vote (Reuters)
Talking to Syriza party officials on the eve of the vote, he said he aimed to seal the bailout accord, which could offer Greece up to 86 billion euros in new loans to bolster its tottering finances and ward off the threat of a forced exit from the euro.
New York City tourists can book a van down by the river on Airbnb — for $22 (NYDN)
Someone by the name of Jonathan is offering up a fleet of conversion vans parked at scenic spots around New York City for overnight stays starting at $22...Guests who reviewed the $35 per night "Van Down by the Water," parked on a Long Island City street corner near the East River, pointed out there was no bathroom or shower in their, um, room. "Okay I really had a great time living in the van, but I think it is important for potential guests to realize that this really and truly is a van," a reviewer named Anshuman wrote earlier this month...Jonathan, who claims to have lived in Long Island City for five years, was quick to respond to each review — he has more than 50 on the Airbnb site — but did not respond to a Daily News request for comment. Another of his offerings is even more New York chic. Guests can book a yellow taxi with a killer view of the Empire State Building. The Queens hatchback goes for $69 and promises no overages.
Why Argentina Consistently, and Unapologetically, Refuses to Pay Its Debts (Bloomberg)
One May morning at the debt museum, guide Antonella Fagnano, a 21-year-old business major, describes Argentines’ attitude toward default. She pauses by a black-and-white photo of the late General Jorge Videla, who led a 1976 coup that ushered in a seven-year dictatorship. Successive presidents in that period loaded up on foreign debt to finance, among other things, the 1982 Falklands War with the U.K. Today’s Argentina, Fagnano says, has no moral obligation to make good on debts like those. In fact, it would be wrong to pay. “Foreigners financed a lot of leaders, like these dictators. They didn’t do what they were supposed to do with the money, and left future generations the debt,” she says, shaking her head. “So, of course, you cannot allow that.”
Harbinger sues Dish, Ergen over LightSquared, seeks $1.5 billion (Reuters)
Harbinger Capital Partners, the hedge fund firm run by Philip Falcone, filed a new lawsuit accusing satellite TV company Dish Network Corp and its chairman, Charles Ergen, of illegally trying to strip it of control of wireless company LightSquared during its bankruptcy. The lawsuit filed on Tuesday in Manhattan federal court seeks at least $1.5 billion of damages, which Harbinger wants tripled. It alleges civil violations of the federal Racketeering Influenced and Corrupt Organizations Act, or RICO. Harbinger's lawsuit extends a long-running legal battle over LightSquared, which won court permission on March 26 to emerge from its three-year bankruptcy.
Despite Catfish Claims, Loch Ness Monster Hunter 'Not Quitting' (Reuters)
The world's most dedicated Loch Ness monster hunter has scotched reports that he has finally given up looking for the legendary Scottish beast after a quarter of a century of searching. Last week, the Times newspaper reported that Steve Feltham, who gave up his job, house and girlfriend 24 years ago to look for the creature full-time, had abandoned his long quest, causing ripples among monster-lovers across the world. But Feltham says he has no intention of quitting his hunt for the prehistoric beast, which legend has it lurks beneath the deep, dark waters of the lake in northern Scotland, although his current best guess is that "Nessie" is just a large catfish. "It's still a massive world-class mystery," Feltham, who lives in a van on the shores of the loch, told Reuters.