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Opening Bell: 9.11.15

David Tepper's got "problems with earnings growth, problems with multiples"; GE selling asset management arm; Standford hires econ gurus; "Cops: Woman concealed loaded gun in vagina"; and more.
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David Tepper Not as Optimistic About Stocks as He Could Be (Bloomberg)
“I’m not as bullish as I could be because I have problems with earnings growth, problems with multiples,” the billionaire investor told CNBC Thursday, referring to price-to-earnings ratios. “I can’t really call myself a bull.” Tepper said that investors who are fully invested should take some money off the table. While Tepper said he currently doesn’t have a big equity portfolio, he would be a buyer if the market declined 20 percent. “We’re not talking about crashes here,” he said. “We’re talking about a market that should correct.”

Movie Finance Whiz Fights to Keep His Role (WSJ)
Ryan Kavanaugh’s salesmanship, smarts and charisma help explain how the founder of a company that has regularly experienced financial strains, lawsuits and executive turnover is also widely credited with leading a revolution in which Wall Street banks became comfortable investing in the notoriously high-risk movie business. But as he rose from outsider to CEO of one of Hollywood’s largest independent studios, Mr. Kavanaugh gained a reputation for hyperbole and for discounting critics. In recent months, as debt payments were missed and cash ran short at Relativity, the CEO insisted that employees focus on the positive: No one was allowed to discuss “bankruptcy” in front of him. Nonetheless, on July 30 Relativity filed for chapter 11 restructuring, declaring that it had a book value of $560 million and liabilities of $1.18 billion. It laid off 75 employees without severance, leaving 89.

G.E. to Seek Sale of Its Asset Management Arm (Dealbook)
General Electric has already been moving to shed its huge lending arm. Now the industrial conglomerate is potentially becoming even smaller. The company said on Thursday that it was exploring a sale of its asset management arm as part of its plan to focus on its core manufacturing operations. Any move to sell GE Asset Management would be separate from the sale of GE Capital, a huge endeavor that will involve disposing of hundreds of billions of dollars’ worth of assets.

How Stanford Took On the Giants of Economics (TheUpshot)
Stanford University has lured an all-star lineup of economists to Palo Alto, Calif., in the last few years — and fended off Harvard’s and the Massachusetts Institute of Technology’s attempts to woo Stanford economists. The newest Stanford professors include a Nobel laureate — Alvin E. Roth, formerly of Harvard — but the shift is more noticeable among top young economists. Of the 11 people who have won the John Bates Clark Medal for best economist under age 40 since 2000, four are now at Stanford, more than at any other university. Two of them joined in the last few months: the inequality researcher Raj Chetty, who came from Harvard, and Matthew Gentzkow, who left the University of Chicago.

Rex Ryan has a framed photo of a woman's feet on his desk (NYDN)
In a photo shared on Facebook by the North Shore Animal League of America, Ryan can be seen sitting at his desk, smiling wide with a framed photo of a pair of feet sitting on his desk. Clearly, the new Bills coach doesn’t give a damn what people think about his foot fetish. The photo — meant to promote the group’s #GetYourRescueOn campaign (Ryan and his wife, Michelle, are dog owners) — is a closeup of women’s feet, and a blonde woman, presumably his wife, can be seen in the top corner of the framed photo. Ryan's love for his wife's feet is no secret. It was revealed roughly five years ago when a video — one of several posted — of her feet hanging out the driver’s side window of a car was found from an Internet handle "ihaveprettyfeet." In that video, the unseen cameraman's voice sounds very much like Ryan's.

John Paulson's hedge funds suffer losses in August: source (Reuters)
The firm's flagship Paulson Partners portfolio dropped 4.2 percent during the month but remains up for the year-to-date period with a 6.52 percent gain. The Paulson Advantage Fund, once a favorite with wealthy individual investors, lost 4.9 percent last month, leaving the fund down 3.6 percent for the year.

Avon Discusses Stake Sale With Private-Equity Firms (WSJ)
Avon Products Inc. is in discussions with private-equity firms about an investment that could help shore up the struggling cosmetics company, according to people familiar with the matter. Avon is running an auction process for what is known as a private investment in public equity, or PIPE, with firms including Cerberus Capital Management and Platinum Equity. Bids are due next week, the people said, with some adding that a PIPE is just one of the options the company is considering.

Why Sumner Redstone’s breakup makes his advisers so happy (NYP)
Sumner Redstone’s breakup is being seen by insiders, who spoke on the condition of anonymity, as good news for Viacom and CBS shareholders. The media mogul’s split last week from longtime girlfriend Sydney Holland is being met with a sigh of relief by a host of advisers to the ailing executive, who have long complained about feeling she kept them away from Redstone, 92, and left in the dark about his state of health, sources told The Post on Wednesday. These sources feel Holland, 43, controlled access to the mogul — to the detriment of his media companies, which he controls through his National Amusements Inc.

Why there was a Microsoft executive at Apple's event (CNBC)
"Hell froze over."

Cops: Woman concealed loaded gun in vagina (USAToday)
Just before 11 p.m. CT Monday, officers stopped a 1998 Toyota Land Cruiser at 15th and Blair in north Waco for a traffic violation. During the stop, officers said the driver of the vehicle, Gabriel Garcia, 30, had 2.7 grams of methamphetamine under the driver's seat. A further search of the car allegedly uncovered another 29.5 grams of meth and scales in the purse of the female passenger, Ashley Cecilia Castaneda, 31. Because the traffic stop occurred within 1,000 feet of an elementary school, both Garcia and Castaneda were arrested and charged with possession of methamphetamine in a drug-free zone, Waco police Sgt. Patrick Swanton said. While Castaneda was being transported to jail, she told an officer she had concealed a handgun in her vagina. Officers immediately stopped and a female officer searched the suspect, finding a loaded Smith and Wesson .22-caliber pistol with a round chambered in her vagina.

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Opening Bell

Opening Bell: 11.16.17

Nelson Peltz wins recount (maybe); Wilbur Ross sued by former partners; Stephen Feinberg is gunning for Deutsche Bank; hot cop-on-cop action in Detroit; and more.

Opening Bell

Opening Bell: 04.19.12

Morgan Stanley Beats Estimates as Trading Gain Tops Peers (Bloomberg) The net loss of $94 million, or 6 cents a share, compared with profit of $968 million, or 50 cents, a year earlier, the New York-based company said today in a statement. Excluding accounting charges tied to the firm’s own credit spreads, profit was 71 cents a share, topping the 44-cent average estimate of 17 analysts surveyed by Bloomberg. Fixed-income trading revenue surged 34 percent, surpassing the 19 percent gain at Citigroup Inc. and Goldman Sachs Group Inc.’s drop of more than 15 percent, excluding accounting adjustments. Morgan Stanley Chief Executive Officer James Gorman, 53, has set a goal of 15 percent return on equity after lingering pressures from the financial crisis held that measure below 10 percent for five straight years. First-quarter return on equity was 9.2 percent. BofA Profit Falls But Beats Estimates (WSJ) The bank reported a profit of $653 million, compared with a year-earlier profit of $2.05 billion. Per-share earnings, which reflect the payment of preferred dividends, fell to three cents from 17 cents a year ago. The latest quarter included, among other items, a $4.8 billion pretax hit tied to changes in the value of the bank's debt. Excluding accounting changes related to the bank's debt, BofA reported profits of 31 cents per share, compared with the 12 cents estimated by analysts polled by Thomson Reuters. Blackstone First-Quarter Profit Falls on Performance Fees (Bloomberg) Economic net income, a measure of earnings excluding some costs tied to the firm’s 2007 initial public offering, dropped to $432.3 million, or 39 cents a share, from $571 million, or 51 cents, a year earlier, New York-based Blackstone said today in a statement. Analysts had expected earnings of 40 cents a share, according to the average of nine estimates in a Bloomberg survey. Fitch Analyst Reportedly Warns on Dutch Rating (Reuters) "The Dutch are on the edge of a negative rating action," the Telegraph quoted Fitch analyst Chris Pryce, the rating agency's expert on the Netherlands, as saying. Ackman Plans 2013 listing for $4bn fund (FT) Pershing Square is planning a $4bn public flotation for a new fund in January 2013. Bill Ackman intends to float the vehicle, which has already been set up in Guernsey and is known as Pershing Square Holdings, on a "major exchange." PSH will be a shell company and invest all its assets in Pershing Square’s offshore hedge funds. As such, after flotation, it would offer Mr Ackman a source of permanent capital. Man accuses Blackhawks, Cubs of 'stealing his ideas' (Chicago Tribune) Emanuel Kuvakos, 56, was arrested Tuesday night and charged with three counts of misdemeanor harassment by electronic means, police said. Kuvakos sent “a number’’ of emails to Blackhawks CEO John McDonough and to Jim Hendry, the former general manager of the Chicago Cubs, that accused them of “stealing his ideas to win championships,’’ according to a police report. On Saturday, he sent them another email stating that he would keep the Blackhawks from winning the Stanley Cup, police said. While being interviewed by authorities, he claimed he also sent a message to Rocky Wirtz, the Blackhawks owner, saying that if he ever saw Wirtz, he would beat him, according to the police report. Kuvakos, whose nickname is “Mike,” said during a telephone interview with the Chicago Tribune that he has been a freelance sportswriter for 30 years, and claimed he is a sports psychologist and “savant” who works for the Blackhawks, White Sox and the Cubs. Talks With Instagram Suggest a $104 Billion Valuation for Facebook (Dealbook) Facebook bought the photo-sharing service for $1 billion in early April, agreeing to pay roughly 30 percent in cash and 70 percent in stock, according to people briefed on the negotiations who did not want to be identified because the discussions were private. At that level, Facebook is pegging its own stock price at roughly $30 a share. Based on those numbers, the giant social network is valued at north of $75 billion. But Facebook could actually be worth more. During the negotiations with Instagram, the parties framed the deal around a logical assumption: Facebook could soon trade publicly at a much higher market value. As part of the talks, the companies discussed a potential value of about $104 billion for Facebook, these people said. One of Instagram’s founders, Kevin Systrom, first broached the number, one of the people said. At $104 billion, the value is roughly in line with where Facebook has at times traded on the secondary market: shares of the privately held company have been selling for as high as $40. More Americans Than Forecast Filed Weekly Jobless Claims (Bloomberg) Jobless claims fell by 2,000 to 386,000 in the week ended April 14 from a revised 388,000 the prior period that was higher than initially estimated, Labor Department figures showed today in Washington. The median forecast of 47 economists surveyed by Bloomberg News called for a drop to 370,000. KKR's Real-Estate Arm Makes Its First Investment (WSJ) The Yorktown Center mall has 1.5 million square feet of retail space and more than 150 stores including a J.C. Penney and a Victoria's Secret. KKR's co-investor in the deal is YTC Pacific, which will manage the property, these people said. As is typical in a private-equity real-estate investment, KKR plans to improve the look of the mall and increase the occupancy rate with an eye toward reselling the property. Facebook Photo Sinks Man Who Stole Police Gas (TSG) A Kentucky man is facing a misdemeanor rap after he siphoned gasoline from a police car, a theft that came to the attention of cops after the perp posted a Facebook photo memorializing the crime. As Michael Baker, 20, was swiping the gas last month from a Jenkins Police Department squad car, he made sure to flip the bird as his girlfriend snapped a picture. While the siphoning photo has been removed from his Facebook page, Baker yesterday updated his 380 friends on his legal problems. “just got out of jail,” he wrote in one post, adding later that “yea lol i went too jail over facebook.” Responding to a friend who had not seen the image before it was yanked, Baker assured, “yea lol u would just have to seen it it was funny as hell tho.”

Opening Bell

Opening Bell: 09.04.12

Moody's Gives EU Warning (WSJ) Moody's Investors Service has put the European Union's triple-A credit rating on a negative outlook in a move that reflects actions the ratings firm has taken on some of the euro-zone's largest members, including Germany and the Netherlands. "Moody's believes that it is reasonable to assume that the EU's credit-worthiness should move in line with the credit-worthiness of its strongest key member states considering the significant linkages between member states and the EU," Moody's said in a release. Fears Rising, Spaniards Pull Out Their Cash and Get Out of Spain (NYT) After working six years as a senior executive for a multinational payroll-processing company in Barcelona, Spain, Julio Vildosola is cutting his professional and financial ties with his troubled homeland. He has moved his family to a village near Cambridge, England, where he will take the reins at a small software company, and he has transferred his savings from Spanish banks to British banks. “The macro situation in Spain is getting worse and worse,” Mr. Vildosola, 38, said last week just hours before boarding a plane to London with his wife and two small children. “There is just too much risk. Spain is going to be next after Greece, and I just don’t want to end up holding devalued pesetas.” In July, Spaniards withdrew a record 75 billion euros, or $94 billion, from their banks — an amount equal to 7 percent of the country’s overall economic output — as doubts grew about the durability of Spain’s financial system. According to official statistics, 30,000 Spaniards registered to work in Britain in the last year, and analysts say that this figure would be many multiples higher if workers without documents were counted. That is a 25 percent increase from a year earlier. Europe Bank Chief Hints At Bond Purchases (WSJ) The comments by Mario Draghi in a closed hearing at the European Parliament on Monday came ahead of the ECB's monthly policy meeting Thursday. That meeting has been keenly awaited in the financial markets for further details of how the bank could help bring down the funding costs of countries such as Spain and Italy to prevent them from having to seek full euro-zone bailouts like Greece, Ireland and Portugal. Switzerland Flirts With Recession (WSJ) "Three months ago, the Swiss economy looked charmingly strong against the backdrop of the euro zone and now it is looking on the brink of recession," said Janwillem Acket, chief economist at Julius Bär in Zurich. Nigeria Uncovers Cocaine-Stuffed Roasted Chicken (AP) The roasted chickens had an unusual stuffing — $150,000 worth of cocaine, according to Nigerian police. A Nigerian mechanic who struggled in Brazil for more than six years had hoped the drugs would buy him a life of luxury in his native land, Nigerian authorities said Monday. "This was like a retirement plan for him," said Mitchell Ofoyeju, spokesman for the National Drug Law Enforcement Agency. The accused was arrested over the weekend at the airport in Lagos after he came in from Sao Paulo with 2.6 kilograms (5.7 pounds) of cocaine, Ofoyeju said. Photos from the agency showed egg-shaped packages wrapped in gold aluminum foil and tucked into the browned chickens. Citibank Hid Firm’s Financial Troubles, Ex-Partner at Dewey & LeBoeuf Says (NYT) In a recent court filing, the former partner, Steven P. Otillar, says Citibank conspired with Dewey's management to hide the law firm's true financial condition in the months before its collapse. Mr. Otillar made the claim in response to a lawsuit brought against him by Citibank seeking repayment of a $210,000 loan. The bank lent Mr. Otillar the money to pay for his capital contribution to Dewey when he joined the partnership in August 2011. (New partners typically must make a financial contribution to a law firm when they join.) The filing said that Citibank had extended Mr. Otillar the loan as part of a fraudulent scheme intended to benefit Citibank and Dewey's management. By recruiting him and other partners to join the financially troubled firm in the months leading up to its demise—and collecting millions of dollars from them—Dewey's partners enriched themselves and kept the firm afloat. Credit Suisse Exec Facing Arrest Order (Reuters) A judge in Argentina has ordered the arrest of Credit Suisse executive and former US Treasury Undersecretary David Mulford because he failed to testify over a 2001 Argentine debt swap, the state news agency reported today. Federal Judge Marcelo Martinez de Giorgi will ask Interpol to issue an international arrest warrant seeking Mulford’s extradition for questioning over the bond exchange carried out by the government in an unsuccessful bid to avoid default. Bernanke Channeling Hatzius Dismissing Gross New Normal (Bloomberg) Federal Reserve Chairman Ben S. Bernanke is betting the new U.S. economy is the same as the old one as he lays out arguments for more stimulus to revive it. He made that diagnosis last week in a rebuttal to those who blame an 8.3 percent unemployment rate on structural shifts in the economy wrought by the financial crisis and who contend joblessness is permanently elevated. “I see little evidence of substantial structural change in recent years,” Bernanke told fellow central bankers and economists at the annual monetary-policy symposium in Jackson Hole, Wyoming. “Following every previous U.S. recession since World War II, the unemployment rate has returned close to its pre-recession level.” Ice Picks Are Still Used As Weapons (NYT) Mann Rosa, 32, who lives on Perry Avenue about a block from the scene of the recent attack, said ice picks were back in vogue among street gangs all across the city. “The ice pick, from what I know, is the new thing,” Mr. Rosa said, noting how easy it was to buy and conceal. “It’s definitely the new wave.” Toward the end of the conversation, almost as if he had an afterthought, Mr. Rosa said he had been stabbed repeatedly with an ice pick about two years ago during a street fight. He rolled up the sleeve of his T-shirt to reveal two dime-size wounds, not unlike scars from a smallpox vaccination, on his shoulder and upper arm. “I was stabbed once in the chest, once in the back and twice in the arm,” Mr. Rosa said; it took 12 stitches to close the wounds. Asked if the police ever caught the perpetrator, Mr. Rosa laughed and shook his head. “We got this thing called street justice. We don’t go to the cops over something like that.”

WilburRossChina
Opening Bell

Opening Bell: 8.3.18

Jobs!; Trade war!; Tesla!; Vagina beer!; and more!

Opening Bell

Opening Bell: 08.14.12

Barclays Cheaper Than Peers Fuels Breakup Talk (Bloomberg) The break-up discussion will be one of the first issues facing new chairman David Walker, who will succeed Marcus Agius as chairman of Barclays on Nov. 1. Walker said in an interview with the Telegraph newspaper that “my view is that this should continue to be a universal bank,” according to the Aug. 11 article. Agius has also defended the so-called universal banking model, which combines consumer lending with corporate and investment banking. Paul Ryan And What Wall Street Should Know (Dealbook) While Mr. Ryan may appear to be a friend of business, he doesn’t agree with the industry’s biggest talking point these days, the Simpson-Bowles deficit reduction plan. He was a member of the commission and voted it down, arguing that it did not go far enough in overhauling health care entitlements. He later criticized President Obama for not supporting it. That prompted Gene Sperling, director of the National Economic Council under President Obama, to retort on CNN: “Paul Ryan, talking about walking away from a balanced plan like Bowles-Simpson is, I don’t know, somewhere between laughable and a new definition for chutzpah.” Greece Completes Largest Debt Sale In Two Years (WSJ) Give it up for Greece, everyone: "The Greek Public Debt Management Agency said it sold €4.063 billion ($5.01 billion) of 13-week treasury bills at an auction, which included a 30% noncompetitive tranche. The uniform yield was 4.43%. Most of the funds will go to repay €3.1 billion in bonds held by the ECB that mature Aug. 20. That will ensure that the country avoids a default that would make it impossible for Greek banks to continue borrowing from the ECB, on which they currently depend for their survival." Wilbur Ross: Just Let Greece Go, It's Fine (CNBC) "I've been in favor of Greece going out, frankly both from the Greek point of view and the EU point of view," Ross said. "I think there are enough firewalls being built up, particularly now that (European Central Bank chief) Mario Draghi is acting like the lender of last resort, that I don't think it would be that traumatic anymore. Most of the indebtedness of Greece is official debt, no longer private debt, so you don't have the domino problem." Crocs co-founder George Boedecker blames 'girlfriend' Taylor Swift following arrest for drunk driving in Colorado (NYDN) A witness called Boulder authorities early Saturday evening after seeing Crocs co-founder George Boedecker passed out at the wheel of a Porsche with the engine running, according to the Denver Post. Boedecker was busted on suspicion of driving under the influence and is free on $500 bond. When confronted by cops, the 51-year-old Boedecker said that it was actually the 22-year-old Swift who was driving the car, according to a police report obtained by The Smoking Gun and the Denver Post. According to the report, Boedecker said that his "girlfriend" left the vehicle after they got into a fight. When asked who his girlfriend was, Boedecker told the officer she was a "really (expletive) famous" singer, then asked the officer if he knew who Taylor Swift was. When the officer asked Boedecker where Swift was, Boedecker gestured toward a nearby yard, and “said she was in Nashville,” according to the police report. He also described his girlfriend as “bats--- crazy.” Authorities could not find anyone in the area, and Swift is currently dating Robert F. Kennedy Jr.'s 18-year-old son, Conor. Boedecker reeked of booze and was uncooperative with cops, saying “I’m not doing your f------ maneuvers" when asked to take a sobriety test. When asked for his address, Boedecker replied, "I have 17 (expletive) homes," and also told the cops he would have their badges, according to the police report. Knight $440 Million Loss Sealed By New Rules On Canceling Trades (Bloomberg) Knight, whose market-making unit executes 10 percent of U.S. equity volume, lost $440 million on Aug. 1 and its stock has plunged 73 percent after a computer malfunction bombarded the market with unintended orders that exchanges declined to cancel. A decade ago, the firm suffered almost no consequences in a similar breakdown when officials agreed to void trades after Knight mistakenly sold 1 million of its own shares. Peregrine CEO Is Indicted (WSJ) The chief executive of Peregrine Financial Group Inc. was indicted Monday on 31 charges of lying to government regulators regarding the failed brokerage's operations. Russell Wasendorf Sr. faces a maximum sentence of 155 years' imprisonment on the charges and fines of about $7.75 million, according to a statement from the U.S. Attorney's Office for the Northern District of Iowa. Hedge Funds Have $74 Billion As Europe Fire Sale Delayed (Bloomberg) Apollo Global Management, Oaktree Capital Group, Avenue Capital Group, and Davidson Kempner Capital Management are among U.S. firms that have flocked to Europe, setting up offices and raising funds to benefit from the most severe period of distress in the region. The money raised for distressed-debt funds gives the firms about 100 billion euros to spend on deals including leverage, according to PricewaterhouseCoopers LLP. Facebook Shares Unlocking (WSJ) An avalanche of privately held Facebook shares could begin hitting the market this week—potentially putting further pressure on the company's stock—as rules expire that have kept some early investors from cashing out. Record 17-foot python caught in Everglades (Herald Tribune) Scientists say they've caught the biggest Burmese python ever recorded in Florida. The python weighed in at 164½ pounds and measured 17 feet, 7 inches long. It was pregnant with 87 eggs. The snakes are native to Southeast Asia but have established a population of tens of thousands in the Everglades, where the latest find was recorded Friday. It was euthanized and is being studied at the Florida Museum of Natural History.

By Paul Elledge Photography [CC BY-SA 3.0], via Wikimedia Commons
Opening Bell

Opening Bell: 10.18.16

Goldman tops expectations; Hillary would maybe be tough on Wall Street; David Tepper says one person running for president "may be demented, narcissistic and a scumbag"; and more.

By Agnico-Eagle (Agnico-Eagle Mines Limited) [CC0], via Wikimedia Commons
Opening Bell

Opening Bell: 9.19.16

Funds dump gold; Fed insider warns of risk of low rates; Twitter sued by investor over (lack of) growth; ‘Cannibal Cop’ says he’s a hot dish on the dating scene; and more.

Opening Bell

Opening Bell: 09.24.12

Germany Losing Patience With Spain as EU Warns on Crisis Effort (Bloomberg) Germany’s governing coalition showed growing exasperation with Spain, as a senior ally of Chancellor Angela Merkel said Prime Minister Mariano Rajoy must stop prevaricating and decide whether Spain needs a full rescue. “He must spell out what the situation is,” Michael Meister, the chief whip and finance spokesman for Merkel’s Christian Democratic Union, said in an interview in Berlin today. The fact he’s not doing so shows “Rajoy evidently has a communications problem. If he needs help he must say so.” Germany Dismisses Talk of Boosting Bailout Fund (WSJ) Europe is discussing ways to leverage the assets of its €500 billion ($649.05 billion) bailout fund through the involvement of private-sector investors, but reports that this could boost the firepower of the European Stability Mechanism to more than €2 trillion are "completely illusory," a spokesman for the German Finance Ministry said on Monday. Cost of Leaving Greece Rises for Crédit Agricole (WSJ) Crédit Agricole will likely have to pour a further €600 million ($779 million) to €700 million into its flailing Greek unit before it will be able sell the subsidiary, according to people from both the private and public sectors with knowledge of the sales process. Under Ben Bernanke, An Open And More Forceful Fed (WaPo) In what might be his final years as chairman of the Federal Reserve, Ben S. Bernanke is transforming the U.S. central bank, seeking to shed its reclusive habits and make it a constant presence in bolstering the economy. The new approach would make the Fed’s policies more responsive to the needs of the economy — and likely more forceful, because what the Fed is planning to do would be much clearer. A key feature of the strategy could be producing a set of scenarios for when and how the Fed would intervene, which would mark a dramatic shift for an organization that throughout its history has been famously opaque. Bernanke has already pushed the Fed far along this path. The central bank this month pledged to stimulate the economy until it no longer needs the help, an unprecedented promise to intervene for years. That’s a big change from the Fed’s usual role as a curb on inflation and buffer against financial crises. “It’s a re-imagining of Fed policy,” said John E. Silvia, chief economist at Wells Fargo. “It’s a much more explicit commitment than people had thought about in the past. It’s a much stronger commitment to focus on unemployment.” Economists Say US Needs More Taxes, Spending Cuts (AP) A slight majority of respondents — 59 percent — said that current U.S. monetary policy was "about right." The percentage replying that monetary policy was "too stimulative" fell slightly compared with the percentage that held that same view in March, while the proportion answering that policy was "too restrictive" edged up. Flight attendant brings revolver through Philly airport security (NYDN) Republic Airlines flight attendant Jaclyn Luby was walking through airport screening around 6:50 a.m. when she placed her carry-on bag through the X-ray machine. Transportation Security Administration screeners saw the gun, described as a .38 caliber Smith and Wesson Airweight revolver, and notified a Philadelphia police officer. Luby was in another screening room with police when the gun went off. The bullet fired into a TSA break room, where an employee was sitting, police told NBC 10 Philadelphia. The gun discharged when the officer tried to put the safety on. Luby, a flight attendant for more than five years, told authorities that she had a permit to carry a gun — but forgot hers was in her handbag...“We are human and everybody does make mistakes and I understand that, even though she’s a seasoned veteran, she needs to be careful,” US Airways passenger Andrea Burger said, adding, “I’m sure it will be a great learning opportunity for her.” Winkelvoss Twins Weigh In On Facebook IPO (NYP) Cameron and Tyler Winklevoss have put their $65 million Facebook lawsuit settlement money to work, starting Winklevoss Capital, a venture-capital firm focused on technology investments. The duo were asked by Yahoo!’s Daily Ticker what went wrong with the Facebook initial public offering. Cameron Winklevoss said the insiders got greedy and didn’t leave something on the table. “I think when you alienate a group of investors, it takes time to build that rapport back.” Tyler Winklevoss thought the hoodie and “hacker way” ethos didn’t play well with public investors. Mark Zuckerberg’s business model “might work in Silicon Valley with venture-capital firms, but when you go public and you’re talking to the Street, they’re much more concerned with numbers and bottom line and accountability.” Hedge Funds Cut Bets as Prices Drop Most Since June (Bloomberg) Hedge funds cut bullish commodity bets for the first time this month as weaker manufacturing from China and Europe eclipsed central banks’ efforts to boost growth, driving down prices the most since June. Money managers decreased their net-long positions across 18 U.S. futures and options by 1.7 percent to 1.307 million contracts in the week ended Sept. 18, halting two weeks of gains that had sent holdings to a 16-month high, U.S. Commodity Futures Trading Commission data show. Wells Fargo Should Buy CIT Group, Says Analyst (Reuters) FYI. U.K. to Set Up Business Bank (WSJ) The U.K. government is investing £1 billion ($1.62 billion) to set up a new state-backed business bank that it hopes will eventually support up to £10 billion of new lending for small and medium-size companies, Business Secretary Vince Cable will announce on Monday. The new wholesale bank, which will operate at arms length from the government, aims to attract more than £1 billion of private-sector capital to help tackle what it sees as the long-standing problem of a lack of credit for smaller companies. Houston Officer Kills Double Amputee in Wheelchair (AP) A Houston police officer shot and killed a one-armed, one-legged man in a wheelchair Saturday inside a group home after police say the double amputee threatened the officer and aggressively waved a metal object that turned out to be a pen. Police spokeswoman Jodi Silva said the man cornered the officer in his wheelchair and was making threats while trying to stab the officer with the pen. At the time, the officer did not know what the metal object was that the man was waving, Silva said. She said the man came "within inches to a foot" of the officer and did not follow instructions to calm down and remain still. "Fearing for his partner's safety and his own safety, he discharged his weapon," Silva told The Associated Press.