Opening Bell: 8.14.15

Flash crash trader out on bail; Hedges funds screwed on China; Tsipras needs a friend; "Man Clogs Casino Pipes With Counterfeit Chips Worth $2.7 Million"; and more.
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Hedge Funds Bloodied by China Rout (Bloomberg)
After riding a market boom to return almost six times the global industry average in the first five months of this year, Greater China-focused hedge funds crashed to earth with the stock rout in July, their worst month since September 2011. Funds run by Pine River Capital Management, EJF Capital LLC, Top Ace Asset Management, Zeal Asset Management and Springs Capital (Hong Kong) were among those that lost money.

Flash Crash Trader to Be Released During Extradition Fight (Bloomberg)
Navinder Singh Sarao won his release by disclosing the existence of roughly 25 million pounds ($39 million) worth of assets invested in Switzerland that will be secured by the U.S. Sarao will have to pay 2.5 million pounds from the Swiss assets to the court once the money becomes available.

Greek PM faces biggest party revolt yet as bailout approved (Reuters)
After lawmakers bickered through the night on procedural matters, Tsipras comfortably won the vote on the country's third financial rescue by foreign creditors in five years thanks to support from pro-euro opposition parties. That clears the way for euro zone ministers to approve the deal later on Friday. But the vote laid bare the depth of anger within Tsipras's leftist Syriza party at austerity measures in exchange for 85 billion euros in aid, as 43 lawmakers - or nearly a third of Syriza deputies - voted against or abstained.

Man in bear costume harasses mother and cubs in Alaska (UPI)
Mark Sogge, a spokesman for the department's Haines office, said Chilkoot Lake weir technician Lou Cenicola saw a man in a "realistic-looking" bear suit run through a group of people standing at the side of a road watching bears by the Chilkoot River. Cenicola saw the man run up to the weir gate "waving and jumping" in an apparent attempt to get the attention of the sow and cubs, which were about 5 to 10 feet away from the gate, Sogge said. The technician's report of the incident said Cenicola told the man he could be cited for wildlife harassment and the costumed man left without identifying himself.

Trump Made Millions Off Marketer (WSJ)
Mr. Trump not only endorsed ACN, he twice featured the company on his former reality TV show, “The Celebrity Apprentice.” Both episodes featured teams of entertainment figures competing to promote versions of a video phone sold by the North Carolina firm. “I think the ACN video phone is amazing,” Mr. Trump said in an ACN news release just before a two-hour, prime time Sunday night Celebrity Apprentice episode on the product in 2011. “I simply can’t imagine anybody using this phone and not loving it.”

Puerto Rico Staring at $400 Million Short-Term Funding Squeeze (Bloomberg)
Garcia Padilla’s administration had already alienated creditors before defaulting on $58 million of bonds Aug. 3 by saying they need to restructure a $72 billion debt burden that it can no longer sustain. Puerto Rico appears to be betting that investors will provide access to capital markets again once the commonwealth unveils a debt-restructuring proposal Sept. 1.

Etsy Taps Secret Irish Tax Haven and Brags About Transparency at Home (Bloomberg)
Now, more revenue may be routed through Etsy’s Irish subsidiary. Last month, the Brooklyn, New York-based company informed users that anyone outside of the Americas will enter a terms of use agreement with Etsy Ireland, instead of the parent company. These changes may help lower tax bills, Etsy says. At the same time, having the unlimited liability company means Etsy doesn’t have to report publicly how much money is being moved through Ireland or the amount of tax its Irish unit will pay.

Man Clogs Casino Pipes With Counterfeit Chips Worth $2.7 Million (AP)
A North Carolina man has admitted bringing millions of dollars in counterfeit poker chips to use in an Atlantic City casino's poker tournament. The scheme was uncovered after the man clogged a pipe by flushing the chips down the toilet in his hotel room. Prosecutors say 43-year-old Christian Lusardi of Fayetteville, North Carolina, pleaded guilty Thursday to trademark counterfeiting and criminal mischief. Officials believe he tried to flush the chips because he feared the scheme would be exposed.

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